دانلود مقاله ISI انگلیسی شماره 147419
ترجمه فارسی عنوان مقاله

رهبران، پیروان و حق بیمه ریسک در رونق و باند

عنوان انگلیسی
Leaders, followers, and equity risk premiums in booms and busts
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
147419 2017 14 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 81, August 2017, Pages 207-220

پیش نمایش مقاله
پیش نمایش مقاله  رهبران، پیروان و حق بیمه ریسک در رونق و باند

چکیده انگلیسی

We study an investment problem in which two asymmetric firms face competition and the regime characterizing the economic condition follows a Markov switching process. We derive the value functions and investment thresholds of the leader and follower. The option value of regime uncertainty is found to be quite important for the investment decision of firms. We also show the relationship between the equity risk premium and the economic cycle that has not been done in previous studies, which proxy economic conditions by the level of demand or other state variables.