منابع مشابه
Convertible Securities and Heterogeneity of Investor Beliefs
We argue that convertible securities can better attract investors with different beliefs on the firm’s future cash flows compared to straight bond and stock. We find that a firm is more likely to issue convertibles rather than stock and straight bond when investors are more heterogeneous in their beliefs. We also find that the positive impact of heterogeneous beliefs on the likelihood of a conv...
متن کاملConsensus Investor and Intertemporal Asset Pricing with Heterogeneous Beliefs
This paper considers an intertemporal capital market with an arbitrary number of heterogeneous belief investors who maximise the expected utilities of their terminal wealths under their subject beliefs. By aggregating the heterogeneous beliefs of the investors, a consensus investor is constructed to characterise the market equilibrium under the heterogeneous beliefs. Applying this idea to logar...
متن کاملDivergent Reactions to Convergent Strategies: Investor Beliefs and Analyst Reactions During Technological Change
An important outcome of technological change is industry “convergence,” as a new technology spurs competition between established firms from different industries. We study the reactions of securities analysts, as important sources of institutional pressures for firms, to the similar product/market strategies undertaken by firms from different prior industries responding to industry convergence....
متن کاملIdentification and Testing of Modes in Beliefs
Characterizing diversity in beliefs is of paramount importance in empirical research on human behavior. In game theory, the focus is on the hypothesis formation. We present a data set with ideal properties for characterizing such diversity. The data consist of hypotheses on the empirical distribution of opponent choices. Using nonparametric techniques, we identify modes in the data correspondin...
متن کاملRobust Identification of Object Elasticity
Quantification of object elasticity properties has important technical implications as well as significant practical applications, such as civil structural integrity inspection, machine fatigue assessment, and medical disease diagnosis. In general, given noisy measurements on the kinematic states of the objects from imaging or other data, the aim is to recover the elasticity parameters for assu...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2020
ISSN: 1556-5068
DOI: 10.2139/ssrn.3606276