Pub Date : 2020-11-01DOI: 10.1142/9789811221958_fmatter
T. Hens, M. Rieger, Mei Wang
{"title":"FRONT MATTER","authors":"T. Hens, M. Rieger, Mei Wang","doi":"10.1142/9789811221958_fmatter","DOIUrl":"https://doi.org/10.1142/9789811221958_fmatter","url":null,"abstract":"","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115778499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-01DOI: 10.1142/9789811221958_others01
Thorsten Hens, M. Rieger, Mei Wang
Nowadays, it is important to guarantee mobility of elderly people for their comfortable living by decreasing their walking distance. Hail-and-ride bus system is one of the effective solutions for decreasing the walking distance to use public transportations. In this research, we propose a mathematical optimization model which minimizes the sum of all user’s trip time in hail-and-ride bus. This model was applied to Mitakedai line, which is in urban area, and optimal hail-and-ride sections is obtained. Based on this empirical study, it was found that both the sum of all user’s trip time and walking time can be decreased.
{"title":"Time","authors":"Thorsten Hens, M. Rieger, Mei Wang","doi":"10.1142/9789811221958_others01","DOIUrl":"https://doi.org/10.1142/9789811221958_others01","url":null,"abstract":"Nowadays, it is important to guarantee mobility of elderly people for their comfortable living by decreasing their walking distance. Hail-and-ride bus system is one of the effective solutions for decreasing the walking distance to use public transportations. In this research, we propose a mathematical optimization model which minimizes the sum of all user’s trip time in hail-and-ride bus. This model was applied to Mitakedai line, which is in urban area, and optimal hail-and-ride sections is obtained. Based on this empirical study, it was found that both the sum of all user’s trip time and walking time can be decreased.","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126616650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-01DOI: 10.1142/9789811221958_bmatter
T. Hens, M. Rieger, Mei Wang
{"title":"BACK MATTER","authors":"T. Hens, M. Rieger, Mei Wang","doi":"10.1142/9789811221958_bmatter","DOIUrl":"https://doi.org/10.1142/9789811221958_bmatter","url":null,"abstract":"","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126996499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-01DOI: 10.1142/9789811221958_others03
T. Hens, M. Rieger, Mei Wang
{"title":"Financial Markets","authors":"T. Hens, M. Rieger, Mei Wang","doi":"10.1142/9789811221958_others03","DOIUrl":"https://doi.org/10.1142/9789811221958_others03","url":null,"abstract":"","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116842062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-01DOI: 10.1142/9789811221958_others02
Thorsten Hens, M. Rieger, Mei Wang
{"title":"Risk","authors":"Thorsten Hens, M. Rieger, Mei Wang","doi":"10.1142/9789811221958_others02","DOIUrl":"https://doi.org/10.1142/9789811221958_others02","url":null,"abstract":"","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124589620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stocks are riskier than bonds. This causes a risk premium for stocks. That the size of this premium, however, seems to be larger than risk aversion alone can explain the so-called “equity premium puzzle”. One possible explanation is the inclusion of a degree of ambiguity in stock returns to account for an additional ambiguity premium, whose size depends on the degree of ambiguity aversion among investors. It is, however, difficult to test this empirically. In this paper, we compute the first firm-level estimation of equity premium based on the internal rate of return (IRR) approach for a total of N = 28,256 companies in 54 countries worldwide. Using a survey of international data on ambiguity aversion, we find a strong and robust relation between equity premia and ambiguity aversion.
{"title":"The Fundamental Equity Premium and Ambiguity Aversion in an International Context","authors":"Minh Hai Ngo, M. Rieger, Shuonan Yuan","doi":"10.3390/RISKS6040128","DOIUrl":"https://doi.org/10.3390/RISKS6040128","url":null,"abstract":"Stocks are riskier than bonds. This causes a risk premium for stocks. That the size of this premium, however, seems to be larger than risk aversion alone can explain the so-called “equity premium puzzle”. One possible explanation is the inclusion of a degree of ambiguity in stock returns to account for an additional ambiguity premium, whose size depends on the degree of ambiguity aversion among investors. It is, however, difficult to test this empirically. In this paper, we compute the first firm-level estimation of equity premium based on the internal rate of return (IRR) approach for a total of N = 28,256 companies in 54 countries worldwide. Using a survey of international data on ambiguity aversion, we find a strong and robust relation between equity premia and ambiguity aversion.","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127510678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-03-01DOI: 10.1142/9789811221958_0006
RiegerMarc Oliver, WangMei, HensThorsten
We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk se...
{"title":"Risk Preferences Around the World","authors":"RiegerMarc Oliver, WangMei, HensThorsten","doi":"10.1142/9789811221958_0006","DOIUrl":"https://doi.org/10.1142/9789811221958_0006","url":null,"abstract":"We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk se...","PeriodicalId":112696,"journal":{"name":"Cultural Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122882414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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