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We study properties of structured financial products optimizing a utility functional of a customer. The conventional method may have the disadvantage that the a priori restriction to a certain number of assets could make it impossible to find the optimal portfolio. So instead of optimizing the...
Persistent link: https://www.econbiz.de/10005858026
Climate change is one of the greatest challenges facing our planet in the foreseeable future anddespite the urgency of the situation global GHG emissions are still increasing. In this context,and since future climate changes appear now unavoidable to some extent, adaptation measureshave recently...
Persistent link: https://www.econbiz.de/10009486817
We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...
Persistent link: https://www.econbiz.de/10009486829
Limited liability creates a conict of interests between policyholders and shareholders ofinsurance companies. It provides shareholders with incentives to increase the risk of theinsurer's assets and liabilities which, in turn, might reduce the value policyholders attach toand premiums they are...
Persistent link: https://www.econbiz.de/10009486858
We develop a model of real investment and cash holdings in which firms face uncertaintyregarding their ability to raise funds in the capital markets and have to search for investorswhen raising outside capital. We provide an explicit characterization of the optimal investment,cash management,...
Persistent link: https://www.econbiz.de/10009522190
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This paper examines the investment strategies of compliance companies in irreversible abatement technologies and the environmental achievements of the system in an inter-temporal cap-and-trade market using laboratory experiments. The experimental analysis is performed under varying market...
Persistent link: https://www.econbiz.de/10013094077
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