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Discussion of "The Association Between Energy Taxation, Participation in an Emissions Trading System, and the Intensity of Carbon Dioxide Emissions in the European Union"
(2015)
Even though the role of energy taxes on emissions has been examined extensively in recent years, there has been limited empirical research on the effect of implicit tax rates on energy on emissions in the European Union. ...
Discussion of "Equity Financing and Social Responsibility: Further International Evidence"
(2015)
Even though corporate social responsibility (CSR) has grown substantially in recent years, there has been limited empirical research on the relation between CSR and the perceptions of capital market participants. One stream ...
Risk management optimization for sovereign debt restructuring
(Journal of Globalization and Development, Vol. 6(2), pp. 181–213, Feb. 2016.; The Wharton School Financial Institutions Centre No. 14-10., 2015-12)
Debt restructuring is one of the policy tools available for resolving sovereign debt crises and, while unorthodox, it is not uncommon. We propose a scenario analysis for debt sustainability and integrate it with scenario ...
Contingent convertible bonds for sovereign debt risk management
(The Wharton Financial Institutions Center. The Wharton School, University of Pennsylvania, PA., 2015-11)
We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign's creditworthiness breaching a distress threshold. This financial innovation limits ex-ante the ...
Toward a Real Options Theory of Strategic Human Resource Management
(2015)
Traditional HR architecture, which views different employee groups as a portfolio based on specificity and value, is static and insufficient under uncertainty. We develop an alternative real options portfolio framework ...