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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/230711</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/233510" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/243166" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/241273" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/249173" />
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    <dc:date>2026-04-28T15:29:40Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/233510">
    <title>Understanding Smart Contracts: Hype or hope?</title>
    <link>https://hdl.handle.net/10419/233510</link>
    <description>Title: Understanding Smart Contracts: Hype or hope?
Authors: Zinovyev, Elizaveta; Reule, Raphael C. G.; Härdle, Wolfgang
Abstract: Smart Contracts are commonly considered to be an important component or even a key to many business solutions in an immense variety of sectors and promises to securely increase their individual efficiency in an ever more digitized environment. Introduced in the early 1990's, the technology has gained a lot of attention with its application to blockchain technology to an extent, that can be considered a veritable hype. Reflecting the growing institutional interest, this intertwined exploratory study between statistics, information technology, and law contrasts these idealistic stories with the data reality and provides a mandatory step of understanding the matter, before any further relevant applications are discussed as being "factually" able to replace traditional constructions. Besides fundamental flaws and application difficulties of currently employed Smart Contracts, the technological drive and enthusiasm backing it may however serve as a jump-off board for future developments thrusting well in the presently unshakeable traditional structures.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/243166">
    <title>Green financial development improving energy efficiency and economic growth: A study of CPEC area in COVID-19 era</title>
    <link>https://hdl.handle.net/10419/243166</link>
    <description>Title: Green financial development improving energy efficiency and economic growth: A study of CPEC area in COVID-19 era
Authors: Zhang, Linyun; Huang, Feiming; Lu, Lu; Ni, Xinwen
Abstract: This study seeks to evaluate the effect of green financial development, improving energy efficiency and economic growth on Covid-19 tenure. For this, the CPEC area is recommended to look into. Present study revealed the energy economic negative repercussions of Covid-19 impacts. It is assumed that, in China and Pakistan, economic expansion, trade openness, financial development, and urbanization coexist. To verify the postulated impacts of economic activity on the environment, we do Johansen cointegration, error correction, and Granger causality tests. We discovered that economic growth, energy consumption, trade openness, financial development, and urbanization had a long-term relationship to CO2 emissions in Pakistan. Urbanization is the only macroeconomic factor with a detrimental effect on carbon emissions. As with China, no cointegration is found across variables, but unidirectional causality from energy consumption and economic growth to economic growth is established. Economic growth, energy consumption, and trade openness also each have bidirectional causal effect on financial development. According to statistical data, along with significant projected economic development in CPEC countries, policymakers and regulators are urged to strengthen environmental protection laws in China and Pakistan.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/241273">
    <title>A time-varying network for cryptocurrencies</title>
    <link>https://hdl.handle.net/10419/241273</link>
    <description>Title: A time-varying network for cryptocurrencies
Authors: Guo, Li; Härdle, Wolfgang; Tao, Yubo
Abstract: Cryptocurrencies return cross-predictability and technological similarity yield information on risk propagation and market segmentation. To investigate these effects, we build a timevarying network for cryptocurrencies, based on the evolution of return cross-predictability and technological similarities. We develop a dynamic covariate-assisted spectral clustering method to consistently estimate the latent community structure of cryptocurrencies network that accounts for both sets of information. We demonstrate that investors can achieve better risk diversification by investing in cryptocurrencies from different communities. A cross-sectional portfolio that implements an inter-crypto momentum trading strategy earns a 1.08% daily return. By dissecting the portfolio returns on behavioral factors, we confirm that our results are not driven by behavioral mechanisms.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/249173">
    <title>Hedging cryptos with Bitcoin futures</title>
    <link>https://hdl.handle.net/10419/249173</link>
    <description>Title: Hedging cryptos with Bitcoin futures
Authors: Liu, Francis; Packham, Natalie; Lu, Meng-Jou; Härdle, Wolfgang
Abstract: The introduction of derivatives on Bitcoin enables investors to hedge risk exposures in cryptocurrencies. Because of volatility swings and jumps in cryptocurrency prices, the traditional variance-based approach to obtain hedge ratios is infeasible. As a consequence, we consider two extensions of the traditional approach: first, different dependence structures are modelled by different copulae, such as the Gaussian, Student-t, Normal Inverse Gaussian and Archimedean copulae; second, different risk measures, such as value-at-risk, expected shortfall and spectral risk measures are employed to and the optimal hedge ratio. Extensive out-of-sample tests give insights in the practice of hedging various cryptos and crypto indices, including Bitcoin, Ethereum, Cardano, the CRIX index and a number of crypto-portfolios in the time period December 2017 until May 2021. Evidences show that BTC futures can&amp;#x2002;effectively hedge BTC and BTC-involved indices. This promising result is consistent across different risk measures and copulae except for Frank. On the other hand, we observe complex and diverse dependence structures between BTC-not-involved assets and the futures. As a consequence, results of hedging other assets and indices are diverse and, in some occasions, not ideal.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
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