Jump to navigation
Ulrich Hege, Elaine Hutson et Elaine Laing
n° 18-889, février 2018
This paper uses the staggered adoption of the Sarbanes-Oxley Act of 2002 for a difference-in-difference identification of the impact of corporate governance on hedging. In a large panel of listed US firms, we focus on two indexes of the legally required governance reforms, but also a wide index of...
Abdelaati Daouia, Jean-Pierre Florens et Léopold Simar
n° 17-890, février 2018
The aim of this paper is to construct a robust nonparametric estimator for the production frontier. We study this problem under a regression model with one-sided errors where the regression function defines the achievable maximum output, for a given level of inputs-usage, and the regression error...
Elias Albagli, Christian Hellwig et Aleh Tsyvinski
n° 18-891, février 2018, révision février 2023
We analyze the consequences of noisy information aggregation for investment. Market imperfections create endogenous rents that cause overinvestment in up-side risks and underinvestment in downside risks. In partial equilibrium, these inefficiencies are particularly severe if upside risks are...
Bruno Jullien et Yassine Lefouili
n° 18-892, février 2018, révision mai 2018
This paper discusses the effects of horizontal mergers on innovation. We rely on the existing academic literature and our own research work to present the various positive and negative effects of mergers on innovation. Our analysis shows that, even in the absence of technological spillovers and R...
Sangmin Aum, Tim Lee et Yongseok Shin
n° 18-893, février 2018
Aggregate productivity growth in the U.S. has slowed down since the 2000s. We quantify the importance of differential productivity growth across occupations and across industries, and the rise of computers since the 1980s, for the productivity slowdown. Complementarity across occupations and...
Yassine Lefouili et Joana Pinho
n° 18-894, février 2018, révision juillet 2020
We study the price and welfare effects of collusion between two-sided platforms and show that they depend on whether collusion occurs on both sides or a single side of the market, and whether users single-home or multi-home. Our most striking result is that one-sided collusion leads to lower (resp...
Jad M. Chaaban, Hala Ghattas, Alexandra Irani et Alban Thomas
n° 18-896, février 2018
We propose an empirical method for improving food assistance scoring and targeting, which minimizes under-coverage and leakage of food and cash assistance programs. The empirical strategy relies on a joint econometric estimation of food insecurity and economic vulnerability indicators at the...
M’hand Fares, Saqlain Raza et Alban Thomas
n° 18-895, février 2018
Many quality signals—both private and public—have been used to foster the development of food quality in the agro-food markets: mainly brands and common certified labels. Previous research has typically focused on either brand or certified label efficiency independently, while in many instances...
Stefan Hoderlein et Anne Vanhems
vol. 33, n° 1, février 2018, p. 52–72
This paper proposes a framework to model welfare effects that are associated with a price change in a population of heterogeneous consumers. The framework is similar to that of Hausman and Newey (Econometrica, 1995, 63, 1445–1476), but allows for more general forms of heterogeneity. Individual...
Johannes Hörner, Stefano Lovo et Tristan Tomala
vol. 127, n° 2, février 2018, p. 342–365
We analyze security price formation in a dynamic setting in which long-lived dealers repeatedly compete for trading with potentially informed retail traders. For a class of market microstructure models, we characterize equilibria in which dealers’ dynamic pricing strategies are optimal no matter...
