This paper provides implied measures of higher-order dependencies between assets. The measures exploit only forward-looking information from the options market and can be used to construct an implied estimator of the covariance, co-skewness, and co-kurtosis matrices of asset returns. We implement the estimator using a sample of US stocks. We show that the higher-order dependencies vary heavily ...

Danish household consumption increased by 58% over the period 1966]1992 while CO2 emissions only increased by 7%. Using decomposition analysis we investigated the global CO impact of Danish household consumption from 1966 to 1992. Our conclusion is that 2 overall growth in private consumption } but not changes in the composition of consumption } is the key to understanding the increase in CO em...

We examine the geographic co-location of university research and industrial R&D in three technology areas. While we find strong evidence of co-location of these vertically connected activities, regional economies appear to vary markedly in their ability to convert local academic research into local commercial innovation. We develop and test the hypothesis that the presence of a large, local, R&...

One-shot interaction and repeated interaction often co-exist in the real world. We study possible behavioral effects of this co-existence in a principal-agent setting, in which a principal simultaneously employs a permanent and a temporary agent. Our experimental results indicate that there is “discrimination” between the two agents and that the available information for agents determines the e...

Reactive, thermal degradation of py2Pt[MoCp(CO)3]2, (Me)(cod)PtMoCp(CO)3, orfPt3ðdppmÞ3ðCOÞ1⁄2MoðCpÞ g[BPh4]/Vulcan carbon powder composites affords Pt–Mo/carbon nanocomposites containing metal nanoparticles of approximate compositions, PtMo2, PtMo, or Pt3Mo, widely dispersed on the carbon support. Total metal loadings range from 29–58 wt%. When tested as an anode electrocatalyst in a PEM fuel ...

Aim/purpose – The purpose of this paper is to analyze regional trade integration 10 Central and Eastern Europe countries (CEE-10) during the 2004-2018 period, identify regional- country-level patterns attribute them potential causes indicated by literature. Design/methodology/approach employed literature-based indicators data on CEE-10 in goods conducted a review empirical studies investigating...

We study an evolutionary model where agents are locally matched to play a symmetric coordination game. Opportunities to adjust strategy and location arrive asynchronously and infrequently, and cannot be coordinated. Our results on the short-run co-existence of different conventions and long-run efficiency depend upon a condition on off-equilibrium payoffs introduced by Aumann. In a pure coordin...

There have been numerous attempts at the formation of regional policy groupings within Latin America and the Caribbean (LAC). This paper analyses the similarities in macroeconomic policies pursued by member countries using realised correlation analysis on 26 LAC countries and observations covering the period 1970–2005. The study finds evidence of co-movement in monetary, fiscal, trade and capit...

One-shot interaction and repeated interaction often co-exist in the real world. We study possible behavioral effects of this co-existence in a principal-agent setting, in which a principal simultaneously employs a permanent and a temporary agent. Our experimental results indicate that there is “discrimination” between the two agents and that the available information for agents determines the e...

The innovative idea of introducing a third party (Ronen,2002) into the agency relationship has motivated our proposal of a co-payment scheme as a solution to financial misreporting. In the co-payment scheme, both the client firm and a third party such as FASB are asked to share the auditing fee. We will demonstrate that the participation of a third party can create an endogenous collusion cost ...