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作者：Campbell, JY; Viceira, LM
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：According to conventional wisdom, long-term bonds are appropriate for conservative long-term investors. This paper develops a model of optimal consumption and portfolio choice for infinite-lived investors with recursive utility who face stochastic interest rates, solves the model using an approximate analytical method, and evaluates conventional wisdom. As risk aversion increases, the myopic component of risky asset demand disappears bur the intertemporal hedging component does not. Conservati...
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作者：Chamberlain, G
作者单位：Harvard University
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作者：Faccio, M; Lang, LHP; Young, L
作者单位：Catholic University of the Sacred Heart; Chinese University of Hong Kong; Chinese University of Hong Kong
摘要：Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of crony capitalism are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampening insider expropriation. Di...
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作者：Ichimura, H; Taber, C
作者单位：University of London; University College London; Northwestern University
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作者：Bils, M; Klenow, PJ
作者单位：University of Rochester; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using U.S. Consumer Expenditure Surveys, we estimate quality Engel curves for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if households are ascending these clin,es. BLS prices likewise increase more quickly for goods with steeper quality Engel curves,es, suggesting the BLS does not fully net out the impact of quality upgrading. We esti...
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作者：Kranton, RE; Minehart, DF
作者单位：University System of Maryland; University of Maryland College Park; Boston University
摘要：This paper introduces a new model of exchange: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship, a link, to exchange goods. Networks-buyers, sellers, and the pattern of links connecting them-are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industri...
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作者：Bils, M; Klenow, PJ
作者单位：University of Rochester; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Peoples, J Jr; Talley, WK
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Old Dominion University
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作者：Santos, T; Scheinkman, JA
作者单位：University of Chicago; Princeton University
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作者：Hall, RE
作者单位：Stanford University
摘要：The value of a firm's securities measures the value of the firm's productive assets. If the assets include only capital goods and not a permanent monopoly franchise, the value of the securities measures the value of the capital. Finally, if the price of the capital can be measured or inferred, the quantity of capital is the value divided by the price. A standard model of adjustment costs enables the inference of the price of installed capital. Data from U.S. corporations over the past 50 years...
