We investigate the common practice of estimating the dependence structure between credit default swap prices on multi‐name credit instruments from the dependence structure of the equity returns of the underlying firms. We find convincing evidence that the practice is inappropriate for...

The complementarity of two renewable energy sources, namely hydro and wind, is investigated. We consider the diversification effect of wind power to reduce the risk of water inflow shortages, an important energy security concern for hydropower-based economic zones (e.g. Québec and Norway). Our...