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Efficient Trading Strategies
Jouini, Elyès; Porte, Vincent - HAL - 2007
In this paper, we point out the role of anticomonotonicity in the characterization of efficient contingent claims, and in the measure of inefficiency size of financial strategies. Two random variables are said to be anticomonotonic if they move in opposite directions. We first provide necessary...
Persistent link: https://www.econbiz.de/10008793718
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Efficient Trading Strategies with Transaction Costs
Jouini, Elyès; Porte, Vincent - HAL - 2007
In this article, we characterize efficient contingent claims in a context of transaction costs and multidimensional utility functions. The dual formulation of utility maximization helps us outline the key notion of cyclic anticomonotonicity. Moreover, after defining a utility price in this...
Persistent link: https://www.econbiz.de/10008793933
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Efficient portfolios in financial markets with proportional transaction costs
Campi, Luciano; Jouini, Elyès; Porte, Vincent - HAL - 2013
In this article, we characterize efficient portfolios, i.e. portfolios which are optimal for at least one rational agent, in a very general financial market model of foreign currencies with proportional transaction costs. In our setting, transaction costs may be random, time dependent, have...
Persistent link: https://www.econbiz.de/10010733710
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Efficient trading strategies in financial markets with proportional transaction costs
Campi, Luciano; Jouini, Elyès; Porte, Vincent - HAL - 2011
In this article, we characterize efficient portfolios, i.e. portfolios which are optimal for at least one rational agent, in a very general financial market model of foreign currencies with proportional transaction costs. In our setting, transaction costs may be random, time dependent, have...
Persistent link: https://www.econbiz.de/10010618168
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Sustained Macroeconomic Reforms, Tepid Growth: A Governance Puzzle in Bolivia?
Kaufmann, Daniel; Mastruzzi, Massimo; Zavaleta, Diego - EconWPA - 2003
comparability, we also utilize cross-country governance indicators. …
Persistent link: https://www.econbiz.de/10005118669
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Governance and the City: An Empirical Exploration into Global Determinants of Urban Performance
Kaufmann, Daniel; Leautier, Frannie; Mastruzzi, Massimo - EconWPA - 2004
We contribute to the field of urban governance and globalization through an empirically-based exploration of … indicators of globalization (at the country and city level), city governance, city performance (access and quality of … framework and a set of hypotheses, and then test them econometrically. The findings suggest that good governance and …
Persistent link: https://www.econbiz.de/10005062505
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The Inequality of Influence
Hellman, Joel; Kaufmann, Daniel - EconWPA - 2003
Environment and Enterprise Performance Survey (BEEPS) conducted among 6,500 firms in 27 transition countries. We refer to the …
Persistent link: https://www.econbiz.de/10005407672
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Far From Home: Do Foreign Investors Import Higher Standards of Governance in Transition Economies?
Hellman, Joel S.; Jones, Geraint; Kaufmann, Daniel - EconWPA - 2003
Based on the Business Environment and Enterprise Performance Survey (BEEPS) of firms in transition countries, which … of governance standards; ii) in misgoverned settings, FDI firms may magnify the problems of state capture and procurement …
Persistent link: https://www.econbiz.de/10005407674
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Measuring Governance, Corruption and State Capture: How Firms and Bureaucrats Shape the Business Environment in Transition Economies
Hellman, Joel S.; Jones, Geraint; Kaufmann, Daniel; … - EconWPA - 2003
national governance have been unexplored. This paper summarises the results of the Business Environment and Enterprise … corruption, with little attention paid to the role played by firms. Consequently, the links between corporate governance and … Performance Survey (BEEPS) across 20 transition economies, providing an assessment of governance and corruption from the …
Persistent link: https://www.econbiz.de/10005407751
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Corruption, Governance and Security: Challenges for the Rich Countries and the World
Kaufmann, Daniel - EconWPA - 2004
Traditionally, national governance and corruption challenges have been seen as: i) particularly daunting in the poorer … institutions, iii) a challenge within public sectors, and, iv) divorced from global governance or security issues - seen as … governance constraints, and corruption in particular, is a key determinant of a country's global competitiveness. These findings …
Persistent link: https://www.econbiz.de/10005408399