Forecasting the risk of extreme losses is an important issue in the management of financial risk and has attracted a great deal of research attention. However, little attention has been paid to extreme losses in a higher frequency intraday setting. This paper proposes a novel marked point process model to capture extreme risk in intraday returns, taking into account a range of trading activity and liquidity measures. A novel approach is proposed for defining the threshold upon which extreme events are identified taking into account the diurnal patterns in intraday trading activity.

We propose a multivariate dynamic intensity peaks‐over‐threshold model to capture extremes in multivariate return processes. The random occurrence of extremes is modeled by a multivariate dynamic intensity model, while temporal clustering of their size is captured by an autoregressive multiplicative error model. Applying the model to daily returns of three major stock indexes yields strong empirical support for a temporal clustering of both the occurrence and the size of extremes.

In this paper, we try to understand pesticide input decisions among Vietnamese rice producers by examining the production risk effects of pesticide use, applying both a lottery game and a more traditional production function approach. Production function estimates show that excessive pesticide use makes production riskier. This result is supported by the lottery approach, which signals that more risk averse farmers use less pesticide, implying that pesticide is a risk-increasing input.

Share contracts are the dominant remuneration system in artisanal fisheries. Introducing regulations based on collective use rights may affect the way profits are distributed. The literature on the effect of regulatory reform on factor income distribution, however, is scarce. In this paper, we look at differences in the implementation of the Extractive Artisanal Regime in Chilean hake artisanal fisheries to test its effect on share contracts. We estimated a switching regression model using census data to calculate the average treatment effect.

Evidence from south-central Chile shows that the concentration limits for PM10 and PM2.5, defined by both the World Health Organization and national standards, are systematically exceeded, affecting approximately 10 million people. Among the sources of this pollution, firewood use accounts for the largest share. This study assesses whether consumers value environmental, social, and legal attributes associated with the firewood certification programs. We used a discrete choice model based on a sample of 500 households.

Societies have adapted to climate and environmental variability throughout history. However, projected climate change poses multiple risks to mariculture because of the increased frequency of environmental threats that lie outside the realm of present day experience. Adaptive capacity evaluated in this study is a characteristic that would reflect mariculture industries ability to anticipate and respond to these changes, and to minimize, cope with, and recover from the consequences and take advantage of new opportunities arising from change.

Cultivation of drought-tolerant (DT) maize seed reduces drought risk in sub-Saharan Africa. Data from eastern Uganda reveal gender gaps in awareness and adoption of DT maize. Among surveyed male household heads, 67.6 percent had awareness of DT maize varieties and 29.2 percent grew them. Corresponding figures for female household heads were 43.3 percent (awareness) and 5.3 percent (adoption) and those for wives in spousal couple households were 51.0 percent and 11.1 percent. Propensity score matching (PSM) found that awareness of the technology has a decisive role in DT maize adoption.

This paper estimates the association between innovation and employment growth among manufacturing firms in Africa. The paper uses a cross-sectional World Bank Enterprise Survey dataset in which innovation is categorised as product innovation and process innovation. Results from the pooled ordinary least squares (OLS) estimation are more efficient compared to IV 2SLS.

Whether embankments should be used to control floods is a question of great importance in the eastern Gangetic plain, where embankment breaches cause severe flood damage every year and huge damage due to major breaches every few years. Critics of the embankment policy have called for a strategy of living with floods by building dispersed infrastructure to cope with floods. However, no cost–benefit analysis of alternative strategies is available. This paper makes a first pass at evaluating embankments.