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Credence goods are characterized by informational asymmetries between sellers and consumers that invite fraudulent behavior by sellers. This paper presents the results of a natural field experiment on taxi rides in Athens, Greece, set up to measure different types of fraud and to examine the...
Persistent link: https://www.econbiz.de/10013124684
This paper investigates dynamic conditional correlations between stock and REIT markets in both Turkey and the U.S. We use an Asymmetric DCC - GJR - GARCH model to estimate the dynamic conditional correlation at daily, weekly, and monthly frequencies. Our contribution is threefold. First, we...
Persistent link: https://www.econbiz.de/10012916360
We argue a holdout is not a destructive investor behaviour but a rational investment decision. This investment decision is characterised by the mean-variance approach. We investigate intercreditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012)...
Persistent link: https://www.econbiz.de/10013013489
different from other oil-rich countries. In five main ways, all of which suggest the need for economic diversification as an … to economic development, including human and social capital. The need for diversification can be viewed in terms of … seeking at bay. Economic diversification for the purpose of containing the preponderance of the resource-intensive industry at …
Persistent link: https://www.econbiz.de/10013040480
diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …
Persistent link: https://www.econbiz.de/10013020575
-run demand shocks. In this setup, the volatility of a firm's exports depends not only on the diversification of its destination … doubt on the commonly held belief that diversification must decrease volatility …
Persistent link: https://www.econbiz.de/10013048894
This paper characterizes the asymptotic behaviour, as the number of assets gets arbitrarily large, of the portfolio weights for the class of tangency portfolios belonging to the Markowitz paradigm. It is assumed that the joint distribution of asset returns is characterized by a general factor...
Persistent link: https://www.econbiz.de/10005765686
This paper considers a simple model of credit risk and derives the limit distribution of losses under different assumptions regarding the structure of systematic and idiosyncratic risks and the nature of firm heterogeneity. The theoretical results obtained indicate that if firm-specific risk...
Persistent link: https://www.econbiz.de/10005766213
A positive relationship between firm size and product diversification is a long-standing stylized fact. However, so far …
Persistent link: https://www.econbiz.de/10005406151
It is analyzed the impacts of outsourcing cost and wage tax progression under labor market imperfections with Nash wage … bargaining and flexible outsourcing. With sufficiently strong (weak) labor market imperfection, lower outsourcing cost has a wage … negative effect on outsourcing. …
Persistent link: https://www.econbiz.de/10008511603