Three Essays On Consumption And Portfolio Choice In The Presence Of Market Frictions PDF Download
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Author | : Hyeng Keun Koo |
Publisher | : |
Total Pages | : 322 |
Release | : 1992 |
Genre | : |
ISBN | : |
Download Three Essays on Consumption and Portfolio Choice in the Presence of Market Frictions Book in PDF, ePub and Kindle
Author | : Pu Li |
Publisher | : |
Total Pages | : 113 |
Release | : 2014 |
Genre | : Consumption (Economics) |
ISBN | : |
Download Three Essays on Consumption, Portfolio Choice and Retirement Accounts Book in PDF, ePub and Kindle
Author | : Andrada Bilan |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Three Essays on the Consequences of Financial Market Frictions Book in PDF, ePub and Kindle
Author | : Ehud Peleg |
Publisher | : ProQuest |
Total Pages | : 356 |
Release | : 2008 |
Genre | : Capital assets pricing model |
ISBN | : |
Download Three Essays on Asset Pricing, Portfolio Choice and Behavioral Finance Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 734 |
Release | : 2008 |
Genre | : Dissertations, Academic |
ISBN | : |
Download Dissertation Abstracts International Book in PDF, ePub and Kindle
Author | : John Y. Campbell |
Publisher | : OUP Oxford |
Total Pages | : 272 |
Release | : 2002-01-03 |
Genre | : Business & Economics |
ISBN | : 019160691X |
Download Strategic Asset Allocation Book in PDF, ePub and Kindle
Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.
Author | : |
Publisher | : |
Total Pages | : 796 |
Release | : 1992 |
Genre | : Dissertation abstracts |
ISBN | : |
Download American Doctoral Dissertations Book in PDF, ePub and Kindle
Author | : G. Constantinides |
Publisher | : Elsevier |
Total Pages | : 698 |
Release | : 2003-11-04 |
Genre | : Business & Economics |
ISBN | : 0080495087 |
Download Handbook of the Economics of Finance Book in PDF, ePub and Kindle
Volume 1B covers the economics of financial markets: the saving and investment decisions; the valuation of equities, derivatives, and fixed income securities; and market microstructure.
Author | : Enrique Martinez-Garcia |
Publisher | : |
Total Pages | : 198 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Three Essays in International Macroeconomics and Finance Book in PDF, ePub and Kindle
Author | : Ross Levine |
Publisher | : |
Total Pages | : 130 |
Release | : 2004 |
Genre | : Economic development |
ISBN | : |
Download Finance and Growth Book in PDF, ePub and Kindle
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website