Monday Lunch Seminars

Monday Lunch Seminars

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Monday Lunch Seminars Alessandro Barattieri (ESG UQAM)

"Average-Cost Pricing: Some Evidence and Implications" Abstract We present new survey evidence on pricing behavior for more than 14,000 European firms, and study its macroeconomic implications.  Among firms that are price setters, roughly 75% respond that their prices are set as a markup on total costs, a business practice termed "full cost pricing''.  Only 25%…

Monday Lunch Seminars Edmund Cannon (University of Bristol)

"Surprising selection effects in the UK car insurance market" Abstract We document a large and persistent anomaly in the UK car insurance market over the period 2012-13: insurance companies charged higher premiums for third-party (liability) insurance than comprehensive insurance (where the latter includes third-party). In addition, some companies charged higher prices for comprehensive policies with…

Monday Lunch Seminars Daniele Pennesi

"Asset prices in an ambiguous economy" abstract We price assets with ambiguous returns in a Lucas’ tree economy under general ambiguity sensitive inter-temporal utility. We provide intuitive conditions to guarantee existence and to characterize equilibria. Although we relax ambiguity aversion,portfolio inertia and excess volatility may obtain at the equilibrium, extending the results of Epstein and…

Monday Lunch Seminars Gerardo Ferrara

"Portfolio Optimization under Model Uncertainty" abstract This study proposes a novel methodology to deal with model uncertainty in forecasting stock returns. My main interest here is to overcome thetendency of Bayesian Model Averaging to give all of the weight to a single model. A potential solution of this problem is to capture thenature of the underlying data…

Monday Lunch Seminars Michela Altieri

"Group Affiliation, Implicit Guarantees and the Cost of Borrowing" abstract This paper investigates the effect of group affiliation on credit spreads of firm’s public debt. We analyse all the firms issuing publicdebt on the US Primary and Secondary market from 1980 until 2006, by comparing business groups and independent firms new issuances. Theresults show that controlled firms…

Monday Lunch Seminars Andrei Savochkin

“Mistake Aversion and a Theory of Robust Decision Making” Download the paper Abstract This paper studies the behavioral trait of aversion to making mistakes in the framework of choice under subjective uncertainty, assuming that the probabilities of outcomes are not exogenously specified. The decision procedure that is proposed to capture mistake aversion follows the general…

Monday Lunch Seminars Roberto Marfè

"Labor Relations, Endogenous Dividends and the Equilibrium Term Structure of Equity" abstract Leading asset pricing models are inconsistent with the recent empirical findings which document downward sloping term structures of equity risk and premia. This paper shows that a simple general equilibrium model can accommodate the stylized facts about dividend strips as long as dividend distributions endogenously obtain…

Monday Lunch Seminars Stefano Bolatto

"Trade across Countries and Manufacturing Sectors with Heterogeneous Trade Elasticities" abstract Over the last decade, quantitative models of international trade have given a strong boost to trade literature,as they provide an excellent framework for both general equilibrium counterfactual studies andempirical studies based on firm-level data. Many authors have also proposed their variants of some of…

Monday Lunch Seminars Guido Tintori

"Facts vs Narrative. A New Trend or More of the Same? A Critical Discussion on Recent Emigration from Italy" abstract According to media reports and raw official data, the economic crisis of 2008/9 has led to the recurrence of emigration from Italy. Emigration thus seems a path-dependent response in times of economic difficulty. In recent decades, Italy became…