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The Effect of Proactive Adaptation on Green Investment
Bahn, Olivier; Chesney, Marc; Gheyssens, Jonathan - National Centre of Competence in Research - Financial … - 2011
Climate change is one of the greatest challenges facing our planet in the foreseeable future anddespite the urgency of the situation global GHG emissions are still increasing. In this context,and since future climate changes appear now unavoidable to some extent, adaptation measureshave recently...
Persistent link: https://www.econbiz.de/10009486817
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Investing in a Global World
Busse, Jeffrey A.; Goyal, Amit; Wahal, Sunil - National Centre of Competence in Research - Financial … - 2011
We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...
Persistent link: https://www.econbiz.de/10009486829
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Optimal Investment and Premium Policies under Risk Shifting and Solvency Regulation
Filipović, Damir; Kremslehner, Robert; Muermann, Alexander - National Centre of Competence in Research - Financial … - 2011
optimal investment and premium policies in this context and pro-vide necessary and sufficient conditions for their existence … cred-ibly commit to an investment strategy before policies are sold and premiums are paid. Last,we analyze the eect of …
Persistent link: https://www.econbiz.de/10009486858
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The Causal Effects of an Industrial Policy
Criscuolo, Chiara; Martin, Ralf; Overman, Henry G.; Van … - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2012
positiveprogram treatment effect on employment, investment and net entry but not on TFP. OLSunderestimates program effects because the … insome respects investment subsidies can be cost effective.... …
Persistent link: https://www.econbiz.de/10009486961
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Foreign Ownership and Firm Survival:First Evidence for Enterprises in Germany
Wagner, Joachim; Weche Gelübcke, John Philipp - Forschungsinstitut zur Zukunft der Arbeit <Bonn>
This paper documents the relationship between foreign ownership and firm survival forenterprises in Germany using unique tailor-made new representative data that mergeinformation from surveys performed by the Statistical Offices, from administrative datacollected by the Tax Authorities and from...
Persistent link: https://www.econbiz.de/10009486992
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Capital Supply Uncertainty, Cash Holdings, andInvestment
Hugonnier, Julien; Malamud, Semyon; Morellec, Erwan - National Centre of Competence in Research - Financial … - 2010
We develop a model of real investment and cash holdings in which firms face uncertaintyregarding their ability to raise … characterization of the optimal investment,cash management, and dividend policies for a firm acting in the best interests of …
Persistent link: https://www.econbiz.de/10009522190
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Against All Odds? National Sentiment and Wagering on EuropeanFootball
Braun, Sebastian; Kvasnicka, Michael - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008
This paper studies how national sentiment in the form of either a perception or a loyaltybias of bettors may affect pricing patterns on national wagering markets for international sportevents. We show theoretically that both biases can be profitably exploited by bookmakers byway of price...
Persistent link: https://www.econbiz.de/10005860535
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Robust Utility Maximization in a Stochastic Factor Model
Hernández–Hernández, Daniel; Schied, Alexander - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006
We give an explicit PDE characterization for the solution of a robust utility maximization problem in an incomplete market model, whose volatility, interest rate process, and long-term trend are driven by an external stochastic factor process. The robust utility functional is defined in terms of...
Persistent link: https://www.econbiz.de/10005861693
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Business R&D and the Interplay of R&D Subsidies and Market Uncertainty
Czarnitzki, Dirk; Toole, Andrew A. - Zentrum für Europäische Wirtschaftsforschung <Mannheim> - 2006
private R&D investment caused by incompleteappropriability of knowledge and financial constraints due capital … marketimperfections. Drawing on the theory of investment under uncertainty, this paperargues that public R&D subsidies increase business R …&D investment through anadditional mechanism - mitigating the effects of market uncertainty on R&Dinvestment in markets for new …
Persistent link: https://www.econbiz.de/10005862626
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Trade Adjustment and Human Capital Investments:Evidence from Indian Tariff Reform
Edmonds, Eric V.; Pavcnik, Nina; Topalova, Petia - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
Do the short and medium term adjustment costs associated with trade liberalization influenceschooling and child labor decisions? We examine this question in the context of India's 1991tariff reforms. Overall, in the 1990s, rural India experienced a dramatic increase in schoolingand decline in...
Persistent link: https://www.econbiz.de/10005863252