Working Paper No. 305: Liquidity risk and yield spreads of green bonds
Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). Liquidity risk and yield spread of green bonds. Ratio Working Paper No. 305. Stockholm: Ratio.
Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). Liquidity risk and yield spread of green bonds. Ratio Working Paper No. 305. Stockholm: Ratio.
This study analyses how liquidity risk affects bonds’ yield spreads after controlling
for credit risk, bond-specific characteristics and macroeconomic variables. Using
two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of
green bonds. Overall, however, the impact of LOT decreases over time, implying
that, nowadays liquidity risk is negligible for green bonds.
Wulandari, F, Schäfer, D, Stephan, A, Sun, C
2017
Ratio Working Paper
2022
Questioning the Entrepreneurial State, 201.
There has been a shift in innovation policy in recent years toward more focus on systemic transformation and changed directionality. In this chapter, we describe a collection of challenges that such policies need to address. Based on a review of dominant frameworks regarding socio-technical transitions, we compare these theories with examples of innovation policy in different countries. Systemic transformation across an economy usually requires a process of creative destruction in which new competencies may be required, actors need to be connected in novel ways, and institutions may need to be changed. Our empirical illustrations show that support programs and initiatives across Europe do not always seem to result in such a process, as they include mechanisms favoring large, established firms and universities. These actors have often fine-tuned their activities and capabilities to the existing order, and therefore have few incentives to engage in renewal. As the incumbent actors also control superior financial and relational resources, there is a risk that they captivate innovation policies and thus reinforce established structures rather than contributing to systemic transformation.
2020
Purpose
Digitally intermediated peer-to-peer exchanges have accelerated in occurrence, and as a consequence, they have introduced an increased pluralism of connotations. Accordingly, this paper aims to assess user perceptions of the interplay between the sharing, access, platform, and community-based economies.
Design/methodology/approach
The sharing, access, platform, and community-based economies have been systematically tracked in the social media landscape using Social Media Analytics (SMA). In doing so, a total material of 62,855 publicly posted user-generated content concerning the four respective economies were collected and analyzed.
Findings
Even though the sharing economy has been conceptually argued to be interlinked with the access, platform, and community-based economies, the empirical results of the study do not validate this interlinkage. Instead, the results regarding user perceptions in social media show that the sharing, access, platform, and community-based economies manifest as clearly separated.
Originality/value
This paper contributes to existing literature by offering an empirical validation, as well as an in-depth understanding, of the sharing economy’s interlinkage to other economies, along with the extent to which the overlaps between these economies manifest in social media.
2020
Enligt ekonomisk teori kommer fler att vara villiga att arbeta ju större den finansiella vinsten av att arbeta är. I Sverige är deltagandeskatten över 80 procent för normala lönelägen, vilket innebär att staten får den allra största delen av värdet av att någon börjar arbeta. Empirisk forskning ger stöd för att högre deltagandeskatt leder till lägre sysselsättning, med starkare effekter för kvinnor med barn. Med hjälp av denna forskning kan man dra slutsatser om jobbskatteavdragets sysselsättningseffekt, som uppskattas till 94 000–180 000 personer.