I study how liquidity management affects fragility, or vulnerability to fund flows, in mutual funds and their underlying assets. Using the SEC Rule on mutual fund liquidity risk management in 2016 as an exogenous shock, I show that mutual funds which mainly invest in illiquid assets shift their...

The availability of efficiency estimation software freely distributed via the internet and relatively easy to use recently inflated the number of corresponding applications. The resulting efficiency estimates are used without a critical assessment with respect to the literature on theoretical...

In vielen Teilen der Erde nimmt die Knappheit des Gutes Wasser rapide zu. Dennoch weigern sich Entscheidungsträger die ökonomischen Implikationen dieser Wasserknappheit sowie der Allokation von Wasser zu berücksichtigen. Die vorliegende Studie fokussiert die Wasserversorgungsindustrie, indem...

Using panel data of 83 counties observed from 2000 to 2015, the marginal abatement cost (MAC) of soil erosion is accurately evaluated by directional distance function with convex expectile regression. Besides, we further explore how the external variables affect shadow prices and the choice of...