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Equity Market Liberalization, Credit Constraints and Income Inequality

Sun, Puyang - 2012

This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...

Persistent link: https://www.econbiz.de/10013106563

Intra- and International Risk-Sharing in the Short Run and the Long Run

Becker, Sascha O.; Hoffmann, Mathias - 2021

We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross-state capital income flows. While insurance against transitory...

Persistent link: https://www.econbiz.de/10013319551

What Drives Investors' Behaviour in Different FX Market Segments? A Var-Based Return Decomposition Analysis

Castren, Olli; Osbat, Chiara; Sydow, Matthias - 2021

We apply the Campbell-Shiller return decomposition to exchange rate returns and fundamentals in a stationary panel vector autoregression framework. The return decomposition is then used to analyse how different investor segments react to news as captured by the different return components. The...

Persistent link: https://www.econbiz.de/10013317302

Essays on empirical asset pricing

Verbeek, Roy - 2017

Persistent link: https://www.econbiz.de/10011863839

An investment based valuation approach for pension fund cash flows

Tobler-Oswald, Jürg (contributor) - 2006

Persistent link: https://www.econbiz.de/10003364134

Payout Yields and Stock Return Predictability : How Important is the Measure of Cash Flow?

Eaton, Gregory W. - 2017

We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding several years during the Great Depression when...

Persistent link: https://www.econbiz.de/10012973823

Valuing Streams of Risky Cash Flows with Risk-Value Models

Dorfleitner, Gregor - 2017

Based on risk-value models we introduce a multi-period approach to the valuation of streams of risky cash flows. The valuation is based on the (expected) value of the output's or input's magnitude and the risk of the output cash flow, as captured by a risk measure. We derive three formulae for...

Persistent link: https://www.econbiz.de/10012956524

Essays on private equity

Giommetti, Nicola - 2022 - 1st edition

Persistent link: https://www.econbiz.de/10012818215

Cash-Flow Timing vs. Discount-Rate Timing : An Examination of Mutual Fund Market-Timing Skills

Lan, Chunhua - 2019

We measure the ability of professional investment managers in timing cashflow vs. discount-rate news, the two … components of market returns. We find that the average U.S. equity mutual fund exhibits cashflow-timing skills of 2.12/year, but … discount-rate timing of -0.84/year; further, cashflow-timing skills (but not discount-rate timing skills) strongly persist over …

Persistent link: https://www.econbiz.de/10012903952

Stock returns and cash flows : a new asset pricing approach

Di Tomaso, Sonia; Montagna, Denis Marco; Amendola, Antonio - In: Journal of Economics and Financial Analysis 5 (2021) 2, pp. 63-84

Persistent link: https://www.econbiz.de/10013350484