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See detailMarket Games in Successive Oligopolies
Zanaj, Skerdilajda UL; Gabszewicz, Jean; Laussel, Didier et al

in Journal of Public Economic Theory (2013), 15(3), 397-410

Detailed reference viewed: 225 (122 UL)
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See detailMarket knowledge as a function of CEOs’ personality: a fuzzy set approach
Chollet, Barthelemy; Geraudel, Mickaël UL; Khedaouria, Anis et al

in Journal of Business Research (2016), 69

Market knowledge (MK) improves firm performance, yet knowledge of how MK develops remains sparse. In small and medium-sized enterprises, MK likely depends on the personal dispositions of CEOs. This study ... [more ▼]

Market knowledge (MK) improves firm performance, yet knowledge of how MK develops remains sparse. In small and medium-sized enterprises, MK likely depends on the personal dispositions of CEOs. This study draws on personality research to theorize that CEOs' personality traits influence the intensity of seeking (openness and conscientiousness), the opportunity to access (extraversion), or the accuracy of processing (agreeableness and emotional stability) market information. A fuzzy set qualitative comparative analysis of 409 CEOs reveals two equifinal configurations of traits leading to high MK, both of which include traits favoring accuracy, suggesting their particular importance. The findings provide new understanding of the antecedents of MK and have conceptual implications for the study of CEOs' personality in general. [less ▲]

Detailed reference viewed: 126 (8 UL)
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See detailThe Market Microstructure of the European Climate Exchange
Otsubo, Yoichi UL; Mizrach, Bruce

in Journal of Banking and Finance (2014), 39

Detailed reference viewed: 126 (4 UL)
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See detailMarket Perceptions of US and European policy actions around the subprime crisis
Lehnert, Thorsten UL

Scientific Conference (2013, December)

Detailed reference viewed: 31 (2 UL)
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See detailMarket Perceptions of US and European Policy Actions around the Subprime Crisis
Lehnert, Thorsten UL; Yoichi, Otsubo; Grammatikos, Theoharry UL

in Journal of International Financial Markets, Institutions & Money (2015), 37

Detailed reference viewed: 80 (4 UL)
See detailMarket Rulers: Interpretive institutionalism and market-based sustainability
Carr, Constance UL; Gibbs, David; Krueger, Robert

Presentation (2013, April)

This paper examines market based urban sustainability policy through the lens of interpretive institutionalism. Interpretive institutionalism, an approach that emerged in British political science and has ... [more ▼]

This paper examines market based urban sustainability policy through the lens of interpretive institutionalism. Interpretive institutionalism, an approach that emerged in British political science and has been applied to geographical analyses of governance (c.f. Bevir and Rhodes 2006; Krueger and Gibbs 2010; Krueger and Gibbs 2012), is an analysis of how institution are created, sustained or modified through the ideas and actions of individuals’ (Bevir and Rhodes, 1999: 225). The actions of individuals are therefore not governed by their institutional position or institutional rules; rather, ‘how meanings and actions, are created, recreated and changed in ways that produce and transform institutions’ (Bevir, 2003: 460). Interpretive institutionalism views institutions like economic actors or firms: as creations of broader social processes, as well as the agency of actors working to construct them and act through them. Institutions can be seen not only as administrative and political organizations, but also as ‘the rules, norms and practices, which structure areas of social endeavour’ (Coaffee and Healey, 2003: 1982). Hence, ‘institutional rules may be consciously designed and clearly specified (as in structural plans and operating procedures) or take the form of unwritten customs and conventions’ (Lowndes and Wilson, 2001: 632). This paper examines how such rules are made under ‘market-based’ conditions to urban sustainable development: so-called ‘New Urbanism’ or ‘Smart Growth’ in the US. Here we examine how actors shape and reshape what the positivist social sciences consider ontologically fixed relationships. We explore these policies in three contexts: the US, England, and Luxembourg. This comparative approach enables us to understand how these policies travel across space and are re-embedded in place, and thus to move beyond the particular case study to understand how actors intervene in markets in new and interesting ways. [less ▲]

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See detailMarket Sentiment in Commodity Futures Returns
Gao, Lin UL; Süss, Stephan

in Journal of Empirical Finance (2015)

Detailed reference viewed: 200 (12 UL)
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See detailMarket Skewness Risk, Risk Aversion and the Cross-Section of Stock Returns
Bams, Dennis; Honarvar, Iman; Lehnert, Thorsten UL

E-print/Working paper (2018)

Previous research suggests that the cross section of stock returns has substantial exposure to risks captured by higher moments of market returns, implied by S&P500 index option prices. However, assuming ... [more ▼]

Previous research suggests that the cross section of stock returns has substantial exposure to risks captured by higher moments of market returns, implied by S&P500 index option prices. However, assuming that risk aversion is time-varying, a risk-based explanation would suggest that the exposure is priced in periods of high risk aversion, while it is not necessarily priced/weaker in periods of low risk aversion. We find that for market skewness and kurtosis, this hypothesis is not supported by the data. We find that each of the higher moment prices of risk is time-varying and has significantly different patterns under different market conditions, proxied by a measure of investors’ relative risk aversion. In particular, in line with our reasoning, our results suggest that only in down-markets (high risk aversion periods), the exposure to the market volatility innovations is priced significantly negative in the cross-section of stocks, while it is not priced in up-markets (low risk aversion periods). In contrast, we find that in down-markets, market skewness and kurtosis are not priced risk factors, while the price of market skewness risk is significantly negative and the price of kurtosis risk is positive in up-markets. However, the previously reported results for skewness and kurtosis are counterintuitive, strictly violate the risk compensation principles and, therefore, do not support a risk-based explanation. The results persist even after controlling for the Fama-French and Carhart factors. [less ▲]

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See detailTHE MARKET SKEWNESS-RETURN RELATIONSHIP, Plenary Talk
Lehnert, Thorsten UL

Scientific Conference (2019, September 25)

Detailed reference viewed: 33 (4 UL)
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See detailTHE MARKET SKEWNESS-RETURN RELATIONSHIP
Lehnert, Thorsten UL

Presentation (2019, October 29)

The observed negative relationship between market skewness and excess return or the negative price of market skewness risk in the cross-section of stock returns is somewhat counterintuitive when we ... [more ▼]

The observed negative relationship between market skewness and excess return or the negative price of market skewness risk in the cross-section of stock returns is somewhat counterintuitive when we consider the usual interpretation of e.g. option-implied skewness as an indicator of jump risk or downside risk. One possible explanation for this inconsistency is that there are factors affecting option-implied market skewness other than jump risk in the stock market. In this paper, I find that price pressure associated with “crowded trades” of mutual funds is an important endogenous factor. Given that retail investors are prone to herding, the directional trading of mutual funds is correlated, and their collective actions can generate short-term price pressure on aggregate stock prices. Short sellers systematically exploit these patterns not only in the equity lending market, but also in the options market. In line with this economic channel, I find that firstly, the significant negative relationship between market skewness and returns becomes insignificant, once I control for price pressure. Secondly, the negative relationship is only present for the “bad” downside component of risk-neutral skewness, associated with out-of-the-money put options. For the “good” upside component of risk-neutral skewness, associated with out-of-the-money call options, the relationship is always positive. Thirdly, price pressure affects the skewness-return relationship, which can be clearly distinguished from the impact of flows on the volatility-return relationship in terms of the leverage effect. [less ▲]

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See detailMarket structure, screening activity and bank lending behaviour
Papanikolaou, Nikolaos UL

E-print/Working paper (2010)

In this paper we construct a theoretical model of spatial banking competition that considers the differential information among banks and potential borrowers in order to investigate how market structure ... [more ▼]

In this paper we construct a theoretical model of spatial banking competition that considers the differential information among banks and potential borrowers in order to investigate how market structure affects the lending behavior of banks and their incentives to invest in screening technology. Consistent with the prevailing view in the relevant literature, our results reveal that competition reduces lending cost, which, in turn, encourages the entry of new customers in the loan market. Also, that the transportation cost that potential borrowers have to pay in order to reach the bank of their interest is decreased with the degree of competitiveness. Importantly, we demonstrate that market structure exerts a considerable positive effect on banks’ incentives to screen their loan applicants since banks are found to invest more in screening as competition in the market becomes higher. This is to say, banks resort to screening that serves as a buffer mechanism against bad credit which entails higher risk and which is more likely under competitive conditions. Overall, our findings provide support to a rather close link between the degree of competition, bank lending activity, and the investment of banks in screening technology. [less ▲]

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See detailMarket study of improved heat-insulating masonry bricks.
Waldmann, Danièle UL; Leufgens, Nadine UL; Maas, Stefan UL et al

in Concrete 21st Century Superhero (2009)

Detailed reference viewed: 35 (5 UL)
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See detailMarket- and Book-Based Models of Probability of Default for Developing Macroprudential Policy Tools
Jin, Xisong UL; Nadal de Simone, Francisco

E-print/Working paper (2011)

Detailed reference viewed: 28 (0 UL)
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See detailMarket-Based Banking and the International Financial Crisis
Howarth, David UL; Hardie, Iain

Book published by Oxford University Press (2013)

Economics and political economy lack the analytical tools to explain the differing impact of the recent international financial crisis that erupted in 2007 on developed economies. The principal ... [more ▼]

Economics and political economy lack the analytical tools to explain the differing impact of the recent international financial crisis that erupted in 2007 on developed economies. The principal contribution of this edited volume is to offer a 'market-based banking' framework which transcends the dominant dichotomous understanding of financial systems in terms of credit-based and capital-based. It demonstrates why this dichotomy is obsolete through an appreciation of the activities of banks. Further, it employs 'market-based banking' to overcome the inability of existing typologies to explain financial system change. 'Market-based banking' provides a framework that is more reflective of banking in modern financial systems, and one that provides a more successful explanation of the differential impact of the recent financial crisis. The comparative and single-country chapters compare the extent of 'market-based banking' across eleven countries, including all of the G7 economies. The chapters also consider the impact of the financial crisis in terms of necessary government support and lending to non-financial companies. This volume includes work by authors who are widely respected experts in national political economies, finance, financial regulation, banking, central banking, and monetary policy. It is one of the first book-length comparative studies of the financial crisis and its impact and one of the few recent comparative studies of national banking and financial systems in any discipline. [less ▲]

Detailed reference viewed: 181 (3 UL)
See detailMarket-based Control: Eine neue Methode zur automatisierten Ressourcenzuteilung
Voos, Holger UL

Book published by Shaker Verlag (2003)

Detailed reference viewed: 69 (6 UL)
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See detailMarking importance in lectures: Interactive and textual orientation
Deroey, Katrien UL

in Applied Linguistics (2013)

This paper provides a comprehensive overview of lexicogrammatical markers of important lecture points and proposes a classification in terms of their interactive and textual orientation. The importance ... [more ▼]

This paper provides a comprehensive overview of lexicogrammatical markers of important lecture points and proposes a classification in terms of their interactive and textual orientation. The importance markers were extracted from the British Academic Spoken English corpus using corpus-driven and corpus-based methods. The classification is based on the markers’ constituents and cotext. Most markers are interactively oriented towards the content (e.g. the point is) or listeners (e.g. you should remember) rather than the speaker (e.g. I should stress) or speaker and listeners jointly (e.g. I want you to notice). Many content-oriented markers also have secondary listener orientation (e.g. these are the things to take home). As regards their textual orientation, markers typically occur before the highlighted point. The analysis aims to reveal how the realizations of this metadiscursive feature reflect key characteristics of the lecture genre and suggests factors that may affect the efficacy of importance marking. The findings are useful for lecture listening and note-taking courses, lecturer training, and educational research assessing the efficacy of such discourse organizational cues. [less ▲]

Detailed reference viewed: 129 (2 UL)
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See detailA Markov chain dynamic model for trip generation and distribution based on CDR
Viti, Francesco UL; Cantelmo, Guido UL

in Periodica Polytechnica (2015)

Detailed reference viewed: 122 (15 UL)