Private and Public Information in Self-fulfilling Currency Crises

Received November 9, 2000; revised version received July 24, 2001     

Moral hazard,adverse selection,and health expenditures: A semiparametric analysis

Theoretical models predict asymmetric information in health insurance markets may generate inefficient outcomes due to adverse selection and moral hazard. However, previous empirical research has found it difficult to disentangle adverse selection from moral hazard in health care consumption. We propose a two‐step semiparametric estimation strategy to identify and estimate a canonical model of asymmetric information in health care markets. With this method, we can estimate a structural model of demand for health care. We illustrate this method using a claims‐level data set with confidential information from a large self‐insured employer. We find significant evidence of moral hazard and adverse selection.     

The Creativity‐Performance Relationship: How Rewarding Creativity Moderates the Expression of Creativity

Researchers have argued that creativity is intrinsically motivated, and that rewarding creativity can stifle creativity. Using a sample of 310 employees reporting to 50 different supervisors, we instead show that rewarding creativity influences the relationship between creativity and performance by changing the nature of expressed creativity. We do this by examining novelty and usefulness as separate dimensions. High perceived reward enhances the relationship between novelty and performance while diminishing the relationship between usefulness and performance. The moderating effect of reward for creativity on the relationship between creativity and performance was not observed when we operationalized creativity as an integrated, unidimensional construct. © 2015 Wiley Periodicals, Inc.     

Alternative Defaultable Term Structure Models

The objective of this paper is to consider defaultable term structure models in a general setting beyond standard risk-neutral models. Using as numeraire the growth optimal portfolio, defaultable interest rate derivatives are priced under the real-world probability measure. Therefore, the existence of an equivalent risk-neutral probability measure is not required. In particular, the real-world dynamics of the instantaneous defaultable forward rates under a jump-diffusion extension of a HJM type framework are derived. Thus, by establishing a modelling framework fully under the real-world probability measure, the challenge of reconciling real-world and risk-neutral probabilities of default is deliberately avoided, which provides significant extra modelling freedom. In addition, for certain volatility specifications, finite dimensional Markovian defaultable term structure models are derived. The paper also demonstrates an alternative defaultable term structure model. It provides tractable expressions for the prices of defaultable derivatives under the assumption of independence between the discounted growth optimal portfolio and the default-adjusted short rate. These expressions are then used in a more general model as control variates for Monte Carlo simulations of credit derivatives. Nicola Bruti-Liberati: In memory of our beloved friend and colleague.     

低迷2008与未卜2009

2008年两个季度零IPO,是1975年以来表现最差的一个年份,2009年会否更糟糕？过完2008年大家仿佛都松了口气,新一年的到来自然而然带给了人们希望。对于多数投资机构和众多企业来说,2008年过得尤其“难”,投资机构募资难、退出难,等待发展的企业融资难,融了资的企业发展难。近期,美国几大权威机构公布了2008年美国风险投资市场的统计数据,     

Medien des Web 2.0 — Chance oder Risiko im Kundendialog?

Zusammenfassung  Der moderne Konsument bedient sich aus einem weitreichenden Spektrum von Web 2.0-Werkzeugen, die er gezielt und mit nachhaltiger Wirkung zur ?u?erung seiner Wünsche und Bedürfnisse einsetzen kann. Für das Kundenmanagement wirft das die Frage auf, wie die neuen Medienformen eingesetzt werden k?nnen und welche Chancen und Risiken dabei bestehen. Der Beitrag beleuchtet die zentralen Einflussfaktoren, zeigt Einsatzpotenziale der wichtigsten Instrumente für den Kundendialog auf und erg?nzt sie um die aktuelle Einsch?tzung von Marketingexperten aus der Praxis. Jan Boluminski Gesch?ftsführer der Client Vela GmbH, einem Unternehmen der Schweizerischen Post. Susanne Karlein Partner der Client Vela GmbH, einem Unternehmen der Schweizerischen Post. Christina N?tscher Senior Consultant der Client Vela GmbH, einem Unternehmen der Schweizerischen Post.     

Examining the carbon emission impact of livelihood transitions in pro-poor tourism

This study examines carbon dioxide (CO₂) emission changes from livelihood transitions during tourism development to assess the environmental impact of pro-poor tourism (PPT) in China. The results indicate that livelihood transitions during PPT increased household income but also produced more CO₂ emissions. CO₂ emissions vary depending on factors including livelihood types after transition, income and household sizes, etc. The CO₂ per unit of income from tourism-based livelihoods is higher than from non-tourism-based livelihoods. Different livelihood strategies post transition also affect emissions. Practical suggestions that may mitigate emissions while not compromising residents’ income levels are provided.