We investigate the correlation between rarity and returns on investments in digital art in the form of non-fungible tokens (NFT) across three major comparable collections. Methodologically, we first quantify the “shadow” price of both individual rarity scores and aggregate market activity...

We propose an alternative approach towards cost mitigation in volatility-managed portfolios based on smoothing the predictive density of an otherwise standard stochastic volatility model. Specifically, we develop a novel variational Bayes estimation method that flexibly encompasses different...

This paper proposes a Bayesian estimation framework for a typical multi-factor model with time-varying risk exposures to macroeconomic risk factors and corresponding premia to price U.S. stocks and bonds. The model assumes that risk exposures and idiosynchratic volatility follow a break-point...

We use Bayesian methods to estimate a multi-factor linear asset pricing model characterized by structural instability in factor loadings, idiosyncratic variances, and factor risk premia. We use such a framework to investigate the key differences in the pricing mechanism that applies to...

<em>Fifty Years Old Common Agricultural Policy that and Its Development</em> - It has been qualified as a quiet or silent revolution, a revolution that European farmers have lived from the post-war period, the revolution that the CAP has brought into the agriculture world at European and International...