This paper explores the general-equilibrium impact of social security portfolio diversiŽ cation into private securities, either through the trust fund or private accounts. The analysis depends critically on heterogeneities in saving, production, assets, and taxes. Limited diversiŽcation weakly increases interest rates, reduces the expected return on short-term investment (and the equity premium...

This paper explores the welfare implications of a securities transaction tax when informed traders act under short-term objectives. The model presented features speculators who can trade on information of differing time horizons, trade by fully rational uninformed agents, endogenous asset prices and profit maximising firms that can use information contained in stock prices to improve their inve...

because of important role of development banks in optimal allocation of limited financial resources, their investment efforts must have an objective direction to the achievement of government's strategic goals. in order to get appropriate approaches in its investment, bank of industry and mine (bim) as the only development bank in industry and mine sector, aims to take a general survey amo...

in this study, considering the importance of incremental capital output ratio (icor) in agriculture investment capital and self-sufficiency in this sector in order to grow and being influenced by the past and previous relationships strong agricultural sector productivity growth in other sectors of the economy, especially the effect of oil revenues, was trying to, long-term relationships as well...

The Effect of Educational Expenditures on Added Value in Industrial Sector K. Shahbaazi, Ph.D. M. Hassani, Ph.D. N. Shahbaazi Since 78% of the work force in Iranian industries consists of those holding a high school diploma or less, any investment in increasing this level of education could lead to an increase in the added value in the industrial sector. Analyses of the availabl...

Recent literature (McNulty, Yeh, Schulze, & Lubatkin, 2002) states that the assumptions behind the capital asset pricing model, in particular the irrelevance of time horizon, do not correspond to the characteristics of firms that prefer long-term investment horizons. I show that family firms display a longer time horizon than most of their nonfamily counterparts, since (1) family firms display ...