This study examines whether participation in Individual Development Accounts (IDAs) leads to a significant growth in assets beyond saving in the IDA accounts. Using a longitudinal experimental research design for low-income IDA participants, we test for impacts on five measures of assets: liquid assets, other financial assets, total financial assets, real assets, and total assets. Results show ...

We provide the first direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We find that very longrun discount rates are low, much lower than implied by most economic theory. We estimate these discount rates by exploiting a unique feature of residential housing markets in England, Wales and Singapore, where...

We investigate the relationship of audit fees, outside directors and firms’ ownership, marketing and asset structures as alternative (external versus internal) monitoring mechanisms that can be used to control incentive conflicts in costly contracting environments, by exploiting variation in ownership within the Australian and UK life insurance industries. In mutuals, ownership rights are not t...

I study the asset pricing implications of the presence of active capital. I define active capital as a form of ownership where some owners put skin in the game which makes firms more productive. In general equilibrium, active capital distorts risk sharing: aggregate risk is borne by levered active investors and regular ones are relieved from it. This effect tends to lower the risk price of all ...

The study aims to analyze the economic impact of land acquisition for Yogyakarta International Airport project on affected community. research is conducted quantitatively, collecting data through questionnaires and analysis techniques descriptive statistics. Respondents are randomly selected as many 45 households. variables used include occupation, income, cost living, asset ownership. results ...

This study aims to find out empirically the effect of independent commissioners, institutional ownership and debt levels on firm value as proxied by Tobins Q. The sample used was 120 samples from 30 Infrastructure companies listed IDX for period 2017 2020 met criteria. method determining is based criteria or purposive sampling. data using classical test, multiple linear regression analysis hypo...

We use variation in corruption convictions across judicial districts the US to examine relationship between political and risk-taking of public firms. Firms headquartered regions with high levels have lower total risk idiosyncratic on average. Further analysis shows that tends encourage firms pursue risk-decreasing investments, riskiness their operations, decrease asset liquidity. While manager...

TIAA-CREF Institute is a part of TIAA-CREF and the views expressed herein are those of the author(s) and not necessarily those of TIAA-CREF. In the context of the late 1990s stock market bubble and its aftermath, Peter Bernstein and others have suggested that volatile short-term trends and the availability of a wider range of asset classes may call for a more fluid asset allocation strategy tha...