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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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Can South-South Trade Liberalisation Stimulate North-South Trade?
Fugazza, Marco; Robert-Nicoud, Frédéric - C.E.P.R. Discussion Papers - 2006
This paper uses a combination of Ethier (1982) and Melitz's (2003) models to show that liberalizing trade among developing countries, so-called South-South trade, could contribute to improve the access to international markets of developing countries' would-be exporters. Lower trade barriers...
Persistent link: https://www.econbiz.de/10005124027
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Environmental Innovation Policy and International Competition
Carraro, Carlo; Siniscalco, Domenico - C.E.P.R. Discussion Papers - 1991
competition, Bertrand and Cournot oligopoly) international competition forces the national government to subsidize innovation. The …
Persistent link: https://www.econbiz.de/10005666416
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Anti-Trust Policy and National Growth: Some Evidence from Italy
Allegra, Elisabetta; Forni, Mario; Grillo, Michele; … - C.E.P.R. Discussion Papers - 2004
downstream sectors, which often face tough international competition. Such firms lose market share, thus worsening the economic … performance of the country. We try to document the importance of this link between competition problems and growth by analysing … from competition problems perform worse in terms of net exports, export growth and output growth. …
Persistent link: https://www.econbiz.de/10005067650
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Introductory Offers in a Model of Strategic Competition
Gehrig, Thomas; Stenbacka, Rune - C.E.P.R. Discussion Papers - 2002
We show how introductory offers emerge endogenously under conditions of competition in markets with switching costs. In …
Persistent link: https://www.econbiz.de/10005662404
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Strategic Supply Function Competition with Private Information
Vives, Xavier - C.E.P.R. Discussion Papers - 2008
losses is 1/n<sup>2</sup>. The results extend to demand schedule competition and a range of applications in product and …
Persistent link: https://www.econbiz.de/10005789071
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Convergence, Competitiveness and the Exchange Rate
Boltho, Andrea - C.E.P.R. Discussion Papers - 1994
a devaluation ensures are used to improve non-price competitiveness, longer-run effects are possible. The paper looks at …
Persistent link: https://www.econbiz.de/10005791578
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The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1986
competitiveness losses), but makes the public aware that the policy-maker is faced with such penalty, and thus helps to overcome the … competitiveness that the country is not allowed to recover at realignments. …
Persistent link: https://www.econbiz.de/10005791653