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Essays on Asset Pricing in Production Economies

Essays on Asset Pricing in Production Economies
Author: Andrew Yeh-Chi Chen
Publisher:
Total Pages: 162
Release: 2014
Genre:
ISBN:
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Chapter 3 examines general restrictions on production technologies implied by asset prices. It shows that representative firm models which are consistent with asset price data require either large capital adjustment costs, or volatile investment-specific technology shocks. These restrictions hold regardless of preferences, beliefs, operating leverage, or the completeness of asset markets. The restrictions summarize the sense in which asset prices are anomalous with respect to the theory of optimal investment.

Selected Essays in Empirical Asset Pricing

Selected Essays in Empirical Asset Pricing
Author: Christian Funke
Publisher: Springer Science & Business Media
Total Pages: 123
Release: 2008-09-15
Genre: Business & Economics
ISBN: 3834998141
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Christian Funke aims at developing a better understanding of a central asset pricing issue: the stock price discovery process in capital markets. Using U.S. capital market data, he investigates the importance of mergers and acquisitions (M&A) for stock prices and examines economic links between customer and supplier firms. The empirical investigations document return predictability and show that capital markets are not perfectly efficient.

Trade, Growth, and Economic Policy in Open Economies

Trade, Growth, and Economic Policy in Open Economies
Author: Karl-Josef Koch
Publisher: Springer Science & Business Media
Total Pages: 398
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3662004232
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Part 1 of this volume focusses on globalization. Gains from trade, international competitiveness, labour market issues in open economies, customs unions, dumping and intra-firm trade are the topics of this part. Part 2 puts a stronger emphasis on dynamic economics. Social income, intergenerational transfers, public pension systems, and bequest and gift motives in overlapping generation models are main topics. Economic policies are analyzed in Part 3, including the relation between wage rigidity and migration, several aspects of German financial and monetary policy, as well as tax competition. The volume concludes with institutional issues of globalization, a western view on eastern transition, social cost of rent seeking, and the evolution of social institutions.

Three Essays on Empirical Asset Pricing in International Equity Markets

Three Essays on Empirical Asset Pricing in International Equity Markets
Author: Birgit Charlotte Müller
Publisher: Springer Gabler
Total Pages: 147
Release: 2021-08-20
Genre: Business & Economics
ISBN: 9783658354787
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In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.