Harvard’s $1.2 Billion Haul Erased by Investing Loss, Payout
Harvardâs $1.2 Billion in Donations Wiped by Losses https://t.co/1bMcXwFcTa â Yves Hilpisch (@dyjh) February 7, 2017
View ArticleConditional Davis Pricing. (arXiv:1702.02087v1 [q-fin.MF])
We introduce the notion of a conditional Davis price and study its properties. Our ultimate goal is to use utility theory to price non-replicable contingent claims in the case when the investor's...
View ArticleThe Installation Costs of a Satellite and Space Shuttle Launch Complex as a...
From the 1940's to the present, space explorations, which is a highly important topic for the world and human beings, penetrate into many areas from the communication to the national security as well...
View ArticleExistence, uniqueness, and stability of optimal portfolios of eligible...
We study the existence of portfolios of traded assets making a given financial institution pass some pre-specified (internal or external) regulatory test. In particular, we are interested in the...
View ArticleType-Compatible Equilibria in Signalling Games. (arXiv:1702.01819v1 [q-fin.EC])
The key issue in selecting between equilibria in signalling games is determining how receivers will interpret deviations from the path of play. We develop a foundation for these off-path beliefs, and...
View ArticleBusiness Dynamics in KPI Space. Some thoughts on how business analytics can...
The biggest problem with the methods of machine learning used today in business analytics is that they do not generalize well and often fail when applied to new data. One of the possible approaches to...
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Economics of Strategy, 7th Edition
Economics of Strategy focuses on the key economic concepts students must master in order to develop a sound business strategy. Ideal for undergraduate managerial economics and business strategy...
View ArticleThe Impact of Climate Change Skepticism on Adaptation in a Market Economy --...
Climate change will increase the risk of temperature extremes. Induced innovation could offset some of this threat. This paper explores the demand and supply for climate adaptation innovation in a...
View ArticleThe Macroeconomic Effects of Government Asset Purchases: Evidence from...
We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy...
View ArticleUnderstanding the Economic Impact of the H-1B Program on the U.S. -- by John...
Over the 1990s, the share of foreigners entering the US high-skill workforce grew rapidly. This migration potentially had a significant effect on US workers, consumers and firms. To study these...
View ArticleCompany Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade --...
The election of Donald J. Trump as the 45th President of the United States of America on 11/8/2016 came as a surprise. Markets responded swiftly and decisively. This note investigates both the initial...
View ArticleTight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and...
Quantitative analysis of a New Keynesian model with the Bernanke-Gertler accelerator and risk shocks shows that violations of Tinbergen's Rule and strategic interaction between policymaking authorities...
View ArticleThe Distribution of Public Spending for Health Care in the United States on...
U.S. health care spending in 2012 totaled $2.8 trillion or 17.2 percent of gross domestic product. Given the magnitude of health care spending, the large public sector role in health care, and the...
View ArticleInternational Spillovers and Local Credit Cycles -- by Yusuf Soner Baskaya,...
We show that capital inflows are important drivers of domestic credit cycles using a firm-bank-loan level dataset for a representative emerging market. Instrumenting inflows by changes in global risk...
View ArticleThe Effect of Prescription Drug Monitoring Programs on Opioid Utilization in...
The misuse of prescription opioids has become a serious epidemic in the US. In response, states have implemented Prescription Drug Monitoring Programs (PDMPs), which record a patient's opioid...
View ArticleAusterity in the Aftermath of the Great Recession -- by Christopher L. House,...
We examine austerity in advanced economies since the Great Recession. Austerity shocks are reductions in government purchases that exceed reduced-form forecasts. Austerity shocks are statistically...
View ArticleRethinking Detroit -- by Raymond Owens III, Esteban Rossi-Hansberg,...
We study the urban structure of the City of Detroit. Following several decades of decline, the city's current urban structure is clearly not optimal for its size, with a business district immediately...
View ArticleThe Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem --...
We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also provide the mapping...
View ArticleUndergraduate Econometrics Instruction: Through Our Classes, Darkly -- by...
The past half-century has seen economic research become increasingly empirical, while the nature of empirical economic research has also changed. In the 1960s and 1970s, an empirical economist's...
View ArticleShocks vs. Responsiveness: What Drives Time-Varying Dispersion? -- by David...
The dispersion of many economic variables is countercyclical. What drives this fact? Greater dispersion could arise from greater volatility of shocks or from agents responding more to shocks of...
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