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Ilya Strabulaev (Stanford University)
TSE, 7 juin 2010, 12h30–14h00, salle MC 204
The traditional regression methodology of estimating “optimal” capital structure is profoundly misspecified if firms follow dynamic financial policies. Instead, capital structure researchers, under many reasonable scenarios, should estimate the conditional mode of the leverage distribution. This...
Glen Weyl (Harvard University)
Toulouse : TSE, 3 juin 2010, 11h00–12h30, salle MF 323
A holdout problem arises when a disparately-owned good is desired by a prospective buyer only in its entirety, as in land assembly. Market design is then crucial, as fully respecting property rights of many sellers eventually eliminates all trade. We propose a Concordance principle, inspired by the...
Andrea Cerioli (University of Parma)
Toulouse : TSE, 1 juin 2010, 14h00–15h30, salle MF 323
An effective method for outlier detection should both identify a large portion of the outliers when they are present in the data, and provide a small number of false alarms when there is no contamination. However basic they may seem, these conflicting requirements are the enemy brothers of...
Jean-Charles Rochet (Swiss Banking Institute, University of Zurich, SFI and Toulouse School of Economics)
Toulouse : TSE, 1 juin 2010, 11h00–12h30, salle MF 323
This article offers a formal model of the stakeholder corporation. It starts with the observation that when firms' choices of investment influence the probability distributions of their output, profit maximization and competitive behaviour do not lead to Pareto optimality. This is because firms...
Palais Brongniart, Paris, France, 1 juin 2010
Ricardo Reis (Columbia University)
Toulouse : TSE, 31 mai 2010, 17h00–18h30, salle MF 323
Over the past two years, the Federal Reserve has extended credit to several institutions, intervening in several financial markets. This paper provides a model to analyze the relative effectiveness of the different policies of injecting liquidity in different markets. The three key ingredients of...
David Skeie (Federal Reserve Bank of New York)
TSE, 31 mai 2010, 12h30–14h00, salle MC 203
A major lesson of the recent financial crisis is that the interbank lending market is crucial for banks facing large uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending market in allocating funds. We consider two different types of liquidity...
Christian Traeger (Berkeley)
Toulouse : TSE, 31 mai 2010, 11h00–12h30, salle MF 323
The paper extends a dynamic version of the classical von Neumann-Morgenstern setting to incorporate a degree of confidence in or subjectivity of probabilistic beliefs. It provides a simple axiomatic characterization of a new preference representation that addresses ambiguity from a simple...
Friederike Mengel (Universite de Maastricht)
Toulouse : TSE, 27 mai 2010, 15h30–17h00, salle MF 323
We study extrapolation between games in a laboratory experiment. Participants in our experiment first play either the dominance solvable guessing game or a Coordination version of the guessing game for five rounds. Afterwards they play a 3x3 normal form game for ten rounds with random matching...
David Pacini (TSE)
Toulouse : TSE, 27 mai 2010, 12h45–14h00, salle MF 323
We examine what can be learned about the correlation between Y and X when data are available from two independent random samples; the first sample gives information on variables (Y;Z), while the second sample gives information on (X;Z). The variable Z has the same distribution in both samples, but...
