This document presents the input data, methodology and a preliminary assessment of the first version of the Global Forest Cover map for year 2020 at 10m spatial resolution (GFC 2020, version 1, dated 07 December 2023). GFC 2020 builds on several global data sets and provides a harmonized,...

This discussion paper originates from the preceding annual workshop of the Special Interest Group on Social Conflict and Social Simulation (SIG-SCSS) of the ESSA. The workshop especially focused on the need to identify and examine challenges to modeling social conflicts. It turned out that the...

We investigate how the elimination of the intra-european risk may affect international financial marks. To this end, we identify and measure the EMU and non-EMU components of aggregate currency risk using a conditional version of the International CAPM. We document significant exposures to and...

We investigate the impact of currency risk and the adoption of the euro on the international portfolio choices. We use a parsimonious GARCH parameterization to estimate a conditional version of the International Capital Asset Pricing Model and generate out of sample forecasts of assets returns...

Given a set of assets, a numeraire portfolio (Long, 1990) is a self-financing portfolio with positive value and whose return process is a stochastic discount factors process. By relaxing the self-financing constraint, we define the generalized numeraire portfolios, and state necessary and...