Browsing by Author "Summers, Lawrence"

Now showing items 1-9 of 9

    • Danger Ahead: The Reach-for-Yield Behavioral Transmission Mechanism Across Risky Assets 

      Beaton, Jamie J. (2016-07-06)
      This paper argues for the existence of a reach-for-yield behavioral transmission mechanism which, during low-interest rate periods, drives a higher willingness to pay for dividend yield in various yield assets like high-yield ...

    • Employee Crime and the Monitoring Puzzle 

      Dickens, William T.; Katz, Lawrence F.; Lang, Kevin; Summers, Lawrence H. (University of Chicago Press, 1989)
      The simplest economic theories of crime predict that profit-maximizing firms should follow strategies of minimal monitoring with large penalties for employee crime. We investigate possible reasons why firms actually spend ...

    • Leverage, Derivatives, and Asset Markets 

      Yang, David Cherngchiun (2015-05-14)
      This dissertation consists of three independent essays on the relationship between leverage, derivatives (especially, option securities), and asset markets. Chapter 1, "Does the Tail Wag the Dog? How Options Affect Stock ...

    • The Noise Trader Approach to Finance 

      Shleifer, Andrei; Summers, Lawrence H. (American Economic Association, 1990)

    • Noise Trader Risk in Financial Markets 

      De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (University of Chicago Press, 1990)
      We present a simple overlapping generations model of an asset market in which irrational noise traders with erroneous stochastic beliefs both affect prices and earn higher expected returns. The unpredictability of noise ...

    • Positive Feedback Investment Strategies and Destabilizing Rational Speculation 

      De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (Wiley-Blackwell, 1990)
      Analyses of the role of rational speculators in financial markets usually presume that such investors dampen price fluctuations by trading against liquidity or noise traders. This conclusion does not necessarily hold when ...

    • The Size and Incidence of the Losses from Noise Trading 

      De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (Wiley-Blackwell, 1989)
      Recent empirical research has identified a significant amount of volatility in stock prices that cannot be easily explained by changes in fundamentals; one interpretation is that asset prices respond not only to news but ...

    • The Strategic Bequest Motive 

      Bernheim, B. Douglas; Shleifer, Andrei; Summers, Lawrence H. (University of Chicago Press, 1986)
      Although recent research suggests that intergenerational transfers play an important role in aggregate capital accumulation, our understanding of bequest motives remains incomplete. We develop a simple model of strategic ...

    • The Survival of Noise Traders in Financial Markets 

      De Long, J. Bradford; Shleifer, Andrei; Summers, Lawrence H.; Waldmann, Robert J. (University of Chicago Press, 1991)
      The authors present a model of portfolio allocation by noise traders with incorrect expectations about return variances. For such misperceptions, noise traders who do not affect prices can earn higher expected returns than ...