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Christian Gollier et Sébastien Pouget
vol. 89, juin 2022, p. 997–1023
Socially responsible investors constitute an important force in today’s global financial markets. This paper examines conditions under which socially responsible investors induce companies to behave responsibly. We develop an asset pricing model in which some shareholders are active owners, that is...
Mounu Prem
n° 22-141, juin 2022
We study the relationship between political regimes, education, and redistribution, fo-cusing on the 1973 coup that brought Augusto Pinochet to power in Chile. We show that the Pinochet dictatorship’s aims of political control and fiscal conservatism led to a sharp reduction in openings for new...
Tim Ederer
n° 22-1340, juin 2022
This paper provides a unifying framework of one-to-one and many-to-one matching without transfers and investigates how data on realized matches can be leveraged to identify preferences of participating agents. I find that, under parsimonious assumptions on preferences, one can only identify the...
Manon Costa, Sébastien Gadat et Lorick Huang
n° 22-1342, juin 2022, révision novembre 2023
This article studies and solves the problem of optimal portfolio allocation with CV@R penalty when dealing with imperfectly simulated financial assets. We use a Stochastic biased Mirror Descent to find optimal resource allocation for a portfolio whose underlying assets cannot be generated exactly and...
Henrik Paul Lopuhaä, Valérie Gares et Anne Ruiz-Gazen
n° 22-1343, juin 2022
We provide a unified approach to S-estimation in balanced linear models with structured covariance matrices. Of main interest are S-estimators for linear mixed effects models, but our approach also includes S-estimators in several other standard multivariate models, such as multiple regression,...
Marc Ivaldi, Emile Quinet et Celia Ruiz Mejia
n° 22-1385, juin 2022
The objective of this paper is to estimate the extent of agglomeration externalities taking into account the direct and indirect impacts of transport exposure on productivity. To do so, we take advantage of a rich data infrastructure that combines very fine georeferenced infra-municipality data on...
Jean-Paul Azam
n° 22-1347, juin 2022
This paper shows how careful strategic thinking outperforms hasty ethical judgment to produce peace. It uses a provocation model to explain why the initial Muslim coalition against southern Christians broke up in Sudan and Chad thanks to much vilified pipelines. The need to cooperate was made...
Silvia Rossetto, Nassima Selmane et Raffaele Staglianò
n° 22-1346, juin 2022
This study analyzes the relationship between mid-sized blockholders and firm risk. We show that ownership structure matters for firm risk, beyond the first largest blockholder. Firms with multiple blockholders take more risk than firms with just one blockholder, even when controlling for the stake of...
François Salanié (Toulouse School of Economics)
juin 2022
Thibault Laurent, Paula Margaretic et Christine Thomas-Agnan
vol. 17, n° 4, juin 2022, p. 557–584
We measure to what extent neighbouring countries affect the amount of remittances between a source and a recipient country, controlling for the commonly used macro determinants of remittances. We provide novel evidence on the importance of neighbouring countries, with the parameter estimates...
