The Tibetan grassland social-ecological systems are widely held to be highly vulnerable to climate change. We aim to investigate livelihood adaptation strategies of herder households and the types of local institutions that shaped those adaptation strategies. We examined the barriers and opportunities for strengthening adaptive capacity of local herder communities. We designed and implemented a...

This paper explores the booms and busts induced by news shocks in a model economy with financial market frictions. Firms can accumulate capital through either purchase of the existing capital or producing new capital by themselves. Firms need to borrow from financial intermediaries to finance their purchases of capital. With the presence of financial market frictions, firms have to pay an exter...

PURPOSE OF THIS STUDY Basic pension fund in China began investing in the capital market recently. This master’s thesis describes pension investments’ impact on the development of China’s capital market. Based on existing literature, it is shown that if the pension investment has a positive effect on the capital market, capital market development will enhance overall economic development, and it...

In recent years, the interest of investors has shifted to computerized asset allocation (portfolio management) to exploit the growing dynamics of the capital markets. In this paper, asset allocation is formalized as a Markovian Decision Problem which can be optimized by applying dynamic programming or reinforcement learning based algorithms. Using an artificial exchange rate, the asset allocati...

This article examines how research productivity, administrative service, and teaching affect reputational capital in the market for academic economists. Also, we investigate the issue of the durability of reputational capital, estimating the penalties associated with gaps in research output. Our results reveal that (1) the market makes a distiniction between the quantity and the quality of an i...

A Beckerian model of household production is developed to study the cyclical allocation of capital and time between market and home activities. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time (leisure) is combined with household capita...

I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests ...

We analyze imperfect competition in dynamic environments where firms use rivalrous but nonexcludable industry-specific capital that is provided exogenously. Capital depreciation depends on utilization, so firms influence the evolution of the capital equipment through more or less intensive supply in the final-goods market. Strategic incentives stem from, (i) a dynamic externality, arising due t...

We propose a cross-sectional time-series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control...

Equilibrium Unemployment and Investment Under Product and Labour Market Imperfections We study the implications of product market competition and investment for price setting, wage bargaining and thereby for equilibrium unemployment in an economy with product and labour market imperfections. We show that intensified product market competition will reduce equilibrium unemployment, whereas the ef...