infonet-economy

Egger, Peter; Zoller-Rydzek, Benedikt; Riezmann, Raymond

We conduct an empirical investigation of the exposure of U.S. REIT returns to commonality in liquidity. Taking advantage of the specific characteristics of REITs, we study three types of commonality in liquidity: within-asset commonality, cross-asset commonality (with the stock market), and commonality with the underlying property market. We find evidence that the three types of...

We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41 countries with heterogeneous debt enforcement characteristics. Consistent with our model, we...

Since the 2000s, facing the increasing globalization and commodification of common-pool resources, community-based organizations managing water and forests at the local scale started to create transnational networks. Their main goal is to get a direct representation in international decision-making arenas, as to promote their model of community-based governance and transform existing...

Purpose: This research presents a methodology to characterize life cycle impact data (LCIA) of alternative construction materials outside of the European context.
Methods: This methodology was based on the characterization of data and life cycle assessment (LCA) using geographic information systems (GIS), which has been proposed as an effective alternative for this purpose. The...

Following the financial crisis of 2007–2008, a deep analogy between the origins of instability in financial systems and complex ecosystems has been pointed out: in both cases, topological features of network structures influence how easily distress can spread within the system. However, in financial network models, the details of how financial institutions interact typically play a...

We demonstrate that agent-based simulations can exhibit results in line with classic macroeconomic theory. In particular, we present an agent-based simulation of an Arrow–Debreu economy that accurately exhibits the Stolper–Samuelson effect as an emergent property. Absent of a Walrasian auctioneer or any other central coordination, we let firm and consumer agents of different types...

We experimentally study optional costly communication in Stag-Hunt games. Prior research demonstrates that efficient coordination is difficult without a communication option but obtains regularly with mandatory costless pre-play messages. We find that even small communication costs dramatically reduce message use when communication is optional, but efficient coordination can occur...