Es gibt schon viel Literatur über eine umweltfreundlichere Verkehrspolitik. Aber das von Wirtschafts- und Verkehrswissenschaftlern verfasste neue Buch ist weitgespannter. Es behandelt neben dem Klimaschutz auch den Umbruch in der Autoindustrie mit gravierenden Folgen für den Arbeitsmarkt. Ein...

This paper develops an optimal trading strategy explicitly linked to an agent's preferences and assessment of the distribution of asset returns. The price of this strategy is a portfolio of implied moments, and its expected excess returns naturally accommodate compensation for higher-order...

This paper introduces a model-free decomposition of S&P 500 forward market index returns in terms of realized and implied dispersion, downside, and tail risk using option portfolios. The decomposition lends itself by construction to learn about the different sources of risk in the market return,...

This article presents joint econometric analysis of interest rate risk, issuer-specific risk (credit risk) and bond-specific risk (liquidity risk) in a reduced-form framework. We estimate issuer-specific and bond-specific risk from corporate bond data in the German market. We find that...