We analyze the data of a questionnaire which students filled out after participating in a principal-agent experiment featuring a single principal and two agents. Each agent’s choice of (costly) effort determines a return that is split between principal and the respective agent according a payment rule which the parties have agreed upon previously. Güth et al. (2001) show that the observed distr...

today one of the major questions in the iranian economy is that do liquidity injected into the economy more effected productive activities or speculative activities .this study was conducted to compare the effects of liquidity growth on real sector and assets market bubbles in iranian economy during the period 1994(2)-2012(1). for this purpose, price index of four major assets in iranian econom...

The purpose of this study is to analyze the set structure of the balance sheet and assets-claims on assets relationship, considering the dual concept of monetary units, the axiomatic theory and accountingspecific axioms. The structure of the balance sheet and assets-claims on assets relationship are examined using a rationalistic, analytical and deductive method; this method uses the axiomatic ...

A growing literature suggests that inequality is economically costly. However, much of this literature depends on static analyses, begging the question of why a market system doesn't redress inequality over time if it is efficient to do so. We develop a dynamic model of asset accumulation and endogenous asset-price formation in an agrarian economy with multiple market imperfections. The model i...

Considerable anecdotal evidence suggests that the effects of liquidity shocks spread quickly throughout the financial sector. However, few studies have focused on the dynamics of liquidity across real-estate markets. This paper examines the liquidity spill-over impact across four markets linked by a common fundamental factor : the stock market, the derivative (Credit Default Swap (CDS)) market,...

This paper is concerned with empirical and theoretical basis of the E¢ cient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at di¤erent frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market e¢ ciency. The paper then focuses on the theoretical foundation of the EMH, and sho...

Conducting a health needs assessment is an important if not essential first step for health promotion planning. This paper explores how health needs assessments may be further strengthened for health promotion planning via an assessment of environmental assets rooted in the multiple environments (policy, information, social and physical environments) that shape health and behavior. Guided by a ...

Abstract: We develop a theory for pricing in incomplete equity markets by assuming that the investor issuing an unhedgeable derivative security requires compensation for this risk in the form of a pre-specified instantaneous Sharpe ratio. First, we apply our method to price options on non-traded assets for which there is a traded asset that is correlated to the non-traded asset. Second, we appl...

What ties together the traditional commercial banking activities of deposittaking and lending? We argue that since banks often lend via commitments, their lending and deposit-taking may be two manifestations of one primitive function: the provision of liquidity on demand. There will be synergies between the two activities to the extent that both require banks to hold large balances of liquid as...

Executive Summary. This article examines the portfolio allocation decision within an asset/liability framework. Here portfolio weights are chosen not just by an asset’s return and variance but also by its correlation with pension liabilities. This results in assets that are highly correlated with pension liabilities being weighted higher in the portfolio. Typical mean-variance models estimate a...