We prove the existence of equilibrium in a continuous-time nance model; our results include the case of dynamically incomplete markets as well as dynamically complete markets. In addition, we derive explicitly the stochastic process describing securities prices. The price process depends on the risk-aversion characteristics of the utility function, as well as on the presence of additional sourc...

It is of great significance to improve the corporate governance structure study whether independent directors play role ‘vase’ in listed companies. Based on social network theory, this article constructs formed by interlocking and examines influence director stock price crash risk. The mechanism test analyses mediating effect principal–agent problem large shareholder’s tunnelling empirical rese...

We develop a new class of artificial stock market that apply general equilibrium price clearing. Our model is the first multi-asset artificial stock market to use exogenously generated dividends from a geometric vector autoregressive model and is therefore the first truly multi-asset artificial stock market. Our model does not require the concept of a risk free asset and agents are able to form...

The impact of equity incentive on stock price crash risk has been investigated in this paper. We solve these problems by u-sing computer tools. use Stata to analyze the relationship bet-ween two variables Chinese Market, and a variety rig-orous model calculation obtain results study. Accordi-ng results, China is positively associated with prick risk. Based series robustness tests, including alt...