The tax-timing option and the discounts on closed-end investment companies
Article Abstract:
The tax-timing theory of G.M. Constantinides shows a significant and positive correlation between discounts and variances of rate of return of closed-end investment funds. Discounts were documented to be negatively correlated with unrealized capital gains and positively correlated with unrealized capital losses. The testing of tax-timing using a specific model gave insufficient evidence to supply additional findings of its pricing options.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1991
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Adverse selection, aggregate uncertainty, and the role for mutual insurance contracts
Article Abstract:
An adverse-selection model of mutual insurance companies is presented. The model incorporates undiversifiable risk into the model developed by Michael Rothschild and Joseph Stiglitz. The model demonstrates that, in equilibrium, agents with low loss probabilities will purchase participating policies from mutual insurance companies to share risk. Agents who purchase nonparticipating polices will not share risk.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1990
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