Download or read book General Equilibrium in Asset Markets with Or Without Short selling written by Rose-Anne Dana and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Re sale Premium for Assets in General Equilibrium written by Stephen E. Morris and published by . This book was released on 1992 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing written by James Dow and published by . This book was released on 1993 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simple general equilibrium model of asset pricing in which profitable informed trading can occur without any "noise" added to the model. It shows that models of profitable informed trading must restrict the portfolio choices of uninformed traders: in particular, they cannot buy the market portfolio. In this model, profitable informed trading lowers the welfare of all agents when compared across steady states.
Download or read book Applied General Equilibrium with Incomplete Asset Markets written by Felix Kubler and published by . This book was released on 1999 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Damped Asset Trading in the General Equilibrium Model with Incomplete Asset Markets written by Karl Schmedders and published by . This book was released on 1996 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Introduction to General Equilibrium with Incomplete Asset Markets written by John Geanakoplos and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asset markets general equilibrium and the neutrality of money written by Heraklis M. Polemarchakis and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Applied General Equilibrium Model of the Asset Markets in Sweden written by Lars Werin and published by . This book was released on 1987 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Dynamic General Equilibrium Model of the Asset Market and Its Application to the Pricing of the Capital Structure of the Firm written by Robert C. Merton and published by . This book was released on 1970 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asset Market Equilibrium with Short Selling and Differential Information written by Wassim Daher and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We introduce differential information in the asset market model studied by Cheng (1991), Dana and Le Van and Le Van and Truong Xuan (2001). We prove an equilibrium existence result assuming that the economy's information structure satisfies the conditional independence property. If private information is not publicly verifiable, agents may not have incentives to reveal truthfully their information, and therefore contracts may not be executed. We show that conditional independence is crucial to address the issue of execution of contracts, since it ensures that, at equilibrium, contracts are incentive compatible.
Download or read book Asset Pricing in General Equilibrium with Constraints written by Georgy Chabakauri and published by . This book was released on 2010 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the impact of portfolio constraints on financial markets in a dynamic equilibrium pure exchange economy with one consumption good and heterogeneous investors. Despite numerous applications, portfolio constraints are notoriously difficult to incorporate into dynamic equilibrium analysis unless constrained investors are assumed to have logarithmic preferences. Our solution method yields new insights on the impact of constraints on stock prices without relying on this assumption. We compute the equilibrium when both investors have (identical for simplicity) CRRA preferences, one of them is unconstrained while the other faces an upper bound constraint on the proportion of wealth invested in stocks. We show that tighter constraints lead to higher price-dividend ratios and lower stock-return volatilities when the intertemporal elasticity of substitution (IES) is less than one, and lower price-dividend ratios and higher volatilities when IES is greater than one. Moreover, in the latter case the model generates countercyclical market prices of risk and stock return volatilities, procyclical price-dividend ratios, excess volatility and other patterns consistent with empirical findings. Finally, the baseline analysis is extended to study the impact of various portfolio constraints when investors disagree on mean dividend growth rates. In particular, we explicitly characterize the equilibrium in the unconstrained benchmark economy as well as in the economy with unconstrained pessimist and optimist facing no-borrowing constraint.
Download or read book Beliefs Portfolio Constraints Speculation and Asset Pricing written by Nam Dau and published by . This book was released on 2018 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the interaction of borrowing and short-sale constraints and their ultimate effects on asset pricing properties in a simultaneous presence of the constraints in a dynamic general equilibrium model with heterogeneous risk aversions and heterogeneous beliefs in the aggregate cash flow growth. The constraints negate the binding of each other, and hence they virtually never bind at once. Instead, there exist clear regions with alternative binding modes of the constraints with different constraints more likely to bind in different states of economy. The borrowing constraint is more active in bad times and the short-sale constraint is so in good times. The constraints bind intermittently--alternately at times--in transitory states of economy where their relative strength is balanced. Qualitatively matching empirically documented patterns of asset prices, I find that the constraints moderate their price effects but amplify their negative volatility effects, thereby can help curb the market volatility. However, a motive for speculation, featured by a speculative premium, arises due to any constraints, and thus can exist in any states of economy, not only in good times.
Download or read book Hans und Wolfgang von Weber Nachlass Tagebuch 1822 1828 Verfasser unbekannt BSB Ana 590 Tagebuch 1822 1828 written by and published by . This book was released on 1822 with total page 1475 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Incomplete Asset Markets General Equilibrium and Infinite Horizon Economy written by Gabriel Talmain and published by . This book was released on 1987 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Indeterminacy in General Equilibrium Economies with Incomplete Financial Markets written by Tito Pietra and published by . This book was released on 1989 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Asset Pricing Theories written by Gyutaeg Oh and published by . This book was released on 1991 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Applied General Equilibrium Model of the Asset Market in Sweden written by Lars Werin and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
