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Managing Momentum in Climate Negotiations
Carattini, Stefano; Löschel, Andreas - 2021
The Conference of the Parties (COP) has proven a valuable outlet to advance the climate agenda. The combination of high media coverage, extremely high expectations set by influential environmentalists, and unanimity rules has, however, started to limit its effectiveness. Technical issues can...
Persistent link: https://www.econbiz.de/10013314894
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Hedging Climate Change News
Engle, Robert F. - 2019
exposures. We show that this approach yields parsimonious and industry-balanced portfolios that perform well in hedging …
Persistent link: https://www.econbiz.de/10012866389
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Smart Hedging against Carbon Leakage
Böhringer, Christoph - 2019
hence be regarded as smart hedging against carbon leakage …
Persistent link: https://www.econbiz.de/10012859992
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Strategic complementarity, fragility, and regulation
Vives, Xavier - 2011
The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure...
Persistent link: https://www.econbiz.de/10010277386
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Managerial hedging and portfolio monitoring
Bisin, Alberto; Gottardi, Piero; Rampini, Adriano A. - 2004
using financial markets and shareholders cannot perfectly monitor the manager's portfolio in order to keep him from hedging … monitoring is costly governance is imperfect. If managerial hedging is detected, shareholders can seize the payoffs of the …) conditional on the firm's performance, the manager's compensation is lower when his portfolio is monitored, even if no hedging is …
Persistent link: https://www.econbiz.de/10010261074
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Currency Portfolio of External Debt, Exchange Rate Cyclicality, and Consumption Volatility
Fujii, Eiji - 2020
Even though external debt can play a buffer role against adverse shocks to assist consumption smoothing, it may also exert a volatility amplifying effect, depending on the currency of denomination and the cyclicality of the borrower's exchange rate. We empirically investigate the nexus between...
Persistent link: https://www.econbiz.de/10012833738
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Robo-Advising
D'Acunto, Francesco - 2020
In this chapter, we first discuss the limitations of traditional financial advice, which led to the emergence of robo-advising. We then describe the main features of robo-advising and propose a taxonomy of robo-advisors based on four defining dimensions---personalization, discretion,...
Persistent link: https://www.econbiz.de/10012836714
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Retaining Alpha : The Effect of Trade Size and Rebalancing Frequency on FX Strategy Returns
Melvin, Michael - 2020
The literature on currency investing that incorporates transaction costs uses costs relevant for small trade sizes. Using the entire order book of the major electronic brokerages for FX, we compute sweep-to-fill costs for trades of different sizes and illustrate the reduction in post-cost...
Persistent link: https://www.econbiz.de/10012839779
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Attention Utility : Evidence from Individual Investors
Quispe-Torreblanca, Edika - 2020
Attention utility is the hedonic pleasure or pain derived purely from paying attention to information. Using data on brokerage account logins by individual investors, we show that individuals devote disproportionate attention to already-known positive information about the performance of...
Persistent link: https://www.econbiz.de/10012841591
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Asset Diversification Versus Climate Action
Hambel, Christoph - 2020
Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon-intensive sector. We allow for endogenous growth and three types of damages from global warming. It is shown that, initially, the desire to diversify assets...
Persistent link: https://www.econbiz.de/10012825992