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Nicolas Dupuis (Toulouse School of Economics)
TSE, June 10, 2013, 12:30–13:30, room MS003
We estimate the strategic incentives of experts to send biased messages using movie reviews released in the US between 2004 and 2013. We find results consistent with theoretical predictions: when driven by reputational concerns, less skilled movie critics bias their messages towards the prior of...
Pierre Collin-Dufresne (University of Columbia - EPFL)
IDEI, June 10, 2013, 12:30–14:00, room MF 323
We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochastic. If noise trading volatility is mean-...
Eric Maskin
Hôtel de Ville, Toulouse, France, June 6, 2013, 16:30–19:00, room Salle des Illustres
Toulouse, France, June 5–7, 2013
Marc Melitz (University of Harvard)
Toulouse: TSE, June 3, 2013, 17:00–18:30, room MS 001
We examine how firm heterogeneity influences aggregate welfare through endogenous firm selection. We consider a homogeneous firm model that is a special case of a heterogeneous firm model with a degenerate productivity distribution. Keeping all structural parameters besides the productivity...
John E. Roemer (University of Yale)
Toulouse: TSE, June 3, 2013, 14:00–15:30, room MS 001
Mankind must cooperate to reduce GHG emissions to prevent a catastrophic rise in global temperature. How can the necessary costs of reducing GHG emissions be allocated across regions of the world, within the next few generations, and simultaneously address growth expectations and economic...
Lasse Heje Pedersen
IDEI, June 3, 2013, 12:30–14:00, room MF 323
Many financial instruments are designed with embedded leverage such as options and leveraged exchange traded funds (ETFs). Embedded leverage alleviates investors’ leverage constraints and, therefore, we hypothesize that embedded leverage lowers required returns. Consistent with this hypothesis, we...
Fanny Camara (Toulouse School of Economics)
TSE, June 3, 2013, 12:30–13:30, room MS003
I investigate how competition shapes the incentives for pharmaceutical firms to acquire and disclose information on the quality of their drugs. I have constructed a unique dataset describing the clinical trials and the medical publications for all drugs that have been developed or marketed in the...
Bhavani Shankar (University of London)
Toulouse: TSE, June 3, 2013, 11:00–12:15, room MF 323
Excessive salt intake is linked to cardiovascular disease and several other health problems around the world. The UK Food Standards Agency initiated a campaign at the end of 2004 to reduce salt intake in the population. There is disagreement over whether the campaign was effective in curbing salt...
