Job Market Seminars

Job Market Seminars

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Job Market Seminars Stefano Sacchetto (London Business School)

"Merger Activity in Industry Equilibrium" ABSTRACT We study a dynamic industry-equilibrium model that features mergers, entry, and exit by heterogeneous firms. We show how different sources of synergies affect merger cyclicality. Improvements in marginal productivity between merging firms generate a procyclical motive for mergers, while reductions in fixed costs of production generate a countercyclical one.…

Job Market Seminars Philipp Tillman (Chicago University)

"Entry into Electoral Races and the Quality of Representation" Abstract U.S. Congressmen are very likely to be reelected and survey evidence suggests that voters are satisfied with their representatives. On the other hand, a large political science literature interprets the high incumbent reelection rate as evidence of lacking entry by strong challengers, analyzing its sources, consequences, and potential cures.…

Job Market Seminars Yikai Wang (University of Zurich)

"Will China Escape the Middle-income Trap? A Politico-economic Theory of Growth and State Capitalism" abstract Is China's rapid growth sustainable if the labor and capital market distortions persist? Will democratization occur given that Chinese middle-class are supportive of the regime? To answer the above questions, this paper proposes a politico-economic theory, as follows. In oligarchy,…