Finance
Finance
Seminars in Economics Francesca Cornelli (London Business School)
"Team Stability and Performance: Evidence fromPrivate Equity" abstract We examine the effect of team turnover on performance studying the privateequity industry. Using a unique data set that tracks over time teams in 138PE managers and their performance, we uncover a positive relation betweenturnover and fund performance. We propose and confirm in the data twochannels that…
Seminars in Economics Philippe Bacchetta (Université de Lausanne and CEPR)
"Money and Capital in a Persistent Liquidity Trap"
Monday Lunch Seminars Julien Penasse (University of Luxembourg)
"Bubbles and Trading Frenzies: Evidence from the Art Market" abstract We use the art market as a laboratory to test speculative bubble models based on investor disagreement. Several aspects distinguish the art market from other markets: it features unlevered and wealthy investors, financial and technological innovations are absent, and transaction costs are substantial. We find…
Monday Lunch Seminars Roberto Marfe (CCA)
"Labor Rigidity and the Dynamics of the Value Premium" (Note: the seminar is on Wednesday) abstract This paper documents that (i) the labor-share is a strong predictor of both the value and duration premia, (ii) these premia are highly correlated, and (iii) the labor-share does not forecast the component of the value premium orthogonal to the…
Seminars in Economics Pietro Veronesi (University of Chicago)
"Habits and Leverage" Abstract Many stylized facts of leverage, trading, and asset prices can be explained by a frictionless general equilibrium model in which agents have heterogeneous endowments and external habit preferences. Our model predicts that aggregate leverage increases in good times when stock prices are high and volatility is low, it should predict low…
Seminars in Economics Piero Gottardi (EUI)
"A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation" Abstract This paper characterizes repurchase agreements (repos) as equilibrium contracts starting from first principles. We show that a repo allows the borrower to augment its consumption today while hedging both agents against future market price risk. As a result, safer assets will command a lower…
Seminars in Economics John A. Weymark (Vanderbilt University)
"Optimal Nonlinear Taxation of Income and Savings Without Commitment"
Monday Lunch Seminars Rigas Oikonomou (UC Louvain)
"Long Term Government Bonds" abstract We study the impact of debt maturity on optimal fiscal policy by focusing on the case where the government issues a bond of maturity N > 1: Isolating these e ffects helps provide insight into the construction of optimal government debt portfolios. We find long bonds may not complete the…
[Academic Events] Workshop Mopact International Workshop: download presentations
Mopact International Workshop: download presentations
Monday Lunch Seminars Matteo Cacciatore (HEC Montreal)
"Market Reforms at the Zero Lower Bound" Abstract We study the impact of product and labor market reforms when an economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country two-final-goods model featuring endogenous producer entry, labor market frictions, and nominal…
Seminars in Economics Adriaan Kalwij (Utrecht University School of Economics – U.S.E.)
"The impact of financial education on financial literacy and saving behavior: Evidence from a controlled field experiment at Dutch primary schools" Abstract This paper estimates the short term impact of a 90-minutes financial education program on financial literacy at Dutch primary schools using a controlled field experiment. We find that of the improvements in pupils’…
Occasional Seminars Dalibor Stevanovic (UQAM)
"Dynamic Effects of Credit Shocks in a Data-Rich Environment"
Occasional Seminars CANCELLED: CeRP lunch seminar: Simone Tedeschi (Università Roma Tre)
"Household Risksharing Channels"
[Academic Events] Elsa Fornero to speak at the CEPS event “Meeting Tomorrow’s Challenges: A new work initiative for Europe”
Elsa Fornero to speak at the CEPS event “Meeting Tomorrow’s Challenges: A new work initiative for Europe”
Seminars in Economics Sydney Ludvigson (New York University)
"Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?"
Monday Lunch Seminars Francesca Brusa (Temple University)
"Human Capital, Unemployment Risk, and Asset Prices" Abstract This paper relates the riskiness of human capital to uncertainty in the labour market and documents a role for unemployment as a determinant of human wealth. Starting from the labour market equilibrium outcome, I derive two unemployment-adjusted measures of labour income and rely on U.S. micro-level data…
Occasional Seminars Luca Gambetti (Universitat Autonoma de Barcelona)
"Noisy News in Business Cycles" Sign-up sheet
Monday Lunch Seminars Antonella Tolomeo (Collegio Carlo Alberto)
"Disentangling Overlapping Shocks in Portfolio Choices" abstract In a market where price shocks result from the sum of several mean-reverting shocks, this paper finds the optimal trading policies and their welfare for informed investors, who observe all individual shocks, and uninformed investors, who estimate them from the aggregate shock alone. All investors have constant relative…
[Academic Events] Cherry Blossom Financial Education Institute
Cherry Blossom Financial Education Institute