Showing 1 - 10 of 34
This article uses the European Patent Office Worldwide Patent Statistical Database to examine the geographic distribution and global diffusion of inventions in thirteen climate-mitigation technologies since 1978. The data suggest that until 1990 innovation was driven mostly by energy prices....
Persistent link: https://www.econbiz.de/10008792117
The purpose of this paper is to formalize the choices of market entry strategy (Export Vs Greenfield investment Vs Cross … export credible threats. If greenfield FDI is viable, entering firm prefers acquiring the low-productivity firm, when the …, there is always the ambiguity between the foreign firm's preference and the government's judgment. If export entry option is …
Persistent link: https://www.econbiz.de/10010899386
Multinational and exporting firms play a key role in trade patterns. To highlight the importance of intra-firm trade in share of world trade, this paper develops a model of trade and intra-firm trade with heterogeneous firms. In this set up, trade costs apply to both exports and multinational...
Persistent link: https://www.econbiz.de/10010899726
Prior to the 2008 financial crisis, the economic model of PPPs benefited from a very favorable environment in terms of credit availability and cost. The high level of liquidity in financial markets allowed rising abundant and not expensive external resources, because of both the low level of...
Persistent link: https://www.econbiz.de/10010541078
This paper investigates Value at Risk and Expected Shortfall for CAC 40, S&P 500, Wheat and Crude Oil indexes during the 2008 financial crisis. We show an underestimation of the risk of loss for the unconditional VaR models as compared with the conditional models. This underestimation is...
Persistent link: https://www.econbiz.de/10009399186
Modified Cox-Ingersoll-Ross model is employed, combining with Hamilton (1989) type Markov regime switching framework, to study foreign exchange rates, where all parameter values depend on the value of a continuous time Markov chain. Basing on real data of some foreign exchange rates, the...
Persistent link: https://www.econbiz.de/10009422114
The disaster myopia hypothesis is a theoretical argument that may explain why crises are a recurrent event. Under very optimistic circumstances, investors disregard any relevant information concerning the increasing degree of risk. Agents' propensity to underestimate the probability of adverse...
Persistent link: https://www.econbiz.de/10009278316
We decompose volatility of a stock market index both in time and scale using wavelet filters and design a probabilistic indicator for valatilities, analogous to the Richter scale in geophysics. The peak-over-threshold method is used to fit the generalized Pareto probability distribution for the...
Persistent link: https://www.econbiz.de/10010750636
We present several estimates of measures of risk amongst the most well-known, using both high and low frequency data. The aim of the article is to show which lower frequency measures can be an acceptable substitute to the high precision measures, when transaction data is unavailable for a long...
Persistent link: https://www.econbiz.de/10010738652
This paper aims to investigate the intensity and the effectiveness of the capital controls in China from 2003 to 2010, with special attention to the period of financial turbulence that erupted in the summer of 2007. We employ a two-regime threshold autoregressive model to study the Renminbi...
Persistent link: https://www.econbiz.de/10010738729