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A Theory of Competitive Equilibrium in Stock Market Economies

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Cited by:

  1. Jacques Drèze & Enrico Minelli & Mario Tirelli, 2008. "Production and financial policies under asymmetric information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 35(2), pages 217-231, May.
  2. repec:hal:spmain:info:hdl:2441/10284 is not listed on IDEAS
  3. Pascal Stiefenhofer, 2009. "Production in General Equilibrium with Incomplete Markets," Discussion Papers 09/06, Department of Economics, University of York.
  4. Bonnisseau, Jean-Marc & Lachiri, Oussama, 2004. "On the objective of firms under uncertainty with stock markets," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 493-513, August.
  5. Bejan, Camelia, 2008. "Production and financial decisions under uncertainty," MPRA Paper 11033, University Library of Munich, Germany.
  6. José Azar & Xavier Vives, 2018. "Oligopoly, Macroeconomic Performance, and Competition Policy," CESifo Working Paper Series 7189, CESifo.
  7. Hervé Crès & Mich Tvede, 2011. "Production externalities: internalization by voting," SciencePo Working papers Main hal-00972983, HAL.
  8. Mich Tvede & Hervé Crès, 2001. "Voting in Assemblies of shareholders and Incomplete Markets," SciencePo Working papers hal-01064884, HAL.
  9. Tarun Sabarwal, 2004. "A Consistent Firm Objective When Markets are Incomplete: Profit Maximization," Econometric Society 2004 North American Summer Meetings 141, Econometric Society.
  10. Sabarwal Tarun, 2007. "Value Maximization as an Ex-Post Consistent Firm Objective When Markets are Incomplete," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-21, January.
  11. Heathcote, Jonathan & Perri, Fabrizio, 2004. "Financial globalization and real regionalization," Journal of Economic Theory, Elsevier, vol. 119(1), pages 207-243, November.
  12. Luis H. B. Braido & V. Filipe Martins†da†Rocha, 2018. "Output Contingent Securities And Efficient Investment By Firms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 989-1012, May.
  13. Mich Tvede & Hervé Crés, 2005. "Voting in assemblies of shareholders and incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(4), pages 887-906, November.
  14. Hervé Crès & Mich Tvede, 2005. "Portfolio Diversification and Internalization of Production Externalities through Majority Voting," SciencePo Working papers hal-01065579, HAL.
  15. Douglas Gale & Piero Gottardi, 2008. "Illiquidity and Under-Valuation of Firms," Working Papers 2008_36, Department of Economics, University of Venice "Ca' Foscari".
  16. Hansen, James & Gross, Isaac, 2018. "Commodity price volatility with endogenous natural resources," European Economic Review, Elsevier, vol. 101(C), pages 157-180.
  17. repec:spo:wpecon:info:hdl:2441/10281 is not listed on IDEAS
  18. Guido Ruta & Piero Gottardi, 2009. "Equilibrium corporate finance," 2009 Meeting Papers 149, Society for Economic Dynamics.
  19. Mario Tirelli, 2003. "Income taxation when markets are incomplete," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 26(2), pages 97-128, November.
  20. Favilukis, Jack, 2013. "Inequality, stock market participation, and the equity premium," Journal of Financial Economics, Elsevier, vol. 107(3), pages 740-759.
  21. Jean-Marc Bonnisseau & Oussama Lachiri, 2006. "About the second theorem of welfare economics with stock markets," Post-Print halshs-00118822, HAL.
  22. Bisin, Alberto; & Gottardi, Piero; & Ruta, Guido, 2014. "Equilibrium corporate finance and intermediation," Economics Working Papers ECO2014/09, European University Institute.
  23. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Sciences Po publications 726/2001, Sciences Po.
  24. Hervé Crès & Mich Tvede, 2005. "Portfolio Diversification and Internalization of Production Externalities through Majority Voting," SciencePo Working papers Main hal-01065579, HAL.
  25. Marc Oliver Bettzüge & Thorsten Hens & Michael Zierhut, 2022. "Financial intermediation and the welfare theorems in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(2), pages 457-486, April.
  26. Tirelli, Mario, 2006. "The evaluation of public investments under uncertainty," Research in Economics, Elsevier, vol. 60(4), pages 188-198, December.
  27. repec:hal:wpspec:info:hdl:2441/10283 is not listed on IDEAS
  28. Pierre Chaigneau, 2018. "Managerial Compensation and Firm Value in the Presence of Socially Responsible Investors," Journal of Business Ethics, Springer, vol. 149(3), pages 747-768, May.
  29. repec:hal:spmain:info:hdl:2441/10281 is not listed on IDEAS
  30. Hervé Crès & Mich Tvede, 2004. "The Drèze and Grossman-Hart criteria for production in incomplete markets: Voting foundations and compared political stability," Working Papers hal-00591676, HAL.
  31. Liu, Jia & Wu, Yuliang & Ye, Qing & Zhang, Dayong, 2019. "Do seasoned offerings improve the performance of issuing firms? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 104-123.
  32. Lin, Karen Jingrong & Karim, Khondkar E. & Carter, Clairmont, 2015. "Why does China's stock market have highly synchronous stock price movements? An information supply perspective," Advances in accounting, Elsevier, vol. 31(1), pages 68-79.
  33. Gaël Giraud & Cécile Renouard, 2011. "In search of an alternative to shareholder value maximization," Post-Print hal-00609153, HAL.
  34. Francisco Gomes & Alexander Michaelides & Valery Polkovnichenko, 2009. "Quantifying the Distortionary Fiscal Cost of ‘The Bailout’," Working Papers 2009-6, Central Bank of Cyprus.
  35. Jacques H. Drèze & Oussama Lachiri & Enrico Minelli, 2007. "Shareholder-efficient production plans in a multi-period economy," Documents de travail du Centre d'Economie de la Sorbonne b07065, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  36. Hervé Crès & Mich Tvede, 2009. "Production in incomplete markets: Expectations matter for political stability," SciencePo Working papers Main hal-01022731, HAL.
  37. Dilip Mookherjee & Debraj Ray, 2022. "Growth, Automation and the Long-Run Share of Labor," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 1-26, October.
  38. Francisco Gomes & Alexander Michaelides, 2008. "Asset Pricing with Limited Risk Sharing and Heterogeneous Agents," The Review of Financial Studies, Society for Financial Studies, vol. 21(1), pages 415-448, January.
  39. Tirelli, Mario, 2008. "Constrained inefficiency in GEI: A geometric argument," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.
  40. repec:hal:spmain:info:hdl:2441/10283 is not listed on IDEAS
  41. Carmen Carrera, 1991. "Fiscalidad y decisiones empresariales bajo incertidumbre," Investigaciones Economicas, Fundación SEPI, vol. 15(1), pages 35-52, January.
  42. repec:hal:wpspec:info:hdl:2441/eu4vqp9ompqllr09ieq060086 is not listed on IDEAS
  43. Hervé Crès & Mich Tvede, 2013. "Production externalities: internalization by voting," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(2), pages 403-424, June.
  44. Bolton, Patrick & Li, Tao & Ravina, Enrichetta & Rosenthal, Howard, 2020. "Investor ideology," Journal of Financial Economics, Elsevier, vol. 137(2), pages 320-352.
  45. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09ieq060086 is not listed on IDEAS
  46. Piero Gottardi & Douglas Gale, 2017. "Equilibrium Theory of Banks' Capital Structure," 2017 Meeting Papers 380, Society for Economic Dynamics.
  47. VENTURA, Luigi, 1998. "Investment decisions and normalization with incomplete markets: a remark," LIDAM Discussion Papers CORE 1998028, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  48. repec:spo:wpecon:info:hdl:2441/10284 is not listed on IDEAS
  49. repec:hal:wpspec:info:hdl:2441/10282 is not listed on IDEAS
  50. Crès, Hervé & Tvede, Mich, 2009. "Production in incomplete markets: Expectations matter for political stability," Journal of Mathematical Economics, Elsevier, vol. 45(3-4), pages 212-222, March.
  51. Stefano G. Athanasoulis & Robert J. Shiller, 2001. "World Income Components: Measuring and Exploiting Risk-Sharing Opportunities," American Economic Review, American Economic Association, vol. 91(4), pages 1031-1054, September.
  52. Pradeep Dubey & John Geanakoplos, 2006. "Money and production, and liquidity trap," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(3‐4), pages 295-317, September.
  53. Bosshardt, Donald I., 2003. "Capital structure, investment unanimity, and public goods: the case for social responsibility," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 239-260.
  54. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," SciencePo Working papers Main hal-01064883, HAL.
  55. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," Sciences Po publications 706/2000, Sciences Po.
  56. Fratini, Saverio M. & Levrero, Enrico Sergio & Ravagnani, Fabio, 2016. "Price expectations in neo-Walrasian equilibrium models: an overview," MPRA Paper 69515, University Library of Munich, Germany.
  57. Magill, Michael & Quinzii, Martine, 2008. "Normative properties of stock market equilibrium with moral hazard," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 785-806, July.
  58. Katsushi Nakajima, 2022. "Equilibrium pricing of commodity spot and forward under incomplete markets with implications on convenience yield," Annals of Finance, Springer, vol. 18(1), pages 35-80, March.
  59. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09ieq060086 is not listed on IDEAS
  60. Michael Magill, 2000. "Equity, Options and Efficiency in the Presence of Moral Hazard," Econometric Society World Congress 2000 Contributed Papers 1845, Econometric Society.
  61. Hervé Crès & Mich Tvede, 2005. "Portfolio Diversification and Internalization of Production Externalities through Majority Voting," Working Papers hal-01065579, HAL.
  62. Stefano Demichelis & Klaus Ritzberger, 2011. "A general equilibrium analysis of corporate control and the stock market," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(2), pages 221-254, February.
  63. DEHEZ, Pierre, 2012. "Incomplete-markets economies: the seminal work of Diamond, Drèze and Radner," LIDAM Discussion Papers CORE 2012029, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  64. Tarek Eldomiaty & Marina Apaydin & Mona Yusuf & Mohamed Rashwan, 2023. "How Do Stock Market Development and Competitiveness Affect Equity Risk Premium? Implications from World Economies," IJFS, MDPI, vol. 11(1), pages 1-19, February.
  65. Alberto Bisin & Gian Luca Clementi & Piero Gottardi, 2014. "Capital Structure and Hedging Demand with Incomplete Markets," NBER Working Papers 20345, National Bureau of Economic Research, Inc.
  66. repec:spo:wpecon:info:hdl:2441/10282 is not listed on IDEAS
  67. Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.
  68. Volker Britz & P. Herings & Arkadi Predtetchinski, 2013. "A bargaining theory of the firm," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(1), pages 45-75, September.
  69. Hervé Crès, 2000. "Majority Stable Production Equilibria: A Multivariate Mean Shareholders Theorem," SciencePo Working papers hal-01064883, HAL.
  70. Athanasoulis, Stefano G., 2005. "Asset pricing from primitives: closed form solutions to asset prices, consumption, and portfolio demands," Journal of Economic Dynamics and Control, Elsevier, vol. 29(3), pages 423-447, March.
  71. Hervé Crès & Mich Tvede, 2009. "Production in incomplete markets: Expectations matter for political stability," SciencePo Working papers hal-01022731, HAL.
  72. TIRELLI, Mario, 2000. "Capital income taxation when markets are incomplete," LIDAM Discussion Papers CORE 2000011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  73. Frank Hahn, 1992. "Distinguished Fellow: Honoring Roy Radner," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 181-194, Winter.
  74. Momi, Takeshi, 2001. "Non-existence of equilibrium in an incomplete stock market economy," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 41-70, February.
  75. James E. Smith, 2004. "Risk Sharing, Fiduciary Duty, and Corporate Risk Attitudes," Decision Analysis, INFORMS, vol. 1(2), pages 114-127, June.
  76. Eva Carceles-Poveda, 2009. "Asset Prices and Business Cycles under Market Incompleteness," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(3), pages 405-422, July.
  77. Camelia Bejan, 2020. "Investment and financing in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 149-182, February.
  78. Douglas Gale & Piero Gottardi, 2018. "A General Equilibrium Theory of Capital Structure," 2018 Meeting Papers 264, Society for Economic Dynamics.
  79. repec:hal:wpspec:info:hdl:2441/10267 is not listed on IDEAS
  80. repec:hal:spmain:info:hdl:2441/10282 is not listed on IDEAS
  81. Gale, Douglas & Gottardi, Piero, 2020. "A general equilibrium theory of banks' capital structure," Journal of Economic Theory, Elsevier, vol. 186(C).
  82. repec:hal:wpspec:info:hdl:2441/10284 is not listed on IDEAS
  83. Lee Young Whan, 1999. "Aggregate Risk and Social Value of Information in A Production Economy," International Economic Journal, Taylor & Francis Journals, vol. 13(4), pages 81-100.
  84. Claudio Loderer & Lukas Roth & Urs Waelchli & Petra Joerg, 2010. "Shareholder Value: Principles, Declarations, and Actions," Financial Management, Financial Management Association International, vol. 39(1), pages 5-32, March.
  85. Britz, V. & Herings, P.J.J. & Predtetchinski, A., 2010. "Theory of the firm: bargaining and competitive equilibrium," Research Memorandum 057, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  86. Egbert Dierker, 2015. "A multiperiod Drèze rule," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 129-151, October.
  87. Nicolas Caramp & Julian Kozlowski & Keisuke Teeple, 2022. "Liquidity and Investment in General Equilibrium," Working Papers 2022-022, Federal Reserve Bank of St. Louis, revised 12 Apr 2024.
  88. Hervé Crès & Mich Tvede, 2011. "Production externalities: internalization by voting," SciencePo Working papers hal-00972983, HAL.
  89. Jean-Marc Robin & Stéphane Bonhomme & Koen Jochmans, 2014. "Estimating Multivariate Latent-Structure Models," Sciences Po publications 2014-18, Sciences Po.
  90. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," SciencePo Working papers hal-01065004, HAL.
  91. repec:hal:wpspec:info:hdl:2441/10281 is not listed on IDEAS
  92. Mich Tvede & Hervé Crès, 2001. "Voting in Assemblies of shareholders and Incomplete Markets," SciencePo Working papers Main hal-01064884, HAL.
  93. Yosha, Oved, 1995. "Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy," Foerder Institute for Economic Research Working Papers 275599, Tel-Aviv University > Foerder Institute for Economic Research.
  94. Valery Polkovnichenko & Alexander Michaelides & Francisco Gomes, 2007. "Fiscal Policy, Asset Pricing and Economic Activity in a Savers-Spenders Economy," 2007 Meeting Papers 191, Society for Economic Dynamics.
  95. Wettstein, David, 1995. "Incentives and competitive allocations in exchange economies with incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 24(3), pages 201-216.
  96. Yosha, Oved, 1997. "Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy," Journal of Economic Theory, Elsevier, vol. 75(1), pages 64-88, July.
  97. Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," SciencePo Working papers Main hal-01065004, HAL.
  98. Magill, Michael & Quinzii, Martine, 2008. "Normative properties of stock market equilibrium with moral hazard," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 785-806, July.
  99. repec:hal:spmain:info:hdl:2441/10267 is not listed on IDEAS
  100. Ritzberger, Klaus, 2005. "Shareholder voting," Economics Letters, Elsevier, vol. 86(1), pages 69-72, January.
  101. Magill, Michael & Quinzii, Martine, 2002. "Capital market equilibrium with moral hazard," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 149-190, September.
  102. repec:spo:wpecon:info:hdl:2441/10283 is not listed on IDEAS
  103. repec:spo:wpecon:info:hdl:2441/10267 is not listed on IDEAS
  104. Tom Arnold & Richard Shockley, 2010. "Real Options Analysis and the Assumptions of Corporate Finance: A Non-Technical Review," Multinational Finance Journal, Multinational Finance Journal, vol. 14(1-2), pages 29-71, March-Jun.
  105. George-Marios Angeletos & Laurent E. Calvet, 2001. "Incomplete Markets, Growth, and the Business Cycle," Harvard Institute of Economic Research Working Papers 1910, Harvard - Institute of Economic Research.
  106. Jean-Marc Bonnisseau & Oussama Lachiri, 2004. "A note on the Drèze’s criterion for large capitalist firms," Cahiers de la Maison des Sciences Economiques b04120, Université Panthéon-Sorbonne (Paris 1).
  107. Beker, Pablo F., 2004. "Are inefficient entrepreneurs driven out of the market?," Journal of Economic Theory, Elsevier, vol. 114(2), pages 329-344, February.
  108. Egbert Dierker & Hildegard Dierker, 2012. "Ownership structure and control in incomplete market economies with transferable utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 51(3), pages 713-728, November.
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