| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13888 |
| DP13888 Financial Policies and Internal Governance with Heterogeneous Risk Preferences | |
| Bart Lambrecht; Shiqi Chen | |
| 发表日期 | 2019-07-23 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We consider a group of investors with heterogeneous risk preferences that determines a firm's investment policy, and each investor's compensation function. The optimal investment policy is a time-varying weighted average of investors' optimal policies and converges to the policy of the least (most) risk averse investor in booms (busts), reconciling the diversification of opinions hypothesis and the group shift hypothesis. The most (least) risk averse investor has a strictly concave (convex) claim on the firm's net worth. For intermediate risk preferences investors' claim is S-shaped, resembling preferred stock. We derive investors' utility weights absent wealth distribution and under social optimization. |
| 主题 | Financial Economics |
| 关键词 | Group decisions investment Payout Risk preference Governance |
| URL | https://cepr.org/publications/dp13888 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542764 |
| 推荐引用方式 GB/T 7714 | Bart Lambrecht,Shiqi Chen. DP13888 Financial Policies and Internal Governance with Heterogeneous Risk Preferences. 2019. |
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