Similar Search Results

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … illiquid capital, complementing public retirement provision, reducing the interest-rate sensitivity of pensions and smoothing …

Persistent link: https://www.econbiz.de/10011252616

Asset Management Contracts and Equilibrium Prices

Buffa, Andrea; Vayanos, Dimitri; Woolley, Paul - C.E.P.R. Discussion Papers - 2014

We study the joint determination of fund managers' contracts and equilibrium asset prices. Because of agency frictions, investors make managers' fees more sensitive to performance and benchmark performance against a market index. This makes managers unwilling to deviate from the index and...

Persistent link: https://www.econbiz.de/10011084367

Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs

Gromb, Denis; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2001

We propose a multi-period model in which competitive arbitrageurs exploit discrepancies between the prices of two identical risky assets, traded in segmented markets. Arbitrageurs need to collateralize separately their positions in each asset, and this implies a financial constraint limiting...

Persistent link: https://www.econbiz.de/10005666703

The Tax Benefit of Income Smoothing

Rydqvist, Kristian; Schwartz, Steven; Spizman, Joshua - C.E.P.R. Discussion Papers - 2011

A worker can contribute pre-tax dollars to a private pension plan. Under a progressive tax, this feature reduces income taxes. Ippolito (1986} argues that an individual in 1979 can reduce lifetime taxes by 20%. We re-examine his analysis using the complete time-series of US income tax history...

Persistent link: https://www.econbiz.de/10009644030

The Resource Curse: A Corporate Transparency Channel

Durnev, Artyom; Guriev, Sergei - C.E.P.R. Discussion Papers - 2007

We propose and investigate a new channel through which the resource curse - a stylized fact that countries rich in natural resources grow slower - operates. Predatory governments are more likely to expropriate corporate profits in natural-resource industries when the price of resources is...

Persistent link: https://www.econbiz.de/10005504390

Learning to open up: Capital account liberalizations in the post-Bretton Woods era

Bicaba, Zorobabel T.; Coricelli, Fabrizio - C.E.P.R. Discussion Papers - 2015

The Great Recession has shattered the consensus on the benefits of capital account liberalization. Capital account controls have been introduced in several countries and have even been supported by the International Monetary Fund. In this paper we investigate whether capital account policies in...

Persistent link: https://www.econbiz.de/10011165647

Competing on Speed

Pagnotta, Emiliano; Philippon, Thomas - C.E.P.R. Discussion Papers - 2012

Two forces have reshaped global securities markets in the last decade: Exchanges operate at much faster speeds and the trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions, we study a framework that captures (i)...

Persistent link: https://www.econbiz.de/10011084319

The Price of Political Uncertainty: Theory and Evidence from the Option Market

Kelly, Bryan; Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2014

We empirically analyze the pricing of political uncertainty, guided by a theoretical model of government policy choice. After deriving the model's predictions for option prices, we test those predictions in an international sample of national elections and global summits. We find that political...

Persistent link: https://www.econbiz.de/10011084633

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014

This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time series and broader country sample than previous studies. We define global liquidity as non-price determinants of cross-border credit supply, consistent with its meaning as the...

Persistent link: https://www.econbiz.de/10011145399

Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001

Quinn, Dennis; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2008

Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Based on a new, long-run dataset on capital account regulations in a group of 16 countries over the period 1890-2001, we show that correlations increase as financial...

Persistent link: https://www.econbiz.de/10005656257