Browsing ECO Working Papers by Type "Working Paper"

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Browsing ECO Working Papers by Type "Working Paper"

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    Title: Dynamic Competitive Economies with Complete Markets and Collateral Constraints  Author(s): GOTTARDI, Piero; KUBLER, Felix Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided both the set of asset payoffs and collateral levels are sufficiently ...
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    Title: Turnout and Policy: The role of candidates  Author(s): VALASEK, Justin Mattias Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: Turnout is an important determinant of which candidate wins an election. Since candidates know this, it follows that they will consider turnout when choosing their policy platforms. In this paper I formally examine the ...
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    Title: The Structure of the Lattices of Pure Strategy Nash Equilibria of Binary Games of Strategic Complements  Author(s): RODRIGUEZ BARRAQUER, Tomas Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: It has long been established in the literature that the set of pure strategy Nash equilibria of any binary game of strategic complements among a set N of players can be seen as a lattice on the set of all subsets of N under ...
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    Title: A Model for Ordinal Responses with an Application to Policy Interest Rate  Author(s): SIRCHENKO, Andrei Date: 2012 Type of Publication: Working Paper Series/Report no.: Economics Education and Research Consortium (EERC) Working Papers Abstract: The decisions to reduce, leave unchanged, or increase (the price, rating, policy interest rate, etc.) are often characterized by abundant no-change outcomes that are generated by different processes. Moreover, the positive ...
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    Title: Realized Beta GARCH: Multivariate GARCH model with realized measures of volatility and covolatility  Author(s): HANSEN, Peter Reinhard; LUNDE, Asger; VOEV, Valeri Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We introduce a multivariate GARCH model that incorporates realized measures of volatility and covolatility. The realized measures extract information about the current level of volatility and covolatility from high-frequency ...
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    Title: Social Networks and the Process of “Globalization”  Author(s): DUERNECKER, Georg; VEGA-REDONDO, Fernando Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We propose a stylised dynamic model to understand the role of social networks in the phenomenon we call “globalization.” This term refers to the process by which even agents who are geographically far apart come to interact, ...
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    Title: With Strings Attached: Grandparent-provided child care, fertility, and female labour market outcomes  Author(s): GARCIA-MORAN, Eva; KUEHN, Zoe Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: Grandparents are regular providers of free child care. Similar to any other form of child care, availability of grandparent-provided child care affects fertility and labor market decisions of women positively. We find that ...
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    Title: Equivalence Between Out-of-Sample Forecast: Comparisons and Wald statistics  Author(s): HANSEN, Peter Reinhard; TIMMERMANN, Allan Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We establish the equivalence between a commonly used out-of-sample test of equal predictive accuracy and the difference between two Wald statistics. This equivalence greatly simplifies the computational burden of calculating ...
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    Title: Asymmetric Awareness and Moral Hazzard  Author(s): AUSTER, Sarah Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper introduces asymmetric awareness into the classical principal-agent model and discusses the optimal contract between a fully aware principal and an unaware agent. The principal enlarges the agent’s awareness ...
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    Title: Family Firms and the Agency Cost of Debt: The role of soft information during a crisis  Author(s): D’AURIZIO, Leandro; OLIVIERO, Tommaso; ROMANO, Livio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we study how access to bank lending during the recent financial crisis differed between family and non-family firms. Our theoretical prediction is that the presence of a family block-holder in the company ...
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    Title: Cash-on-Hand and the Duration of Job Search. Quasi-Experimental Evidence from Norway  Author(s): BASTEN, Christoph; FAGERENG, Andreas; TELLE, Kjetil Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at age 50. We find that a severance payment worth 1.2 months’ earnings at the ...
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    Title: Testing Causality between Two Vectors in Multivariate GARCH Models  Author(s): WOŹNIAK, Tomasz Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Spillover and contagion effects have gained significant interest in the recent years of financial crisis. Attention has not only been directed to relations between returns of financial variables, but to spillovers in risk ...
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    Title: Granger-Causal Analysis of VARMA-GARCH Models  Author(s): WOŹNIAK, Tomasz Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Recent economic developments have shown the importance of spillover and contagion effects in financial markets. Such effects are not limited to relations between the levels of financial variables but also impact on their ...
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    Title: Information Disclosure and the Equivalence of Prospective Payment and Cost Reimbursement  Author(s): MA, Ching-to Albert; MAK, Henry Y. Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: A health care provider chooses medical service quality and cost-reduction effort. Both choices are non-contractible. An insurer observes both quality and cost effort, and may credibly disclose them to consumers. In prospective ...
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    Title: Financial Intermediation, Markets, and Alternative Financial Sectors  Author(s): ALLEN, Franklin; CARLETTI, Elena; QIAN, Jun 'QJ'; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external ...
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    Title: Being Close to Grow Faster: A network-based empirical analysis of economic globalization  Author(s): DUERNECKER, Georg; MEYER, Moritz; VEGA-REDONDO, Fernando Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Globalization features one of the major global trends which shape economic outcomes in developing and developed countries. Standard results from the empirical growth literature suggest that participation in worldwide trade ...
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    Title: Risk-Sharing and Retrading in Incomplete Markets  Author(s): GOTTARDI, Piero; RAHI, Rohit Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: At a competitive equilibrium of an incomplete-markets economy agents’ marginal valuations for the tradable assets are equalized ex-ante. We characterize the finest partition of the state space conditional on which this ...
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    Title: Health Selection and the Effect of Smoking on Mortality  Author(s): ADDA, Jérôme; LECHENE, Valérie Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We show that individuals who are in poorer health, independently from smoking, are more likely to start smoking and to smoke more cigarettes than those with better non-smoking health. We present evidence of selection, ...
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    Title: Resolving the African Financial Development Gap: Cross-country comparisons and a within-country study of Kenya  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun; SENBET, Lemma; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: The Economic Impact of Merger Control Legislation  Author(s): CARLETTI, Elena; HARTMANN, Philipp; ONGENA, Steven Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial countries in the period 1987-2004, and investigate the economic impact of these changes on stock prices. ...