Abstract. The article examines integration of cryptocurrencies as electronic payment systems in e-commerce enterprises. Practical usage Ethereum and Bitcoin systems, well factors that may affect their functionality are studied. Coinbase Commerce Bitpay, market leaders cryptocurrency providers, were analyzed to compare issues commission analysis with traditional LiqPay, PayPal. It is determined ...

Cet article propose une analyse économique des stablecoins mettant en évidence les liens avec la finance traditionnelle. Même s'il existe dont l'arrimage est garanti par un tiers de confiance, cet se concentre principalement sur gérés directement système d'incitations blockchain décentralisée. Nous mettons enjeux gouvernance et liquidation décen...

We examine the match/mismatch between demand and supply of impact investments. show that some geographic regions display an upward match, while others exhibit a downward match. explain how with well-developed (or less-developed) economies are not necessarily equal to investment markets. also highlight sectors exhibiting match or mismatch investments, potential reasons. Regarding both sector con...

This paper studies the efficiency of competitive equilibria in economies where the expansion of investment is facilitated by securitization. We show that the use of securitization is generally associated with constrained inefficient aggregate investment, thereby justifying regulatory intervention in markets for securitized assets. We examine the effectiveness of three policy instruments to addr...

The consensus wisdom of active mutual fund managers, as reflected in their average overand underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds 1984—2008, we find that stocks heavily overweighted by active funds outperform their underweighted counterparts by more than 7% per year, after adjustments for t...

We analyze the problem of real optimal asset allocation for a pension fund maximising the expected CRRA utility of its real disposable wealth. The financial horizon of the analysis coincides with the random death time of a representative subscriber. We consider a very general setting where there exists a stochastic investment opportunity set together with stochastic contributions and pensions a...

We show that a mutual fund’s stock selection skill can be decomposed into additional components that include liquidity-absorbing impatient trading and liquidity provision. We find that past performance predicts future performance better among funds trading in stocks affected more by information events: Past winners earn a risk-adjusted after-fee excess return of 35 basis points per month in the...

We find significant relations between active mutual fund portfolio holdings and executive compensation, which appear to be largely driven by mutual fund investment styles rather than monitoring behaviour. Aggressive growth fund holdings are associated with performance pay, while income fund holdings are negatively related. We also find that mutual fund holdings are insensitive to changes in exe...

This paper examines the performance and diversification properties of active Australian equity fund-of-funds (FoF). Simulation analysis is employed to examine portfolio performance as a function of the number of funds in the portfolio. The paper finds that as the number of funds in a FoF portfolio increases, performance improves in a mean-variance setting, however measures of skewness and kurto...