A parsimonious analytically specified general equilibrium structure that spans discount rates
Autor*in: |
Obrimah, Oghenovo Adewale [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2024 |
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Schlagwörter: |
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Übergeordnetes Werk: |
Enthalten in: Finance research letters - New York : Elsevier Science, 2004, 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 |
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Übergeordnetes Werk: |
volume:62 ; year:2024 ; number:2 ; month:04 ; elocationid:105252 ; pages:1-8 |
Links: |
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DOI / URN: |
10.1016/j.frl.2024.105252 |
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Katalog-ID: |
1889429171 |
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982 | |2 26 |1 00 |x DE-206 |b This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
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10.1016/j.frl.2024.105252 doi (DE-627)1889429171 (DE-599)KXP1889429171 DE-627 ger DE-627 rda eng Obrimah, Oghenovo Adewale verfasserin (DE-588)1079007601 (DE-627)84007672X (DE-576)452132940 aut A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 Enthalten in Finance research letters New York : Elsevier Science, 2004 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 https://www.sciencedirect.com/science/article/pii/S1544612324002824/pdfft?md5=f06d0ff89bc9c6f13a3f25156952577c&pid=1-s2.0-S1544612324002824-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2024.105252 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 62 2024 2 4 105252 1-8 26 01 0206 4526759929 x1z 21-05-24 26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
spelling |
10.1016/j.frl.2024.105252 doi (DE-627)1889429171 (DE-599)KXP1889429171 DE-627 ger DE-627 rda eng Obrimah, Oghenovo Adewale verfasserin (DE-588)1079007601 (DE-627)84007672X (DE-576)452132940 aut A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 Enthalten in Finance research letters New York : Elsevier Science, 2004 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 https://www.sciencedirect.com/science/article/pii/S1544612324002824/pdfft?md5=f06d0ff89bc9c6f13a3f25156952577c&pid=1-s2.0-S1544612324002824-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2024.105252 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 62 2024 2 4 105252 1-8 26 01 0206 4526759929 x1z 21-05-24 26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
allfields_unstemmed |
10.1016/j.frl.2024.105252 doi (DE-627)1889429171 (DE-599)KXP1889429171 DE-627 ger DE-627 rda eng Obrimah, Oghenovo Adewale verfasserin (DE-588)1079007601 (DE-627)84007672X (DE-576)452132940 aut A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 Enthalten in Finance research letters New York : Elsevier Science, 2004 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 https://www.sciencedirect.com/science/article/pii/S1544612324002824/pdfft?md5=f06d0ff89bc9c6f13a3f25156952577c&pid=1-s2.0-S1544612324002824-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2024.105252 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 62 2024 2 4 105252 1-8 26 01 0206 4526759929 x1z 21-05-24 26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
allfieldsGer |
10.1016/j.frl.2024.105252 doi (DE-627)1889429171 (DE-599)KXP1889429171 DE-627 ger DE-627 rda eng Obrimah, Oghenovo Adewale verfasserin (DE-588)1079007601 (DE-627)84007672X (DE-576)452132940 aut A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 Enthalten in Finance research letters New York : Elsevier Science, 2004 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 https://www.sciencedirect.com/science/article/pii/S1544612324002824/pdfft?md5=f06d0ff89bc9c6f13a3f25156952577c&pid=1-s2.0-S1544612324002824-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2024.105252 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 62 2024 2 4 105252 1-8 26 01 0206 4526759929 x1z 21-05-24 26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
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10.1016/j.frl.2024.105252 doi (DE-627)1889429171 (DE-599)KXP1889429171 DE-627 ger DE-627 rda eng Obrimah, Oghenovo Adewale verfasserin (DE-588)1079007601 (DE-627)84007672X (DE-576)452132940 aut A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 Enthalten in Finance research letters New York : Elsevier Science, 2004 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 https://www.sciencedirect.com/science/article/pii/S1544612324002824/pdfft?md5=f06d0ff89bc9c6f13a3f25156952577c&pid=1-s2.0-S1544612324002824-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.frl.2024.105252 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 62 2024 2 4 105252 1-8 26 01 0206 4526759929 x1z 21-05-24 26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. |
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Enthalten in Finance research letters 62(2024), 2 vom: Apr., Artikel-ID 105252, Seite 1-8 volume:62 year:2024 number:2 month:04 elocationid:105252 pages:1-8 |
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26 00 DE-206 This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness A parsimonious analytically specified general equilibrium structure that spans discount rates Oghenovo A. Obrimah Arbitrage (dpeaa)DE-206 Cash flow risk (dpeaa)DE-206 Certainty equivalent (dpeaa)DE-206 Discounted cash flow (dpeaa)DE-206 Dividend yields (dpeaa)DE-206 Equity risk premium (dpeaa)DE-206 |
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code="h">1-8</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4526759929</subfield><subfield code="y">x1z</subfield><subfield code="z">21-05-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is "general equilibrium", because it is facilitated by a "no arbitrage" condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness.</subfield></datafield></record></collection>
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score |
7.400337 |