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Agricultural Decisions after Relaxing Credit and Risk Constraints

Karlan, Dean S.; Osei, Robert; Osei-Akoto, Isaac; Udry, … - C.E.P.R. Discussion Papers - 2012

to farmer investment is uninsured risk: when provided with insurance against the primary catastrophic risk they face … basis risk associated with the index insurance, and with imperfect trust that promised payouts will be delivered. …

Persistent link: https://www.econbiz.de/10011083318

Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt

McKenzie, David - C.E.P.R. Discussion Papers - 2014

their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We … that, contrary to what they profess, macroeconomic and political risk is not inhibiting the investment behavior of …

Persistent link: https://www.econbiz.de/10011084029

Do Individual Investors Have Asymmetric Information Based On Work Experience?

Døskeland, Trond; Hvide, Hans K - C.E.P.R. Discussion Papers - 2009

Using a novel and unique dataset from Norway, we analyze whether professional proximity is associated with asymmetric information and abnormal returns. We find that individuals hold an excess weight in stocks that are professionally close. For example, after excluding holdings of own-company and...

Persistent link: https://www.econbiz.de/10005068286

The Euro and International Capital Markets

Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also …

Persistent link: https://www.econbiz.de/10005123910

Which Investors Fear Expropriation? Evidence from Investors' Stock Picking

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2003

Using a data-set that provides unprecedented details on individual investors’ stockholdings, we analyse whether investors take into account corporate governance when they select stocks. After controlling for the supply effect via free float and other firm characteristics, we find that all...

Persistent link: https://www.econbiz.de/10005114455

Risk Taking and Optimal Contracts for Money Managers

Palomino, Frédéric; Prat, Andrea - C.E.P.R. Discussion Papers - 1999

Recent empirical work suggests a strong connection between the incentives money managers are offered and their risk … riskiness of the portfolio. This represents a departure from the existing literature on agency theory in that moral hazard is … not only effort exertion but also risk taking behavior. The moral hazard problem with risk taking involves an incentive …

Persistent link: https://www.econbiz.de/10005504241

Country and Industry Dynamics in Stock Returns

Catão, Luis A. V.; Timmermann, Allan G - C.E.P.R. Discussion Papers - 2004

An important question in international finance is to what extent stock return volatility is influenced by country location, industry affiliation, and global factors. This Paper develops a new methodology to measure these effects, in which portfolios mimicking ‘pure’ country and industry...

Persistent link: https://www.econbiz.de/10005067673

Are Stocks Really Less Volatile in the Long Run?

Pástor, Luboš; Stambaugh, Robert F. - C.E.P.R. Discussion Papers - 2009

Conventional wisdom views stocks as less volatile over long horizons than over short horizons due to mean reversion induced by return predictability. In contrast, we find stocks are substantially more volatile over long horizons from an investor's perspective. This perspective recognizes that...

Persistent link: https://www.econbiz.de/10005662327

Capital Flows, Push versus Pull Factors and the Global Financial Crisis

Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011

finds that common shocks--key crisis events as well as changes to global liquidity and risk--have exerted a large effect on … risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common …

Persistent link: https://www.econbiz.de/10009207523

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011

between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …

Persistent link: https://www.econbiz.de/10009144737