Showing 1 - 10 of 44
Persistent link: https://www.econbiz.de/10010281259
In this paper we discuss the pricing of commercial real estate index linked swaps (CREILS). This particular pricing problem has been studied by Buttimer et al. (1997) in a previous paper. We show that their results are only approximately correct and that the true theoretical price of the swap is...
Persistent link: https://www.econbiz.de/10010281429
Payments in kind pose an enduring and empirically important puzzle. The paper provides a formalization of the popular view that payment in kind are due to financial constraints. The key assumption is that buyers' liquidity is private information. Buyers who are financially constrained may prove...
Persistent link: https://www.econbiz.de/10005423787
This paper is a survey of recent contributions to, and developments of, the relationship between outsourcing, efficiency and productivity growth in manufacturing and services. The objective is to provide a thorough and up-to-date survey that provides a significant discussion on data, as well as...
Persistent link: https://www.econbiz.de/10005649271
In this paper we discuss the pricing of commercial real estate index linked swaps (CREILS). This particular pricing problem has been studied by Buttimer et al. (1997) in a previous paper. <p> We show that their results are only approximately correct and that the true theoretical price of the swap...</p>
Persistent link: https://www.econbiz.de/10005649388
It has long been argued that trade restrictions can be motivated by insurance considerations in the absence of full risk diversification. Recent literature suggests that markets for risk can alleviate resistance to reform and protectionist lobby group pressure. We empirically address the...
Persistent link: https://www.econbiz.de/10005649457
Due to underlying technological differences, industries differ in their need for external finance. Since the services provided by the financial sector are largely immobile across countries, the pattern of specialization should be influenced by the degree of financial development. We find that...
Persistent link: https://www.econbiz.de/10005190862
In this paper we propose a general method for testing the Granger noncausality hypothesis in stationary nonlinear models of unknown functional form. These tests are based on a Taylor expansion of the nonlinear model around a given point in a sample space. We study the performance of our tests by...
Persistent link: https://www.econbiz.de/10010281171
In this paper we introduce the Smooth Permanent Surge [SPS] model. The model is an integrated non lineal moving average process with possibly unit roots in the moving average coefficients. The process nests the Stochastic Permanent Break [STOPBREAK] process by Engle and Smith (1999) and in a...
Persistent link: https://www.econbiz.de/10010281224
The availability of new internationally-harmonized innovation survey data collected from OECD countries has created some interesting opportunities for studying the following two key areas: (1) the determinants of innovation behavior at firm level, and (2) innovation as an important factor...
Persistent link: https://www.econbiz.de/10010281247