Die Entstehung von Kryptowährungen wie dem Bitcoin hat die Finanzwelt nach der Krise 2007ff. gehörig in Aufruhr versetzt. Einzelne Stimmen sprechen gar von der Möglichkeit der Abschaffung des Bargeldes. Dieser Beitrag zeigt erstens, ob und inwieweit Kryptowährungen das Bargeld tatsächlich...

The past few decades have witnessed the growth of an exciting debate in the legal academy about the tensions between economic pressures to commodify and philosophical commitments to the market inalienability of certain items. Sex, organs, babies and college athletics are among the many topics...

Recent work by Berk and van Binsbergen (2016) has shown that the Capital Asset Pricing Model (CAPM) best models the revealed preferences of any investor who could invest in mutual funds – that is, all investors. This claim seems overly broad since it applies to all asset classes. However, we...

Intuitively, option-like compensation contracts induce risk-shifting behavior, confirmed by numerous empirical studies. However, theoretical work has shown that risk shifting should not happen without a definite expiration date of the option. With a sample of Commodity Trading Advisors (CTAs),...

While much is known about the financialization of commodities, less is known about how to profitably invest in commodities. We develop a four-factor asset pricing model of commodity returns. Our four-factor model prices both commodity spot and term risk premia in an intuitive manner related to...

The unprecedented scale of the modern refugee crisis demands novel legal solutions, and new ways of summing the political will to implement them. As a matter of national incentives, the goal must be to design mechanisms that discourage countries of origin from creating refugees, and encourage...

On June 11, 2017, Puerto Rico held a referendum on its legal status. Although turnout was low, 97% of ballots favored statehood over independence or the status quo. The federal government, however, has financial and political reasons to resist this preference: Puerto Rico would bring with it a...