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Facteurs de risque communs sur les marchés internationaux d'actions, d'obligations et de changes
Bandt, Olivier de - In: Economie & prévision : EP (1999) 4/5, pp. 91-104
Persistent link: https://www.econbiz.de/10001490952
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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
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The capacity of trading strategies
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
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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 …
Persistent link: https://www.econbiz.de/10010380176
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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
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Who are the value and growth investors?
Betermier, Sebastien; Calvet, Laurent E.; Sodini, Paolo - 2014
improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away … consistent with the portfolio implications of risk-based theories of the value premium …
Persistent link: https://www.econbiz.de/10010499712
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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 … equivalent valuation of Social Security to its net present value discounted at the risk-free rate. I show that, overall, labor … market risk reduces current workers' private value of Social Security by 46%. This adjustment sums up to $11.4 trillions on …
Persistent link: https://www.econbiz.de/10010503920
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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
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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
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Risk versus ambiguity and international security design
Hill, Brian; Michalski, Tomasz - 2015
' perceived ambiguity have the opposite effect, and lead to less risk-sharing. Entrepreneurs from capital-scarce countries finance … ambiguity, that is, when investors only perceive risk. New facts uncovered from cross-country firm-level data are consistent …
Persistent link: https://www.econbiz.de/10010496775