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1 - 10 van 59 voor asset returns
analyzing labour supply elderly people life cycle approach pdf
... pensions, a consumption floor provided by government welfare programs, stochastic processes for earnings and asset returns, layoff risk, job offer risk, health risk, and mortality risk. ex ante, agents are ... where competitive life insurance firms make payments to individuals (as a function of their asset levels) in return for receiving their positive assets when they die. however, these annuity ...
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Microsoft Word - DP128_demooij _2_.doc
... rents. household optimization yields expressions for labour supply, consumption, savings and the optimal asset portfolio. asset returns are determined on world markets and we do not explore residence-based taxes on ... trade are fixed. on asset markets, bonds and equity of different origins are perfect substitutes and are freely traded on world markets so that returns are fixed for individual countries ...
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Microsoft Word - DP ECA voorblad.doc
... the economic rents. household optimization yields expressions for labour supply, savings and the optimal asset portfolio. asset returns are determined on world markets and we do not explore residence-based taxes on ... of trade is ...xed. on asset markets, bonds and equity of di erent origins are perfect substitutes and are freely traded on world markets so that returns are ...xed for individual ...
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Microsoft Word - DP CCCTB voorblad.doc
... firms. household optimization yields expressions for labour supply, consumption, savings and the optimal asset portfolio. asset returns are determined on world markets. the most important distortion is related to the ... is fixed. on asset markets, bonds and equity of different origins are perfect substitutes and are freely traded on world markets so that returns are fixed for individual countries ...
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dp175 systemic risk across sectors pdf
... single-index model follows from the capm model under the rather restrictive assumption that either asset returns are (jointly) normally distributed random 16the sample for the construction sector consists of only ... finance, vol. 56, no. 2, pp. 649 676. nelson, d.b., 1991, conditional heteroskedasticity in asset returns a new approach, econometrica, vol. 59, no. 2, pp. poon, s.h., m. rockinger ...
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intergenerational risk sharing pdf
... shocks which justifies more risky asset portfolios. the idea is that income effects in labour supply behaviour cause a negative correlation between asset returns and labour income allowing individuals ... decision. this substitution effect creates a positive correlation between labour income and asset returns, because if equity returns drop down, the pension fund has to increase the contribution rate ...
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memo241.pdf
... risk 13 2.3 financial asset returns equity premium 16 2.3.2 asset return predictability 18 2.3.3 volatility and excess returns price of risk term structure of asset returns 26 2.3.6 ... based on the predictability of asset returns. 2.3.3 volatility and excess returns in the merton-samuelson model (merton, 1969; samuelson, 1969) investors assume that the distribution of asset returns is time invariant. ...
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memo248.pdf
... 875 875 coverage ratio projections and assumptions exogenous variables 3.1 growth, inflation and returns table 3.1 presents the growth, inflation and return assumptions. we assume a ... s. e. zin, 1991, substitution, risk aversion, and the temporal behavior of consumption and asset returns an empirical analysis, journal of political economy, european commision, ageing report economic and budgetary ...
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Microsoft Word - voorblad.docx
... asset returns. they use a comparable indicator based on trading volume as naes, skjeltorp and odegaard (2011). their finding is that illiquidity causes contemporaneous portfolio returns to decline, while increasing expected future returns ... economic review, vol. 70 (3), pp. 393-408. guo, h., 2002, stock market returns, volatility, and future output, the federal reserve bank of st. louis review, sept ...
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dp182retirement flexibility and portfolio choice pdf
... directly affects all factor prices in the economy (wages and asset returns) and depreciation risk only influences capital returns, the two risk factors certainly have a different effect on ... . pro- ductivity risk affects wages and asset returns in the same direction. under retirement flexibility, this positive correlation between wages and asset returns is reinforced by the substitution effect on ...
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