Finance
Finance
Job Market Seminars Andrea Ferrero (Federal Reserve Bank of New York)
"The Great Escape? A Quantitative Evaluationof the Fed’s Liquidity Facilities"
Seminars in Economics Branko Urosevic (University of Belgrade)
"Globalization, Exchange Rate Regimes and Financial Contagion" abstract The crisis of the Euro zone brought to the fore important questions including: what isthe proper level of financial integration and what are the optimal exchange rate arrangements between countries that are part of tightly knit financial networks. Using a simple Diamond-Dybvig-style theoretical model we show that…
Seminars in Economics Arie Kapteyn (RAND)
"Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization" abstract This paper provides evidence that complexity of the annuitization decision process – rather than a preference for lump-sums –may help explain observed low levels of annuity purchases. We test this using Social Security benefits as our choice setting in an experimental module…
Monday Lunch Seminars Claudio Tebaldi (Universita’ Bocconi)
"Long Run Risk and the Persistence of Consumption Shocks" abstract In a long run risk valuation model, agents observe directly the structural drivers of consumption growth and produce a selective response to these shocks. Persistence heterogeneity complicates the empirical analysis of consumption growth dynamics and the detection of long run risk: the econometrician observes only aggregate quantities and is unable…
[Academic Events] Workshop Workshop in Capital Markets: Gabriella Berloffa
Workshop in Capital Markets: Gabriella Berloffa
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…
[Academic Events] Annual Conference: Financial Literacy, Saving and Retirement in an Ageing Society
Annual Conference: Financial Literacy, Saving and Retirement in an Ageing Society
Seminars in Economics Giovanni Dell’Ariccia (International Monetary Fund)
"Monetary Policy, Leverage, and Bank Risk-Taking"
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…
Seminars in Economics Suleyman Basak (London Business School)
"Asset Prices and Institutional Investors"
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 Economics Till Von Wachter (Columbia University)
"The Effects of Extended Unemployment Insurance Over the Business Cycle: Evidence from Regression Discontinuity Estimates over Twenty Years"
Monday Lunch Seminars Claudio Campanale (Universidad de Alicante & CeRP), Carolina Fugazza (Università di Torino & CeRP)
"Life-Cycle Portfolio Choice with Liquid andIlliquid Financial Assets"
Job Market Seminars Luigi Iovino (MIT)
"Sophisticated Intermediation and Aggregate Volatility"
Monday Lunch Seminars Massimo Rostagno (European Central Bank)
"Financial Factors in Economic Fluctuations"
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…