The Daily Market for Funds in Europe: Has Something Changed with the EMU?
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gabriel Pérez Quirós; Hugo Rodríguez; Resumen : This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stab...
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Credit Derivatives in Emerging Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Romain Rancière; Resumen : Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are wide...
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Insurance with Frequent Trading: A Dynamic Analysis of Efficient Insurance Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: José Penalva; Resumen : This paper extends existing insurance results on the type of insurance contracts needed for insurance market efficiency to a dynamic setting. It introduces continuosly open markets that allow for m...
Incomplete Markets, Labor Supply and Capital Accumulation
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Albert Marcet; Francesc Obiols-Homs; Philippe Weil; Resumen : In this paper we explore the accumulation of capital in the presence of limited insurance against idiosyncratic shocks, borrowing constraints and endogenous la...
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Ethical Differentiation and Market Behavior: An Experimental Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Julian Rode; Robin Hogarth; Marc Le Menestrel; Resumen : We constructed triopolistic experimental markets where producers set prices. One producers costs were higher than the others. In two experiments, costs were attrib...
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Logistics-production, Logistics-marketing and External Integration: Their Impact on Performance
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Cristina Giménez; Eva Ventura; Resumen : Highly competitive environments are leading companies to implement Supply Chain Management (SCM) to improve performance and gain a competitive advantage. SCM involves integration, ...
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Secret Information Acquisition in Cournot Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Esther Hauk; Sjaak Hurkens; Resumen : Two-stage game models of information acquisition in stochastic oligopolies require the unrealistic assumption that firms observe the precision of information chosen by their competito...
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Inflation, Political Instability and Stockmarket Volatility in Interwar Germany
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Hans Joachim Voth; Resumen : What determined the volatility of asset prices in Germany between the wars? This paper argues that the influence of political factors has been overstated. The majority of events increasing pol...
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Location models for Ceding Market Share and Shribking Services
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Charles ReVelle; Alan T. Murray; Daniel Serra; Resumen : New location models are presented here for exploring the reduction of facilities in a region. The first of these models considers firms ceding market share to compe...
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The Adverse Effects of Environmental Policy in Green Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: José L. Moraga; Noemí Padrón; Resumen : We model green markets in which purchasers, either firms or consumers, have higher willingness-to-pay for less polluting goods. The effectiveness of pollution reduction policies is ...
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Auctions of Licences and Market Structure
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gustavo Rodríguez; Resumen : This paper studies sequential auctions of licences to operate in a market where those firms that obtain at least one licence then engage in a symmetric market game. I employ a new refinement o...
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Supermarket Key Attributes and Location Decisions: A Comparative Study between British and Spanish Consumers
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Daniel Serra; Rosa Colomé; Resumen : The Maximum Capture problem (MAXCAP) is a decision model that addresses the issue of location in a competitive environment. This paper presents a new approach to determine which store...
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Income Taxation in a Frictional Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Joel Shapiro; Resumen : A new model of wage dispersion is used to examine welfare aspects of income taxation. The model retains the dynamics of wage posting models while exogenizing search e¤ort, therefore allowing more i...
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Financial development, labor and market regulations and growth
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Autor/es: Utrero, Natalia; Fonseca, Raquel; Publica: Universitat Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Resumen : This paper investigates the importance that market regulation and financi...
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International Business Cycles, Financial Markets and Household Production
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Fabio Canova; Ángel J. Ubide; Resumen : This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household t...
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Toward a Theory of Labor Market Institutions
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gilles Saint Paul; Resumen : Standard economic analysis holds that labor market rigidities are harmful for job creation and typically increase unemployment. But many orthodox reforms of the labor market have proved diffic...
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Overconfidence and Market Efficiency with Heterogeneous Agents
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Diego Garcia; Francesco Sangiorgi; Branko Urosevic; Resumen : We study financial markets in which both rational and overconfident agents coexist and make endogenous information acquisition decisions. We demonstrate the fo...
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Pension Plan Funding and Stock Market Efficiency
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Francesco Franzoni; José M. Marín; Resumen : The paper argues that the market signifficantly overvalues firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pen...
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Optimal Regulation of a Fully Insured Deposit Banking System
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Emmanuelle Gabillon; Resumen : We analyze risk sensitive incentive compatible deposit insurance in the presence of private information when the market value of deposit insurance can be determined using Mer...
