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We employ a stochastic dominance (SD) approach to analyze the components that contribute to environmental degradation over time. The variables that are considered include countries' greenhouse gas (GHG) emissions and water pollution as from the data set of the World Bank. Our approach is based...
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We develop a dynamic trade-off model with mean-reversion in earnings and a growth option and provide predictions on the impact of long-term profitability, mean reversion speed, volatility of earnings and debt priority structure on firm value, the dynamics of leverage and credit spreads and the...
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We employ a stochastic dominance (SD) approach to analyze the components that contribute to environmental degradation over time. The variables that are considered include countries’ greenhouse gas (GHG) emissions and water pollution. Our approach is based on pair-wise SD tests. First, we study...
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We study the decision to preserve diverse species when the value of biodiversity is uncertain, or even affected by ambiguity. Optimal decisions are derived in a real option framework. We find that while calculated risk creates a scope for biodiversity preservation, the presence of ambiguity...
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