-to-book to operating leverage, duration, exposure to investment-specific technology shocks, and analysts' risk ratings derive … types of cash flow risk and consumption risk exposure are due to the market-to-value component. Overall, our evidence casts …

risk. The traditional actuarial approach -- the approach currently used by the Social Security Administration in generating … its most widely cited numbers -- ignores risk and instead simply discounts 'expected' future flows back to the present … using a risk-free rate. If benefits are risky and this risk is priced by the market, then actuarial estimates will differ …

The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk …

brand equity grounded in economic theory. Using the Euler equations from the firm's maximization problem I derive closed …

growthopportunities to firm value, which affects firms' exposures to capital-embodied productivityshocks and risk premia. We thus provide …

The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk …

We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents …' expectations about market conditions in future periods. Our theory is based on the interaction between adverse selection and resale …