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Financial impact of risk on municipal earnings

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Sarmiento, Camilo
Abstract (Spanish)
Para evaluar la relación entre los ingresos regionales y el riesgo en toda la economía estadounidense, este artículo utiliza un modelo heterocedástico que captura la incertidumbre sobre los beneficios. Luego implementamos un estimador no lineal que estima simultáneamente la varianza del residual econométrico y el efecto de la varianza sobre las ganancias esperadas. Los resultados de las estimaciones muestran la asociación entre riesgo y ganancias para las economías locales.
Abstract (English)
To evaluate the relation between regional earnings and risk across the US economy, this article uses a heteroscedastic model that captures earnings uncertainty. We then implement a nonlinear estimator that simultaneously estimates the variance of the econometric residual and the effect of the variance on expected earnings. Estimation results show the association between risk and earnings for local economies.
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5 páginas
URI: https://repositorio.escuelaing.edu.co/handle/001/2772
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AG - Centro de Estudios Económicos
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