Learn More
We propose two performance measures for asset pricing models and apply them to representative agent models with recursive preferences, habits, and jumps. The measures describe the pricing kernel's dispersion (the entropy of the title) and dynamics (horizon dependence, a measure of how entropy varies over different time horizons). We show how each model(More)
  • Frederico Belo, Xiaoji Lin, Fan Yang, Hengjie Ai, Hang Bai, Juliane Begeneau +20 others
  • 2014
The ability of corporations to finance their operations by issuing new equity varies with macroeconomic conditions, because the time varying macroeconomic conditions affect investors' (or workers') willingness to pay for new equity. We document that an empirical proxy of the shocks to the cost of equity issuance captures systematic risk in the economy, even(More)
In this paper we illustrate the implementation of an actual MANET demonstrator, based on off-the-shelf PDA devices with IEEE 802.11b wireless connectivity, tested on real-time applications. The most critical aspect affecting performances, in our opinion , is related to create a network where connectivity among nodes is as stable as possible. We implemented(More)
  • 1