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Double diversification with an application to Iceland
Thorvaldur Gylfason; Wijkman, Per Magnus - 2015 - Final version, 27 May 2015
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/10010533096
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Asset diversification versus climate action
Hambel, Christoph; Kraft, Holger; Ploeg, Frederick van der - 2020
. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon …
Persistent link: https://www.econbiz.de/10012258563
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Paralyzed by shock and confused by glut : the portfolio formation behavior of peer-to-business lending investors
Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina - 2018
We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases - a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a...
Persistent link: https://www.econbiz.de/10011863582
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Using GPT-4 for financial advice
Fieberg, Christian; Hornuf, Lars; Streich, David Jia-Hui - 2023
We show that the recently released text-based artificial intelligence tool GPT-4 can provide suitable financial advice. The tool suggests specific investment portfolios that reflect an investor's individual circumstances such as risk tolerance, risk capacity, and sustainability preference....
Persistent link: https://www.econbiz.de/10014307134
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Taxation of insurance
Christiansen, Vidar - 2017
Should we exempt the services of insurance companies from VAT? Addressing this issue, the paper distinguishes between … insurance against a general loss of resources and a loss of a specific commodity (property insurance). There is a case for … exempting the former kind of insurance, but not the latter. Finally, comparing insurance through a producer warranty with …
Persistent link: https://www.econbiz.de/10011781970
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Indirect taxation of financial services
Christiansen, Vidar - 2017
An important question is whether VAT exemption of financial services is a desirable property or whether it is justified only due to practical and administrative necessity. This paper singles out a number of financial services for discussion of this issue in a context allowing for other taxes and...
Persistent link: https://www.econbiz.de/10011735883
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Promise not fulfilled : FinTech, data privacy, and the GDPR
Dorfleitner, Gregor; Hornuf, Lars; Kreppmeier, Julia - 2021
This article analyzes how the General Data Protection Regulation (GDPR) has affected the privacy practices of FinTech firms. We study the content of 308 privacy statements respectively before and after the GDPR became binding. Using textual analysis methods, we find that the readability of the...
Persistent link: https://www.econbiz.de/10012649756
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Asset allocation and monetary policy : evidence from the eurozone
Hau, Harald; Lai, Sandy - 2014
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003 - 2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...
Persistent link: https://www.econbiz.de/10010413745
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Creating a euro area safe asset without mutualizing risk (much)
Leandro, Álvaro; Zettelmeyer, Jeromin - 2019
, in which sovereign risk is limited through diversification and some form of seniority. These assets would be held by …
Persistent link: https://www.econbiz.de/10012039042
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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2018
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...
Persistent link: https://www.econbiz.de/10011863469