Suchergebnisse

We provide a result on prospect theory decision makers who are naïve about the time inconsistency induced by probability weighting. If a market offers a sufficiently rich set of investment strategies, investors postpone their trading decisions indefinitely due to a strong preference for skewness. We conclude that probability weighting in combination with naïveté leads to unrealistic predictions for a wide range of dynamic setups. (JEL D81, G02, G11)

This study aims to determine the heritability estimation of several peanut genotypes and to test tolerance to shade and drought stress. The research was carried out in 3 stages, the first stage from May to July 2019 in Sigerongan village, Lingsar District, West Lombok Regency, the second phase from August to October 2019 in Sigerongan village, Lingsar District, West Lombok Regency, and the third stage from July to September 2020 in Nyiurlembang village, Narmada District, West Lombok Regency, West Nusa Tenggara. The experimental design used in estimating heritability was a randomized block design (RAK) consisting of 20 peanut genotypes, namely G2T5, G3D6, G2D2, G5-UII, G300-II, G2T3, G11-UI, G3T4, G200-I, and G12. -UI, G2T1, G2D7, G3T10, G3D8, G7-UII, G7-UIII, G3T7, G16-UI, G7-UI and G2D3. Tolerance test of peanut genotypes to shade and drought stress used a Randomized Block Design (RBD) with a Split Plot Design. The results showed that the genetic diversity value of peanut genotypes against the tested parameters showed that all peanut genotypes were ineffective for further tests on the parameters of plant height, number of leaves and number of branches, while the parameters of the number of filled pods and dry weight of pods all genotypes showed moderate criteria which means that it is effective for further selection. Shade treatment was more influential than treatment without shade. The parameters of pod dry weight and number of filled pods showed a significant difference between the two. Genotypes sensitive to shade stress are G2T5, G3D6, G2T3, G200-I, G2T1, G2D7, G3D8, G7-UII, TAKAR, G3T7, mildly tolerant genotypes, namely G2D2, G5-UII, G300-II, G11-UI, G3T4, G12-UI, G3T10, G7-UI, and G2D3 and the shade tolerant is G16-UI. Plant genotypes that were sensitive (P) to drought stress were G2T5, G3D6, G2D2, G5-UII, G2T3, G11-UI, and G3T4. And the genotypes that are somewhat tolerant are G200-I and G12-UI. Meanwhile, the drought tolerant genotype was G300-II.

Abstract
We examine the relationship between economic policy uncertainty (EPU) and patterns of two major household financial assets. Using data from a set of OECD countries from 1995 to 2016 and applying cointegrating regressions, we find evidence that escalations in EPU shift households' portfolios away from shares and towards currency and deposits. Our results have important implications for macroeconomic policymakers and corporate finance managers.
JEL Classifications: G11, D81
Policy Uncertainty; Household Financial Assets; FMOLS

European banks have been criticized for holding excessive domestic government debt during economic downturns, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset covering the entire timeline of the Eurozone crisis, I first re-confirm that the crisis led to the reallocation of sovereign debt from foreign to domestic banks. This reallocation was only visible for banks as opposed to other domestic private agents and it cannot be explained by the banks' risk-shifting tendency. In contrast to the recent literature focusing only on sovereign debt, I show that banks' private sector exposures were (at least) equally affected by a rise in home bias. Finally, consistent with these patterns, I propose a new debt reallocation channel based on informational frictions and show that informationally closer foreign banks increase their relative exposures when sovereign risk rises. The effect of informational closeness is economically meaningful and robust to the use of different information measures and controls for alternative channels of sovereign debt reallocation.

This paper studies the effect of elections and democracy on bond and equity flows to emerging countries. Our results indicate that elections affect portfolio flows: the period following an election is generally characterised by a fall in equity flows, and this occurs only where the incumbent is not re-elected. We interpret this result as evidence that political uncertainty about future policies plays a key role in explaining the effect of elections. Bond flows decrease after an election that brings a change of ideology in government, with some evidence that this effect is stronger if such change is from right- to leftwing. This set of results suggests that investors value continuity and stability in the political environment, and dislike changes. Finally, democracy, in itself, is not found to significantly influence portfolio equity and bond flows, such that there is no democratic premium. On the other hand, a decrease in the democracy score implies lower equity flows. Investors value continuity (stable democracy level, even if low) rather than improvements (democratic transitions) but are responsive to a deterioration in the democratic environment that is often accompanied by less transparency, and therefore greater uncertainty.

Do women and men behave differently in financial asset markets? Our results from an asset market experiment show a marked gender difference in producing speculative price bubbles. Mixed markets show intermediate values, and a meta-analysis of 35 markets from different studies confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market. Women's price forecasts also are significantly lower, even in the first period. Implications for financial markets and experimental methodology are discussed. (JEL D14, D81, G01, G11, J16)

El canal del crédito bancario, que amplifica los efectos del canal tradicional de la política monetaria, hace énfasis en la estructura y las fricciones del mercado financiero como determinantes del gasto agregado. Este artículo analiza y verifica la existencia del canal del crédito bancario en Colombia estimando un modelo propuesto por Michael Gibson en 19971997, quien utiliza regresiones de umbral para determinar el impacto de la política monetaria sobre la demanda agregada. Los resultados obtenidos no permiten descartar la existencia de este mecanismo de transmisión en Colombia durante el periodo analizado, aunque éste parece operar solo a través de la política monetaria contraccionista. Palabras clave: política monetaria, mecanismos de transmisión, canal de crédito bancario, modelos de umbral. Clasificación JEL: C12, C52, E44, E52, G11. Abstract: The Bank Credit Channel, which amplifies the effects of the traditional channel of monetary policy, emphasizes on the structure and frictions of financial markets as determinants of aggregate spending. This paper aims at analyze and verify the existence of the bank credit channel in Colombia estimating a model proposed by Gibson (1997) which uses threshold regressions as a way to determine the impact of monetary policy on aggregate demand. Results do not allow dismissing the existence of this transmission mechanism in Colombia during the analyzed period, although it seems to operate only through contractionary monetary policy. Keywords: monetary policy, transmission mechanisms, bank lending channel, threshold regressions. JEL classification: C12, C52, E44, E52, G11. Résumé: Le canal du crédit bancaire amplifie les effets du canal traditionnel de la politique monétaire et met l.accent sur la structure et sur les frictions du marché financier, lesquels constituent les éléments qui déterminent de la dépense agrégée. L.objectif de cet article est d.analyser et de vérifier l.existence du canal du crédit bancaire en Colombie en estimant le modèle proposé par Michael Gibson en 1997, lequel utilise des régressions à seuil pour déterminer l.impact de la politique monétaire sur la demande agrégée. Les résultats obtenus ne permettent pas d.écarter l.existence d.un mécanisme de transmission pendant la période analysée, malgré le fait qu.il ne paraisse agir qu.à travers une politique monétaire restrictive. Mots clef: politique monétaire, mécanismes de transmission, canal du crédit bancaire, modèles à seuil. Classification JEL: C12, C52, E44, E52, G11.