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Risk Sharing and Industrial Specialization: Regional and International Evidence

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1999

We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge … market integration (a measure of risk sharing) within each of these groups of regions: the EC countries, the non-EC OECD … Latin America). Finally, we perform a regression of the specialization index on the degree of risk sharing, controlling for …

Persistent link: https://www.econbiz.de/10005504254

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 … macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in … the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business …

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

Heterogeneity of Preferences, Limited Commitment and Coalitions: Empirical Evidence on the Limits to Risk Sharing in Rural Pakistan

Dubois, Pierre - C.E.P.R. Discussion Papers - 2006

In this paper, we study the determinants of the value of informal risk sharing groups. In particular, we look at the … if individuals can deviate form risk sharing agreements in coalitions or not. We test empirically several predictable … size of risk sharing groups can be rejected or that only imperfect risk sharing is obtained within the village because of …

Persistent link: https://www.econbiz.de/10005791230

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

Persistent link: https://www.econbiz.de/10011252616

The Microstructure of Stock Markets

Biais, Bruno; Glosten, Larry; Spatt, Chester S - C.E.P.R. Discussion Papers - 2002

We survey the literature analysing the price formation and trading process, and the consequences of market organization for price discovery and welfare. We develop a united perspective on theoretical, empirical and experimental approaches. We discuss the evidence on transaction costs and the...

Persistent link: https://www.econbiz.de/10005788974

Commodity and Equity Markets: Some Stylized Facts from a Copula Approach

Delatte, Anne-Laure; Lopez, Claude - C.E.P.R. Discussion Papers - 2013

In this paper, we propose to identify the dependence structure existing between the returns of equity and commodity futures and its evolution through the past 20 years. The key point is that we do not do not impose the dependence structure but let the data select it. To do so, we model the...

Persistent link: https://www.econbiz.de/10011084009

Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs

Duranton, Gilles; Storper, Michael - C.E.P.R. Discussion Papers - 2005

While transport costs have fallen, the empirical evidence also points at rising total trade costs. In a model of industry location with endogenous transaction costs, we show how and under which conditions a decline in transport costs can lead to an increase in the total cost of trade.

Persistent link: https://www.econbiz.de/10005504426

Transaction costs and the property rights approach to the theory of the firm

Muller, Daniel; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2014

the property rights theory may be overturned: A party may have stronger investment incentives when a non-investing party …

Persistent link: https://www.econbiz.de/10011084198

Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets

Buss, Adrian; Uppal, Raman; Vilkov, Grigory - C.E.P.R. Discussion Papers - 2015

Alternative assets, such as private equity, hedge funds, and real assets, are illiquid and opaque, and thus pose a challenge to traditional models of asset allocation. In this paper, we study asset allocation and asset pricing in a general-equilibrium model with liquid assets and an alternative...

Persistent link: https://www.econbiz.de/10011184079

Dynamic Trading with Predictable Returns and Transaction Costs

Garleanu, Nicolae Bogdan; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009

This paper derives in closed form the optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with different mean-reversion speeds. The optimal updated portfolio is a linear combination of the existing portfolio, the optimal portfolio absent...

Persistent link: https://www.econbiz.de/10004964419