In practical portfolio choice models risk is often defined as VaR, expected shortfall, maximum loss, Omega function, etc. and is computed from simulated future scenarios of the portfolio value. It is well known that the minimization of these functions can not, in general, be performed with...

We conduct an empirical investigation of the pricing and economic sources of commonality in liquidity in the U.S. REIT market. Taking advantage of the specific characteristics of REITs, we analyze three types of commonality in liquidity: within-asset commonality, cross-asset commonality (with...

This paper provides evidence that the reduction in applied most-favored nation (MFN) tariffs resulting from a decrease in preferential tariffs is restricted to (or significantly larger in) high-tariff members of preferential trade agreements (PTAs). This heterogeneous impact is observed only...

This paper combines various data sources on value added and GDP for Switzerland in order to construct long-¬â€term series from 1851 to 2008. I provide an extensive discussion of deflation methods and show that the recent update of the Swiss GDP per capita series in the Maddison database...

This paper evaluates the influence of urban density on the quality of the match between workers' field of education and their first occupation. Using survey data on young individuals that entered the French labor market in 2004, I propose an original measure of skill matching and find that the...

A rationale for cooperation in trade negotiations is the internalization of terms-of-trade externalities. With the help of a simple theoretical framework we show that the textbook prediction that non-cooperative tariffs are positively correlated to the importer’s market power is reversed when...

Does a better cultural milieu make a city more livable for residents and improve its business environment for firms? I compute a measure of cultural specialization for 346 U.S. metropolitan areas and ask if differences in cultural environment capitalize into housing price and wage differentials....

Using a detailed data set at the tariff line level, we find an emulator effect of multilateralism on subsequent regional trade agreements (RTAs) involving the US. We exploit the variation in the frequency with which the US grants immediate duty free access (IDA) to its RTA partners across tariff...

The aim of this paper is to understand the impact of growth on poverty reduction in a right-skewed income distribution setting. Ex- isting literature focuses on the effect of aggregate growth on the mean income of the poor by means of a regression of the latter on the for- mer. This, however,...

With a quasi-identical preferential margin of 10%, the EU and the US offer apparently similar preferential market access for apparel exports to a group of African countries. Yet, effective market access under the two schemes has been very different due to implementation design because these...