We find evidence that asset market liquidity impacts a firm’s choice between secured and unsecured debt. We use real estate firm data and instrumental variables to estimate a proxy for an individual firm’s exposure to the underlying market liquidity of its assets. We find a positive...

Sustainable development and global climate change have figured prominently in scientific analysis and international policymaking since the early 1990s. This book formulates technology strategies that will lead to environmentally sustainable energy systems, based on an analysis of global climate...

We follow the seminal work of Paelinck (1978) who introduces spatial interdependence of, i.e. income, expenditure, investment, to classic Keynesian economic models, and estimate a spatial factor model. Asset prices may display characteristics of spatial dependence meaning spatial proximity can...