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Landier, Augustin; Simon, Guillaume; Thesmar, David - 2015

Due to non-linear transaction costs, the fi nancial performance of a trading strategy decreaseswith portfolio size. Using a dynamic trading model a la Garleanu and Pedersen (2013), wederive closed-form formulas for the performance-to-scale frontier reached by competitive tradersendowed with a...

Persistent link: https://www.econbiz.de/10011327200

Who are the value and growth investors?

Betermier, Sebastien; Calvet, Laurent E.; Sodini, Paolo - 2014

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and...

Persistent link: https://www.econbiz.de/10010499712

Organizational and epistemic change : the growth of the art investment field

Coslor, Erica; Spaenjers, Christophe - 2013

What can studying the creation of knowledge tell us about how new technical fields emerge and develop? This paper shows how a knowledge community may be necessary to support the legitimacy of new products that undergo performance evaluation before purchase. Using historical and ethnographic data...

Persistent link: https://www.econbiz.de/10010389016

Geographical vibrancy and firm performance

Cooper, Michael J.; Ovtchinnikov, Alexei V. - 2015

We develop a geographical-based vibrancy index using important location characteristics that measure local economic health. We show that local vibrancy is associated with future firm outcomes, including investment, leverage, profitability, and firm value. More vibrant firms are located in...

Persistent link: https://www.econbiz.de/10011327192

Political incentives and financial innovation : the strategic use of toxic loans by local governments

Pérignon, Christophe; Vallée, Boris - 2013

We investigate the development of an innovative and high-risk type of borrowing for local governments, known as structured loans. Using transaction data for more than 2,700 local governments in France, we show that the adoption of these instruments is more frequent for politicians from highly...

Persistent link: https://www.econbiz.de/10010380176

Exploring the role of instruments in the transformation of logics : the case of socially responsible investment

Arjaliès, Diane-Laure - 2014

The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for...

Persistent link: https://www.econbiz.de/10010499699

A certainty equivalent valuation of social security entitlements

Catherine, Sylvain - 2015

Social Security provides insurance against idiosyncratic income risk but exposes workers to systematic risk because benefits are indexed to the evolution of aggregate earnings. I calibrate a life-cycle model to compare workers' certainty equivalent valuation of Social Security to its net present...

Persistent link: https://www.econbiz.de/10010503920

The price of wine

Dimson, Elroy; Rousseau, Peter L.; Spaenjers, Christophe - 2013

Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial...

Persistent link: https://www.econbiz.de/10010389014

Risk versus ambiguity and international security design

Hill, Brian; Michalski, Tomasz - 2015

We study portfolio allocation and characterize contracts issued by firms in the international financial market when investors exhibit ambiguity aversion and perceive ambiguity in assets issued in foreign locations. Increases in the variance of their risky production process cause firms to issue...

Persistent link: https://www.econbiz.de/10010496775

Long Term Assets, Financial Transformation and Climate Change (Actifs De Long Terme, Mutations Financières Et Évolutions Climatiques)

Firzli, M. Nicolas J. - 2018

-américains, habitués à jouir d'une influence politique démesurée à Washington et dans les médias, seront soumis dans les semaines et les … les fonds de pension et leurs trustees, qui seront appelés à jouer un rôle déterminant à cet égard.Un nombre croissant d … investissements, qui permettront d'enrayer le changement climatique. Mais, pour influer concrètement sur le cours des choses, les …

Persistent link: https://www.econbiz.de/10012918092

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