Valuation Beyond CAPM: How to Calculate With Earnings Risk and Insolvency

2020 ◽  
Author(s):  
Werner Gleißner
Keyword(s):  
Earnings Risk

Estimating Heterogeneity in Lifetime Earnings Risk

2019 ◽  
Author(s):  
Scott D. Drewianka ◽  
Phillip Oberg
Keyword(s):  
Lifetime Earnings ◽  
Earnings Risk

Dissecting Idiosyncratic Earnings Risk

2020 ◽  
Author(s):  
Elin Halvorsen ◽  
Hans Aasnes Holter ◽  
Serdar Ozkan ◽  
Kjetil Storesletten
Keyword(s):  
Earnings Risk

scholarly journals Modeling life-cycle earnings risk with positive and negative shocks

2020 ◽  
Vol 37 ◽  
pp. 103-126 ◽  
Author(s):  
Manuel Sanchez ◽  
Felix Wellschmied
Keyword(s):  
Life Cycle ◽  
Earnings Risk

scholarly journals What Do Data on Millions of U.S. Workers Reveal About Life-Cycle Earnings Risk?

2015 ◽  
Author(s):  
Fatih Guvenen ◽  
Fatih Karahan ◽  
Serdar Ozkan ◽  
Jae Song
Keyword(s):  
Life Cycle ◽  
Earnings Risk

scholarly journals What happened to financially sustainable firms in the Corona crisis?

2020 ◽  
Vol 28 (3-4) ◽  
pp. 83-90 ◽  
Author(s):  
Thomas Günther ◽  
Werner Gleißner ◽  
Christian Walkshäusl
Keyword(s):  
Financial Management ◽  
Firm Growth ◽  
Investment Strategy ◽  
Risk Profile ◽  
Management Control ◽  
Risk Exposure ◽  
Financial Sustainability ◽  
Investment Portfolio ◽  
Investment Portfolios ◽  
Earnings Risk

AbstractPurpose: Financial sustainability is underrepresented in both research on and the practice of sustainability management and reporting. In this article, we examine empirically how financially sustainable firms performed in the Corona crisis.Methods: We measure financial sustainability by four conditions: (1) firm growth, (2) the company’s ability to survive, (3) an acceptable overall level of earnings risk exposure, and (4) an attractive earnings risk profile. We apply this measurement to investment portfolios of a broad sample of firms from 15 European countries of the MSCI Europe using typical investment portfolio characteristics.Results: We find that financially sustainable firms outperform both the broad market and firms with low financial sustainability for the time span July 2019 to March 2020.Conclusion: An investment strategy that invests in financially sustainable firms seems to be better capable of overcoming economic breakdowns such as the Corona crisis. We find that the returns increase with each of the four conditions that are included in the investment strategy. This underlines that considering financial sustainability is interesting for financial management, corporate governance and management control.

scholarly journals Luxury consumption, precautionary savings and wealth inequality

2017 ◽  
Vol 18 (1) ◽  
Author(s):  
Claudio Campanale
Keyword(s):  
Standard Model ◽  
Substantial Reduction ◽  
Wealth Inequality ◽  
Precautionary Savings ◽  
Luxury Good ◽  
Heterogeneous Agent ◽  
Agent Model ◽  
Macroeconomic Models ◽  
Basic Good ◽  
Earnings Risk

Abstract Most macroeconomic models are based on the assumption of a single homogeneous consumption good. In the present paper we consider a model with two goods: a basic good and a luxury good. We then apply this assumption to a standard general equilibrium heterogeneous agent model. We find a substantial reduction in precautionary savings compared to a standard model. The effect on wealth inequality turns out to be ambiguous and to depend on the size of the assumed earnings risk.

A NOTE ON EARNINGS RISK AND THE COEFFICIENT OF VARIATION: COMMENT

1970 ◽  
Vol 25 (5) ◽  
pp. 1159-1160
Author(s):  
Jeffrey E. Jarrett
Keyword(s):  
Coefficient Of Variation ◽  
Earnings Risk

A NOTE ON THE INCLUSION OF EARNINGS RISK IN MEASURES OF RETURN: A COMMENT

1977 ◽  
Vol 32 (4) ◽  
pp. 1363-1366
Author(s):  
James L. Pappas
Keyword(s):  
Earnings Risk

Knowledge of earnings risk and major choice: Evidence from an information experiment

2017 ◽  
Vol 57 ◽  
pp. 80-90 ◽  
Author(s):  
Alexander I. Ruder ◽  
Michelle Van Noy
Keyword(s):  
Major Choice ◽  
Earnings Risk
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