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Anderson, Ronald W.; Carverhill, Andrew - C.E.P.R. Discussion Papers - 2005

We study a continuous time model of a levered firm with fixed assets generating a cash flow that fluctuates with business conditions. Since external finance is costly, the firm holds a liquid (cash) reserve to help survive periods of poor business conditions. Holding liquid assets inside the...

Persistent link: https://www.econbiz.de/10005123584

Unlocking Value: Equity Carve outs as Strategic Real Options

Perotti, Enrico C; Rossetto, Silvia - C.E.P.R. Discussion Papers - 2007

Equity carve outs, the partial listing of a corporate subsidiary, appear to be transitory arrangements, usually dissolved within a few years by either a complete sale or a buy back. Why do firms perform expensive listings just to reverse them thereafter? We interpret carve outs as strategic...

Persistent link: https://www.econbiz.de/10005124241

Hedging and Vertical Integration in Electricity Markets

Aïd, René; Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar - C.E.P.R. Discussion Papers - 2011

the impact of forward markets and vertical integration on prices, risk premia and retail market shares. We point out that … forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both … producers' and retailers' exposure to demand risk while linear forward contracts do not. Vertical integration is superior to …

Persistent link: https://www.econbiz.de/10008925710

What Should we Expect from Innovation? A Model-Based Assessment of the Environmental and Mitigation Cost Implications of Climate-Related R&D

Bosetti, Valentina; Carraro, Carlo; Duval, Romain; … - C.E.P.R. Discussion Papers - 2010

This paper addresses two basic issues related to technological innovation and climate stabilisation objectives: i) Can innovation policies be effective in stabilising greenhouse gas concentrations? ii) To what extent can innovation policies complement carbon pricing (taxes or permit trading) and...

Persistent link: https://www.econbiz.de/10008468637

The Fossile Episode

Hassler, John; Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 2012

We build a two-sector dynamic general equilibrium model with one-sided substitutability between fossil carbon and biocarbon. One shock only, the discovery of the technology to use fossil fuels, leads to a transition from an inital pre-industrial phase to three following phases: a pure fossil...

Persistent link: https://www.econbiz.de/10011083327

Weather and Infant Mortality in Africa

Kudamatsu, Masayuki; Persson, Torsten; Strömberg, David - C.E.P.R. Discussion Papers - 2012

We estimate how random weather fluctuations affected infant mortality across 28 African countries in the past, combining high-resolution data from retrospective fertility surveys (DHS) and climate-model reanalysis (ERA-40). We find that infants were much more likely to die when exposed in utero...

Persistent link: https://www.econbiz.de/10011083660

Energy and Climate Change in China

Carraro, Carlo; Massetti, Emanuele - C.E.P.R. Discussion Papers - 2012

This paper examines future energy and emissions scenarios in China generated by the Integrated Assessment Model WITCH. A Business-as-Usual scenario is compared with five scenarios in which Greenhouse Gases emissions are taxed, at different levels. The elasticity of China’s emissions is...

Persistent link: https://www.econbiz.de/10011084331

Environmental Policy and Directed Technical Change in a Global Economy: The Dynamic Impact of Unilateral Environmental Policies

Hemous, David - C.E.P.R. Discussion Papers - 2013

This paper builds a two-country (North, South), two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The polluting good is produced with a clean and a dirty input. I show that a...

Persistent link: https://www.econbiz.de/10011084402

Abandoning Fossil Fuel: How Fast And How Much?

Rezai, Armon; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2014

Climate change must deal with two market failures, global warming and learning by doing in renewable use. The social optimum requires an aggressive renewables subsidy in the near term and a gradually rising carbon tax which falls in long run. As a result, more renewables are used relative to...

Persistent link: https://www.econbiz.de/10011084685

Reconciling Trade and Climate Policies

de Melo, Jaime; Mathys, Nicole Andréa - C.E.P.R. Discussion Papers - 2012

The outcome of the 15th conference of the Parties to the UNFCC showed a shift from a top-down approach with a collective target favoring environmental objectives to a bottom-up accord favoring political feasibility. There is no meaningful binding agreement in sight, also because the global...

Persistent link: https://www.econbiz.de/10011084722

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