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Germany’s economy is so bad even sausage factories are closingIWHThe Economist, January 15, 2026
Firms’ financial leverage can largely explain the value effect, however, we document that the expected return-beta relationship of equity in unconditional tests of the CAPM is more generally distorted by leverage.
This paper extends the classic risk-return tradeoff of asset pricing to a risk-effort tradeoff, by assuming that managerial effort is necessary to generate cash flows. Corporate governance standards influence the manager's return to effort, her exposure to corporate risk, and the dilution of shareholder value.
This paper investigates the economic effects of carbon pricing policies using a panel of countries that are members of the EU Emissions Trading System.
We build indexes of commodity-price developments by simulating news reading. Our proposed computer-based, narrative approach is flexible and spans all commodity markets, including energy, metals, agricultural and livestock.
The workshop provides a platform to discuss new developments in the field of empirical and applied macroeconomic modelling and aims at bringing together academic researchers and practitioners. We invite applied and theoretical papers dealing with time series and broad macroeconomic topics.
Futures markets are a potentially valuable source of information about price expectations. Exploiting this information has proved difficult in practice, because time-varying risk premia often render the futures price a poor measure of the market expectation of the price of the underlying asset.
