DSpace Collection:
https://hdl.handle.net/10171/42928
2024-03-29T01:47:36ZCountry Portfolios with Heterogeneous Pledgeability
https://hdl.handle.net/10171/43114
Title: Country Portfolios with Heterogeneous Pledgeability
Abstract: In this paper, I study the international transmission of shocks when assets traded across
borders are differently suitable as collateral for borrowing (i.e., pledgeability). Under finan-
cial integration, differences in pledgeability have implications for the demand for assets. For
instance, if a shock makes it more difficult to pledge the assets of the country receiving the
shock, agents expect these assets to yield a relatively higher premium than foreign assets
in the near future. I develop an approach to determine the optimal portfolio allocations,
as existing methods cannot be directly applied to capture differences in asset pledgeability.
In this case of heterogeneously pledgeable assets, financial shocks are transmitted from one
country to another because the same asset is held by residents of different countries. Valu-
ation effects arise as a consequence of the reaction of asset returns in different countries. In
contrast, a standard model cannot generate any of these implications when assets have the
same degree of pledgeability. Indeed, when assets have the same degree of pledgeability,
financial shocks are country-specific and hinder the access to credit only for the residents
of the country hit by the shock.2013-01-01T00:00:00ZSport Talent, Media Value and Equal Prize Policies in Tennis
https://hdl.handle.net/10171/43112
Title: Sport Talent, Media Value and Equal Prize Policies in Tennis
Abstract: Given the economic and commercial implications of sports, the media value of players
and teams is considered a major asset in professional sports businesses. This paper
aims to assess the economic value of intangible assets in the tennis industry. In order to
rank the media value of professional tenni
s players (both men and women), we measure
the intangible talent of players based on their exposure in the mass media. We use the
ESI (Economics, Sports and Intangibles) methodology to examine some issues related
to the competitive structure of tennis. Then, we explore whether policies regarding prize
money could be more efficiently designed to account for the economic contribution of
the players. The paper uses weekly data on the media presence and popularity of 1,400
professional tennis players (700 women and
700 men competing in 2007, respectively,
in the WTA and ATP).2013-01-01T00:00:00Z