Abstract: This paper investigates whether various components of wealth affect real consumption asymmetrically through a threshold adjustment model. The empirical findings for the U.S. show that only stock market assets, financial assets including stock market assets, and household net assets exert a practical wealth effect on consumption expenditure. By contrast, financial assets excluding stoc...

Tangible assets, many of which can be easily collateralized, support debt. Accordingly, the amount of tangible assets is well-established as a principal driver of leverage. As investing is shifting more and more from tangible to intangible assets, it becomes crucial to understand to what extent intangible assets support debt. Analyzing this question empirically has been largely unfeasible due t...

 Rollover IRAs account for 43.2 percent of all IRA and Keogh assets, with regular IRA assets following very closely behind at 42.7 percent, while Roth IRAs account for 11.1 percent and Keoghs 3.0 percent. Among total IRA assets, rollover IRAs account for 44.5 percent of assets, regular IRAs 44.1 percent, and Roth IRAs 11.4 percent. Therefore, rollover IRAs account for a larger share of assets ...

1 Variables collected 1.1 Household and individual level 1. Assets (a) Movable assets i. Livestock: Sum of all livestock assets owned by respondents in Kenyan Shillings, including cows, small livestock, and birds. ii. Furniture: Value of cupboards, sofas, chairs, tables, clocks, stoves, and beds as self reported in Kenyan Shillings. iii. Agricultural tools: Value of farming tools, wheelbarrows,...

This paper investigates the circumstances under which negotiating simultaneously over multiple issues or assets helps reduce ineffi ciencies due to the presence of asymmetric information. Consider the case where one agent controls all assets. One would expect that strong substitutabilities among assets, would help trade, as the seller would value the additional units less. We show that this int...

The Internet in its current form relies on extensive cooperation between network operators to ensure the integrity and security of its core infrastructure. Here we describe how routing registries can be used to improve the security of the Internet infrastructure in general and the BGP routing protocol in particular. Routing registries can be used to generate accurate prefix filter lists as well...

Argumentation theory is considered an interdisciplinary research area. Its techniques and results have found a wide range of applications in both theoretical and practical branches of artificial intelligence, education, and computer science. Most of the work done in argumentation use the on-line textual data (i.e. unstructured or semi-structured) which is intractable to be processed. This paper...

The present paper investigates the portfolio allocation decisions of an investor with infinite horizon when available financial assets differ in their degrees of liquidity. A model with risk neutral agents allows us to endogenously determine the liquidity premium. With risk averse agents, we develop a nontrivial portfolio allocation problem, which enables us to calculate the demand for an illiq...