This paper extends the classic factor-based asset pricing model by including network linkages in linear factor models. We assume that the network linkages are exogenously provided. This extension of the model allows a better understanding of the causes of systematic risk and shows that (i)...

This paper extends the classic factor-based asset pricing model by including network linkages in linear factor models. We assume that the network linkages are exogenously provided. This extension of the model allows a better understanding of the causes of systematic risk and shows that (i)...

Systemic risk is a fundamental constituent of contemporary financial systems. For the past decades a growing number of abrupt upsets in financial systems could be observed. Due to previous experiences, politicians and regulators prefer to identify the off enders outside the system or to blame...

This paper is challenging mainstream views about the contemporary Chinese system as a developmental state and a variety of capitalism. Based on a comparative analytical model (Csanádi, 1997, 2006) I will demonstrate that in China the general features of a communist system prevail to date, and...

We propose a discrete time probabilistic model of depositor behavior which takes into account the information flow among depositors. In each time period each depositors' current state is determined in a stochastic way, based on its previous state, the state of other connected depositors and the...

Eine Community, in der Personen Ressourcen teilen, ist für Unternehmen der Sharing Economy von großer Relevanz. Jedoch wurde bislang kaum thematisiert, mit welchen Aktivitäten eine Community zum Teilen angeregt werden kann. Um diese Lücke zu adressieren, plädiert der vorliegende...

In this article, we assume a union of countries where each national economy interacts with the others. We propose a new model where (a) delayed variables are incorporated into the system of equations and (b) the interaction element is restricted into the annual governmental expenditure that is...

This paper examines the selection of intermediaries in the French mergers and acquisitions (M&A) market, which is an opaque environment. Buyers and sellers cope with uncertainty as to the value of exchanged assets. They thus rely on the help of experts in order to secure deals. But as the...

Systemically important banks are connected and have dynamic dependencies of their default probabilities. An extraction of default factors from cross-sectional credit default swaps (CDS) curves allows to analyze the shape and the dynamics of the default probabilities. Extending the Dynamic Nelson...

In this article, we assume a union of countries where each national economy interacts with the others. We propose a new model where (a) delayed variables are incorporated into the system of equations and (b) the interaction element is restricted into the annual governmental expenditure that is...

This paper examines the selection of intermediaries in the French mergers and acquisitions (M&A) market, which is an opaque environment. Buyers and sellers cope with uncertainty as to the value of exchanged assets. They thus rely on the help of experts in order to secure deals. But as the...

Systemically important banks are connected and have dynamic dependencies of their default probabilities. An extraction of default factors from cross-sectional credit default swaps (CDS) curves allows to analyze the shape and the dynamics of the default probabilities. Extending the Dynamic Nelson...

This paper is challenging mainstream views about the contemporary Chinese system as a developmental state and a variety of capitalism. Based on a comparative analytical model (Csanádi, 1997, 2006) I will demonstrate that in China the general features of a communist system prevail to date, and...

Although substantial research has been conducted on informal consumption smoothing mechanisms within villages, or within social clusters such as family and friends, few studies have compared the effects of these spatial and social networks. Employing spatial panel econometric models, this study...

This paper examines a pre-firm environment where agents who are potentially to become employees of a firm exert influence over one another. I argue that the manner in which they do so and the level of information an entrepreneur has on the agents' influence affects what is the most and least...

This paper shows how it is possible to estimate the interconnections between regions by a connectedness matrix recently proposed by Diebold and Yilmaz (2014), and discusses how the connectedness matrix is strictly related to the spatial weights matrix used in spatial econometrics. An empirical...

A principal offers bilateral contracts to a set of agents organized in a network conveying synergies, in a context where agents' efforts are observable and where the principal's objective increases with the sum of efforts. We characterize optimal contracts as a function of agents' positions on...

The paper presents a polycentric general equilibrium model with congestion externalities and distortionary labor taxation calibrated to fit the key empirical regularities of the regional economy and transport system of Randstad conglomeration. In line with more stylized models, marginal external...

Container liner shipping, shipping network, network design, network structure, ship deployment. - This thesis studies network design in container liner shipping by concentrating on four research questions: - How were operational patterns deployed in route design? - How was container shipping...

We introduce a noncooperative multilateral bargaining model for a network-restricted environment, in which players can communicate only with their neighbors. Each player strategically chooses the bargaining partners among the neighbors to buy out their communication links with upfront transfers....

This paper investigates barriers to effective knowledge spillovers for markets in which the product can be characterized as a credence good, i.e. its complexity impedes the evaluation of quality by customers both ex-ante and ex-post. We focus on the German market for energy efficiency...

Studies on open innovation in small andmedium-sized enterprises (SMEs) have experienced a rapid growth over the last several years. Yet, there is no comprehensive review on this field of research. The objective of this study is to examine current research on open innovation in SMEs to integrate...

В работе показано, что система сетевых отношений хозяйствующих субъектов, которая сложилась на отечественном рынке услуг, пока еще не адекватна интересам и...

Graph of the month Oil price and exchange rate of the Russian rouble, 2008-2014 (p. 1) Opinion corner Is Jean-Claude Juncker's EUR 315 billion European investment plan the proper answer to the EU's anaemic economic performance? (by Sándor Richter, Roman Römisch and Roman Stöllinger; pp. 2-4)...

In this paper we build an agent-based model based on a threefold financial accelerator: (i) leverage accelerator - negative shocks on firms' output make banks less willing to loan funds, and firms less willing to make investments, hence a credit reduction follows further reducing the output;...

The segments of the network can be paralysed by a series of chance events or a well-organized, targeted attack. If we know our system and lead a safety-conscious life we can avoid unpleasant events, system down. The Critical Information Infrastructures has become a complex network. Consequently...

We introduce a noncooperative multilateral bargaining model for a network-restricted environment, in which players can communicate only with their neighbors. Each player strategically chooses the bargaining partners among the neighbors to buy out their communication links with upfront transfers....

The paper presents a polycentric general equilibrium model with congestion externalities and distortionary labor taxation calibrated to fit the key empirical regularities of the regional economy and transport system of Randstad conglomeration. In line with more stylized models, marginal external...

Studies on open innovation in small andmedium-sized enterprises (SMEs) have experienced a rapid growth over the last several years. Yet, there is no comprehensive review on this field of research. The objective of this study is to examine current research on open innovation in SMEs to integrate...