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Denis Gromb (INSEAD and CEPR)
IDEI, 23 novembre 2009, 12h30–14h00, salle MF 323
We propose a continuous time infinite horizon equilibrium model of financial markets in which arbitrageurs have multiple valuable investment opportunities but face financial constraints. The investment opportunities, heterogeneous along different dimensions, are provided by pairs of similar assets...
Hélène Ollivier (Economic department at Ecole Polytechnique)
Toulouse : TSE, 23 novembre 2009, 11h00–12h30, salle MF 323
This paper analyzes the impacts of bioenergy trade on greenhouse gas emissions using a two-good, three-factor model. Bioenergy is an intermediate good produced by the agricultural sector and used by the industry as a substitute for fossil fuels. Countries impose Pigovian taxes on pollution emitted...
Andrea Prat (LSE Londres)
Toulouse : TSE, 19 novembre 2009, 16h30–18h00, salle MF 323
We develop a methodology to collect and analyze time diaries of top executives. Our idea -sketched out in a simple theoretical set-up -is that CEO time is a scarce resource and that its allocation can help us identify the firm's priorities as well as the presence of governance issues. We record the...
Heiko Karle (ECARES, Universite' Libre de Bruxelles (ULB))
Toulouse : TSE, 19 novembre 2009, 12h45–14h00, salle MF 323
We develop a theory of imperfect competition with loss-averse consumers. All consumers are fully informed about match value and price at the time they make their purchasing decision. However, a share of consumers is initially uncertain about their tastes and forms a reference point consisting of an...
Ekaterina Zhuravskaya (University of Moscow)
Toulouse : TSE, 19 novembre 2009, 11h00–12h30, salle MF 323
Using panel data on Chinese provinces over 27 years, we show that local public policy to a large extent is determined by the background of provincial leader, i.e., provincial party secretary. Provinces under the leadership of party secretaries who built their careers within the province have higher...
Andrea L. Eisfeldt (Northwestern University, Kellogg School of Management)
IDEI, 16 novembre 2009, 12h30–14h00, salle MC 201
This paper studies the unique risk characteristics of organization capital. Using a stock measure of organization capital based on readily available accounting data, we find that firms with more organization capital relative to their industry peers outperform firms with less organization capital by...
Toulouse, France, 16–17 novembre 2009
Aude Le Lannier (ADIS-GRJM, U. Paris 11 / GREGOR, IAE-U.Paris 1 / Crigen, GDF-SUEZ)
Toulouse : TSE, 12 novembre 2009, 12h45–14h00, salle MF 323
Yardstick competition models assume a perfect regulatory commitment that relies on complete and rigid yardstick contracts, which are never renegotiated. Therefore, yardstick competition makes it possible to provide strong incentives to firms, while decreasing the informational asymmetries between...
Toru Kitagawa (UCL)
Toulouse : TSE, 10 novembre 2009, 17h00–18h30, salle MF 323
We develop a specification test for the independent instrument assumption in the sample selection model. We test the emptiness of the identification region of Manski (2003): the set of outcome distributions that are compatible with data and the restriction of statistical independence between the...
Tommaso Majer (Universidad Autonoma de Barcelona)
Toulouse : TSE, 10 novembre 2009, 12h45–14h00, salle MF 323
It is broadly accepted that mobile network operators are monopolists when they set the termination rate for the calls made to their own network. This is the main rationale under the regulatory activity in most European countries. Indeed, if left unregulated, fixed-to-mobile termination rates would...
