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Displaying results 1 to 25 of 55.

  1. Hazardous lending
    the impact of natural disasters on banks' asset portfolio
    Author: Bos, Jaap W. B.; Li, Runliang; Sanders, Mark
    Published: [2018]
    Publisher:  Graduate School of Business and Economics, Maastricht

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Language: English
    Media type: Book
    Format: Online
    Series: [Research memorandum] / Maastricht University, Graduate School of Business and Economics (GSBE) ; RM/18, 021
    Subjects: banks; disasters; diversification; climate change
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Liquidity holdings, diversification, and aggregate shocks
    Author: Chavaz, Matthieu
    Published: December 2017
    Publisher:  Bank of England, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 698
    Subjects: Liquidity; diversification; crises; regulation
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  3. Global value chains and upgrading
    what, when and how?
    Author: Gehl Sampath, Padmashree; Vallejo, Bertha
    Published: 2018
    Publisher:  Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), Maastricht, The Netherlands

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / United Nations University, UNU-MERIT ; #2018, 016
    Subjects: Trade; global value chains (GVCs); technological capabilities; learning; developing countries; least developed countries (LDCs); structural change; diversification; policy
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  4. Uneven growth in the extensive margin
    explaining the lag of agricultural economics
    Author: Ourens, Guzmán
    Published: 6 December 2018
    Publisher:  CentER, Center for Economic Research, Tilburg

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    Language: English
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    Series: Discussion paper / CentER, Center for Economic Research ; no. 2018, 051
    Subjects: diversification; agricultural economies; growth; welfare
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  5. La crisis del crecimiento económico venezolano
    la inversion extranjera directa como parte de la solución = The crisis of Venezuelan economic growth$fforeign direct investment as part of the solution
    Author: Santeliz, Andrés; Contreras, José
    Published: [2018]
    Publisher:  Gerencia de Comunicaciones Institucionales, BCV, Departamento de Publicaciones, Caracas

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    Source: Union catalogues
    Language: Spanish
    Media type: Book
    Format: Online
    Series: Serie Documentos de trabajo / BCV, Banco Central de Venezuela ; (no. 170) (febrero 2018)
    Colección Economía y finanzas
    Subjects: the Trap of average income; development trap; inequality trap; diversification; oil; investment; labor productivity
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. Multiple-bank lending
    diversification and free-riding in monitoring [[Elektronische Ressource]]
    Author: Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja
    Published: 2005
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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  7. Towards greater diversification in central bank reserves
    Author: Brière, Marie; Mignon, Valérie; Oosterlinck, Kim; Szafarz, Ariane
    Published: [2015]
    Publisher:  Université de Paris Ouest Nanterre La Défense, Nanterre

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    VS 334 (2015,34)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / EconomiX ; 2015, 34
    Subjects: Foreign exchange reserves; diversification; asset allocation
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  8. The effect of possible EU diversification requirements on the risk of banks' sovereign bond portfolios
    Author: Craig, Ben R.; Giuzio, Margherita; Paterlini, Sandra
    Published: 2019
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Series: Working paper / Federal Reserve Bank of Cleveland ; 19, 12 (May 2019)
    Subjects: Bank regulation; sovereign-bank nexus; sovereign risk; home bias; diversification
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  9. Efficiency and risks in global value chains in the context of COVID-19
    Author: Arriola, Christine; Guilloux-Nefussi, Sophie; Koh, Seung-Hee; Kowalski, Przemyslaw; Rusticelli, Elena; Tongeren, Frank W. van
    Published: 2020
    Publisher:  OECD, Paris, France

    The COVID-19 outbreak and the resulting disruptions in supply chains of some manufacturing and medical products have renewed the debate on costs and benefits of globalisation and, particularly, on risks associated with international fragmentation of... more

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    The COVID-19 outbreak and the resulting disruptions in supply chains of some manufacturing and medical products have renewed the debate on costs and benefits of globalisation and, particularly, on risks associated with international fragmentation of production in global value chains (GVCs). While GVCs helped addressing supply shortages in several cases already during the early stages of the COVID-19 pandemic, much of the policy debate has concentrated on whether the gains from expanding international specialisation in GVCs are worth the associated risks of transmission of shocks and even whether governments should use policy tools to ‘re-localise’ GVCs. But re-localising may also mean less diversification and thereby limit the scope for cushioning shocks. This paper builds on on-going OECD analysis and aims at providing empirical evidence to inform and guide discussion on these questions. First, it reviews briefly the key issues and lessons learnt from the past, and identifies the main features of world trade and GVC participation that influence exposures to risks in supply chains. Subsequently, it presents key results of a set of economic model simulations conducted using the OECD’s computable general equilibrium (CGE) trade model METRO to shed light on the consequences of a stylised re-localisation policy scenario. In this scenario, countries are less exposed to foreign shocks, but they are also less efficient and less able to cushion shocks through trade. Quantitatively, the latter effect tends to dominate: re-localising GVCs would make the economy in most countries both less efficient and less stable. The economic case for policy-induced reshoring of GVCs is therefore weak. There is nevertheless scope for governments to join efforts with businesses to improve risk preparedness.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
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    Series: OECD Economics Department working papers ; no. 1637
    Subjects: trade; global value chains; shocks; diversification; relocalisation; Economics
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  10. A diversification strategy for South Asia
    Author: Lian, Weicheng; Liu, Fei; Svirydzenka, Katsiaryna; Zhu, Biying
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    While South Asia has gone a long way in diversifying their economies, there is substantial scope to do more. Some countries - India, Nepal, and Sri Lanka - can build on their existing production capabilities; others - Bangladesh, Bhutan, and the... more

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    While South Asia has gone a long way in diversifying their economies, there is substantial scope to do more. Some countries - India, Nepal, and Sri Lanka - can build on their existing production capabilities; others - Bangladesh, Bhutan, and the Maldives - would need to undertake a more concerted push. We identify key policies from a large set of potential determinants that explain the variation in export diversification and complexity across 189 countries from 1962 to 2018. Our analysis suggests that South Asia needs to invest in infrastructure, education, and R and D, facilitate bank credit to productive companies, and open to trade in order to diversify and move up the value chains. Given the COVID-19 pandemic, investing in digital technologies as part of the infrastructure push and improving education are of even greater importance to facilitate the ability to work remotely and assist resource reallocation away from the less viable sectors

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513584799
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    Series: IMF working paper ; WP/21, 202
    Subjects: diversification; economic complexity; economic development; South Asia; Choice of Technology; Globalization; Industrialization; Manufacturing and Service Industries; Regulation and Industrial Policy
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  11. How do humans respond to huge financial losses?
    Author: Mujcic, Redzo; Powdthavee, Nattavudh
    Published: September 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon... more

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    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon to be studied with normal social-science experiments. Yet the scientific and practical issues at stake are unusually important ones. In our setting, individuals are handed £100,000 in cash. They then have to make risky decisions. Facing a sequence of seven questions, individuals are required to distribute their cash endowment over a set of possible answers. Participants lose any cash placed on a wrong answer. We find evidence of risk reduction after people suffer a loss in the previous decision round. A prior financial loss of £10,000 is estimated to increase the propensity to fully diversify by 6 percentage points. In terms of proportional losses, a loss of 50% or more of the remaining cash endowment increases diversification rates by approximately 13 percentage points. The fixed-effects panel data estimates are robust to the remaining cash endowment, previous diversification strategy, relative difficulty of questions, the ability level of participants, and other personal traits. The findings support a prospect theory-based model with a coefficient of loss aversion that is increasing in past losses. Our study appears to be the first to be able to calculate systematically how human beings react to enormous and unrecoverable financial losses.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/265757
    Series: Discussion paper series / IZA ; no. 15536
    Subjects: risk taking; prior losses; diversification; large stakes; field evidence
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  12. Algorithm Aversion als Hindernis bei der Etablierung von Robo Advisors
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: Juli 2022
    Publisher:  sofia Sonderforschungsgruppe Institutionenanalyse, Darmstadt

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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783947850006
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    Series: sofia-Diskussionsbeiträge ; 22, 2
    Subjects: Algorithm aversion; robo advisors; decisions for others; portfolio choice; diversification; behavioral finance; experiments
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  13. Skills for smart specialization
    relatedness, complexity and evaluation of priorities
    Author: Buyukyazici, Duygu
    Published: [2022]
    Publisher:  Utrecht University, Human Geography and Planning, [Utrecht]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Papers in evolutionary economic geography ; # 22, 18
    Subjects: skills; complexity; relatedness; smart specialization; diversification
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  14. Algorithm aversion as an obstacle in the establishment of robo advisors
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: July 2022
    Publisher:  Ostfalia Hochschule für Angewandte Wissenschaften, Fakultät Wirtschaft, Wolfsburg

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    Source: Union catalogues
    Language: English
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    Series: Wolfsburg working papers ; no. 22, 01
    Subjects: Algorithm aversion; robo advisors; decisions for others; portfolio choice; diversification; behavioral finance; experiments
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  15. Efficiency and risks in global value chains in the context of COVID-19
    Author: Arriola, Christine; Guilloux-Nefussi, Sophie; Koh, Seung-Hee; Kowalski, Przemyslaw; Rusticelli, Elena; Tongeren, Frank W. van
    Published: 2020
    Publisher:  OECD, Paris, France

    The COVID-19 outbreak and the resulting disruptions in supply chains of some manufacturing and medical products have renewed the debate on costs and benefits of globalisation and, particularly, on risks associated with international fragmentation of... more

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    The COVID-19 outbreak and the resulting disruptions in supply chains of some manufacturing and medical products have renewed the debate on costs and benefits of globalisation and, particularly, on risks associated with international fragmentation of production in global value chains (GVCs). While GVCs helped addressing supply shortages in several cases already during the early stages of the COVID-19 pandemic, much of the policy debate has concentrated on whether the gains from expanding international specialisation in GVCs are worth the associated risks of transmission of shocks and even whether governments should use policy tools to ‘re-localise’ GVCs. But re-localising may also mean less diversification and thereby limit the scope for cushioning shocks. This paper builds on on-going OECD analysis and aims at providing empirical evidence to inform and guide discussion on these questions. First, it reviews briefly the key issues and lessons learnt from the past, and identifies the main features of world trade and GVC participation that influence exposures to risks in supply chains. Subsequently, it presents key results of a set of economic model simulations conducted using the OECD’s computable general equilibrium (CGE) trade model METRO to shed light on the consequences of a stylised re-localisation policy scenario. In this scenario, countries are less exposed to foreign shocks, but they are also less efficient and less able to cushion shocks through trade. Quantitatively, the latter effect tends to dominate: re-localising GVCs would make the economy in most countries both less efficient and less stable. The economic case for policy-induced reshoring of GVCs is therefore weak. There is nevertheless scope for governments to join efforts with businesses to improve risk preparedness.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
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    Series: OECD Economics Department working papers ; no. 1637
    Subjects: trade; global value chains; shocks; diversification; relocalisation; Economics
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  16. Diversifying estimation errors: an efficient averaging rule for portfolio optimization
    Author: Füss, Roland; Koeppel, Christian; Miebs, Felix
    Published: February 8th, 2021
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

    We propose an averaging rule that combines established minimum-variance strategies to minimize the expected out-of-sample variance. Our rule overcomes the problem of selecting the “best” strategy ex-ante and diversifies remaining estimation errors of... more

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    We propose an averaging rule that combines established minimum-variance strategies to minimize the expected out-of-sample variance. Our rule overcomes the problem of selecting the “best” strategy ex-ante and diversifies remaining estimation errors of the single strategies included in the averaging. Extensive simulations show that the contributions of estimation errors to the out-of-sample variances are uncorrelated between the considered strategies. This implies that averaging over multiple strategies offers sizable diversification benefits. Our rule leverages these benefits and compares favorably to eleven strategies in terms of out-of-sample variance on both simulated and empirical data sets. The Sharpe ratio is across all data sets at least 25% higher than for the 1/N portfolio

     
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    Series: Working papers on finance ; no. 2021, 05
    Subjects: Averaging; diversification; estimation error; portfolio optimization; shrinkage
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  17. Knowing brown and inventing green?
    incremental and radical innovative activities in the automotive sector
    Author: Mazzei, Julia; Rughi, Tommaso; Virgillito, Maria Enrica
    Published: [2022]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    The development of low emission vehicles (LEVs) in the automotive sector stands out in the literature as a typical case of technological competition between a dominant design and a set of alternative green technologies. The incremental trajectory of... more

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    The development of low emission vehicles (LEVs) in the automotive sector stands out in the literature as a typical case of technological competition between a dominant design and a set of alternative green technologies. The incremental trajectory of green technologies aimed at improving the efficiency of the internal combustion engine (ICEG) is competing with a radical trajectory targeted to the development of hybrid, electric and fuel cell vehicles (HEF). Exploiting a novel dataset of firm- and patent-level information retrieved from ORBIS-IP and containing USPTO patent applications between 2001 and 2018 in the automotive sector, we first cluster firms according to their relative patent share and degree of specialization in each trajectory, identifying a technological landscape in which they locate with distinct strategies. We then investigate the extent to which different stocks and combinations of knowledge might explain such heterogeneity in innovative efforts and positioning in the landscape. Our results suggest that a stock of ''brown'' knowledge closely related to ''green'' knowledge proves to be valuable for firm's success in each trajectory. Moreover, firms with a broad array of different knowledge sources are capable of reaching a leadership position in the technological landscape.

     
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    Series: LEM working paper series ; 2022, 10 (March 2022)
    Subjects: Low emission vehicles; relatedness; diversification; knowledge
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  18. Small and internationalised firms competing with Chinese exporters
    Author: Friesenbichler, Klaus S.; Reinstaller, Andreas
    Published: December 2022
    Publisher:  Österreichisches Institut für Wirtschaftsforschung, Wien

    The import competition literature suggests that Chinese industrial policies and technological trends have altered the nature of competition with China so that it does not take place on a level playing field anymore. Empirical evidence about firms'... more

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    The import competition literature suggests that Chinese industrial policies and technological trends have altered the nature of competition with China so that it does not take place on a level playing field anymore. Empirical evidence about firms' reactions in developed economies to competition with China is inconclusive, however. This paper studies how small, highly internationalised and specialised firms react to the growing penetration of Chinese exporters on their markets. We use a sample of Austrian manufacturing companies to explore the impact of increasing competition on changes in corporate strategy. We propose a novel indicator capturing import competition that highly internationalised companies face. We examine how firms adapt their search strategies related to technological capabilities and markets. While the exposure to Chinese competition has been on average relatively low, its impact on diversification choices has been significant. Companies exposed to growing Chinese competition are more likely to diversify their geographic markets, but less likely to diversify their product portfolio or broaden their competence base. These patterns are also reflected by changes in trade data.

     
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    Series: WIFO working papers ; 654 (2022)
    Subjects: China; Austria; import competition; strategy; diversification; manufacturing; SME
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  19. Expansion and diversification in the MER sector
    results from an enterprise survey
    Author: Allen Whitehead, Caitlin; Bhorat, Haroon; Hill, Robert; Köhler, Timothy; Steenkamp, François
    Published: November 2022
    Publisher:  Development Policy Research Unit, University of Cape Town, Cape Town, South Africa

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    ISBN: 9781920633950
    Series: DPRU working paper ; 2022, 03
    Subjects: Economic complexity; manufacturing; industrial relatedness; product space; structural transformation; expansion; intensification; diversification; skills constraints
    Scope: 1 Online-Ressource (circa 99 Seiten), Illustrationen)
  20. A case for value-added exports in the estimation of export diversification in Asia and the Pacific
    Author: Bajaj, Pallavi; Baris, Kristina; Gonzales, Patricia Georgina; Jabagat, Christian Regie; Lazatin, Janine Elora; Tan, Elaine S.
    Published: [2022]
    Publisher:  Asian Development Bank, Metro Manila, Philippines

    Export diversification, or the breadth of exports of an economy, is increasingly seen as a means of accelerating economic growth, mitigating instability due to price, demand, and exchange rate fluctuations, and stabilizing earnings from exports in... more

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    Export diversification, or the breadth of exports of an economy, is increasingly seen as a means of accelerating economic growth, mitigating instability due to price, demand, and exchange rate fluctuations, and stabilizing earnings from exports in the long run. As economies integrate into global and regional value chains, the new fragmented production structures may not be adequately reflected in diversification measurements based on gross exports. This paper develops a new indicator of export diversification based on value added in sectors contributing to exports. For most Asia and the Pacific economies, the gross exports approach underestimates export diversification compared to the valueadded approach. Analyzing the trends suggests a strong case for the latter approach to complement the more traditional approach. The relationship between export diversification and growth is complex and is dependent on the diversification indicator and varies by income levels. One general finding is that divergence between diversification in exporting sectors and in sectors contributing to exports narrowed as income levels of economies increased.

     
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    hdl: 10419/259488
    Series: ADB economics working paper series ; no. 650 (March 2022)
    Subjects: export; value added; diversification; global value chains
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  21. Regions and trademarks
    research opportunities and policy insights from leveraging trademarks in regional innovation studies
    Author: Castaldi, Carolina; Mendonça, Sandro
    Published: [2021]
    Publisher:  Utrecht University, Human Geography and Planning, [Utrecht]

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    Series: Papers in evolutionary economic geography ; # 21, 38
    Subjects: trademarks; regions; geography; intangibles; innovation; specialization; diversification
    Scope: 1 Online-Ressource (circa 38 Seiten)
  22. Regionale Vermarktung von Milch und Milcherzeugnissen
    eine Übersicht
    Author: Knuck, Janina; Weber, Sascha Alexander
    Published: 2021
    Publisher:  Johann Heinrich von Thünen-Institut, Bundesforschungsinstitut für Ländliche Räume, Wald und Fischerei, Braunschweig

    Die Marktpreiskrisen aus den Jahren 2009, 2012 und 2015 mit teilweise sehr niedrigen Erzeugerpreisen trafen viele Kuhmilcherzeugerbetriebe schwer und gefährdeten deren weitere Existenz. Zur Minderung solcher negativen Auswirkungen von... more

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    Die Marktpreiskrisen aus den Jahren 2009, 2012 und 2015 mit teilweise sehr niedrigen Erzeugerpreisen trafen viele Kuhmilcherzeugerbetriebe schwer und gefährdeten deren weitere Existenz. Zur Minderung solcher negativen Auswirkungen von Marktentwicklungen (Risikoabsicherung) wird die Regionalvermarktung als ein mögliches Instrument, auch für Milch und Milcherzeugnissen, diskutiert. Jedoch wurde die regionale Verarbeitung und Vermarktung von Milcherzeugerbetrieben bisher kaum wissenschaftlich untersucht, im Gegensatz zu anderen Agrarprodukten. Insbesondere liegen kaum Erkenntnisse darüber vor, welche Einflussfaktoren bei Milch den wirtschaftlichen Erfolg bestimmen. In einem ersten Schritt muss diese Wissenslücke geschlossen werden. Danach kann in einem zweiten Schritt die Eignung der regionalen Vermarktung von Milch und Milcherzeugnissen als Risikoabsicherungsinstrument von Milcherzeugerbetrieben beurteilt werden. Der vorliegende Beitrag beschäftigt sich mit dem ersten Untersuchungsschritt. In der offiziellen Statistik finden sich nur wenige Informationen über die regionale Verarbeitung und Vermarktung von Milch und Milcherzeugnissen. Die erforderlichen Informationen mussten selbst erhoben werden. Im Rahmen dieser Studie wurden insgesamt 13 Betriebsberater und Betriebsleiter von Milchviehbetrieben in einem Experteninterview befragt. Basierend auf den Befragungsergebnissen können die Einflussfaktoren des wirtschaftlichen Erfolges regional vermarktender Milcherzeugerbetriebe in zwei Gruppen unterteilt werden: betriebsinterne und betriebsexterne Faktoren. Zu den Erstgenannten gehören der Betriebsleiter, die Familie, die Arbeitsauslastung, die Vorbereitung und Planung, das Marketing und die Absatzwege. Die betriebsexternen Faktoren setzen sich aus dem Personal, dem Standort, dem Kreisveterinäramt, den Verbrauchern sowie der externen Molkerei zusammen. Insbesondere spielen beispielsweise die wirtschaftliche Ausgangslage des Milcherzeugerbetriebes, die Vorbereitung und Planung des neuen Betriebszweiges sowie natürlich der Betriebsleiter selbst eine bedeutende Rolle für den Erfolg. Es zeigt sich zusätzlich, dass der Standort, insbesondere im Hinblick auf das Bundesland, einen entscheidenden Einfluss nehmen kann. Grund hierfür sind unterschiedliche Vorschriften für den Aufbau und Betrieb einer regionalen Milchverarbeitung und -vermarktung sowie unterschiedliche Beratungsangebote bzw. Fördermöglichkeiten. The market price crises of 2009, 2012 and 2015, with very low producer prices in some cases, seriously struck many dairy farms and posed a threat to their further existence. To reduce such negative impacts of market developments (risk management), regional marketing is being discussed as a possible instrument, also for dairy farms. However, regional processing and marketing of dairy farms has so far received little scientific attention, in contrast to other agricultural products. There are almost no findings on which factors influence the economic success of regional processing and marketing of dairy farms. The first step is to fill in this knowledge gap. In a second step, the suitability of regional marketing of dairy products as a risk management instrument for dairy farms can be assessed. This paper focuses on the first step of the research. The official statistics provide limited information on the regional processing and marketing of dairy products by dairy farms. The relevant information had to be collected by ourselves. As part of this research, a total of 13 farm advisors and farm managers of dairy farms were interviewed as experts. Based on the findings, the factors influencing the economic success of regionally processing and marketing dairy farms can be grouped into two categories: intra-farm and extra-farm factors. The first ones include the farm manager, the family, workload, preparation and planning, marketing and distribution channels. The external factors include the staff, the location, the county veterinary authority, the consumers and the external dairy. For example, the initial economic situation of the dairy farm, the preparation and planning of the new business branch and, of course, the farm manager himself play a significant role in success. It also becomes apparent that the location, especially with regard to the federal state, can have a crucial influence. This is because of varying regulations for the establishment and operation of regional dairy processing and marketing, as well as different offers of advice and funding schemes.

     
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
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    hdl: 10419/234049
    Series: Thünen working paper ; 165
    Subjects: Hofmolkerei; Direktvermarktung; Regionalvermarktung; Diversifizierung; Experteninterviews; Handlungsempfehlungen; On-farm dairy; direct marketing; regional marketing; diversification; expert interviews; recommendations for action
    Scope: 1 Online-Ressource (105 Seiten), Illustrationen
  23. Diversification among cryptoassets
    Bitcoin maximalism, active portfolio management, and survival biass
    Author: Sun, Weizhi; Krištoufek, Ladislav
    Published: [2021]
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Cryptoassets, particularly Bitcoin, have attracted the attention of institutional investors during the latest price rallies of 2020 and 2021. The need for cryptoassets apart from Bitcoin in their portfolios is mostly unexplored in the current... more

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    Cryptoassets, particularly Bitcoin, have attracted the attention of institutional investors during the latest price rallies of 2020 and 2021. The need for cryptoassets apart from Bitcoin in their portfolios is mostly unexplored in the current literature, and the general perception of diversification benefits within cryptomarkets mostly builds on popular beliefs. The current study is a deep dive into active and passive investment strategies focusing on specifics of cryptoassets, the most important of which is the survival bias in the portfolio dataset construction and its implications. We show that survival bias does in fact drive the results at their very core and that the differences between using the backward-looking subset of assets and actual assets available at the time of portfolio construction are substantial and lead to completely different implications and investment suggestions. It turns out that active portfolio management does not pay off in most instances compared to simply holding Bitcoin.

     
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    Series: IES working paper ; 2021, 31
    Subjects: cryptocurrencies; cryptoassets; Bitcoin; diversification; portfolio management; survival bias
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  24. Essays on asset pricing and portfolio optimization
    Author: Koeppel, Christian
    Published: 2021

    WThis doctoral thesis focuses on the effects of investor sentiment on asset pricing and the challenges of portfolio optimization under parameter uncertainty. The first essay "Sentiment risk premia in the cross-section of global equity" applies a... more

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    WThis doctoral thesis focuses on the effects of investor sentiment on asset pricing and the challenges of portfolio optimization under parameter uncertainty. The first essay "Sentiment risk premia in the cross-section of global equity" applies a recently developed sentiment proxy to the construction of a new risk factor and provides a comprehensive understanding of its role in sentiment-augmented asset pricing models for international equity indices. We empirically demonstrate the existence of a statistically significant and economically relevant sentiment premium. Differentiating between developed and emerging markets we reveal different patterns of return reversals / persistence. Our results contribute to the explanation of global cross-sectional average excess returns, demonstrating superiority in terms of predictive power when compared to competing definitions of sentiment. The second essay "Does social media sentiment matter in the pricing of U.S. stocks?" finds that the inclusion of micro-grounded, social media-based sentiment significantly improves the performance of the five-factor model from Fama and French (2015, 2017). This holds for different industry and style portfolios such as size, value, profitability, and investment. Applying a robust GMM estimator, the sentiment risk premium provides the missing component in the behavioral asset pricing theory of Shefrin and Belotti (2008) and (partially) resolves the pricing puzzles of small extreme growth, small extreme investment stocks and small stocks that invest heavily despite low profitability. The third essay "Diversifying estimation errors: An efficient averaging rule for portfolio optimization" proposes a combination of established minimum-variance strategies to minimize the expected out-of-sample variance. The proposed averaging rule overcomes the strategy selection problem and diversifies estimation errors of the strategies included in our rule. Extensive simulations show that the contributions of estimation errors to the out-of-sample variances are uncorrelated between the considered strategies. We therefore conclude that averaging over multiple strategies offers sizable diversification benefits.

     
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    Media type: Dissertation
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    Dissertation no. 5120
    Subjects: Kapitalmarkttheorie; Diversifikation; Risikoprämie; Anlageverhalten; EDIS-5120; shrinkage; sentiment risk premium; diversification; Asset pricing; estimation error; portfolio optimization; Shrinkage; averaging; Verhaltensökonomie; Sentiment; investor sentiment; Portfoliooptimierung; behavioral finance; financial markets
    Scope: 1 Online-Ressource (circa 236 Seiten), Illustrationen
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    Enthält 3 Beiträge

    Dissertation, University of St. Gallen, 2021
  25. Accounting for dietary deprivations in rural Africa
    poor households, poor farms or poor food environments?
    Author: Block, Steven; Ecker, Olivier; Headey, Derek; Comstock, Andrew
    Published: [2023]
    Publisher:  International Food Policy Research Institute, Washington, DC, USA

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    Series: IFPRI discussion paper ; 02194 (June 2023)
    Subjects: Nutrition; agriculture; income; diversification; food markets; farming systems
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen