infonet-economy

We introduce a tractable class of non-ane price processes with multifrequency stochastic volatil- ity and jumps. The specications require few xed parameters and deliver fast option pricing. One key ingredient is a tight link between jumps and volatility regimes, as asset pricing theory suggests. Empirically, the model matches implied volatility surfaces and their dynamics with- out...

We study the risk-taking channel of monetary policy in Bolivia, a dollarized country where monetary changes are transmitted exogenously from the USA. We find that a lower policy rate spurs the granting of riskier loans, to borrowers with worse credit histories, lower ex-ante internal ratings, and weaker ex-post performance (acutely so when the rate subsequently increases). Effects...

We study the impact of research collaborations in coauthorship networks on total research output. Through the links in the collaboration network researchers create spillovers not only to their direct coauthors but also to researchers indirectly linked to them. We characterize the interior equilibrium when multiple agents spend effort in multiple, possibly overlapping projects, and...

Important decisions are often made under stressful circumstances that might compromise self-regulatory behavior. Yet the neural mechanisms by which stress influences self-control choices are unclear. We investigated these mechanisms in human participants who faced self-control dilemmas over food reward while undergoing fMRI following stress. We found that stress increased the...

In den laufenden internationalen Bestrebungen der Vereinten Nationen Nachhaltigkeitsziele für die nächsten 15 Jahre zu definieren (Post-2015, Agenda) wird der Förderung von innovativem Unternehmertum nach wie vor kaum Bedeutung zugemessen. Implizit wird nämlich angenommen, dass der Unternehmer in seinem Streben nach Gewinn primär sich selbst bereichert, und das oftmals auf Kosten der...

Die Unterscheidung gründet auf der Annahme, dass "Agro", also die Agroindustrie, böse und "Öko", für Agrarökologie, gut sei. Dieses Gut-böse-Schema verursacht einen beträchtlichen Kollateralschaden für Gesellschaft und Umwelt, denn eine Zusammenarbeit von staatlichen und nichtstaatlichen Akteuren mit dem Privatsektor für die gemeinsame Erarbeitung von nachhaltigen...

Organizational configurations, sets of firms with similarities in a number of essential characteristics, provide important insights into the synergies inherent to certain combinations of structural attributes and the performance effects of firms’ retention of, adaptation to, or decoupling from high-performing configurations. The fundamental assumption is that the better a firm’s “fit...

This paper examines the impact of monetary conditions on the risk-taking behaviour of banks in the Czech Republic by analysing the comprehensive credit register of the Czech National Bank. Our duration analysis indicates that expansionary monetary conditions promote risk-taking among banks. At the same time, a lower interest rate during the life of a loan reduces its riskiness. While...