Title
Das Forward Premium Puzzle als Ergebnis adverser Selektion: Eine Untersuchung auf theoretischer Basis (German Edition),Used
Delivery time: 8-12 business days (International)
Das Forward Premium Puzzle stellt eine der am lngsten bestehenden Ungereimtheiten im Bereich internationaler Finanzmrkte dar. Ziel der vorliegenden Arbeit ist es, eine Erklrung des Puzzles auf theoretischer Basis herzuleiten. Dabei kombiniert das Modell Eigenheiten des Portfolio Shifts Modells nach Evans und Lyons (2002) mit einem Problem adverser Selektion auf Seiten des Market Makers im Sinne von Glosten und Milgrom (1985) und Burnside et al. (2009). Das adverse selection Problem des Market Makers resultiert daraus, dass am Markt unterschiedlich informierte Akteure handeln. Neben dem Market Maker, ber den der gesamte Handel am Markt abgewickelt wird, betrachtet das Modell zustzlich uninformierte Liquidity Trader, informierte Akteure und Noise Trader. Insgesamt weisen die Ergebnisse des Modells darauf hin, dass Informierte und Noise Trader am Spot und Forwardmarkt fr das Auftreten des Forward Premium Puzzles eine bedeutende Rolle spielen. Das Verhalten der Noise Trader lsst das Ausma des adverse selection Problems des Market Makers gegenber den Informierten zeitlich schwanken, was im Modell in einem negativen Steigungsparameter der UIPRegression resultiert.
By changing our most important processes and
products, we have already made a big leap forward. This ranges from the
increased use of more sustainable fibers to the use of more
environmentally friendly printing processes to the development of
efficient waste management in our value chain.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.
Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
Secure Payment
Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.
Secure Payment
Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.