作者：SNELL, A; TONKS, I
作者单位：University of London; London School Economics & Political Science
摘要：This paper investigates the determinants of price quote revisions on the London Stock Exchange for a sample of highly liquid stocks over a two-week settlement period in September 1990. In our theoretical model the level of optimal price quotes set by market makers are a function of the expected fundamental price, the expected number of liquidity trades and the lagged level of inventories. The model is used to test for the existence of adverse selection, inventory control and anticipated liquid...
作者：COWELL, FA; JENKINS, SP
作者单位：University of Essex; UK Research & Innovation (UKRI); Economic & Social Research Council (ESRC)
摘要：We develop two simple measures of how much inequality is explained by individual population characteristics or groups of characteristics, analogous to R2 in regression analysis. We investigate the measures' empirical implementation using several alternative theoretically consistent approaches to inequality decomposition. Results are illustrated using US PSID income data.
作者：HALIASSOS, M; BERTAUT, CC
作者单位：Federal Reserve System - USA
摘要：We investigate why 75% of United States households do not hold stocks despite the equity premium and predictions of expected-utility models. The question is relevant for privatisation, asset pricing, and tax progressivity issues. We show that risk aversion Pcr se, heterogeneity of beliefs, habit persistence, time non-separability, and quantity constraints on borrowing do not account for the phenomenon. A wedge between borrowing and lending rates, and minimum-investment requirements are plausib...
