Showing 1 - 10 of 26
This paper is the rst to empirically analyze the value to shareholders of the power to havea binding vote on management pay. We nd that in response to an unanticipated eventthat made it likely that an annual binding vote would become compulsory for Swiss publiccompanies, the apparent immediate...
Persistent link: https://www.econbiz.de/10009249005
This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...
Persistent link: https://www.econbiz.de/10009249015
A central role for economic policy involves understanding and reducing the impact of unexpected,extreme events. In this paper, we develop a simple economic framework with latentregime switches. This framework explains why investors and policymakers can decide not tohedge against extreme events,...
Persistent link: https://www.econbiz.de/10009305198
A central role for economic policy involves reducing the incidence of systemic downturns,when key economic variables experience joint extreme events. In this paper,we empirically analyze such asymmetric dependence using two approaches, correlationsand copulas. We document four findings. First,...
Persistent link: https://www.econbiz.de/10009305199
This note investigates the effects of the education level, product market rigidities andemployment protection legislation on growth. It exploits macro-panel data for OECDcountries...
Persistent link: https://www.econbiz.de/10005861411
, we elaborate the economic foundations of insurancemarket regulation. Based on three sources of market failure, we derive …, the economic justification for insurance market regulation needs to be evaluated in detail. …
Persistent link: https://www.econbiz.de/10005861472
regulation. However, with the more recentmovement toward a general single EU market, financial services regulation hastaken on … that, ultimately, will determinethe exact form of capital regulation. Our analysis leads us to conclude thatcaution is …
Persistent link: https://www.econbiz.de/10005861545
This article examines the recent regulatory developments with regard to shortselling. Short selling regulation is an … through the regulation ofshort selling.[...] …
Persistent link: https://www.econbiz.de/10005868695
The emerging literature on interaction between strategic trade theoryand privatisation uses a simple example to argue that the irrelevanceresult is invalidated if the domestic market is open to foreigncompetition.This paper uses a fairly general framework to show that anythinga regulated...
Persistent link: https://www.econbiz.de/10005868944
The assessment of capacity credits for wind energy and the value interpretation is reviewed critically. It is shown that the electricity market values the contribution to system reliability with market prices in a more precise way ...
Persistent link: https://www.econbiz.de/10005841087