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Toni Whited (University of Rochester)
IDEI, 19 mars 2012, 12h30–14h00, salle MF323
We quantify the extent to which nonfundamental movements in the price of a firm’s stock affect its policies. We estimate a version of a constant returns neoclassical investment model in which equity financing is costly, the firm can accumulate cash, and, most importantly, equity values can be...
Pierre Dubois (TSE) et Andy Russell (SEEM)
Toulouse : IAST, 16 mars 2012, 14h00–15h30, salle MS001
Pierre Dubois (TSE)
Olivier Pironneau (Université Pierre et Marie Curie)
Toulouse : TSE, 16 mars 2012, 13h45–15h00, salle MF 323
Mixing Monte-Carlo and PDE methods can substantially speed-up computations because it allows use of closed form solutions for some of the components. It can also solve problems like unknown boundary conditions for complex stochastic volatility models. Applying the method combined with Longstaff-...
Paris, France, 16 mars 2012
Mark Dincecco (IMT Institute for Advanced Studies)
Toulouse : IAST, 15 mars 2012, 15h30–17h00, salle MF323
We examine the long-term links between state capacity and economic performance. Our database is novel and spans 11 countries and 4 centuries in Europe, the birthplace of modern economic growth. A dynamic simultaneous equation panel model indicates that the performance effects of states with modern...
Christopher Rauh (Universitat Autonoma de Barcelona)
Toulouse : TSE, 15 mars 2012, 12h45–14h00, salle MF 323
Minorities in many countries have been found to have lower participation rates in self-employment. In this paper we introduce beliefs as a channel of persistent discrimination in self-employment despite perfect observability of individual ability. In the theoretical model individuals can become...
Charles Bellemare (Université de Laval)
Toulouse : TSE, 13 mars 2012, 15h30–17h00, salle Amphi S
We present results from a field experiment designed to measure the importance of managerial commitment to a contract within a firm that pays its workers piece rates. In the tree planting industry the piece rate paid to workers is determined as a function of the difficulty of the terrain to be...
Francis Bloch (Ecole Polytechnique)
Toulouse : TSE, 13 mars 2012, 11h00–12h30, salle Amphi S
We analyze the problem of optimal monopoly pricing in social networks in order to characterize the influence of the network topology on the pricing rule. It is shown that this influence depends on the type of providers (local versus global monopoly) and of externalities (consumption versus price)....
Seppo Honkapohja (Bank of Finland)
Toulouse : TSE, 12 mars 2012, 17h00–18h30, salle Amphi S
Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall...
