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Growth in a time of external imbalances
(Elsevier, 2018-12-28)
Globalization and financial integration have increased in the last three decades giving rise to
cumulated large external imbalances. The question we address in this paper is whether
economic growth ...
Financial power laws: Empirical evidence, models, and mechanisms
(Elsevier, 2016-07)
Financial markets (share markets, foreign exchange markets and others) are all characterized by a number of universal power laws. The most prominent example is the ubiquitous finding of a robust, approximately cubic power ...
R2 and idiosyncratic volatility: Which captures the firm-specific return variation?
(Elsevier, 2016)
A growing literature regards R2 and idiosyncratic volatility as interchangeable proxies for firm-specific return
variation and examines its relations to information efficiency. However, the question on choosing the ...
Human Migration in the Era of Climate Change
(Oxford University Press, 2019)
Migration is one response to climatic stress and shocks. In this article we review the recent literature across various disciplines on the effects of climate change on migration. We explore key features of the relationship ...
Priority and proportionality in bankruptcy
(Springer Verlag, 2019)
We study the problem of distributing the liquidation value of a bankrupt firm among its creditors (O’Neill, Math Soc Sci 2(4):345–371, 1982; Aumann and Maschler, J Econ Theory 36(2):195–213, 1985). Real-life distribution ...
Assessing the Effectiveness of Environmental Provisions in Regional Trade Agreements. An empirical analysis
(OECD Publishing, 2018)
While governments increasingly commit to incorporating environmental objectives in
Regional Trade Agreements (RTAs), the evidence on the impact of including environmental
provisions in RTAs on environmental outcomes is ...
Semi-strong efficiency of Bitcoin
(Elsevier, 2018-12)
This research examines the semi-strong efficiency of Bitcoin in the Bitstamp and Mt.Gox markets, showing how the digital currency responds to monetary policy and Bitcoin events. On the one hand, we observe that Bitcoin has ...
Sensitivity analysis of efficiency and Malmquist productivity indices: An application to Spanish savings banks
(Elsevier, 2008)
Hypothesis testing and statistical precision in the context of non-parametric efficiency and productivity measurement have been investigated since the early 1990s. Recent contributions focus on this matter through the use ...
The Taylor Rule, Wealth Effects and the Exchange Rate
(Wiley, 2016)
In this study, we develop the Taylor rule and Taylor rule-based exchange rate models that consider wealth effects as represented by both asset prices and asset wealth. Using data for Australia, Sweden, the UK and the USA, ...
Ultimatum salary bargaining with real effort
(Elsevier, 2008)
We report experimental results on ultimatum salary bargaining with a real task performed by employee subjects. Compared to the baseline treatment with a hypothetical task, the introduction of a real task raises offers, ...