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I analyze a model with heterogeneous investors who have incorrect beliefs about fundamentals. Investors think that they are right at first, but over time realize that they are wrong. The speed of the realization depends on investor confidence in own beliefs and arrival of new information. The...
Persistent link: https://www.econbiz.de/10015247404
I analyze a model with heterogeneous investors who have incorrect beliefs about fundamentals. Investors think that they are right at first, but over time realize that they are wrong. The speed of the realization depends on investor confidence in own beliefs and arrival of new information. The...
Persistent link: https://www.econbiz.de/10011267843
We use a global survey of over 22,400 individual investors, 4,892 financial advisors, and 2,060 institutional investors between 2015 and 2017 to elicit their asset allocation behavior and risk preferences. We find substantially different behavior among these three groups of market participants....
Persistent link: https://www.econbiz.de/10012893594
Stop-loss strategies are commonly used by investors to reduce their holdings in risky assets if prices or total wealth breach certain pre-specified thresholds. We derive closed-form expressions for the impact of stop-loss strategies on asset returns that are serially correlated, regime...
Persistent link: https://www.econbiz.de/10013011284
Persistent link: https://www.econbiz.de/10003422058
This dissertation contains three essays concerning two broad areas, namely, optimal capital structure and risky assets modeling. In the first paper, we study corporate debt values, capital structure, and the term structure of interest rates in a unified framework. We employ numerical techniques...
Persistent link: https://www.econbiz.de/10009441848
This paper uses the Shapley Value decomposition technique to assess the factors behind the rise of inequality in China. It finds that, in many ways, inequality may have been an inevitable by-product of China's investment and export-led growth model. Between Chinese households, we find that the...
Persistent link: https://www.econbiz.de/10013075546
Persistent link: https://www.econbiz.de/10015144211
This study examines the impact of corporate site visits on analysts' forecast accuracy based on a sample of such visits to Chinese listed firms during 2009–2012. We find that analysts who conduct visits (“visiting analysts”) have a greater increase in forecast accuracy than other analysts....
Persistent link: https://www.econbiz.de/10013006734
This paper studies a merger between price-setting newsvendors in an oligopolistic market. It is well-known that inventory pooling can greatly reduce inventory costs in a centralized distribution system because it helps reduce aggregate demand uncertainty. Although such statistical economies of...
Persistent link: https://www.econbiz.de/10013034049