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  1. No Access


    Household risk aversion and portfolio choices

    In practice, stock investment is one of the most important decisions made by households. The primary goal of this paper is to explain family investment decisions under the assumptions of household member’s pre...

    Weiwei Zhang in Mathematics and Financial Economics (2017)

  2. No Access


    Drawdown: from practice to theory and back again

    Maximum drawdown, the largest cumulative loss from peak to trough, is one of the most widely used indicators of risk in the fund management industry, but one of the least developed in the context of measures o...

    Lisa R. Goldberg, Ola Mahmoud in Mathematics and Financial Economics (2017)

  3. Open Access This content is freely available online to anyone, anywhere at any time.


    Arbitrage without borrowing or short selling?

    We show that a trader, who starts with no initial wealth and is not allowed to borrow money or short sell assets, is theoretically able to attain positive wealth by continuous trading, provided that she has pe...

    Jani Lukkarinen, Mikko S. Pakkanen in Mathematics and Financial Economics (2017)

  4. No Access


    Option spanning beyond \(L_p\) -models

    The aim of this paper is to study the spanning power of options in a static financial market that allows non-integrable assets. Our findings extend and unify the results in Galvani (J Math Econ 45(1):73–79, 2009)...

    N. Gao, F. Xanthos in Mathematics and Financial Economics (2017)

  5. No Access


    Optimal investment in markets with over and under-reaction to information

    In this paper we introduce a jump-diffusion model of shot-noise type for stock prices, taking into account over and under-reaction of the market to incoming news. We work in a partial information setting, by s...

    Giorgia Callegaro, M’hamed Gaïgi, Simone Scotti in Mathematics and Financial Economics (2017)

  6. No Access


    The effect of market power on risk-sharing

    The paper studies an oligopolistic equilibrium model of financial agents who aim to share their random endowments. The risk-sharing securities and their prices are endogenously determined as the outcome of a s...

    Michail Anthropelos in Mathematics and Financial Economics (2017)

  7. Journal

    Mathematics and Financial Economics

    Mathematics and Financial Economics

    Volume 1 / 2007 - Volume 11 / 2017

  8. Journal



    Volume 1 / 1974 - Volume 44 / 2017

  9. Journal

    Economic Change and Restructuring

    Economic Change and Restructuring

    Volume 1 / 1961 - Volume 50 / 2017

  10. Journal

    Journal of Economics

    Journal of Economics

    Volume 1 / 1930 - Volume 121 / 2017

  11. No Access


    Impact of exchange rate volatility on the commodity trade between Pakistan and the US

    The impact of exchange rate volatility on the trade flows has been intensively studied by researchers after the adoption of flexible exchange rate system. Different studies have used data from different countr...

    Mohsen Bahmani-Oskooee, Javed Iqbal, Saqib Ullah Khan in Economic Change and Restructuring (2017)

  12. No Access


    Assessing aggregate reallocation effects with heterogeneous inputs, and evidence across countries

    Theoretically, reallocating an input from a firm where the input has low marginal product to a firm where the input has high marginal product would increase aggregate productivity without any underlying change...

    Jon D. Samuels in Review of World Economics (2017)

  13. No Access


    Wavelet quantile analysis of asymmetric pricing on the Swedish power market

    In this article we investigate if the Swedish consumer prices for electricity are adjusted equally fast regardless of whether the NordPool power market prices are decreased or increased. Due to relatively mod...

    Hyunjoo Kim Karlsson, Peter Karlsson, Kristofer Månsson, Pär Sjölander in Empirica (2017)

  14. No Access


    Israel’s open-secret trade

    This paper uncovers and quantifies Israel’s exports to countries that ban trade with Israel. Israel exported a total of $6.4 billion worth of merchandise to boycott countries between 1962 and 2012, and most of...

    Lorenzo Rotunno, Pierre-Louis Vézina in Review of World Economics (2017)

  15. No Access


    Size matters: fragmentation and vertical fiscal imbalances in Moldova

    Using a novel municipality-level panel dataset, this paper investigates the empirical characteristics of vertical fiscal imbalances (VFIs) in Moldova over the period 2005–2013. The results show that the extent...

    Serhan Cevik in Empirica (2017)

  16. No Access


    Innovation indicators and regional growth in Russia

    This paper presents methodology and results of empirical analysis of a relationship of between innovation indicators (as reflected in the innovation indicators statistics) and regional growth in Russia. The in...

    Maria Kaneva, Galina Untura in Economic Change and Restructuring (2017)

  17. Open Access This content is freely available online to anyone, anywhere at any time.


    One-person enterprises and the phenomenon of hybrid self-employment: evidence from an empirical study

    The complex interaction of technological development and socio-demographic change has accelerated a structural change in the economy, resulting in a changing working environment and new forms of employment. I...

    Dieter Bögenhold, Andrea Klinglmair in Empirica (2017)

  18. No Access


    Verifying time inconsistency of the ECB monetary policy by means of a regime-switching approach

    The aim of this work is to verify whether there is an inflation bias in the Euro-area monetary policy. I verify the presence of a strategic repeated game between the European Central Bank and the market, in se...

    Andrea Beccarini in Empirica (2017)

  19. Open Access This content is freely available online to anyone, anywhere at any time.


    The impact of the financial system on economic growth in the context of the global crisis: empirical evidence for the EU and OECD countries

    This study aims to analyze the impact of the development and stability of the financial sector on economic growth on the basis of the quantitative methods that produce robust results. The following research hy...

    Mariusz Prochniak, Katarzyna Wasiak in Empirica (2017)

  20. No Access


    Public infrastructure for production and international trade in a small open economy: a dynamic analysis

    This paper develops a dynamic trade model with a stock of public infrastructure, which has a property of “unpaid factor of production”. We show that a country with a smaller (larger) labor endowment tends to b...

    Akihiko Yanase, Makoto Tawada in Journal of Economics (2017)

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