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Christian Gouriéroux et Joann Jasiak
vol. 232, n° 1, janvier 2023, p. 35–51
A major difficulty in the analysis of Covid-19 transmission is that many infected individuals are asymptomatic. For this reason, the total counts of infected individuals and of recovered immunized individuals are unknown, especially during the early phase of the epidemic. In this paper, we consider...
Matthias Efing, Harald Hau, Patrick kampkötter et Jean-Charles Rochet
vol. 36, n° 1, janvier 2023, p. 235–280
We argue that risk sharing motivates the bankwide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs negative earnings...
Ulrich Hege, Sébastien Pouget et Yifei Zhang
n° 23-1400, janvier 2023, révision décembre 2024
We study the impact of climate patents on financial markets. Exploiting quasi-random variations in patent examiner leniency, we show that firms are rewarded with significant positive stock returns over a 12-month horizon when they receive fortuitous climate patent grants, compared with similarly...
Alexandre de Cornière et Greg Taylor
n° 23-1403, janvier 2023
We study the profitability of bundling by an upstream firm who licenses com-plementary technologies to downstream competitors, and who faces a superior competitor for one of its technologies. In an otherwise standard “Chicago-style” model, we show that the existence of downstream competition can...
Marie Brière, Karen Huynh, Olav Laudy et Sébastien Pouget
n° 23-1401, janvier 2023
Using textual data extracted by Causality Link platform from a large variety of news sources (news stories, call transcripts, broker re-search, etc.), we build aggregate news signals that take into account the tone, the tense and the prominence of various news statements about a given firm. We test...
Ingela Alger et Laurent Lehmann
n° 23-1405, janvier 2023, révision mai 2023
We model the evolution of preferences guiding behavior in pairwise interactions in group-structured populations. The model uses long-term evolution theory to examine different interaction scenarios, including con-ditional preference expression upon recognition of the partner’s type. We apply the...
Andrea Attar, Eloisa Campioni et Gwenaël Piaser
vol. 222, n° 110932, janvier 2023
We study competing-mechanism games, in which multiple principals contract with multiple agents. We reconsider the issue of non-existence of an equilibrium as first raised by Myerson (1982). In the context of his example, we establish the existence of a perfect Bayesian equilibrium. We clarify that...
Farid Gasmi, Laura Recuero Virto et Denis Couvet
n° 23-1399, janvier 2023
Using a novel database on countries exposed to coastal risks (CR), this paper estimates an augmented neoclassical growth model that nests eight other new growth models. To account for uncertainty related to model multiplicity and choice of growth determinant proxies, we use a Bayesian model...
Philippe Wahl (La Poste Groupe), Laure de La Raudière (ARCEP), Pierre Régibeau (European Commission) et Yves-Alexandre de Montjoye (Imperial College London)
TSE, 2022
Robert Edwards (University of Nottingham Business School)
