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Monday Lunch Seminars Giovanna Nicodano, Luca Regis (University of Torino)

"Firm combinations, insolvency and tax policy" abstract This paper examines endogenous default costs in parent subsidiary structures (PS), and their sensitivity to tax policy. We show that PS lead to inefficiently high default costs relative to conglomerates when interest is deductible from taxes, due to their higher leverage. The introduction of intercorporate dividend taxation is…

Distinguished Scientific Lectures Inauguration Ceremony and Onorato Castellino Lecture

at 5:45 pm: Opening Address Pietro Garibaldi at 6:00 pm: Onorato Castellino Lecture Elsa Fornero "Genere e generazioni: una lettura delle recenti riforme" Introduction by Giovanna Nicodano Elsa Fornero is Minister of Labour, Social Policies and Equal Opportunities. Giovanna Nicodano is professor of Financial Economics, University of Torino and Research Fellow, Collegio Carlo Alberto & CeRP. Reservation is required. +39…

Monday Lunch Seminars Roberto Marfe’ (Swiss Finance Institute and University of Lausanne, Institute of Banking and Finance)

"Realized Expectations and the Equilibrium Risk-Return Trade Off" abstract This paper considers a simple, closed form and parsimonious continuous-time general equilibriummodel with investors featuring “catching up with the Joneses” preferences under incomplete information.Investors have unbiased beliefs about economic growth in the long-run, but underestimatelong-run reversion depending on the evolution of economic conditions as suggested by…

Monday Lunch Seminars Edoardo Grillo (Collegio Carlo Alberto)

"Reference Dependence and Electoral Competition" abstract "We consider a model of electoral competition in which two parties compete to get the support of a mass of voters. Each party is represented by a politician whose valence is unobservable. All voters prefer politicians with high valence, but ideological biases may lead them to vote according to party's affiliation. Candidates can…

Seminars in Economics Antonella Trigari (Università Bocconi)

"Financial Markets and Unemployment" abstract We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transmission mechanism of `credit shocks' is different from the typical…

Seminars in Economics Roman Inderst (Goethe University Frankfurt)

"Preserving Debt or Equity Capacity?" abstract In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future financing under asymmetric information. Which problem…

Monday Lunch Seminars Valeria Miceli (Università Cattolica del Sacro Cuore)

"Do Sovereign Wealth Funds Herd in Equity Markets?" abstract With $4.4 trillion of assets at end-2010, feared and courted by governments all over the world, characterized by low levels of transparency and often accused of hidden motivations, sovereign wealth funds (SWFs) are today among the most controversial players in global financial markets. SWFs are government…

Seminars in Statistics Antonio Colangelo (European Central Bank)

Banks' Balance Sheet Statistics and Financial Flows in the Euro Area The analysis of money and credit developments is core to the conduct of monetary policy. Those statistics are constructed in the euro area starting from the balance sheets of resident banks. By appropriately netting banks' cross-positions in the euro area, aggregated positions are identified…

Job Market Seminars Giuseppe Fiori (Universidade de São Paulo)

"The Macroeconomic Effects of Goods and Labor Markets Deregulation" abstract We develop a dynamic stochastic general equilibrium model with endogenous producer entry and labor market frictions to study the macroeconomic effects of deregulating product and labor markets in Europe. Three results emerge. First, deregulation has positive welfare effects, but it can involve short-run costs, including…

Seminars in Economics Jakub Kastl (Stanford University)

"The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds" Abstract We study European banks’ demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank’s auctions for one-week loans, their main channel of monetary policy implementation. Our analysis…