This paper examines the migration response to a millionaire tax in New Jersey, which raised its income tax rate on top earners by 2.6 percentage points to 8.97 percent, one of the highest tax rates in the country. Drawing on unique state tax micro-data, we estimate the migration response of millionaires to the rate increase, using a difference-in-differences estimation strategy. The results ind...

Conley and Wilkie (1993) introduced and axiomatized the Nash extension bargaining solution, defined on a domain of comprehensive but not necessarily convex problems. In this paper we present a non-cooperative game that implements the Nash extension solution in subgame perfect equilibria in the limit as the discount rate applied between rounds of play vanishes. Journal of Economic Literature Cla...

in primary care medicine, deciding how to invest a practice’s precious capital resources is becoming more difficult. Purchasing procedural medical equipment is something many physicians may consider, and sales representatives for the equipment can always make the investment sound enticing. But how do you really know if the investment will be beneficial to you – financially or otherwise? Wheth...

The theoretical analysis of investment under uncertainty has been revolutionized over the last decade by the importation of ideas from finance. If investment is irreversible, there is a return to waiting. So although circumstances may suggest that it is profitable to invest, there may also be an incentive to postpone the decision until better opportunities arise. Identifying and valuing the opt...

Owing to aged people become more and more and serious economy depression in the present society in Taiwan, how retirees will keep their past consumption level after their retirement is an important issue. The purpose of this research will appraise the performance of individual investment planning policy for retirement. Because the investment performance, risks, taxation etc must be considered i...

This study examines the influence of investment bank’s reputation and political connection on the IPO qualification of Chinese firms. The results show that firms which are sponsored by prestigious investment banks are more likely to pass the regular screening process. Also, the investment bank’s political connections have no significant impact on the IPO qualification. Furthermore, we compared ...

Consider an insurer who is allowed to make risk-free and risky investments. The price process of the investment portfolio is described as a geometric Lévy process. We study the tail probability of the stochastic present value of future aggregate claims. When the claim-size distribution is of Pareto type, we obtain a simple asymptotic formula which holds uniformly for all time horizons. The same...

In this paper, we consider the optimal investment problem for an insurer who has n dependent lines of business. The surplus process of the insurer is described by a n-dimensional compound Poisson risk process. Moreover, the insurer is allowed to invest in a risk-free asset and a risky asset whose price process follows the constant elasticity of variance (CEV) model. The investment objective is ...

The article presents a method for stock selection from the view of investors who contemplate stocks of a new investment. The AHP (Analytic Hierarchy Process) and Grey Relational Analysis are used as two integral parts of the method. By distilling information from the Judgment matrix, the AHP-GRA method provides a framework to assist investors in analyzing various investment factors, evaluating ...

We establish a model of insurance pricing with the assumption that the insurance price, insurer investment returns, and insured losses are correlated stochastic processes. We consider the effect of demand on price where the objective of the pricing model is to maximize the expected utility of the insurer’s terminal wealth. Based on a Hamilton–Jacobi–Bellman (HJB) equation, we simultaneously sol...