Differences in beliefs and currency risk premia

Author(s):

Alessandro Beber

 et al.
Topic:
Finance

Standard asset pricing theories have difficulty explaining episodes that are not simply linked to fundamentals. Notable examples in the dynamics of capital markets are the equity premium puzzle or the excess volatility puzzle.

These puzzles have motivated an increasingly large literature over the last couple of decades that explores the general equilibrium implications of uncertainty for asset prices.This paper studies the importance of heterogeneous beliefs for the dynamics of asset prices.

Updated: 14/01/2013
Comments:
Views: 3,736

Family foundation philanthropy in an international context

The role of major donor philanthropy in the changing environment of global wealth creation and emerging social need has been of significant economic and policy interest to governments, fundraisers and beneficiaries alike.

This paper aims to provide a comparative international assessment of the private

philanthropy of major donors and their families in the new global era by focusing on giving through family foundations.

Updated: 06/02/2013
Comments:
Views: 3,982

Corporate speculation and CEO characteristics

Author(s):

Alessandro Beber

 et al.
Topic:
Finance
Industry:
Banking

Managers are acknowledged to have their own style when taking corporate decisions. Personal characteristics of CEOs are empirically important determinants of a large range of corporate variables. However, there are still a number of unexplored research questions. One of these is to what extent the corporate risk management policies of non-financial firms departs from textbook hedging.

In this paper, Cass researchers study to what extent CEO personal beliefs and individual characteristics explain the time-series variation of foreign currency derivatives beyond industry, firm, and market fundamentals.

Updated: 19/11/2014
Comments: 4
Views: 4,152

Winners and losers: German equity mutual funds

Author(s):

Dirk Nitzsche

 et al.
Topic:
Finance
Industry:
Banking

The performance of individual US and UK mutual funds has been extensively analysed across a range of research.

Many newspapers and trade journals present performance results in the form of league tables, so they too emphasise funds in the tails of the cross-section distribution. The contribution of this paper is to derive the empirical distributions for individual funds in the tails of the performance distribution, for a large number of German equity mutual funds using 20 years (1990-2009) of monthly data.

Updated: 14/01/2013
Comments:
Views: 3,832

Tax or beg? Mandatory payments to charity and their effects on donor behaviour

Charitable organisations derive income from various sources - directly through voluntary donations provided by individual people, and indirectly through funds provided by the state. It is perhaps natural to wonder why the state is required to finance these organisations when it is individual people who vote for government in the first place and pay for its spending via their taxes.

The purpose of this study is to ask whether such mandatory payments to charity would lead to higher contributions than a system of purely voluntary donations.

Updated: 06/02/2013
Comments:
Views: 4,104

Asymptotics for panel models with common shocks

Author(s):

Lorenzo Trapani

 et al.
Topic:
Finance
Industry:
Any Industry

There is a growing body of literature dealing with limit theory for non-stationary panels where common shocks are present among the regressors, thereby introducing strong cross-sectional dependence

The main aim of this paper is to propose a novel asymptotic theory for panel models where common shocks are present among the regressors, thereby introducing strong cross-sectional dependence.

Updated: 14/01/2013
Comments:
Views: 3,784

Designing structural heterogeneity: fit, robustness and equifinality

Author(s):

Santi Furnari

 et al.

The most important organisation design models explain the variety of effective forms in terms of internal fit among organisational traits and of external fit between those traits and external conditions.

This paper offers a typology of sources of structural heterogeneity, a set of propositions on their relation with different types of performance, and an exploratory empirical test on a multi-industry sample of large firms.

Updated: 02/11/2014
Comments: 6
Views: 3,442

Are democratic governments more efficient?

Author(s):

Manthos Delis

 et al.
Topic:
Finance
Industry:
Public Policy

This paper explores the relationship between public sector efficiency (PSE) and the level of democracy, both theoretically and empirically. Specifically, it is assumed that elected officials in democracies are 'more' accountable to voters than the respective ones in autocracies.

Do you agree that democratic governments may be seen as more economically efficient?

Updated: 06/02/2013
Comments:
Views: 4,198

Re-thinking configurational fit

Author(s):

Santi Furnari

 et al.
Topic:
Strategy
Industry:
Any Industry

Few ideas have been more persistently central in both strategy and organisation research than the concept of fit.

In this paper, theory-based counterfactual analysis is used to tackle the lack of predictive power often characterising current approaches to configurational fit. Secondly, the researchers rely on recent applications of set-theoretic and relational, network-based, methods to enrich the empirical assessment of configurational fit.

Updated: 14/01/2013
Comments:
Views: 3,335