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  1. The digital freight forwarder and the incumbent
    a predictive framework to examine disruptive potentials of digital platforms
    Author: David, Herold; Fahimnia, Ben
    Published: July 2023
    Publisher:  Institute of Transport and Logistics Studies, Sydney, NSW, Australia

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2123/31368.2
    Series: Working paper / Institute of Transport and Logistics Studies, The Australian Key Centre in Transport and Logistics Management, The University of Sydney ; ITLS-WP-23, 14
    Subjects: DigitalPlatforms; LogisticsIndustry; Startups; DisruptiveInnovation; DigitalTransformation; BusinessModels; Disruption; DigitalStartups; DSDFramework; EcosystemNetwork; ValueCreation; RegulatoryAgenda; SustainedInnovation; CaseStudy FreightForwarder; Investors; FundingOpportunities
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  2. Theoretical asset pricing under behavioral decision making
    Author: Vries, Martijn Alexander de
    Published: [2022]
    Publisher:  Tilburg University, Tilburg

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686772
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 675 (2022)]
    Subjects: Behavioral Decision Making; Investors; Limited Attention; Asset Pricing; Probability Weighting; Equity Risk; Investor Behavior; Behavioral Finance; Risk Premia; Term Structure; Skewness; Trading Volume; Random Variables; Finance; Risk-Averse; Financial Markets
    Scope: 1 Online-Ressource (circa 163 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2022
  3. Essays on corporate finance
    insights on aspect of the general business environment
    Author: Verplancke, Frederik
    Published: [2021]
    Publisher:  Tilburg University, Tilburg

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686666
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 664 (2021)]
    Subjects: Corporate Finance; Business Environment; Small and Medium-Sized Enterprises (SMEs); Monetary Policy; Credit Supply; Investors; Venture Capital; Economic Environment; Government Policy; Financial Performance; Wealth
    Scope: 1 Online-Ressource (circa 229 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2021
  4. Asset pricing with heterogeneous agents and non-normal return distributions
    Author: Beddock, Arthur
    Published: [2021]
    Publisher:  Tilburg University, Tilburg

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    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686543
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 653 (2021)]
    Subjects: Return Distribution; Heterogeneous Agents; Asset Pricing; Non-Normality; Investors; Portfolio Choice; Asset Pricing Models; Normal Distribution; Market Volatility; Skewness; Asset Returns; Asset Prices; Empirical Test; Assets; Interaction
    Scope: 1 Online-Ressource (circa 215 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2021
  5. Essays on asset pricing, investor preferences, and derivative markets
    Author: Koëter, Joren
    Published: [2021]
    Publisher:  Tilburg University, Tilburg

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    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686604
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 659 (2021)]
    Subjects: Derivative markets; Investors; Asset Pricing Models; Asset Pricing; Asset Pricing Puzzle; Prohability Weighting; Stock Market; Risk Premia; Cross Section; Skweness; Option Prices
    Scope: 1 Online-Ressource (circa 215 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2021
  6. Auswirkungen überregional aktiver Investoren in der Landwirtschaft auf ländliche Räume
    Ergebnisse aus zwei Fallstudien
    Author: Laschewski, Lutz; Tietz, Andreas
    Published: 2020
    Publisher:  Johann-Heinrich-von-Thünen-Institut, Braunschweig

    Der vorliegende Bericht fasst die Ergebnisse des Projekts „Auswirkungen überregional aktiver Investoren in der Landwirtschaft auf ländliche Räume“ zusammen. Darin wurde eine Fallstudien- Methodik zur Untersuchung der Auswirkungen solcher Investoren... more

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    Universitätsbibliothek Braunschweig
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    Der vorliegende Bericht fasst die Ergebnisse des Projekts „Auswirkungen überregional aktiver Investoren in der Landwirtschaft auf ländliche Räume“ zusammen. Darin wurde eine Fallstudien- Methodik zur Untersuchung der Auswirkungen solcher Investoren auf die übernommenen landwirtschaftlichen Betriebe, auf Wertschöpfung und Beschäftigung sowie Umwelt und Lebensqualität in den betroffenen Gemeinden entwickelt. Die Methodik wurde in Form explorativer Fallstudien in zwei ostdeutschen Regionen erprobt und verfeinert. Im Ergebnisteil werden Agri-Holdings als zentrale Entscheidungseinheiten eingeführt und in ihren Ausprägungen beschrieben. Gründe für deren Entstehen sowie Hintergründe für den Verkauf von Agrarunternehmen in den Fallregionen werden herausgearbeitet. Ergebnis der Analyse von Eigentums- und Bewirtschaftungsdaten ist die „konsolidierte Agrarstruktur“ der Region, die deutlich von den Zahlen der amtlichen Agrarstatistik abweicht. Die Wirkung der Betriebsübernahmen durch Holdings auf die Beschäftigung oder das Steueraufkommen in den Gemeinden ist nicht messbar, da der Beitrag der Landwirtschaft hierzu auch in den ländlichen Regionen insgesamt nur noch sehr gering ist. Zur Stabilisierung der ländlichen Ökonomie im letzten Jahrzehnt hat die Landwirtschaft insgesamt wenig beigetragen. Generell verstärkt die Herausbildung von Agri-Holdings die wachsende Distanz zwischen den Agrarunternehmen und der ländlichen Bevölkerung. This report summarises results of the research project “Impacts of transregionally active investors in agriculture on rural areas”. Therein, a case study methodology was developed for analysing the implications of these investors on the farms taken over, on rural economy and employment, and on environment and quality of life in the affected communities. This approach has been tested and refined in two East German regions. In the result sections, agriholdings are introduced as key units of decision-making, and different types of agriholdings are described. Reasons for the emergence of agriholdings are identified, as well as motives for selling agricultural businesses in the case study regions. In order to analyse the effects of transregionally active investors on farmland ownership and land management we establish a regional “consolidated agrarian structure”, which differs considerably from official agricultural statistics. We were unable to identify measurable impacts of farm takeovers on local employment or tax revenues. In the surveyed period, the structural change in agriculture is already too far advanced. Thus, the agricultural sector did contribute little to stabilization of the rural economy in the last decade. In general, the emergence of agriholdings is reinforcing the growing distance between agricultural holdings and the rural population.

     
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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783865762153
    Other identifier:
    hdl: 10419/231427
    Series: Thünen-Report ; 80
    Subjects: Agrarstruktur; Investoren; Bodeneigentum; Agricultural structure; Investors; Land tenure
    Scope: 1 Online-Ressource (116 Seiten), Illustrationen
  7. Essays on institutional investors, portfolio choice, and asset prices
    Author: Jansen, Kristy A. E.
    Published: [2021]
    Publisher:  Tilburg University, Tilburg

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    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686406
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 639 (2021)]
    Subjects: Portfolio Choice; Institutional Investors; Asset Prices; Investment Decision; Investors
    Scope: 1 Online-Ressource (circa 247 Seiten), Illustrationen
    Notes:

    Enthält mehrere Beiträge

    Dissertation, Tilburg University, 2021
  8. Deviations from Rational Expectations and Asset Prices
    Author: Mokanov, Denis Murtaza
    Published: 2023

    In Chapter 1, I document a novel result regarding the uncovered interest rate parity (UIP) puzzle: investing in high interest rate currencies does not yield positive excess returns during recessions. That is, the UIP holds in bad times. This new... more

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    In Chapter 1, I document a novel result regarding the uncovered interest rate parity (UIP) puzzle: investing in high interest rate currencies does not yield positive excess returns during recessions. That is, the UIP holds in bad times. This new finding is a challenge to existing rational expectations models that address the UIP puzzle. A model featuring investors whose interest rate expectations are distorted by extrapolation bias and time-varying stickiness is able to quantitatively account for this evidence when calibrated to available survey data. The model also generates predictions for bond return predictability, the profitability of time-series momentum in the foreign exchange and fixed income markets, and foreign exchange predictability during the post-2007 period, which are borne out in the data. In Chapter 2 (with Gabriel Cuevas Rodriguez and Danyu Zhang), we document three stylized facts related to equity analysts’ earnings expectations: (1) consensus earnings expectations underreact to news unconditionally, (2) the degree of underreaction declines during high-volatility periods, and (3) the degree of underreaction declines over our sample. To account for these findings, we develop a simple model featuring rational inattention. We show that our model is able to account for the unconditional profitability of momentum, momentum crashes, and the diminishing profitability of momentum over our sample. Based on the predictions of our model, we propose a trading strategy that mixes short-run and long-run momentum signals and show that the resultant mixed momentum strategy outperforms conventional long-run momentum strategies. Finally, we use a machine learning algorithm to estimate the predictable component of earnings surprises and construct a portfolio that is long (short) on stocks with excessively pessimistic (optimistic) earnings expectations. The resultant trading strategy generates an annualized Sharpe ratio of about 1.16 and its returns are not explained by popular factor models.

     
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9798379594039
    Series: Dissertations Abstracts International
    Subjects: Finance; Investors; Foreign exchange; Trading strategy; UIP puzzle
    Scope: 1 Online-Ressource (164 p.)
    Notes:

    Source: Dissertations Abstracts International, Volume: 84-12, Section: A. - Advisor: Lochstoer, Lars A

    Dissertation (Ph.D.), University of California, Los Angeles, 2023
  9. Two Essays on Demand-Based Asset Pricing
    Author: Huebner, Paul
    Published: 2023

    In Chapter 1, I develop a framework to quantify which features of investors’ trading strategies lead to momentum in equilibrium. Specifically, I distinguish two channels: persistent demand shocks, capturing underreaction, and the term structure of... more

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    In Chapter 1, I develop a framework to quantify which features of investors’ trading strategies lead to momentum in equilibrium. Specifically, I distinguish two channels: persistent demand shocks, capturing underreaction, and the term structure of demand elasticities, representing an intensity of arbitrage activity that decreases with investor horizon. I introduce both aspects of dynamic trading into an asset demand system and discipline the model using the joint behavior of portfolio holdings and prices. I estimate the demand of institutional investors in the U.S. stock market between 1999 and 2020. On average, investors respond more to short-term than longer-term price changes: the term structure of elasticities is downward-sloping. My estimates suggest that this channel is the primary driver of momentum returns. Moreover, in the cross-section, stocks with more investors with downward-sloping term structures of elasticities exhibit stronger momentum returns by 7% per year.In Chapter 2 (with Valentin Haddad and Erik Loualiche), we develop a framework to theoretically and empirically analyze how investors compete with each other in financial markets. In the classic view that markets are fiercely competitive, if a group of investors changes its behavior, other investors adjust their strategies such that nothing happens to prices. We propose a demand system with a flexible degree of strategic response and estimate it for institutional investors in the U.S. stock market. Investors react to the behavior of others in the market: when less aggressive traders surround an investor, she trades more aggressively. However, this strategic reaction is not nearly as strong as the classic view. Our estimates suggest that when a group of investors changes its behavior, the response of other investors only counteracts half of the direct impact. This result implies that the rise in passive investing over the last 20 years has led to substantially more inelastic aggregate demand curves for individual stocks by about 15%.

     
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9798379523527
    Series: Dissertations Abstracts International
    Subjects: Finance; Asset pricing; Investors; Dynamic trading; Inelastic aggregate; Stock market
    Scope: 1 Online-Ressource (262 p.)
    Notes:

    Source: Dissertations Abstracts International, Volume: 84-11, Section: A. - Advisor: Haddad, Valentin P

    Dissertation (Ph.D.), University of California, Los Angeles, 2023
  10. Monetary Policy Amplification Through Bond Fund Flows
    Author: Fang, Chuck
    Published: 2023

    I show that the secular rise of bond mutual funds and ETFs (``bond funds'') amplifies the bond market transmission of monetary policy. During monetary easing (tightening) cycles, bond funds experience large inflows (outflows) of return-chasing... more

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    I show that the secular rise of bond mutual funds and ETFs (``bond funds'') amplifies the bond market transmission of monetary policy. During monetary easing (tightening) cycles, bond funds experience large inflows (outflows) of return-chasing capital and increase (decrease) their corporate bond holdings significantly more than other corporate bond investors such as insurance companies and pension funds. In the cross section of firms, higher bond fund exposure leads to higher firm sensitivity to monetary policy -- during monetary easing, more-exposed firms experience larger bond returns, issue more debt, and increase more on payout or real investment. To quantify the aggregate effect, I estimate a nested logit demand system with flexible investor elasticity both within and across asset classes. Under a partial equilibrium decomposition, bond fund flows account for a large and increasing share of the aggregate bond yield sensitivity to monetary policy.

     
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9798379751234
    Series: Dissertations Abstracts International
    Subjects: Finance; Energy; Bond funds; Bond market; Monetary policy; Corporate bond; Investors
    Scope: 1 Online-Ressource (124 p.)
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    Source: Dissertations Abstracts International, Volume: 84-12, Section: B. - Advisor: Goldstein, Itay

    Dissertation (Ph.D.), University of Pennsylvania, 2023