Using data on international equity portfolio allocations by U.S. mutual funds, we estimate a portfolio expression derived from a standard mean-variance portfolio model extended with portfolio frictions. The optimal portfolio depends on the previous month a ...
This work focuses on the economic performance and environmental assessment of two biorefinery schemes using 100 t/day of olive tree pruning waste as feedstock. The first scheme is based on a multiproduct biorefinery producing 6363.64 m3/yr of ethanol, 999. ...
This thesis aims to provide novel analyses and data that improve the understanding of the financing of investments in clean technologies. In particular, this thesis explores the role that private and public actors play in supporting young innovative firms. ...
This thesis consists of three chapters on informational frictions in financial markets. The chapters analyze problems related to markets' ability to guide real investment, and what drives liquidity. Both problems are important to ensure efficient resource ...
When J. G. Ballard published his masterpiece High-Rise in 1975, many readers in London automatically identified the apartment building that is the protagonist of the dystopian novel as the infamous Trellick Tower at Kensal Town, certainly one of the most c ...
There are concerns that migrants may be embedded in far-flung networks with support being less collective. The spatial dispersion of their relatives and friends would result in fragmented networks with lower solidarity and lower mutual trust than densely c ...
The policy response to the recent financial crisis has broadly focused on two themes: 1) Increasing the banking sectorsâ resilience to future financial shocks: 2) Improving credit availability to households and firms via lowering both short and long-term ...
This thesis examines the effects of financing frictions on corporate decisions using dynamic models. Accounting for financing frictions helps reconcile a number of regularities that are hard to explain within the Modigliani-Miller framework. For instance, ...
This thesis has two objectives. The first objective is to better understand the value of energy efficiency in buildings and its relationship to secondary market real estate prices. The second objective is to understand the cost of the implied insurance inc ...
In 2005, the Economist Intelligence Unit conducted a survey with Chief Risk Officers worldwide across all industries and asked about the biggest threat to their businesses. Interestingly, regulatory risk ranked first. It dominated all other types of risk, ...
This thesis discusses the difficulties of pricing real estate by using the existing financial economic theory and investigates an alternative approach in order to take into account the 'unique' nature of real estate risk. It consists of three essays placin ...
Economic consequences of climate change for the Swiss winter tourism have been assessed in two studies. Though estimates of the potential annual costs highly differ between them, they however agree on two points. On the one hand, winter tourism will be one ...
In the standard real options approach to investment under uncertainty, agents formulate optimal policies under the assumptions of risk neutrality or perfect capital markets. However, in most situations, corporate executives face incomplete markets either b ...