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q-fin.GN2024
Inefficiencies of Carbon Trading Markets
Nicola Borri, Yukun Liu, Aleh Tsyvinski +1
The European Union Emission Trading System is a prominent market-based mechanism to reduce emissions. While the theory is well understood, we are the first to study the whole cap-a…
q-fin.GN2024
One Factor to Bind the Cross-Section of Returns
Nicola Borri, Denis Chetverikov, Yukun Liu +1
We propose a new non-linear single-factor asset pricing model . Despite its parsimony, this model represents exactly any non-linear model with an arbit…