In this paper we study the time variation of the market price of Catastrophe bonds for the period 1999-2016. While we find an overall decreasing trend in the expected loss premium, large catastrophes increase the expected loss premium by an order of 20% on average. Our empirical tests show that...

What is the effect of foreign aid on the survival of autocratic regimes? Extant work about the effect of foreign aid on the recipient's political regime has come to contradictory conclusions. Current findings display the full spectrum of possibilities from a democratizing effect to the...

The military often intervenes in politics shortly after elections. This might be because election results reveal information about the ease with which a coup can succeed. Would-be coup perpetrators use this information to infer whether the incumbent can be removed from office without provoking...

This paper offers a general and comprehensive definition of the day-of-the-week effect. Using symbolic dynamics, we develop a unique test based on ordinal patterns in order to detect it. This test uncovers the fact that the so-called “day-of-the-week” effect is partly an artifact of the...

This paper argues that a uniform global tax-like price on carbon emissions, whose revenues each country retains, can provide a focal point for a reciprocal common climate commitment, whereas quantity targets, which do not nearly so readily present such a single focal point, tend to rely...

There are different approaches for the detection of market phase changes in stock markets. Most of them utilize various assumptions and constraints which makes these methods somewhat arbitrary. This paper develops an algorithm which identifies bull and bear markets retrospectively in a very...

A considerable theoretical and empirical literature studies the corporation's capital structure. Economists have paid less attention to capital structure in other enterprise forms such as partnerships, which typically operate under different legal constraints and appeal to smaller enterprises....