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Market frictions inhibit the perfect replication of property derivatives, and define the property spread as a price measure
in the incomplete real estate market. We identify transaction costs, transaction time, and short sale constraints as the main
frictions in this market. Based on these frictions, we set up a framework of arbitrage free price bounds for property derivatives.
In turn, we use observed derivative prices to determine the implied cost of the frictions. Lastly, we verify these values
by using other research, which confirms the accuracy of our framework. 相似文献
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Why Some Firms Train Apprentices and Many Others Do Not 总被引:1,自引:0,他引:1
Abstract. The latest study investigating the cost–benefit ratio of apprenticeship training for Swiss companies has shown that most apprentices offset the cost of their training during their apprenticeship on the basis of the productive contribution of the work they perform. Given this outcome, it is worth investigating why so many firms choose not to train apprentices. Maximum-likelihood selection models were used to estimate the net cost of training for firms without an apprenticeship programme. The models show, firstly, that non-training firms would incur significantly higher net cost during the apprenticeship period if they would switch to a training policy and, secondly, that this less favourable cost–benefit ratio is determined less by cost than by absence of benefit. For the apprenticeship system as such the results indicate that, as long as training regulations and the market situation permit a cost-effective training of apprentices, companies do not need specific labour market regulations or institutions to offer training posts. In this respect, the Swiss findings might be of interest for the ongoing German discussion about the expected repercussions of a more general labour market deregulation on the apprenticeship training system. 相似文献
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Ernst Juerg Weber 《Explorations in Economic History》1996,33(4):479-495
During the Middle Ages, the medium of exchange function of money was separate from the unit of account function. This has given rise to the misconception that the medieval pound was an “abstract” or “imaginary” unit of account whose purchasing power was independent of that of gold and silver coins. The joint behavior of the pound price of gold, the pound price of silver, and the silver–gold ratio in Basle between 1365 and 1429 cannot be reconciled with the notion that nominal values were autonomous. Instead, the monetary system was based on a silver standard, supplemented by gold coins whose money of account values were determined by this silver standard. 相似文献
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ABSTRACT Recent literature suggests that vocational education and training (VET) provides individuals with smoother transitions into the labour market but lower wages over the lifecycle, compared to general education. A possible mechanism explaining lower wages is horizontal mismatch, defined as a mismatch between the type of qualifications acquired by individuals and those required for their current job. Some studies have found higher mismatch wage penalties when individuals’ education is more specific, suggesting higher penalties for workers with VET. Therefore, we analyse horizontal mismatch in Switzerland, the country with the highest proportion of firm-based VET in the OECD. We use two measures from the Swiss Household Panel that cover different aspects of horizontal mismatch. While we find sizable mismatch wage penalties in OLS estimations, effects are small or insignificant in fixed-effects regressions. This holds for workers with vocational and general education background alike. We conclude that VET is more transferable than often assumed. We finish with recommendations on concept and methods for future analyses of horizontal mismatch. 相似文献
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Ernst Juerg Weber 《Economics Letters》1986,20(4)
Unexpected reductions in inflation induce debtor insolvency and bank failures with lags of up to eight years. Outside money is non-neutral because the default of marginal banks and the rising costs of surviving banks reduce the supply of monetary services. 相似文献
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Juerg Syz Paolo Vanini Marco Salvi 《The Journal of Real Estate Finance and Economics》2008,36(1):23-35
Economists have forcefully argued for the introduction and use of property derivatives as a hedge against house price risk
(e.g. Shiller and Weiss, J. Real Estate Finance Econ., 19(1):21–47, 1999). The rationale for these financial instruments seems clear, as many households are heavily invested in
housing and standard financial instruments offer a poor hedge. In practice, however, most of the property derivatives available
have been targeted to meet the needs of institutional investors, not those of owner-occupiers. Building on the recent launch
of the first Swiss property derivative, we here propose index-linked mortgages tailored to retail consumers. The payments
of these mortgages depend on the corresponding housing market performance. We further price the instruments, discuss the stabilization
of the homeowner’s net wealth, and quantify the expected decrease in the mortgage default risk achieved by this immunization
effect.
相似文献
Juerg SyzEmail: |
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