No abstract

The literature has not settled down on safe haven property of gold in the emerging and developing countries. Therefore, we revisit the international evidence on hedging and safe haven role of gold for 34 emerging and developing countries with a span of daily data covering January 2000-November 2018. We employ the GARCH-copula approach to estimate the lower-tail extreme dependencies of the joint distribution of gold and equity returns. We also introduce a new definition for the strong safe haven property of an asset. Our findings indicate that while gold serves as a hedging instrument for all countries in our sample, we got evidence of weak safe haven property for gold, for domestic investors, only in 20 countries, and a strong safe haven asset (SHA) only in 9 countries.

No abstract

No abstract

In professional boxing, a higher-ranked boxer chooses his opponent among challengers varying in popularity and strength. We build a three-stage model of a professional boxing fight between the chooser and a challenger to examine the strategic incentives of a chooser in sharing the purse and exerting a proper level of effort. More importantly, we endogenize the choice of the opponent and the purse to be generated. We found that an older chooser who is ready to cash in his reputation tends to choose a stronger opponent with little effort, while a young rising “star” prefers a match against weaker opponents.