The structure of the climate debate. (arXiv:1608.05597v1 [q-fin.EC])
First-best climate policy is a uniform carbon tax which gradually rises over time. Civil servants have complicated climate policy to expand bureaucracies, politicians to create rents. Environmentalists...
View ArticleConsistency of option prices under bid-ask spreads. (arXiv:1608.05585v1...
Given a finite set of European call option prices on a single underlying, we want to know when there is a market model which is consistent with these prices. In contrast to previous studies, we allow...
View ArticleElicitability and backtesting. (arXiv:1608.05498v1 [q-fin.RM])
Conditional forecasts of risk measures play an important role in internal risk management of financial institutions as well as in regulatory capital calculations. In order to assess forecasting...
View ArticleAbu Dhabi Securities Exchange (ADX) Partakes In China Investment Conference 2016
His Excellency Rashed Al Blooshi, CEO of Abu Dhabi Securities Exchange (ADX), stated that the United Arab Emirates (UAE) enjoys a strong relationship with China and mentioned that the value of trade...
View ArticleSource Overweights European Equities Despite Negative Sentiment
The Research team at Source favours European equities over those of the US and holds a maximum overweight to the Eurozone in the Source Multi-Asset Portfolio (a model portfolio).read more...
View ArticleBats Europe Encourages Industry Harmonisation For MiFID II Requirement For...
Bats Europe (Bats), the region’s largest stock exchange operator, has made available for testing on its platform its MiFID II compliant process for order record keeping, which the exchange is proposing...
View ArticleExtension Of Authorisation Of The Clearing House KDPW_CCP
The Polish Financial Supervision Authority (KNF) has extended the authorisation of the clearing house KDPW_CCP to cover new classes of instruments and categories of acceptable collateral as of 9 August...
View ArticleThai Alternative Bourse's Listed Firms Reports Upbeat Q2 Earnings
Thai companies listed on Market for Alternative Investment (mai), under the Stock Exchange of Thailand (SET) group, reported the combined net profit of THB 2.33 billion (approx. USD 66.63 million) in...
View ArticleDIFC Establishes Wealth Management Working Group
The Governor of the DIFC, HE Essa Kazim, has established a DIFC Wealth Management Working Group to discuss and compile an updated wealth management strategy for the DIFC. Its key focus areas will be to...
View ArticleHow Rigged Are Stock Markets?: Evidence From Microsecond Timestamps -- by...
We use new timestamp data from the two Securities Information Processors (SIPs) to examine SIP reporting latencies for quote and trade reports. Reporting latencies average 1.13 milliseconds for quotes...
View ArticleTechnology and Production Fragmentation: Domestic versus Foreign Sourcing --...
This paper provides direct empirical evidence on the relationship between technology and firms' global sourcing strategies. Using new data on U.S. firms' decisions to contract for manufacturing...
View ArticleBorn with a Silver Spoon? Danish Evidence on Wealth Inequality in Childhood...
We study wealth inequality in childhood using Danish wealth records from three decades. While teenagers have some earnings, we estimate that transfers account for at least 50 percent of wealth at age...
View ArticleDoes Organizational Form Drive Competition? Evidence from Coffee Retailing --...
This article examines patterns of entry and exit in a relatively homogeneous product market to investigate the impact of entry on incumbent firms and market structure. In particular, we are interested...
View ArticleMeasuring Institutional Investors' Skill from Their Investments in Private...
Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity...
View ArticleHeterogeneous Frictional Costs Across Industries in Cross-border Mergers and...
While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little...
View ArticleAttention Variation and Welfare: Theory and Evidence from a Tax Salience...
This paper shows that accounting for variation in mistakes can be crucial for welfare analysis. Focusing on consumer underreaction to not-fully-salient sales taxes, we show theoretically that the...
View ArticleGeographic Diversification and Banks' Funding Costs -- by Ross Levine, Chen...
We assess the impact of the geographic expansion of bank assets on the cost of banks' interest-bearing liabilities. Existing research suggests that expansion can both intensify agency problems that...
View ArticleHuman Capital Investments and Expectations about Career and Family -- by...
This paper studies how individuals "believe" human capital investments will affect their future career and family life. We conducted a survey of high-ability currently enrolled college students and...
View ArticleAre Publicly Insured Children Less Likely to be Admitted to Hospital than the...
There is continuing controversy about the extent to which publicly insured children are treated differently than privately insured children, and whether differences in treatment matter. We show that on...
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