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Lin Shen (INSEAD)
Toulouse: TSE, December 16, 2024, 11:00–12:30, room Auditorium 5
We study how ESG investing reshapes information aggregation by prices. We document that the information content of asset prices changes with ESG investing. We then develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG...
Online, December 12, 2024, 16:00
Patricia Goncalves (Instituto Superior Técnico)
Toulouse: TSE, December 12, 2024, 11:00–12:15, room Auditorium 3
In the seventies, Frank Spitzer introduced interacting particle systems to the mathematics community. These systems consist of particles evolving randomly according to Markovian dynamics that conserve certain quantities. Interacting particle systems were already known in the physics and biophysics...
Benjamin Marx (Boston University)
December 12, 2024, 11:00–12:30, room Auditorium 4
This paper explores how state and religious providers of education compete during the nation building process. Using novel administrative data, we characterize the evolution of Indonesia’s Islamic education system and religious school choice after the introduction of mass public primary schooling...
Toulouse, TSE/IAST Building, December 11, 2024
Aureo de Paula (University College, London)
TSE, December 10, 2024, 15:30–16:50, room Auditorium 4
Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits (increasingly available) data on a firm’s expectations of its future output and inputs that allows us to obtain consistent...
Antoine Bouveret (ESMA), and Hadrien Leclerc (ESMA)
December 10, 2024, 14:00–15:30, BDF, Paris, room Salle 4 - Espace Conférence
We assess risks related to funds pursuing Liability-Driven Investment strategies by merging entity and activity-level regulatory datasets. The analysis points to high concentration risks stemming from large holdings of UK sovereign bonds and a high degree of portfolio overlap among funds. We also...
Céline Poilly (Université Aix-Marseille)
December 10, 2024, 11:30–12:30, BDF, Paris, room Room 4GH and online
Endogenous uncertainty acts as an aggregate-demand amplification mechanism of supply shocks. Using U.S. data, we first stress that taking into account time-varying macroeconomic uncertainty leads to a significantly stronger recession and less inflationary pressures, in response to a TFP shock. In...
Guillaume Pouliot (The University of Chicago - Harris School of Public Policy)
TSE, December 10, 2024, 09:30–10:30, room Auditorium 4
Multivariate linear regression and randomization-based inference are two essential methods in statistics and econometrics. Nevertheless, the problem of producing a randomized test for the value of a single regression coefficient that is exactly valid when errors are exchangeable, and which is...
Joel Shapiro (Saïd Business School - University of Oxford)
Toulouse: TSE, December 9, 2024, 12:30–14:00, room Auditorium 5
The boom in Environmental, Social, and Governance (ESG) investing has created a demand for ESG ratings. ESG ratings, unlike credit ratings, measure multiple unrelated categories. We provide a model of ESG ratings competition where raters provide information about these categories and set fees....
