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Offsetting the Incentives: Risk Shifting and Benefits of Benchmarking in Money Management
Basak, Suleyman; Pavlova, Anna; Shapiro, Alex - C.E.P.R. Discussion Papers - 2005
simple risk management practice that accounts for benchmarking can ameliorate the adverse effects of managerial incentives. …
Persistent link: https://www.econbiz.de/10005666418
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Dynamic Hedging in Incomplete Markets: A Simple Solution
Basak, Suleyman; Chabakauri, Georgy - C.E.P.R. Discussion Papers - 2011
jumps, stochastic correlation and portfolio management with benchmarking. …
Persistent link: https://www.econbiz.de/10009024486
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Risk Management with Benchmarking
Basak, Suleyman; Shapiro, Alex; Teplá, Lucie - C.E.P.R. Discussion Papers - 2005
Portfolio theory must address the fact that, in reality, portfolio managers are evaluated relative to a benchmark, and therefore adopt risk management practices to account for the benchmark performance. We capture this risk management consideration by allowing a prespecified shortfall from a...
Persistent link: https://www.econbiz.de/10005114400
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The arrival of cheap goods: Measuring the impact of Chinese import competition on Nordic prices
Auer, Raphael; Fischer, Andreas M; Kropf, Andreas - C.E.P.R. Discussion Papers - 2011
What is the impact of Chinese import competition on Nordic producer prices? In a panel covering 23 (2 digit) NACE manufacturing sectors from 1995 to 2008, instrumental variable estimations predict that when Chinese imports capture a 1% increase in market share, Nordic producer prices decrease by...
Persistent link: https://www.econbiz.de/10009275961
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The Political Economy of Education and Development in an Open Economy
Bourguignon, François; Verdier, Thierry - C.E.P.R. Discussion Papers - 2001
If the price effect of opening up a developing economy may be expected to act as a disincentive for investment in human capital, the opposite is likely to be true of the income effect, especially in the presence of credit market imperfections among the poor. It is shown in this Paper that this...
Persistent link: https://www.econbiz.de/10005662307
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Can Deunionization Lead to International Outsourcing?
Lommerud, Kjell Erik; Meland, Frode; Straume, Odd Rune - C.E.P.R. Discussion Papers - 2008
countries. We further show that globalization - interpreted as either market integration or increased product market competition …
Persistent link: https://www.econbiz.de/10005662344
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How to Save Globalization from its Cheerleaders
Rodrik, Dani - C.E.P.R. Discussion Papers - 2007
The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is … continue to pose an important constraint on the world economy. In reality, lack of openness is no longer the binding constraint … alike. An alternative approach to globalization would focus on enhancing policy space rather than market access, and on …
Persistent link: https://www.econbiz.de/10005666608
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Does Globalization Create Superstars?
Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2007
To examine the impact of globalization on managerial compensation, we consider a matching model where a number of firms … compete both in the product market and in the managerial market. We show that globalization, that is, the simultaneous …
Persistent link: https://www.econbiz.de/10005666641
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High Skilled Migration and the Exertion of Effort by the Local Population
Epstein, Gil S; Kunze, Astrid; Ward-Warmedinger, Melanie - C.E.P.R. Discussion Papers - 2002
The design of optimal immigration policy, particularly in the face of the spiraling demand for highly skilled workers, such as IT workers and engineers, is a topical issue in the policy debate as well as the economic literature. In this paper, we present empirical evidence from firm-level data...
Persistent link: https://www.econbiz.de/10005666778
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The Impact of Globalization on the Equity Cost of Capital
Hardouvelis, Gikas A; Malliaropoulos, Dimitrios; … - C.E.P.R. Discussion Papers - 2004
equity changes as globalization takes place. This is because the launch of the single currency has led to the elimination of … among EU investors. We focus not only on the impact of globalization on the level of the cost of equity, but also on the …
Persistent link: https://www.econbiz.de/10005666905