Finding ways to encourage investments in renewable electricity production is crucial to reach a transition to a sustainable energy system. While in the energy policy literature, investments are usually explained by economic or regulatory policies, recent studies have suggested that some investors are boundedly rational and may respond differently to policies. In this paper, a framework is propo...

This paper develops an equilibrium model of a competitive futures market in which investors trade to hedge positions and to speculate on their private information. Equilibrium return and trading patterns are examined. ~1! In markets where the information asymmetry among investors is small, the return volatility of a futures contract decreases with time-to-maturity ~i.e., the Samuelson effect ho...

We address the question: do technology investors differ from traditional investors? Employing a conjoint methodology, we identified 28 technology investors from a sample of 68 European early stage investors. Comparing the two groups of investors we found that: (1) technology investors were not more likely to receive public funding than traditional investors; (2) technology investors had more in...

This paper examines the relationship between the stock crash risk of REITs and different types of institutional investors. First, when we classify REIT institutional investors by their legal type, we find that the ownership of pension funds (bank trusts) is negatively (positively) related to REIT crash risk. In addition, the trading of investment companies, including mutual funds, has become po...

This paper defines the ‘2 C capital stock’ as the global stock of infrastructure which, if operated to the end of its normal economic life, implies global mean temperature increases of 2 C or more (with 50% probability). Using IPCC carbon budgets and the IPCC’s AR5 scenario database, and assuming future emissions from other sectors are compatible with a 2 C pathway, we calculate that the 2 C ca...

Examining a sample of 701 offshore securities offerings under Regulation S of the Securities Act from 1993 to 1997, this Article tests whether foreign investors expect to resell Regulation S securities in the United States ahead of the U.S. secondary market reaction to news of the offering. The Article provides evidence from an event study that the secondary market reaction to a Regulation S of...

Cross-border private equity deals have increased substantially in recent years. This study looks at the issue of how European investors view their local counterparts in the portfolio companies’ home countries. If they regard them as rivals, they will target countries that lack a private equity industry. If they view them as (potential) partners, however, they will prefer investing in countries ...