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Corporate Investment in Emerging Markets : Financing vs. Real Options Channel
Li, Delong - 2016
We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes … the costs of external borrowing and (ii) a real options channel-reflecting firms' option values to delay investment. We … find evidence of the coexistence of both channels. Financially weaker firms reduce investment by more in response to higher …
Persistent link: https://www.econbiz.de/10012998802
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Investment, protection, ownership, and the cost of capital
Himmelberg, Charles P.; Hubbard, R. Glenn; Love, Inessa - 2002
We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
Persistent link: https://www.econbiz.de/10011623466
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Interneteconomics.net : macroeconomics, deregulation, and innovation ; with 30 tables
Welfens, Paul J. J. - 2002
Persistent link: https://www.econbiz.de/10001643633
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Antitrust and Regulation - the View of New Institutional Economics
Bickenbach, Frank; Kumkar, Lars; Soltwedel, Rüdiger - 2002
Hybrid governance structures between markets and hierarchies in many industries, e.g., in energy and telecommunications, challenge antitrust and regulation policy. The paper focusses on the theoretical and methodological basis provided by the New Institutional Economics (NIE) for analyzing the...
Persistent link: https://www.econbiz.de/10014114861
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The Bayesian Roots of Risk Parity in a Mean-Risk World
Kaya, Hakan - 2012
Risk parity has been considered a heuristic asset allocation method. In this paper, we show that, to the contrary, risk parity is a special case of a mean-risk type of a portfolio optimization problem with log-regularization to constrain weights. We show that log-regularization leads to a fund...
Persistent link: https://www.econbiz.de/10013103702
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Factor Investing in Paris : Managing Climate Change Risk in Portfolio Construction
Kolle, Janina; Lohre, Harald; Radatz, Erhard; Rother, … - 2022
The 2015 Paris Agreement is a landmark in limiting emissions and targeting global warming well below 2, preferably 1.5, degrees Celsius compared to pre-industrial levels. In this light, we investigate how to efficiently construct equity portfolios that help mitigating climate change risk but at...
Persistent link: https://www.econbiz.de/10013291123
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The Social Cost of Carbon with Intragenerational Inequality Under Economic Uncertainty
van der Ploeg, Rick; Emmerling, Johannes; Groom, Ben - 2022
A formula is derived for the social cost of carbon (SCC) that takes account of intragenerational income inequality and its evolution with economic growth. The social discount rate (SDR) should be adjusted to account for intragenerational and intergenerational inequality aversion and for risk...
Persistent link: https://www.econbiz.de/10014082790
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Investment, Protection, Ownership, and the Cost of Capital
Himmelberg, Charles P. - 2010
We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
Persistent link: https://www.econbiz.de/10013136994
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The risk of policy tipping and stranded carbon assets
Ploeg, Frederick van der; Rezai, Armon - 2019 - Revised July 2019
capitalization, exploration investment and discoveries. To explain and quantify these four effects, we use an analytical model of … investment in exploration capital with intertemporal adjustment costs, depletion of reserves and market capitalization, and …
Persistent link: https://www.econbiz.de/10012039083
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Financial Markets, Financial Dependence, and the Allocation of Capital
Pang, Jiaren; Wu, Haibin - 2013
We explore one specific channel through which finance promotes growth: the allocation of capital. Using international industrial data, we find that countries with developed financial markets invest more in growing industries, and pull out more funds of declining ones. Most interestingly, this...
Persistent link: https://www.econbiz.de/10014046865