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Jakub Traczyk 《Journal of Risk Research》2016,19(5):632-644
Methods that are typically used to examine individual differences in risk attitudes (e.g. lotteries, dilemmas, questionnaires) require participants to explicitly declare their willingness to take risk. Therefore, they may be biased by the need for self-presentation or situational characteristics such as time pressure and cognitive constraints that lead to more spontaneous and automatic processing of risk-related information. The aim of this study was to construct an indirect measure of risk attitudes that is free of these methodological limitations. The method based on the Implicit Association Test shows high internal reliability and satisfactory stability over time. It correlates moderately with different explicit measures of risk attitudes that are related to sensation seeking. Finally, it is characterized by a high predictive power. Adding the implicit measure to the set of independent variables representing declarative evaluations of risk attitudes significantly improved the model predicting risky real-life behavior. We argue that the indirect assessment of risk attitudes presented in this paper may be used as an universal measure of people’s risk propensity that is free of biases related to self-presentation and situational factors. 相似文献
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Jakub Gren 《Journal of Economic Policy Reform》2019,22(3):242-256
AbstractThe Single Supervisory Mechanism (SSM) is an administrative arrangement of national assistance to the ECB in exercising its exclusive supervisory competence. It sets two systems of assistance: ECB Direct Supervision (for large banks) and Indirect Supervision (for smaller and medium-sized banks) supervision. This paper analyzes dynamics between the ECB Banking Supervision as the principal and NCAs as its agents in the system of ECB Indirect Supervision. It identifies six formal (statutory) accountability and control mechanisms which are put at the ECB’s disposal to monitor the way how the NCAs carry SSM supervisory tasks when exercising the ECB’s exclusive supervisory competences under the SSM Regulation. 相似文献
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Jakub Kastl David Martimort Salvatore Piccolo 《The Journal of industrial economics》2013,61(1):84-107
We use data from the Italian manufacturing industry to document a positive correlation between delegation and R&D. This result is robust to controlling for the determinants of R&D such as human capital, capital intensity and sectoral or regional effects. We further investigate the determinants of delegation and find that ownership concentration is significantly related to delegation. Among large firms with a dispersed ownership structure, larger ownership concentration implies less delegation, whereas the opposite emerges with more concentrated ownership. Differences between the Northern and Southern regions in terms of firms' propensity to delegate decisions and engage in R&D also emerge. 相似文献
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Based on a tractable “endogeneous technology choice” framework, we provide a microfoundation for aggregate normalized constant elasticity of substitution (CES) production functions with non-neutral, factor-augmenting technical change. In this framework, firms are allowed to choose unit productivities of capital and labor optimally from a technology menu constructed under the assumption that unit factor productivities (UFPs) are independently Weibull-distributed. The Weibull distribution itself is also microfounded here: based on extreme value theory, it is found to be an accurate and robust approximation of the true UFP distribution if technologies consist of a large number of complementary components. 相似文献
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Open Economies Review - This paper studies the effect of seven types of exchange rate regimes on business cycle synchronization, by using a new dataset on bilateral de-facto exchange rate regimes... 相似文献
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Review of World Economics - From 2014 onwards Poland witnessed an unprecedented inflow of immigrant workers from Ukraine. Coupled with strong labour demand, this surge in labour supply provided a... 相似文献
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Jakub Dostl 《Annals of Public and Cooperative Economics》2020,91(2):319-345
This article deals with the revealed value of volunteering. The revealed value approach is one way to determine the value of non‐market goods or services. Most studies focused on the value of volunteering have built their research on the presumption that there is no way to reveal the value of volunteering, and therefore proxies must be used. This research uses a plausibility probe case study to explore and identify revealed information about the value of volunteering. The research was conducted using data over a seven‐year period (2012–18) from ADRA, a large volunteer centre network in the Czech Republic that has 14 volunteer centres coordinating more than 2,500 volunteers in about 50 cities. I used the data about all the public funding of all the centres in this network between 2012 and 2018 in order to calculate the revealed value of volunteering from the perspective of various governmental institutions. I calculated the total value of volunteering, including financial grants, donations, and the value of volunteer hours. Interestingly, all three values were found within or slightly around the interval estimate of the value of volunteering. 相似文献
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Currency carry trades exploiting violations of uncovered interest rate parity in G10 currencies deliver significant excess returns with annualized Sharpe ratios equal to or greater than those of equity market factors (1990–2012). Using data on out-of-the-money foreign exchange options, I compute returns to crash-hedged portfolios and demonstrate that the high returns to carry trades are not due to peso problems. A comparison of the returns to hedged and unhedged trades indicates crash risk premia account for at most one-third of the excess return to currency carry trades. 相似文献