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Philippe Bacchetta (Université de Lausanne)
Toulouse : TSE, 12 octobre 2009, 17h00–18h00, salle MF 323
Nicolae Garleanu (Berkeley)
TSE, 12 octobre 2009, 12h30–14h00, salle MF 323
In a model with heterogeneous-risk-aversion agents facing margin constraints, we show how securities’ required returns are characterized both by their betas and their margins. Negative shocks to fundamentals make margin constraints bind, lowering risk-free rates and raising Sharpe ratios of risky...
Philippe Mahenc (LERNA-Université de Perpignan)
Toulouse : TSE, 12 octobre 2009, 11h00–12h30, salle MF 323
Certification is meant to solve the adverse selection problem raised by unsubstantiated claims from firms about environmental safety. Things are getting complicated by the suspicion of uninformed consumers that the certification agency might manipulate their beliefs. To make her certification...
Eske Stig Hansen (University of Aarhus)
Toulouse : TSE, 8 octobre 2009, 12h45–14h00, salle MF 323
"Strategic models of oligopolistic behavior are highly appreciated by both academia and public decision makers for describing a wide number of industries. In particular, this holds for modern wholesale electricity markets, which are often highly concentrated, and consequently several competing...
Taoufik Bouezmarni (McGill University)
Toulouse : TSE, 6 octobre 2009, 15h30–16h30, salle MF 323
The concept of causality is naturally defined in terms of conditional distribution, however almost all the empirical works in this literature focus on the causality in the mean. This paper aims to propose a different nonparametric statistic to test the conditional independence and Granger non-...
François Le Grand (Emlyon Business School)
Toulouse : TSE, 6 octobre 2009, 11h00–12h30, salle MF 323
We consider a formal approach to comparative risk aversion and apply it to intertemporla choice models. This makes it possible to investigate whether standard classes of utility functions, such as those inspired from Khilstrom and Mirman (1974), Selden (1978), Epstein and Zin (1989) or Quiggin (...
Ana Maria Santacreu (INSEAD)
Toulouse : TSE, 5 octobre 2009, 17h00–18h30, salle MF 323
In the last decade, some countries in Asia and Europe grew much faster than average, and experienced a significant increase in the variety of goods that they import. A well known stylized fact in development is the existence of a positive correlation between trade and growth across countries....
Doh-Shin Jeon (Toulouse School of Economics)
IDEI, 5 octobre 2009, 12h30–14h00, salle MF 323
In this paper, we examine whether there is a natural barrier to entry in the credit rating industry. We consider an infinite horizon model in which each period, an original incumbent faces competition from an entrant randomly selected from a pool of ex ante identical potential entrants. The...
Catarina Goulão (TSE and GREMAQ-INRA)
Toulouse : TSE, 5 octobre 2009, 11h00–12h30, salle MF 323
We present an OLG model in which is introduced an externality for chronic noncommunicable diseases (CND). Indeed, the probability of suffering from a chronic disease when old depends on individuals’ parents’ choices and, therefore, on the inherited health capital. In this way we introduce a...
Nicolas Hérault (University of Melbourne)
Toulouse : TSE, 1 octobre 2009, 11h00–12h30, salle MF 323
South Africa has rapidly reduced trade barriers since the end of Apartheid, yet agricultural production and exports have remained sluggish. Also, poverty and unemployment have risen and become increasingly concentrated in rural areas. This paper examines the extent to which remaining price...
