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Several studies have shown that the contrarian strategy, or the forming of a zeroinvestmentportfolio that buys the stocks that have performed poorly in the past (losers) andsells those that have performed well (winners), creates abnormally positive returns in thefuture. Many hypotheses have been...
Persistent link: https://www.econbiz.de/10005812843
This paper analyzes the effect of the power of the chairman and CEO on firm risk. As proxies of power several variables have been employed: the fact that a person accumulates both the CEO and the Chairman titles, the fact of CEO or Chairman being founders, their tenure, their shareholding and...
Persistent link: https://www.econbiz.de/10005212539
We study investment and consumption decisions in a dynamic game under learning. To that end, we present a model in which agents not only extract a resource for consumption, but also invest in technology to improve the future stock. At the same time, the agents learn about the stochastic process...
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We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty from the anticipation...
Persistent link: https://www.econbiz.de/10014051128
We consider the original Arrow-Lind framework in which a government undertakes a risky project to be shared among many taxpayers. In our model, the taxpayers decide the level of participation in the risky project. Moreover, the amount of taxes collected by the government fully finances the...
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