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Cheap money and risk taking: Opacity versus fundamental risk · Study

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ArticleCheap money and risk taking: Opacity versus fundamental risk

Burkhard Drees2013

OA

Articlegreen2013

Cheap money and risk taking: Opacity versus fundamental risk

Burkhard Drees · Bernhard Eckwert · Felix Várdy

15 citations·0/0 files stored·European Economic Review

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Capital Investment and Risk Analysis Decision-Making and Behavioral Economics Economic theories and models

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1981Credit Rationing in Markets with Imperfect Information 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]2011Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism?2007Credit Rationing in Markets With Imperfect Information 2006Lending Booms and Lending Standards

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Year2013

Typearticle

Published2013-05-29

VenueEuropean Economic Review

ISSN-L0014-2921

Languageen

Citations15

Files0 public / 0

ShelfCapital Investment and Risk Analysis

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doi10.1016/j.euroecorev.2013.05.002

openalex_workW3122873275

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2010

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