EEA-ESEM 2006: Congress Programme

The Congress Programme is subject to last minute changes.

This version of the Programme was viewed at 14/07/2006 14:06:04

SATURDAY 26 AUGUST 2006


DAY OVERVIEW
09:00 - 11:00 INVITED SESSION 1
11:00 - 11:30 COFFEE BREAK
11:30 - 13:30 SCHUMPETER LECTURE
13:30 - 14:30 LUNCH TIME
13:30 - 14:30 WINE LOUNGE
14:30 - 16:30 CONTRIBUTED SESSION 4 ESEM Econometrics
14:30 - 16:30 CONTRIBUTED SESSION 4 ESEM Theory
14:30 - 16:30 CONTRIBUTED SESSION 4 EEA
14:30 - 16:30 SPECIAL EEA ANNIVERSARY SESSION B
16:30 - 17:00 COFFEE BREAK
17:00 - 19:00 CONTRIBUTED SESSION 5 ESEM Econometrics
17:00 - 19:00 CONTRIBUTED SESSION 5 ESEM Theory
17:00 - 19:00 CONTRIBUTED SESSION 5 EEA
19:00 CONFERENCE DINNER "HEURIGER"



09:00 - 11:00 INVITED SESSION 1
EEA



09:00 - 11:00 DEVELOPING COUNTRY DEBT CRISES (EEA)
Chairperson: Aart Kraay, World Bank
Room U-21

  DEBT RELIEF IN LOW-INCOME COUNTRIES: WHAT HAS IT DONE?
Aart Kraay, World Bank
Co-Author: Nicolas Depetris Chauvin, Princeton University

 
  CREDITORS LOSSES VERSUS DEBT RELIEF: RESULTS FROM A DECADE OF SOVEREIGN DEBT CRISES
Jeromin Zettelmeyer, International Monetary Fund
Co-Author: Federico Sturzenegger, Harvard University

 
  DO SOVEREIGN DEFAULTS OCCUR IN ‘BAD TIMES’?
Mark Wright, Federal Reserve Bank of Minneapolis
Co-Author: Michael Tomz, Stanford University
 

09:00 - 11:00 EXPECTATIONS AS INPUTS (EEA)
Chairperson: Monika Piazzesi, University of Chicago
Room U-41

  BEHAVIORAL THEORIES OF THE BUSINESS CYCLE
Sergio Rebelo, Northwestern University
Co-Author: Nir Jaimovich, University of California, San Diego

 
  EMPIRICAL EVIDENCE ON HETEROGENEITY IN EQUITY EXPECTATIONS
Jeff Dominitz, Carnegie Mellon University
Co-Author: Charles F. Manski, Northwestern University

 
  ASSET PRICES AND ASSET QUANTITIES
Martin Schneider, UCLA
Co-Author: Monika Piazzesi, University of Chicago
 

09:00 - 11:00 THE SCIENTIFIC PUBLISHING MARKET IN EUROPE (EEA)
Chairperson: Mathias Dewatripont, Université Libre de Bruxelles
Room U-50

  PRICING IN SCIENTIFIC JOURNALS MARKETS: POLICY ISSUES AND OPTIONS
Mark McCabe, Georgia Institute of Technology
Co-Author: Nevo Aviv, Northwestern University

 
  THE MARKET OF ACADEMIC JOURNALS: EMPIRICAL EVIDENCE FROM DATA ON FRENCH LIBRAIRIES
marc ivaldi, University of Toulouse IDEI, EHESS and CEPR
Co-Authors: Pierre Dubois, University of Toulouse (INRA, IDEI) and Adriana Hernandez Perez, GREMAQ, Universite de Toulouse

 
  THE PRICES OF FOR-PROFIT AND NOT-FOR PROFIT SCIENTIFIC JOURNALS
Victor Ginsburgh, ECARES, Universite Libre de Bruxelles
Co-Authors: Mathias Dewatripont, Université Libre de Bruxelles, Patrick Legros, Université Libre de Bruxelles and Alexis Walckiers, Université Libre de Bruxelles
 

09:00 - 11:00 MACROECONOMIC IMPLICATIONS OF HOUSEHOLD-LEVEL HETEROGENEITY (EEA)
Chairperson: Dirk Krueger, Johann Wolfgang Goethe University Frankfurt am Main
Room U-47

  WAGE INEQUALITY AND EDUCATION POLICY WITH SKILL BIASED TECHNOLOGICAL CHANGE IN AN OLG SETTING
Abraham Arpad, University of Rochester

 
  AGGREGATE SHOCKS AND THE VOLATILITY OF HOUSE PRICES
Virginia Sánchez Marcos, Universidad de Cantábria
Co-Author: José-Víctor Ríos-Rull, University of Pennsylvania

 
  TESTING ASSET PRICING MODELS WITH LIMITED COMMITMENT USING MICRO CONSUMPTION DATA
Dirk Krueger, Johann Wolfgang Goethe University Frankfurt am Main
Co-Author: Fabrizio Perri, New York University
 

09:00 - 11:00 LEARNING AND THE EVOLUTION OF PRICES (EEA)
Chairperson: Omar Licandro, EUI- European University Institute
Room U-34

  ENTRY, BOUNDED RATIONALITY, AND THE ALLOCATION OF CREDIT
Gilles Saint-Paul, IDEI (Toulouse)

 
  LEARNING WITH EXPERT ADVICE
Molnar Krisztina, Universitat Pompau Fabra

 
  AN EVOLUTIONARY THEORY OF MONEY AND INFLATION
Omar Licandro, EUI- European University Institute
Co-Authors: Alexis Anagnostopoulos, , Italo Bove, and Karl Schlag, European University Institute
 

09:00 - 11:00 INVITED SESSION 1
ESEM: Theoretical and Applied Economics



09:00 - 11:00 CONTRACTS, FINANCE AND MACROECONOMICS (ESEM TAE)
Chairperson:
Room


09:00 - 11:00 INVITED SESSION 1
ESEM: Econometrics and Empirical Economics



09:00 - 11:00 MICROECONOMETRICS (ESEM EEE)
Chairperson:
Room


11:00 - 11:30 COFFEE BREAK



11:30 - 13:30 SCHUMPETER LECTURE



11:30 - 13:30 SCHUMPETER LECTURE (EEA)
Chairperson: John Moore, Edinburgh University and London School of Economics
Room VK

  SCHUMPETER LECTURE PRESENTATION
John Moore, Edinburgh University and London School of Economics
 

13:30 - 14:30 LUNCH TIME



13:30 - 14:30 WINE LOUNGE



14:30 - 16:30 CONTRIBUTED SESSION 4
EEA



14:30 - 16:30 CENTRAL BANKING II (EEA)
Chairperson: Petra Geraats, University of Cambridge
Room U-34

  THE MYSTIQUE OF CENTRAL BANK SPEAK
Petra Geraats, University of Cambridge

 
  IS A WORD TO THE WISE INDEED ENOUGH? ECB STATEMENTS AND THE PREDICTABILITY OF INTEREST RATE DECISIONS
David-Jan Jansen, De Nederlandsche Bank
Co-Author: Jakob De Haan, Rijksuniversiteit Groningen

 
  MONETARY POLICY AND ITS INFORMATIVE VALUE
Romain Baeriswyl, Munich Graduate School of Economics
Co-Author: Camille Cornand, London School of Economics
 

14:30 - 16:30 BANKING III (EEA)
Chairperson: Koen Schoors, CERISE - Ghent University
Room J-17

  SOPHISTICATED DISCIPLINE IN NASCENT MARKETS: EVIDENCE FROM POST-COMMUNIST RUSSIA.
Koen Schoors, CERISE - Ghent University

 
  LOAN INTEREST RATES: A SPREAD ANALYSIS USING FRENCH DATA FROM 1993 TO 2004
Philippe Rousseaux, Banque de France

 
  TOWARDS A MEASURE OF FINANCIAL FRAGILITY
Lea Zicchino, Bank of England
Co-Authors: Oriol Aspachs, , Charles Goodhart, and Dimitrios P. Tsomocos, University of Oxford

 
  MODELLING THE ROLE OF CREDIT RATING AGENCIES - DO THEY SPARK OFF A VIRTUOUS CIRCLE?
Marcel Tyrell, Goethe-University Frankfurt
Co-Author: Christina Bannier, Goethe-University Frankfurt
 

14:30 - 16:30 CONTRACTS I (EEA)
Chairperson: Thomas Weber, Stanford University
Room J-31

  SCREENING WITH EXTERNALITIES
Thomas Weber, Stanford University

 
  DELEGATION AND COMMITMENT IN DURABLE GOODS MONOPOLIES
Vladimir Petkov, Victoria University of Wellington
Co-Author: Tarek Coury, Oxford University

 
  LEVELS OF ASSET SPECIFICITY IN RELATIONAL CONTRACTING
Christian A Ruzzier, GREMAQ, Université de Toulouse

 
  STRATEGIC DEBT IN BILATERAL RELATIONSHIPS
Murat Usman, Koc University
 

14:30 - 16:30 CORPORATE FINANCE IV (EEA)
Chairperson: Annalisa Luporini, University of Florence
Room J-51

  OWNERSHIP CONCENTRATION, MONITORING AND THE OPTIMAL BOARD STRUCTURE
Clara Graziano, University of Udine
Co-Author: Annalisa Luporini, University of Florence

 
  WHO CONTROLS ALLIANZ? - MEASURING THE SEPARATION OF DIVIDEND AND CONTROL RIGHTS UNDER CROSS-OWNERSHIP AMONG FIRMS.
Klaus Ritzberger, Institute for Advanced Studies, Vienna, and Vienna Graduate School of Finance
Co-Authors: Victor Dorofeenko, Institute for Advanced Studies, Vienna, Larry H. P. Lang, Chinese University of Hong Kong and Jamsheed Shorish, Institute for Advanced Studies

 
  RENT EXTRACTION BY LARGE SHAREHOLDERS: EVIDENCE USING DIVIDEND POLICY IN THE CZECH REPUBLIC
Jan Hanousek, CERGE-EI
Co-Author: Jan Bena, LSE

 
  ENDOGENOUS CORPORATE SOCIAL RESPONSIBILITY IN A CORPORATE GOVERNANCE FRAMEWORK
Yohanes Eko Riyanto, Department of Economics, National University of Singapore
Co-Author: Linda A. Toolsema, Department of Economics
 

14:30 - 16:30 ECONOMIC GROWTH III (EEA)
Chairperson: Peter Benczur, Magyar Nemzeti Bank and CEU
Room U-47

  NOMINAL GROWTH OF A SMALL OPEN ECONOMY
Peter Benczur, Magyar Nemzeti Bank and CEU
Co-Author: Istvan Konya, Magyar Nemzeti Bank, Central European University

 
  WHAT MAKES GROWTH SUSTAINED
Jeromin Zettelmeyer, International Monetary Fund
Co-Authors: Andrew Berg, International Monetary Fund, Carlos Leite, International Monetary Fund and Jonathan Ostry, International Monetary Fund

 
  GOVERNMENT SIZE VERSUS QUALITY IN A MODEL OF ECONOMIC GROWTH
Jose Tavares, Universidade Nova de Lisboa
Co-Author: Francisca Oliveira, Universidade Nova de Lisboa
 

14:30 - 16:30 GAME THEORY I (EEA)
Chairperson: Nicola Acocella, Dipartimento di Economia pubblica - Università di Roma "La Sapienza"
Room J-32

  DYNAMIC CONTROLLABILITY WITH OVERLAPPING TARGETS: A GENERALIZATION OF THE TINBERGEN-NASH THEORY OF ECONOMIC POLICY
Nicola Acocella, Dipartimento di Economia pubblica - Università di Roma "La Sapienza"
Co-Authors: Giovanni Di Bartolomeo, Dipartimento di Economis pubblica - Università di Roma "La Sapienza" and Andrew Hughes Hallett, Vanderbilt University

 
  MULTI-SENDER CHEAP TALK WITH RESTRICTED STATE SPACE
Attila Ambrus,
Co-Author: Satoru Takahashi, Harvard University, Department of Economics

 
  STRATEGIC IMPLICATIONS OF (NON-)COMMON PRIORS II: ROBUSTNESS OF EQUILIBRIA
Olivier Tercieux, Paris-jourdan Sciences Economiques (PSE) and CNRS
Co-Author: Daisuke Oyama, Graduate School of Economics, University of Tokyo
 

14:30 - 16:30 HEALTH ECONOMICS I (EEA)
Chairperson: Francesco Ricci, THEMA Université de Cergy-Pontoise, and LERNA Toulouse
Room U-48

  DETERMINANTS OF PUBLIC HEALTH OUTCOMES: A MACROECONOMIC PERSPECTIVE
Francesco Ricci, THEMA Université de Cergy-Pontoise, and LERNA Toulouse
Co-Author: Marios Zachariadis, Dept of Econ, University of Cyprus

 
  PLANT CLOSURE AND HOSPITALIZATION
Eskil Heinesen,
Co-Author: Martin Browning, Copenhagen

 
  FEE-FOR-SERVICE VS. CAPITATION: ANYTHING YOU CAN DO - I CAN DO BETTER (AND CHEAPER)
Victoria Barham, University of Ottawa and Olga Milliken, University of Ottawa
Co-Author: Rose Anne Devlin, University of Ottawa
 

14:30 - 16:30 EMPIRICAL INDUSTRIAL ORGANIZATION IV (EEA)
Chairperson: Ulrich Schwalbe, University of Hohenheim
Room U-24

  PRICE AND REGULATION IN THE WATER INDUSTRY - THE NEED FOR COORDINATION
Ulrich Schwalbe, University of Hohenheim
Co-Author: Georg Meran, DIW Berlin

 
  A MARKOV SWITCHING MODEL OF THE MERIT ORDER TO COMPARE BRITISH AND GERMAN PRICE FORMATION
Georg Zachmann, DIW Berlin

 
  CROSS-LICENSE AGREEMENTS IN THE SEMICONDUCTOR INDUSTRY: WAITING TO PERSUADE?
Alberto Galasso, London School of Economics

 
  KNOWLEDGE COMPENSATION IN THE GERMAN AUTOMOBILE INDUSTRY
Jens Krüger, Friedrich-Schiller-University Jena
Co-Authors: Uwe Cantner, Friedrich-Schiller-University Jena and Kristina Dressler, Friedrich-Schiller-University Jena
 

14:30 - 16:30 ENVIRONMENTAL ECONOMICS IV (EEA)
Chairperson: Bernard Sinclair-Desgagné, HEC Montréal
Room J-62

  ON PRECAUTIONARY POLICIES
Bernard Sinclair-Desgagné, HEC Montréal

 
  ON THE DYNAMICS OF DEPLETABLE RESOURCES
Beatriz Gaitan, University of Hamburg

 
  TRADING FOR THE FUTURE
Bard Harstad, Northwestern University
Co-Author: Gunnar Eskeland, CICERO
 

14:30 - 16:30 EXPERIMENTAL ECONOMICS III (EEA)
Chairperson: Sabine Kröger, Laval University
Room J-52

  PRICE FORMATION IN A SEQUENTIAL SELLING MECHANISM
Sabine Kröger, Laval University
Co-Author: Radosveta Ivanova-Stenzel, Humboldt University Berlin

 
  A TEST OF PERPETUAL R&D RACES
Jonathan H.W. Tan, European University Viadrina
Co-Authors: Yves Breitmoser, European University Viadrina and Daniel John Zizzo, University of East Anglia

 
  SOCIAL COMPARISONS AND OPTIMAL INFORMATION REVELATION: THEORY AND EXPERIMENTS
Seda Ertac, University of California, Los Angeles
 

14:30 - 16:30 FINANCIAL MARKETS III (EEA)
Chairperson: Stanislav Anatolyev, New Economic School, Moscow
Room U-46

  A UNIFYING VIEW OF SOME PREDICTABILITY TESTS
Stanislav Anatolyev, New Economic School, Moscow

 
  SPECULATIVE BUBBLES IN STOCK PRICES? EVIDENCE FROM NON-LINEAR COINTEGRATION TESTS WITH TIME VARYING-EXPECTED RETURNS
Christophe Boucher, Université Paris 13

 
  DO SOPHISTICATED INVESTORS BELIEVE IN THE LAW OF SMALL NUMBERS?
Guillermo Baquero, RSM Erasmus University
Co-Author: Marno Verbeek, RSM Erasmus University

 
  WHOSE TRADES CONVEY INFORMATION?
Maik Schmeling, University of Hannover
Co-Author: Lukas Menkhoff, Prof./University of Hannover
 

14:30 - 16:30 INNOVATION AND PRODUCTIVITY II (EEA)
Chairperson: Mika Maliranta, The Research Institute of the Finnish Economy (ETLA)
Room J-13

  DECOMPOSING PRODUCTIVITY AND WAGE EFFECTS OF INTRA-ESTABLISHMENT LABOR RESTRUCTURING
Mika Maliranta, The Research Institute of the Finnish Economy (ETLA)
Co-Author: Pekka Ilmakunnas, Helsinki School of Economics

 
  THE IMPACT OF FINANCIAL CONSTRAINTS ON INNOVATION: EVIDENCE FROM FRENCH MANUFACTURING FIRMS
Frédérique Savignac, CREST and CES-Université Paris I

 
  ENDOGENOUS GROWTH THROUGH FIRM ENTRY, EXIT AND IMITATION
Gabler Alain, European University Institute
Co-Author: Omar Licandro, EUI- European University Institute

 
  PERSISTENCE OF INNOVATION, TECHNOLOGICAL CHANGE AND QUALITY-ADJUSTED PATENTS IN THE US PHARMACEUTICAL INDUSTRY
DUFLOS Gautier, CES, University of Paris Pantheon-Sorbonne and CNRS
 

14:30 - 16:30 INTERNATIONAL TRADE III (EEA)
Chairperson: Dalia Marin, University of Munich, Department of Economics
Room U-21

  CORPORATE HIERARCHIES AND INTERNATIONAL TRADE: THEORY AND EVIDENCE
Dalia Marin, University of Munich, Department of Economics
Co-Author: Thierry Verdier, Paris-Jourdan Sciences Économiques (PSE) - École Normale Supérieure

 
  VOLATILITY, LABOR MARKET FLEXIBILITY, AND THE PATTERN OF COMPARATIVE ADVANTAGE
Alejandro Cunat, LSE- London School of Economics
Co-Author: Marc Melitz, Harvard University

 
  CONTRACT ENFORCEMENT, DIVISION OF LABOR, AND THE PATTERN OF TRADE
Arnaud Costinot, University of California, San Diego

 
  INEFFICIENT POLICIES, INEFFICIENT INSTITUTIONS AND TRADE
Segura-Cayuela Ruben, MIT
 

14:30 - 16:30 INVESTMENT AND ENTREPRENEURSHIP III (EEA)
Chairperson: Vermeulen Philip, ECB
Room J-21

  INVESTMENT IN AN OPEN ECONOMY: AGGREGATE AND SECTOR-LEVEL ESTIMATES
Stuart Landon, University of Alberta
Co-Author: Constance Smith, University of Alberta

 
  TECHNOLOGY CHOICE, ENTRY COST, AND PRODUCTIVITY DIFFERENCES BETWEEN SIMILAR COUNTRIES: A HETEROGENEOUS FIRM APPROACH
Markus Poschke, European University Institute, Florence

 
  USING FIRM OPTIMIZATION TO EVALUATE AND ESTIMATE RETURNS TO SCALE
Yuriy Gorodnichenko, University of Michigan

 
  RESOURCE ALLOCATION GIVEN A RANGE OF INCREASING RETURNS
Catherine Bobtcheff, University of Toulouse I, LERNA, CEA
Co-Authors: Christian Gollier, and Richard Zeckhauser,
 

14:30 - 16:30 MIGRATION I (EEA)
Chairperson: Silke Uebelmesser, CES, University of Munich
Room J-16

  DELAYED (OR ACCELERATED) INTEGRATION AS A COUNTERFORCE TO GERONTOCRACY
Silke Uebelmesser, CES, University of Munich

 
  INTERNAL MIGRATION OF NATIVES AND IMMIGRANTS FOLLOWING JOB DISPLACEMENT
Anders Boman, Department of Economics, Gothenburg University

 
  HOME-OWNERSHIP AND ECONOMIC PERFORMANCE OF IMMIGRANTS IN GERMANY
Mathias Sinning, RWI Essen

 
  MIGRATION AND REMITTANCES : ILLEGALITY BIAS
Christian Schluter, University of Southampton
 

14:30 - 16:30 REGULATION AND REFORM I (EEA)
Chairperson: Michael Burda, Humboldt University Berlin
Room J-18

  BLUE LAWS
Michael Burda, Humboldt University Berlin
Co-Author: Philippe Weil, Universite Libre de Bruxelles

 
  LIBERALIZATION AND COMPETITIVENESS
Francesco Franco, Universidade Nova de Lisboa

 
  ENFORCEMENT OF REGULATION, INFORMAL LABOR AND FIRM PERFORMANCE
Rita Almeida, World Bank
Co-Author: Pedro Carneiro,

 
  NORM FLEXIBILITY AND PRIVATE INITIATIVE
Giovanni Immordino, university of Salerno and CSEF
 

14:30 - 16:30 LABOUR MARKET - EMPIRICAL STUDIES V (EEA)
Chairperson: Roberta Serafini, European Central Bank
Room J-61

  SECTORAL EXPLANATIONS OF EMPLOYMENT IN EUROPE: THE ROLE OF SERVICES
Roberta Serafini, European Central Bank

 
  JOB SEARCH IN THICK MARKETS: EVIDENCE FROM ITALY
Sabrina Di Addario, Bank of Italy and University of Oxford

 
  THE EFFECTS OF THE MINIMUM WAGE IN AN ECONOMY WITH TAX EVASION
Mirco Tonin, Institute for International Economic Studies

 
  SELECTIVE REDUCTIONS IN LABOUR TAXATION: LABOUR MARKET ADJUSTMENTS AND MACROECONOMIC PERFORMANCE
Anna Batyra, PhD student, Economics Department, Catholic University of Louvain, Belgium
Co-Author: Henri Sneessens, Catholic University of Louvain
 

14:30 - 16:30 LABOUR MARKET - EMPIRICAL STUDIES VI (EEA)
Chairperson: Frederic Vermeulen, Tilburg University
Room J-41

  LABOUR FORCE PARTICIPATION OF THE ELDERLY: THE IMPORTANCE OF BEING HEALTHY
Frederic Vermeulen, Tilburg University
Co-Author: Adriaan Kalwij,

 
  DOES THE PRESENCE OF UNIONS IN ESTABLISHMENTS REDUCE THE GENDER WAGE GAP? AN ECONOMETRIC ANALYSIS
Emmanuel Duguet, EPEE - University of EVRY
Co-Author: Pascale PETIT, DARES - Dept "Salaires et Conventions Salariales

 
  WAGE AND PRODUCTIVITY EFFECT OF CONTINUING TRAINING IN GERMANY: A SECTORAL ANALYSIS
Anja Kuckulenz, ZEW Mannheim

 
  DO SUPPLY-SIDE-ORIENTED AND DEMAND-SIDE-ORIENTED EDUCATION PROGRAMS GENERATE SYNERGIES? EVIDENCE FROM RURAL MEXICO
Marta Rubio Codina, University of Toulouse I
Co-Authors: Paul J. Gertler, and Harry A. Patrinos,
 

14:30 - 16:30 POLITICAL ECONOMY V (EEA)
Chairperson: Ekaterina Zhuravskaya, New Economic School / CEFIR
Room J-42

  STATE CAPTURE IN A FEDERATION
Ekaterina Zhuravskaya, New Economic School / CEFIR
Co-Authors: Alexander Rumiantsev, CEFIR at NES and Evgeny Yakovlev, CEFIR at NES

 
  CONTROLLING GOVERNMENT BY DEMOCRATICALLY-ELECTED, COMPETING POLITICAL BODIES
Mark Schelker, University of Fribourg

 
  ON STRATEGIC INTERACTIONS IN LOCAL TAX DETERMINATION - SWEDISH EVIDENCE
Hanna Ågren, Department of Economics

 
  WHAT WOMEN WANT: SUFFRAGE, FEMALE VOTER PREFERENCES AND THE SCOPE OF GOVERNMENT
Funk Patricia, SITE, Stockholm School of Economics
Co-Author: Gathmann Christina, Stanford University
 

14:30 - 16:30 INTERNATIONAL FINANCE IV (EEA)
Chairperson: Enrique Mendoza, University of Meryland
Room U-41

  COULD CAPITAL GAINS SMOOTH A CURRENT ACCOUNT REBALANCING?
Tille Cedric, Federal Reserve Bank of New York
Co-Author: Cavallo Michele, Federal Reserve Bank of San Francisco

 
  FINANCIAL INTEGRATION, TECHNOLOGY DIFFERENCES AND CAPITAL FLOWS
Sebastian Claro, Catholic University of Chile

 
  DO WORKERS' REMITTANCES REDUCE THE PROBABILITY OF CURRENT ACCOUNT REVERSALS?
Matteo Bugamelli, BANK OF ITALY
Co-Author: Francesco Paternò, BANK OF ITALY
 

14:30 - 16:30 INDUSTRIAL ORGANISATION IV (EEA)
Chairperson: Ramon Caminal, Institut d''Anàlisi Econòmica, CSIC
Room J-11

  ARE LOYALTY-REWARDING PRICING SCHEMES ANTI-COMPETITIVE?
Ramon Caminal, Institut d''Anàlisi Econòmica, CSIC

 
  THE RECIPROCAL PRODUCER'S INCENTIVES TO PREY AND RETAILER'S BUYING POWER
Claire Chambolle, INRA and Ecole Polytechnique
Co-Author: Fabian Berges-Sennou, INRA, University of Toulouse

 
  MIXING MEDIA WITH TWO-PART TARIFFS
Steffen H. Hoernig, Universidade Nova de Lisboa
Co-Author: Tommaso Valletti, Imperial College London
 

14:30 - 16:30 MONETARY POLICY IV (EEA)
Chairperson: Bernardo Guimaraes, LSE
Room U-50

  MONETARY POLICY AND THE EXCHANGE RATE IN BRAZIL
Bernardo Guimaraes, LSE
Co-Author: Carlos Eduardo Goncalves, Universidade de Sao Paulo

 
  WHICH INFLATION TO TARGET? A SMALL OPEN ECONOMY WITH STICKY WAGES INDEXED TO PAST INFLATION
Alessia Campolmi, Universitat Pompeu Fabra

 
  INFLATION TARGETING IN PRESENCE OF BALASSA-SAMUELSON-TYPE PRODUCTIVITY SHOCKS
Igor Masten, University of Ljubljana
Co-Author: Fabrizio Coricelli, University of Siena and CEPR

 
  MONETARY POLICY IN AN EQUILIBRIUM PORTFOLIO BALANCE MODEL
Michael Kumhof, International Monetary Fund - IMF
Co-Author: Stijn van Nieuwerburgh, NEW YORK UNIVERSITY
 

14:30 - 16:30 CONTRIBUTED SESSION 4
ESEM: Theoretical and Applied Economics



14:30 - 16:30 BANKING (ESEM TAE)
Chairperson: Gabriela Mundaca, Ragnar Frisch Center-University of Oslo
Room U-7

  ECONOMIC AND REGULATORY CAPITAL IN BANKING: WHAT IS THE DIFFERENCE?
Rafael Repullo, CEMFI
Co-Author: Abel Elizalde, CEMFI

 
  SOPHISTICATION IN RISK MANAGEMENT AND BANKING STABILITY: THE LONG TERM
Jan Wenzelburger, Bielefeld University

 
  THE WELFARE COST OF BANK CAPITAL REQUIREMENTS
Skander Van den Heuvel, Univ of Pennsylvania, Wharton

 
  WILL PROVISION OF LIQUIDITY BE EFFECTIVE IF CONDITIONED ON PERFORMANCE?
Gabriela Mundaca, Ragnar Frisch Center-University of Oslo
 

14:30 - 16:30 CORPORATE FINANCE III (ESEM TAE)
Chairperson: Dorothea Schaefer, DIW-Berlin
Room U-23

  ASSET DIVERSION, INPUT ALLOCATION AND TRADE CREDIT
Annamaria Menichini, Universita'' di Salerno and CSEF
Co-Author: daniela Fabbri , Universite' de Lausanne

 
  CORPORATE TAXATION AND LABOR MARKET OUTCOMES
Nadine Riedel, University of Munich, Department of Economics

 
  MACROECONOMIC DETERMINANTS OF THE FINANCIAL STRUCTURE: THEORY AND EMPIRICAL EVIDENCE
Sylvain Champonnois, Princeton University, Department of Economics

 
  SELF-EMPLOYMENT DURATION AND INHERITANCE: EVIDENCE FROM GERMANY
Dorothea Schaefer, DIW-Berlin
Co-Author: OLEKSANDR TALAVERA, DIW-Berlin
 

14:30 - 16:30 ECONOMIC THEORY (ESEM TAE)
Chairperson: Jamsheed Shorish, Institute for Advanced Studies
Room J-63

  A MODEL OF INTERIM INFORMATION SHARING UNDER INCOMPLETE INFORMATION
Antonio Jimenez-Martinez, Universidad de Guanajuato

 
  AN ALTERNATIVE APPROACH TO THE EXISTENCE OF SUNSPOT EQUILIBRIA
Haim Abraham, University of Cape Town

 
  EQUILIBRIUM THEORY WITH ASYMMETRIC INFORMATION AND WITH INFINITELY MANY COMMODITIES
Konrad Podczeck, University of Vienna

 
  FUNCTIONAL RATIONAL EXPECTATIONS EQUILIBRIA IN MARKET GAMES
Jamsheed Shorish, Institute for Advanced Studies
 

14:30 - 16:30 EXPERIMENTAL ECONOMICS I (ESEM TAE)
Chairperson: Wieland Müller, University of Tilburg
Room J-sem 10

  AN EXPERIMENTAL STUDY ON THE REGULATION OF NON-POINT SOURCE POLLUTION AND THE ROLE OF RISK ATTITUDE
Till Requate, University of Kiel

 
  ENDOGENOUS PROPERTY RIGHTS IN A HOLD UP-EXPERIMENT
Mathias Erlei, Clausthal University of Technology
Co-Author: John Siemer, Deutsche Telekom

 
  MARKET CULTURE: HOW NORMS GOVERNING EXPLODING AFFECT MARKET PERFORMANCE
Muriel Niederle, Stanford University
Co-Author: Alvin Roth, Harvard University and Harvard Business School

 
  OLIGOPOLY LIMIT-PRICING IN THE LAB
Wieland Müller, University of Tilburg
Co-Author: Yossi Spiegel, Tel Aviv University
 

14:30 - 16:30 GROUPS FOMATION AND RENT SEEKING (ESEM TAE)
Chairperson: Guillaume Cheikbossian, GREMAQ Toulouse
Room J-53

  A MODEL OF STRATEGIC DELEGATION IN CONTESTS BETWEEN GROUPS
Florian Englmaier, HBS
Co-Author: Stefan Brandauer, MGSE Munich

 
  HOW (NOT) TO CHOOSE PEERS IN STUDYING GROUPS
Thomas Gall, University of Bonn
Co-Author: Roland Amann, University of Konstanz

 
  MONOPOLISTIC GROUP DESIGN WITH PEER EFFECTS
Simon Board, University of Toronto

 
  WITHIN-GROUP COOPERATION AND BETWEEN-GROUP COMPETITION IN RENT-SEEKING CONTESTS
Guillaume Cheikbossian, GREMAQ Toulouse
 

14:30 - 16:30 GROWTH (ESEM TAE)
Chairperson: Wilfried Koch, Laboratoire d'Economie et de Gestion - UMR 5118 CNRS
Room U-30

  IQ IN THE RAMSEY MODEL: A NAIVE CALIBRATION
Garett Jones, Southern Illinois University Edwardsville

 
  PARALLEL NEUTRALITY
Nicolas Peypoch, GEREM
Co-Authors: Walter Briec, University of Perpignan, Robert G. Chambers, University of Maryland and Rolf Färe, Oregon State University

 
  SOMETHING OUT OF NOTHING? NEOCLASSICAL GROWTH AND THE "TRIVIAL'' STEADY STATE
Andreas Irmen, University of Mannheim
Co-Author: Hendrik Hakenes, MPI for Research on Collective Goods

 
  THE ROLE OF HUMAN CAPITAL AND TECHNOLOGICAL INTERDEPENDENCE IN GROWTH AND CONVERGENCE PROCESSES: INTERNATIONAL EVIDENCE
Wilfried Koch, Laboratoire d'Economie et de Gestion - UMR 5118 CNRS
Co-Author: Cem Ertur, Laboratoire d''Economie et de Gestion - UMR 5118 CNRS
 

14:30 - 16:30 INDUSTRIAL ORGANIZATION I (ESEM TAE)
Chairperson: Jörgen Weibull, Stockholm School of Economics
Room J-sem 20

  CAPACITY CHOICE UNDER UNCERTAINTY - THE IMPACT OF MARKET STRUCTURE
Veronika Grimm, University of Cologne
Co-Author: Gregor Zoettl, CORE - UCL

 
  INVENTORIES AND ENDOGENOUS STACKELBERG HIERARCHY IN TWO-PERIOD COURNOT OLIGOPOLISTIC COMPETITION
Sebastien Mitraille, Toulouse Business School
Co-Author: Michel Moreaux, Université de Toulouse 1 (IUF, LERNA, IDEI)

 
  ON A FOUNDATION FOR COURNOT EQUILIBRIUM
Alex Dickson, Manchester University
Co-Author: Roger Hartley, Manchester University

 
  PRICE COMPETITION AND CONVEX COSTS
Jörgen Weibull, Stockholm School of Economics
 

14:30 - 16:30 LABOUR MARKETS: SEGREGATION (ESEM TAE)
Chairperson: Zurita Felipe, Pontificia Universidad Catolica de Chile
Room U-31

  AN EVALUATION OF AN ENTROPY BASED INDEX OF SEGREGATION
Ricardo Mora, Universidad Carlos III de Madrid
Co-Author: Javier Ruiz-Castillo, Universidad Carlos III

 
  DIVERSITY IN THE WORKPLACE: WHEN "FAIR" EVALUATIONS LEAD TO UNFAIR RESULTS.
Felix Vardy, IMF
Co-Author: John Morgan, Haas School of Business and Department of Economics, UC Berkeley

 
  DON’T ASK, DON’T TELL: WAGE SECRECY AND DISCRIMINATION
Moshik Lavie, Tel-aviv university

 
  THE BROTHER IN LAW EFFECT
Zurita Felipe, Pontificia Universidad Catolica de Chile
Co-Author: Federico Weinschelbaum, Universidad de San Andrés
 

14:30 - 16:30 MARKET INTEGRATION AND GROWTH (ESEM TAE)
Chairperson: Alain Desdoigts, CES, U Paris 1 and LEG, U. Bourgogne
Room J-22

  FINANCIAL INTEGRATION, CREDIT MARKET IMPERFECTIONS AND CONSUMPTION SMOOTHING
Asli Leblebicioglu, North Carolina State University

 
  INSURANCE AND OPTIMAL GROWTH
Frederic Gannon, Université du Havre
Co-Author: Vincent Touzé, OFCE - Fondation nationale des sciences politiques

 
  INTERNATIONAL CAPITAL MARKET INTEGRATION, EDUCATIONAL CHOICE AND ECONOMIC GROWTH
Hartmut Egger, University of Zurich
Co-Authors: Peter Egger, ifo Institute, Josef Falkinger, University of Zurich and Grossmann Volker, University of Fribourg, Dept. of Economics

 
  MARKET INTEGRATION AND INDUSTRIAL MODERNIZATION: A GLOBAL MIDDLE CLASS PERSPECTIVE
Alain Desdoigts, CES, U Paris 1 and LEG, U. Bourgogne
 

14:30 - 16:30 STRATEGIC COMPLEMENTARITIES (ESEM TAE)
Chairperson: Antoni Calvo-Armengol, Universitat Autònoma de Barcelona
Room U-42

  "STRATEGIC COMPLEMENTARITY IN MULTI-STAGE GAMES"
XAVIER VIVES, EEA, ESEM

 
  EFFICIENT USE OF INFORMATION AND WELFARE ANALYSIS WITH COMPLEMENTARITIES AND ASYMMETRIC INFORMATION
Alessandro Pavan, Northwerstern University
Co-Author: George-Marios Angeletos, Massachusetts Institute of Technology - MIT

 
  EQUILIBRIUM SELECTION IN SUPERMODULAR GAMES WITH MEAN PAYOFF TECHNOLOGIES
Burkhard Hehenkamp, University of Dortmund
Co-Author: Oddvar Kaarboe, University of Bergen

 
  INTERACTION PATTERNS WITH HIDDEN COMPLEMENTARITIES
Antoni Calvo-Armengol, Universitat Autònoma de Barcelona
Co-Author: Ballester Coralio, UIniversidad de Alicante
 

14:30 - 16:30 CONTRIBUTED SESSION 4
ESEM: Econometrics and Empirical Economics



14:30 - 16:30 ASYMPTOTIC THEORY (ESEM EEE)
Chairperson: Offer Lieberman, Technion
Room J-12

  ASYMPTOTIC THEORY FOR EMPIRICAL SIMILARITY MODELS
Offer Lieberman, Technion

 
  DONSKER TYPE THEOREMS FOR NONPARAMETRIC MAXIMUM LIKELIHOOD ESTIMATORS
Richard Nickl, Department of Statistics, University of Vienna

 
  PROJECTION ESTIMATION IN NONPARAMETRIC INSTRUMENTAL REGRESSION
Sebastien Van Bellegem, Universite catholique de Louvain
Co-Author: Jan Johannes, University of Heidelberg

 
  THE TWO-SAMPLE PROBLEM WITH REGRESSION ERRORS: AN EMPIRICAL PROCESS APPROACH
Juan Mora Lopez,
Co-Author: Natalie Neumeyer, Ruhr-Universität Bochum
 

14:30 - 16:30 EMPIRICAL FINANCE 2 (ESEM EEE)
Chairperson: Jose Olmo, City University, London
Room J-33

  COMOVEMENTS IN FINANCIAL MARKETS: THE CURSE OF DIVERSIFICATION
Jose Olmo, City University, London
Co-Author: Jesus Gonzalo, UC3Madrid

 
  FREQUENT TURBULENCE? A DYNAMIC COPULA APPROACH
Andreas Heinen, Universidad Carlos III Madrid
Co-Author: Loran Chollete, NHH

 
  IDENTIFYING MULTIPLE OUTLIERS IN HEAVY-TAILED DISTRIBUTIONS WITH AN APPLICATION TO MARKET CRASHES
Mark Trede, University of Munster
Co-Author: Christian Schluter, University of Southampton

 
  ON THE DEPENDENCE STRUCTURE, INTEGRATION AND CONTAGION OF THE INTERNATIONAL STOCK MARKETS
Bertrand Melenberg, Tilburg University
 

14:30 - 16:30 EMPLOYMENT (ESEM EEE)
Chairperson: Lars Vilhuber, Cornell University
Room J-43

  CHOOSING HOW TO DOWNSIZE: DETERMINANTS OF MASS LAYOFFS
Lars Vilhuber, Cornell University
Co-Author: Kevin McKinney, US Census Bureau

 
  DYNAMIC LABOUR-FORCE PARTICIPATION OF MARRIED WOMEN IN SWEDEN
Nizamul Islam, School of economics and commercial law Gothenburg University Sweden

 
  EMPLOYMENT DYNAMICS OF MARRIED WOMEN IN EUROPE
Konstantinos Tatsiramos, Institute for the Study of Labor (IZA)
Co-Author: Pierre-Carl Michaud, Rand

 
  EMPLOYMENT STICKINESS IN SMALL MANUFACTURING FIRMS
Vermeulen Philip, ECB
 

14:30 - 16:30 LABOUR MARKETS 2 (ESEM EEE)
Chairperson: Carsten Ochsen, University of Rostock
Room J-44

  CRIME AND EUROPEAN LABOUR MARKET POLICY
Carsten Ochsen, University of Rostock

 
  EDUCATIONAL QUALIFICATIONS AND WAGE INEQUALITY:EVIDENCE FOR EUROPE
Santiago Budría, University of Madeira and CEEAplA
Co-Author: Pedro Telhado Pereira, University of Madeira

 
  EVALUATING DYNAMIC TREATMENT: THE SWEDISH ACTIVE LABOUR MARKET PROGRAMMES
Monica Costa Dias, Institute for Fiscal Studies

 
  INCOME TAXATION IN A COLLECTIVE HOUSEHOLD LABOUR SUPPLY MODEL WITH DISCRETE HOURS
Hans Bloemen, Free University Amsterdam
 

14:30 - 16:30 LONG MEMORY 2 (ESEM EEE)
Chairperson: Josu Arteche, University of the Basque Country
Room J-14

  ALTERNATIVE FREQUENCY AND TIME DOMAIN VERSIONS OF FRACTIONAL BROWNIAN MOTION
Nigar Hashimzade, University of Exeter
Co-Author: James Davidson, Exeter

 
  FULLY MODIFIED NARROW-BAND LEAST SQUARES ESTIMATION OF STATIONARY FRACTIONAL COINTEGRATION
Per Frederiksen, Jyske Bank
Co-Author: Morten Nielsen, Cornell University

 
  LONG MEMORY TESTING IN THE TIME DOMAIN
Vladimir Kuzin, Goethe-University Frankfurt
Co-Authors: Matei Demetrescu, Goethe-University Frankfurt and Uwe Hassler, Goethe-University Frankfurt

 
  SEMIPARAMETRIC ESTIMATION IN PERTURBED LONG MEMORY SERIES
Josu Arteche, University of the Basque Country
 

14:30 - 16:30 MODEL SELECTION AND FORECASTING (ESEM EEE)
Chairperson: David Hendry, Oxford University
Room U-33

  AUTOMATIC TESTS OF SUPER EXOGENEITY
David Hendry, Oxford University
Co-Author: Carlos Santos, Department of Economics, University of Oxford

 
  CO-BREAKING: RECENT ADVANCES AND A SYNOPSIS OF THE LITERATURE
Michael Massmann, University of Bonn
Co-Author: David Hendry, Oxford University

 
  EXTENDING THE BOUNDARIES OF PCGETS: NONLINEAR MODELS
Jennifer Castle, Oxford University
Co-Author: David Hendry, Oxford University

 
  FORECASTING ECONOMIC AGGREGATES BY DISAGGREGATES
Kirstin Hubrich, Research Department, European Central Bank
Co-Author: David Hendry, Oxford University

 
  MODEL SELECTION AND INFERENCE
Benedikt Pötscher, University of Vienna
 

14:30 - 16:30 NON PARAMETRIC METHODS (ESEM EEE)
Chairperson: Simon Lee, UCL
Room J-15

  LOCAL LIKELIHOOD ESTIMATION OF TRUNCATED REGRESSION AND ITS PARTIAL DERIVATIVES: THEORY AND APPLICATION
Valentin Zelenyuk, Kyiv Economics Institute, UPEG/EROC/EERC
Co-Authors: Byeong Park, Department of Statistics, Seoul National University and Leopold Simar, Louvain

 
  NONPARAMETRIC IDENTIFICATION AND ESTIMATION OF SEARCH COSTS
Matthijs Wildenbeest, Erasmus University Rotterdam and Tinbergen Institute
Co-Authors: José Luis Moraga-González, University of Groningen and Zsolt Sandor, Universidad Carlos III Madrid

 
  NONPARAMETRIC INSTRUMENTAL VARIABLES ESTIMATION OF A QUANTILE REGERESSION MODEL
Simon Lee, UCL
Co-Author: Joel L. Horowitz, Northwestern University

 
  RISING WAGE DISPERSION, AFTER ALL! THE GERMAN WAGE STRUCTURE AT THE TURN OF THE CENTURY
Karsten Kohn, Goethe-University Frankfurt
 

14:30 - 16:30 PANEL DATA (ESEM EEE)
Chairperson: Badi Baltagi, Syracuse University
Room U-28

  ESTIMATION OF DYNAMIC LINEAR MODELS IN SHORT PANELS WITH ORDINAL OBSERVATION
Steve Pudney, University of Essex

 
  PANEL DATA MODELS WITH INTERACTIVE FIXED EFFECTS
Jushan Bai, New York University

 
  PANEL UNIT ROOT TESTS AND SPATIAL DEPENDENCE
Badi Baltagi, Syracuse University
Co-Author: Georges Bresson, University of Paris II

 
  THE ASYMPTOTICS FOR PANEL MODELS WITH COMMON SHOCKS
Lorenzo Trapani, Cass Business School and Universita'' di Bergamo
Co-Authors: Chihwa Kao, Syracuse University and Giovanni Urga, Cass Business School
 

14:30 - 16:30 QUANTILE REGRESSION (ESEM EEE)
Chairperson: Ivana Komunjer, UCSD
Room U-32

  ASYMPTOTIC THEORY FOR NONLINEAR QUANTILE REGRESSION UNDER WEAK DEPENDENCE
Harry Haupt, Department of Econometrics, University of Regensburg
Co-Author: Walter Oberhofer, Department of Econometrics, University of Regensburg

 
  CHEAP VERSUS EXPENSIVE TRADES: ASSESSING THE DETERMINANTS OF MARKET IMPACT COSTS
Laura Spierdijk, University of Groningen
Co-Authors: Jacob A. Bikker, De Nederlandsche Bank and Pieter Jelle van der Sluis, ABP Investments

 
  ESTIMATION OF COUNTERFACTUAL DISTRIBUTIONS USING QUANTILE REGRESSION
Blaise Melly, SIAW, University of St. Gallen

 
  TESTING MODELS WITH MULTIPLE EQUILIBRIA BY QUANTILE METHODS
Ivana Komunjer, UCSD

 
  THE EFFECTS OF SMOKING AND PRENATAL CARE ON BIRTH OUTCOMES: EVIDENCE FROM QUANTILE ESTIMATION ON PANEL DATA
Christian Dahl, Purdue University
Co-Author: Jason Abrevaya, Purdue University
 

14:30 - 16:30 TIME SERIES (ESEM EEE)
Chairperson: Raffaella Giacomini, Department of Economics, UCLA
Room J-34

  AUTOREGRESSIVE APPROXIMATIONS OF MULTIPLE FREQUENCY I(1) PROCESSES
Martin Wagner, Institute for Advanced Studies VIenna
Co-Author: Dietmar Bauer, Arsenal Research

 
  DO THE LEADING INDICATORS LEAD PEAKS MORE THAN TROUGHS?
Rene Segers, Econometric Institute, Erasmus University Rotterdam
Co-Authors: Richard Paap, Econometric Institute and Dick Van Dijk, Econometric Institute, Erasmus University Rotteredam

 
  MODEL SELECTION IN UNSTABLE ENVIRONMENTS
Raffaella Giacomini, Department of Economics, UCLA
Co-Author: Barbara Rossi, Duke University

 
  NELSON-PLOSSER REVISITED: THE ACF APPROACH
Giovanni Caggiano, University of Glasgow
Co-Authors: Karim Abadir, Imperial College and Gabriel Talmain, University of York
 

14:30 - 16:30 TREATMENT EFFECTS AND PROGRAM EVALUATION 1 (ESEM EEE)
Chairperson: Jose Galdo, Syracuse University and IZA
Room U-16

  DOES THE QUALITY OF TRAINING PROGRAMS MATTER? EVIDENCE FROM BIDDING PROCESSES DATA
Jose Galdo, Syracuse University and IZA
Co-Author: Alberto Chong, Inter-American Development Bank

 
  EVALUATING THE GERMAN MINI-JOB REFORM USING A TRUE NATURAL EXPERIMENT
Marco Caliendo, DIW Berlin
Co-Author: Katharina Wrohlich, DIW Berlin

 
  INTERGENERATIONAL TRANSMISSION OF WELFARE DEPENDENCY: THE EFFECTS OF LENGTH AND TIMING OF EXPOSURE
Oscar Mitnik, University of Miami

 
  OUTGOING THE SHADOWS: ESTIMATING THE IMPACT OF BUREAUCRACY SIMPLIFICATION AND TAX CUT ON FORMALITY AND INVESTMENT
Juliano Assuncao, Department of Economics, PUC-Rio
Co-Author: Joana Monteiro, DAI Brasil
 

14:30 - 16:30 SPECIAL EEA ANNIVERSARY SESSION B



14:30 - 16:30 SPECIAL EEA ANNIVERSARY SESSION B: ROUNDTABLE ON : RESEARCH AND HIGHER EDUCATION IN ECONOMICS: CAN WE DELIVER THE LISBON OBJECTIVES? (EEA)
Chairperson: Jacques Dreze, CORE
Room GF

  PRESENTATION 1
Jacques Dreze, CORE

 
  PRESENTATION 2
Jacques Cremer, Universit´e de Toulouse, IDEI-GREMAQ
Discussant(s): Jacques Cremer, Universit´e de Toulouse, IDEI-GREMAQ

 
  PRESENTATION 3
Mathias Dewatripont, Université Libre de Bruxelles
Discussant(s): Mathias Dewatripont, Université Libre de Bruxelles

 
  PRESENTATION 4
Andreu Mas-Colell, Universitat Pompeu Fabra
Discussant(s): Andreu Mas-Colell, Universitat Pompeu Fabra
 

16:30 - 17:00 COFFEE BREAK



17:00 - 19:00 CONTRIBUTED SESSION 5
EEA



17:00 - 19:00 BEHAVIOURAL ECONOMICS II (EEA)
Chairperson: Ferdinand von Siemens, LMU München
Room J-13

  THE INTENSITY OF INCENTIVES IN FIRMS AND MARKETS: MORAL HAZARD WITH ENVIOUS AGENTS
Ferdinand von Siemens, LMU München
Co-Author: Björn Bartling, University of Munich

 
  PERFORMANCE INCENTIVES AND THE DYNAMICS OF VOLUNTARY COOPERATION
Esther Kessler, University of Nottingham
Co-Authors: Simon Gaechter, University of Nottingham and Manfred Koenigstein , University of Erfurt

 
  COOPERATION AND COMMUNICATION IN FRONT OF A LARGE AUDIENCE: EVIDENCE FROM A TV GAME SHOW
Jeroen Van de Ven, Utrecht School of Economics
Co-Authors: Michele Belot, University of Essex and Venkataraman Bhaskar, University College London
 

17:00 - 19:00 CONTRACTS II (EEA)
Chairperson: Albert Saiz, Wharton School - University of Pennsylvania
Room J-17

  DO COURTS MATTER? RENTAL MARKETS AND THE LAW
Albert Saiz, Wharton School - University of Pennsylvania
Co-Author: Pablo Casas-Arce, Oxford University

 
  CONTRACTUAL DESIGN OF TOLL ADJUSTMENT PROVISIONS IN INFRASTRUCTURE CONCESSION CONTRACTS: WHAT MATTERS?
Laure Athias, University of Paris 1 - Sorbonne

 
  AN EXPERIMENTAL TEST OF CAREER CONCERNS
Alexander K Koch, Royal Holloway, University of London
Co-Authors: Albrecht Morgenstern, Federal Ministry of Finance and Philippe Raab, Allianz Versicherungs-AG

 
  PARTNERSHIP DISSOLUTION, COMPLEMENTARITY AND INVESTMENT INCENTIVES
Jianpei Li, Humboldt University of Berlin
Co-Author: Elmar Wolfstetter, Humboldt University of Berlin
 

17:00 - 19:00 CORPORATE FINANCE V (EEA)
Chairperson: Peter L. Rousseau, Vanderbilt University
Room J-61

  THE Q-THEORY OF MERGERS: INTERNATIONAL AND CROSS-BORDER EVIDENCE
Peter L. Rousseau, Vanderbilt University

 
  HOME BIASED? A SPATIAL ANALYSIS OF THE DOMESTIC MERGING BEHAVIOR OF US FIRMS
Michael H. Grote, Goethe University Frankfurt
Co-Author: Marc P. Umber, Goethe University

 
  A STUDY OF INEFFICIENT GOING CONCERNS IN BANKRUPTCY
Loranth Gyongyi, Judge Business School, University of Cambridge
Co-Author: Julian Franks, London Business School

 
  ON THE INFORMATION CONTENT OF MANDATORY DISCLOSURES
Evelyn Korn, Philipps-Universität Marburg
 

17:00 - 19:00 SOCIAL SECURITY AND PENSIONS I (EEA)
Chairperson: Paola Profeta, Università Bocconi
Room J-16

  EARLY RETIREMENT AND SOCIAL SECURITY: A LONG TERM PERSPECTIVE
Paola Profeta, Università Bocconi
Co-Authors: Ignacio Conde Ruiz, Spanish Prime Minister Economic Bureau and Fedea and Vincenzo Galasso, IGIER, Università Bocconi

 
  SOCIAL SECURITY AND STOCK MARKETS
Paolo Pinotti, Universitat Pompeu Fabra and Bank of Italy

 
  PENSION, FERTILITY, AND EDUCATION
Volker Meier, Ifo Institute for Economic Research
Co-Author: Matthias Wrede, RWTH Aachen University

 
  THE OPTIMAL DESIGN OF FUNDED PENSIONS: UNBUNDLING FINANCING AND INVESTMENT
Luciano Greco, Universita'' di Padova
 

17:00 - 19:00 ECONOMIC GROWTH IV (EEA)
Chairperson: Kyriakos Neanidis, University of Manchester
Room U-24

  THE ALLOCATION OF PUBLIC EXPENDITURE AND ECONOMIC GROWTH
Kyriakos Neanidis, University of Manchester
Co-Author: Pierre-Richard Agenor, University of Manchester

 
  WHY ENGLAND? DEMAND, GROWTH AND INEQUALITY DURING THE INDUSTRIAL REVOLUTION
Nico Voigtlaender, Universitat Pompeu Fabra
Co-Author: Hans-Joachim Voth, Universitat Pompeu Fabra

 
  TECHNOLOGICAL TRANSFERS, LIMITED COMMITMENT AND GROWTH.
Alexandre Dmitriev, Universitat Autònoma de Barcelona

 
  REMITTANCES, FINANCIAL DEVELOPMENT, AND GROWTH
Marta Ruiz-Arranz, International Monetary Fund
Co-Author: Paola Giuliano, International Monetary Fund
 

17:00 - 19:00 TAXATION III (EEA)
Chairperson: Axel Dreher, Swiss Federal Institute of Technology (ETH Zurich)
Room U-21

  CORRUPTION AND THE SHADOW ECONOMY: AN EMPIRICAL ANALYSIS
Axel Dreher, Swiss Federal Institute of Technology (ETH Zurich)
Co-Author: Friedrich Schneider, Department of Economics, University of Linz

 
  COMPANY TAX REFORM WITH A WATER'S EDGE
Nadine Riedel, University of Munich, Department of Economics
Co-Author: Marco Runkel, University of Munich and CESifo

 
  TAX EVADERS KEEP UP WITH THE JONESES
Klaus Beckmann, Andrássy-Universität Budapest

 
  A REFERENCE-DEPENDENT THEORY OF TAX EVASION AND EXCHANGE EQUITY
Matthew D. Rablen, University of Warwick
 

17:00 - 19:00 FISCAL POLICY I (EEA)
Chairperson: Leopold von Thadden, European Central Bank
Room U-34

  DISTORTIONARY TAXATION, DEBT, AND THE PRICE LEVEL
Leopold von Thadden, European Central Bank
Co-Author: Andreas Schabert, University of Amsterdam

 
  A POSITIVE THEORY OF GOVERNMENT DEBT
Fernando Martin, Simon Fraser University

 
  PATHS TO FISCAL SUSTAINABILITY
Chryssi Giannitsarou, University of Cambridge, Faculty of Economics
Co-Author: Andrew Scott, London Business School

 
  A COMMON POOL THEORY OF DEFICIT BIAS CORRECTION
Signe Krogstrup, Graduate Institute of International Studies
Co-Author: Charles Wyplosz, Graduate Institute of International Studies
 

17:00 - 19:00 HEALTH ECONOMICS II (EEA)
Chairperson: Ruth-Aïda Nahum, Uppsala University & Institute for Future Studies
Room J-31

  CHILD HEALTH AND FAMILY INCOME: DOES THE GRADIENT HOLD FOR SWEDEN?
Ruth-Aïda Nahum, Uppsala University & Institute for Future Studies

 
  THE EFFECT OF POVERTY ON THE HEALTH OF NEWBORN CHILDREN – EVIDENCE FROM GERMANY
Marcus Tamm, RWI Essen

 
  THE EFFECT OF EDUCATION ON YOUTH MORTALITY
Alfonso Rosolia, BANK OF ITALY
Co-Authors: Piero Cipollone, Bank of Italy, Research Department and Debora Radicchia, ISFOL
 

17:00 - 19:00 EMPIRICAL INDUSTRIAL ORGANIZATION V (EEA)
Chairperson: Claudio Piga, Loughborough University
Room J-62

  ENTRY AND EXIT IN A LIBERALISED MARKET
Claudio Piga, Loughborough University
Co-Author: Maria J. Gil Molto, Loughborough University

 
  BUNDLING, COMPETITION ON ENERGY MARKETS
Marion Podesta, Laser, Creden

 
  REMOVING BARRIERS TO ENTRY: EFFECTS ON PRODUCTIVE EFFICIENCY AND INDUSTRIAL SICKNESS - A FIRM LEVEL STUDY OF INDIAN MANUFACTURING
Rahel Falk, Austrian Institute of Economic Research
 

17:00 - 19:00 FINANCIAL MARKETS IV (EEA)
Chairperson: Alexei Goriaev, Assistant Professor
Room U-46

  IS POLITICAL RISK COMPANY-SPECIFIC? THE MARKET SIDE OF THE YUKOS AFFAIR
Alexei Goriaev, Assistant Professor
Co-Author: Konstantin Sonin, New Economic School

 
  INVESTING FOR THE LONG RUN IN EUROPEANH REAL ESTATE
Massimo Guidolin, Federal Reserve Bank of St. Louis - Research Division
Co-Authors: Carolina Fugazza, CeRP, Torino and Giovanna Nicodano, University of Torino

 
  THE COMPETITIVE MARGIN OF BOOKMAKERS UNDER INFORMATION ASYMMETRY
Vasiliki Makropoulou, Athens University of Economics and Business
Co-Author: Raphael Markellos,

 
  HOUSE PRICES, CONSUMPTION AND TRADE BALANCE IN THE U.S.
Massimiliano Pisani, Bank of Italy
 

17:00 - 19:00 LABOUR MARKET DYNAMICS I (EEA)
Chairperson: Antoni Calvo-Armengol, Universitat Autònoma de Barcelona
Room U-41

  SOCIAL PREFERENCES, SKILL SEGREGATION AND WAGE DYNAMICS
Antoni Calvo-Armengol, Universitat Autònoma de Barcelona
Co-Authors: Antonio Cabrales, Universitat Pompeu Fabra and Nicola Pavoni, University College London

 
  HETEROGENEOUS LABOR, LABOR MARKET FRICTIONS AND EMPLOYMENT EFFECTS OF TECHNOLOGICAL CHANGE
Jens Rubart, Darmstadt University of Technoloy

 
  WAGES AND RISKS AT THE WORKPLACE: EVIDENCE FROM LINKED FIRM-WORKER DATA
Oliver Ruf, University of Zürich
Co-Authors: Rafael Lalive, University of Zürich and Josef Zweimüller, University of Zürich
 

17:00 - 19:00 INFLATION AND PRICE SETTING III (EEA)
Chairperson: Jorge Durán, Centrum voor Economische Studiën, Katholieke Universiteit Leuven
Room J-11

  THE MEASUREMENT OF OUTPUT GROWTH AND THE DECLINE OF EQUIPMENT PRICES
Jorge Durán, Centrum voor Economische Studiën, Katholieke Universiteit Leuven
Co-Authors: Omar Licandro, EUI- European University Institute and Javier Ruiz-Castillo, Universidad Carlos III

 
  PRICE SETTING BEHAVIOR: MICRO EVIDENCE ON SLOVAKIA
Roman Horvath, Czech Central Bank and Charles Univ
Co-Author: Fabrizio Coricelli, University of Siena and CEPR

 
  PRICING BEHAVIOR AND THE RESPONSE OF HOURS TO PRODUCTIVITY SHOCKS
Domenico Marchetti, Banca d''Italia
Co-Author: Francesco Nucci, Università di Roma La Sapienza

 
  THE PATTERNS AND DETERMINANTS OF PRICE SETTING IN THE BELGIAN INDUSTRY
Maarten Dossche, National Bank of Belgium - Ghent University
Co-Author: David Cornille, National Bank of Belgium
 

17:00 - 19:00 INTERNATIONAL TRADE IV (EEA)
Chairperson: Federico Trionfetti, CEPN, IUHEI, CEPII
Room J-21

  TRADE COSTS AND THE HOME MARKET EFFECT
Federico Trionfetti, CEPN, IUHEI, CEPII
Co-Author: Matthieu Crozet, University of Paris 1

 
  TRADE LIBERALISATION, INCREASE IN COMPETITION AND ECONOMIC GROWTH.
Antonio Navas Ruiz, European University Institute
Co-Author: Omar Licandro, EUI- European University Institute

 
  MEASURING THE TFP COSTS OF BARRIERS TO TRADE
Pedro Ferreira, Fundação Getulio Vargas
Co-Author: Alberto Trejos, INCAE

 
  DOES TRADE LIBERALIZATION CAUSE UNEMPLOYMENT? THEORY AND EVIDENCE
Alexandre Janiak, ECARES, Université Libre de Bruxelles
 

17:00 - 19:00 LABOUR MARKET - EMPIRICAL STUDIES VII (EEA)
Chairperson: Alexandra Spitz-Oener, Humboldt University
Room U-48

  THE RETURNS TO PENCIL USE REVISITED
Alexandra Spitz-Oener, Humboldt University

 
  RISING WAGE INEQUALITY: DOES THE RETURN TO MANAGAMENT TELL THE WHOLE STORY?
Odile Poulsen, University of East Anglia
Co-Author: Anders Frederiksen, Hoover institution, Stanford university and Aarhus School of Business

 
  RISING WAGE INEQUALITY IN GERMANY
Johannes Gernandt, Centre for European Economic Research
Co-Author: Friedhelm Pfeiffer, Centre for European Economic Research, University of Mannheim

 
  ON THE IMPACT OF INDIVIDUAL WAGE BARGAINING IN THE SWEDISH TEACHERS' LABOUR MARKET
Martin Söderström, Uppsala University, Department of Economics
 

17:00 - 19:00 LABOUR MARKET - EMPIRICAL STUDIES VIII (EEA)
Chairperson: Muriel Niederle, Stanford University
Room J-41

  DO WOMEN SHY AWAY FROM COMPETITIONS? DO MEN COMPETE TOO MUCH?
Muriel Niederle, Stanford University
Co-Author: Lise Vesterlund, University of Pittsburgh

 
  DO MEN AND WOMEN-ECONOMISTS CHOOSE THE SAME RESEARCH FIELDS ?: EVIDENCE FROM TOP-50 DEPARTMENTS
Florentino Felgueroso, Uni.v de Oviedo
Co-Author: Juan J. Dolado, Universidad Carlos III

 
  GENDER WAGE LEADERSHIP
Matthew Lindquist, Stockholm University

 
  LABOR SUPPLY AND CHILD CARE CHOICES WHEN SUBSIDIZED CHILD CARE IS RATIONED - THE CASE OF GERMANY
Katharina Wrohlich, DIW Berlin
 

17:00 - 19:00 POLITICAL ECONOMY VI (EEA)
Chairperson: Ramon Xifré Oliva, ESCI - U. Pompeu Fabra
Room U-50

  MEDIA LOCATION AND POLITICAL INFLUENCE
Ramon Xifré Oliva, ESCI - U. Pompeu Fabra

 
  POLITICAL CYCLES AND THE STOCK MARKET: PRESIDENTIAL AND PRIME MINISTER PUZZLES
Matthias Ederer, University of Oxford
Co-Author: Florian Ederer, MIT Economics

 
  POLITICIANS VERSUS BUREAUCRATS: EVIDENCE FROM U.S. LOCAL GOVERNMENTS
Ruben Enikolopov, Harvard University

 
  THE IMPACT OF POLITICAL LEADERS’ PROFESSION AND EDUCATION ON REFORMS
Frank Somogyi, ETH Zürich
Co-Authors: Axel Dreher, Swiss Federal Institute of Technology (ETH Zurich), Michael Lamla, ETH Zürich and Sarah Rupprecht, ETH Zürich
 

17:00 - 19:00 INTERNATIONAL FINANCE V (EEA)
Chairperson: Dagfinn Rime, Norges Bank
Room J-52

  `LARGE' VS. `SMALL' PLAYERS: A CLOSER LOOK AT THE DYNAMICS OF SPECULATIVE ATTACKS
Dagfinn Rime, Norges Bank
Co-Authors: Geir Bjønnes, Norwegian School of Management, Steinar Holden, University of Oslo and Haakon Solheim, Ministry of Foreign Trade and Industry

 
  FINANCIAL (DIS)INTEGRATION.
Enisse Kharroubi, Banque de France

 
  HABIT FORMATION AND THE TRANSMISSION OF FINANCIAL CRISES
Melisso Boschi, University of Essex
Co-Author: Aditya Goenka, University of Essex & National University of Singapore
 

17:00 - 19:00 INDUSTRIAL ORGANISATION V (EEA)
Chairperson: Liliane Karlinger, University of Vienna
Room J-32

  EXCLUSIONARY PRICING AND REBATES IN A NETWORK INDUSTRY
Liliane Karlinger, University of Vienna
Co-Author: Massimo Motta, European University Institute

 
  MOBILE TERMINATION AND COLLUSION REVISITED
Felix Hoeffler, Max Planck Institute for Research on Collective Goods, Bonn

 
  WHEN INPUT COMPETES WITH OUTPUT
Luiz Rangel, GREMAQ, Université de Toulouse

 
  TYING AND ENTRY DETERRENCE IN VERTICALLY DIFFERENTIATED MARKETS
Eugen Kovac, CERGE-EI, Charles University Prague and University of Bonn
 

17:00 - 19:00 LABOUR MARKET - INSTITUTIONS AND PERFORMANCE III (EEA)
Chairperson: Andreas Irmen, University of Mannheim
Room U-47

  WAGE POLICY AND UNEMPLOYMENT
Andreas Irmen, University of Mannheim

 
  HOLDUP IN OLIGOPSONISTIC LABOUR MARKETS - A NEW ROLE FOR THE MINIMUM WAGE
Leo Kaas, University of Konstanz
Co-Author: Paul Madden, Manchester University

 
  WORKING TIME AS AN INVESTMENT? – THE EFFECTS OF UNPAID OVERTIME ON WAGES, PROMOTIONS, AND LAYOFFS
Silke Anger, German Institute for Economic Research

 
  LABOUR MARKET PROGRAMMES AND THE EQUITY-EFFICIENCY TRADE-OFF
Trine Filges, The Danish National Institute of Social research
Co-Authors: John Kennes, University of Copenhagen, Birthe Larsen, CBS and Torben Tranæs, The Rockwool Foundation
 

17:00 - 19:00 MONETARY POLICY V (EEA)
Chairperson: Javier Gomez Biscarri, IESE - Universidad de Navarra
Room J-42

  AN ESTIMATED DSGE MODEL FOR SWEDEN WITH A MONETARY REGIME CHANGE
Daria Finocchiaro, IIES, Stockholm University
Co-Author: Vasco Cúrdia , Princeton University

 
  EXPECTATIONS, LEARNING AND MACROECONOMIC PERSISTENCE
Fabio Milani, University of California, Irvine

 
  MONETARY POLICY AND THE POLITICAL SUPPORT FOR A LABOR MARKET REFORM
Alvaro Aguiar, CEMPRE, Faculdade de Economia, Universidade do Porto
Co-Author: Ana Paula Ribeiro, CEMPRE, Faculdade de Economia, Universidade do Porto

 
  ECONOMIC INTEGRATION, COMMON MONETARY POLICY AND GROWTH ASYMMETRIES
Marcos Sanso, University of Zaragoza
 

17:00 - 19:00 GLOBALIZATION, FINANCIAL MARKETS AND MULTINATIONALS (EEA)
Chairperson: Paul Segerstrom, Stockholm School of Economics
Room J-18

  MULTINATIONAL FIRMS AND ECONOMIC GROWTH
Paul Segerstrom, Stockholm School of Economics
Co-Author: Elias Dinopoulos, University of Florida

 
  GLOBALIZATION AND RISK SHARING
Fernando Broner, CREI and Universitat Pompeu Fabra
Co-Author: Jaume Ventura, CREI - Centre de Recerca en Economia Internacional and UPF

 
  FINANCIAL GLOBALIZATION AND THE GOVERNANCE OF DOMESTIC FINANCIAL INTERMEDIARIES
Thierry Tressel, International Monetary Fund
Co-Author: Thierry Verdier, Paris-Jourdan Sciences Économiques (PSE) - École Normale Supérieure
 

17:00 - 19:00 NETWORKS (EEA)
Chairperson: Eleonora Patacchini, University of Rome
Room J-51

  PEER EFFECTS AND SOCIAL NETWORKS IN EDUCATION AND CRIME
Eleonora Patacchini, University of Rome
Co-Authors: Antoni Calvo-Armengol, Universitat Autònoma de Barcelona and Yves Zenou, The Research Institute of Industrial Economics

 
  A SOCIAL NETWORK ANALYSIS OF OCCUPATIONAL SEGREGATION
Sebastian Buhai, Tinbergen Institute and Aarhus School of Business
Co-Author: Marco van der Leij, Tinbergen Institute and Erasmus University Rotterdam

 
  PARTIAL BANDWAGON EFFECTS AND LOCAL INTERACTIONS
Simon Weidenholzer, Dept. of Economics, University of Vienna
Co-Author: Carlos Alos-Ferrer, Dept. of Economics, University of Konstanz

 
  NETWORK POTENTIALS
Subhadip Chakrabarti, Queen''s University Belfast
Co-Author: Robert Gilles, Virginia Polytechnic Institute and State University
 

17:00 - 19:00 CONTRIBUTED SESSION 5
ESEM: Theoretical and Applied Economics



17:00 - 19:00 AUCTION II (ESEM TAE)
Chairperson: Laurent Lamy, CREST-LEI
Room U-23

  BIDDERS WITH CAREER CONCERNS
Francesco Giovannoni, University of Bristol
Co-Author: Miltiadis Makris, University of Exeter

 
  EXPECTATIONS IN FIRST-PRICE AUCTIONS
Oliver Kirchkamp, St Andrews University
Co-Author: Philipp Reiss, University of Magdeburg

 
  INFORMATION ACQUISITION AND JUMP BIDDING IN ENGLISH AUCTIONS
Paavo Miettinen, Department of Economics, University of Helsinki

 
  THE AUSUBEL-MILGROM PROXY AUCTION WITH FINAL DISCOUNTS
Laurent Lamy, CREST-LEI
 

17:00 - 19:00 INTERNATIONAL TRADE II (ESEM TAE)
Chairperson: Xinpeng Xu, Hong Kong Polytechnic University, Hong Kong
Room U-31

  DISSECTING FDI
Farid Toubal, Centre d''Economie de la Sorbonne, University of Paris 1, Panthéon Sorbonne
Co-Author: Jörn Kleinert, University of Tübingen

 
  HOW TO USE SUBSIDIES TO SUSTAIN TRADE AGREEMENTS
Philip Sauré, European University Institute

 
  REVENUE TARIFF REFORM
James E. Anderson, Boston College
Co-Author: J. Peter Neary, University College Dublin

 
  TRADE AND UNEMPLOYMENT: A TWO-SECTOR SEARCH MODEL WITH NON-TRADABLE GOODS
Xinpeng Xu, Hong Kong Polytechnic University, Hong Kong
Co-Author: Yu Sheng, The Australian National University, Australia
 

17:00 - 19:00 LABOUR MARKET III (ESEM TAE)
Chairperson: Alexander Ueberfeldt, Bank of Canada
Room J-sem 10

  A FEASIBLE EQUILIBRIUM SEARCH MODEL OF INDIVIDUAL WAGE DYNAMICS WITH EXPERIENCE ACCUMULATION
Francois Fontaine, Universite Strasbourg 3 and IZA
Co-Authors: Jesper Bagger, University of Aarhus and Jean Marc Robin, Paris

 
  JOB COMPETITION OVER THE BUSINESS CYCLE: IMPLICATIONS FOR LABOR PRODUCTIVITY AND UNEMPLOYMENT RATES BY SKILL
Andri Chassamboulli, Central European University , Hungarian National Bank

 
  UNEMPLOYMENT, CAPITAL AND HOURS: ON THE QUANTITATIVE PERFORMANCE OF A DSGE LABOR MARKET MODEL
Philip Jung, University Frankfurt

 
  WORKING TIME OVER THE 20TH CENTURY
Alexander Ueberfeldt, Bank of Canada
 

17:00 - 19:00 LAW AND ECONOMICS (ESEM TAE)
Chairperson: Alessandro Riboni, université de Montréal
Room J-53

  A THEORY OF JUDICIAL TORTURE
Kong-Pin Chen, Academia Sinica
Co-Author: Tsung-Sheng Tsai, Academia Sinica

 
  AN ECONOMIC ANALYSIS OF PRE-TRIAL MEDIATION
Kate Doornik, University of Oxford

 
  AUDITORS' LIABILITY UNDER PROSPECT THEORY
Jochen Bigus, University of Osnabrück

 
  COURTS' DECISION MAKING WITHOUT COMMITMENT:A COMPARATIVE ANALYSIS
Alessandro Riboni, université de Montréal
 

17:00 - 19:00 MACROECONOMICS AND FINANCE (ESEM TAE)
Chairperson: Francisco Covas, Bank of Canada
Room U-7

  BANK HEALTH AND INVESTMENT: AN ANALYSIS OF UNLISTED COMPANIES IN JAPAN
Shin-ichi Fukuda, University of Tokyo

 
  FINANCIAL INNOVATION, MACROECONOMIC STABILITY AND SYSTEMIC CRISES
Stephen Millard, Bank of England
Co-Authors: Prasanna Gai, Australian National University, Ander Perez, London School of Economics and Kapadia Sujit,

 
  FINANCIAL INNOVATIONS AND MACROECONOMIC VOLATILITY
Vincenzo Quadrini, University of Southern California
Co-Author: Urban Jermann, Wharton School of the University of Pennsylvania

 
  THE ROLE OF DEBT AND EQUITY FINANCE OVER THE BUSINESS CYCLE
Francisco Covas, Bank of Canada
Co-Author: Wouter Denhaan, London Business School
 

17:00 - 19:00 POLITICAL ECONOMY III (ESEM TAE)
Chairperson: Lydia Mechtenberg, Technical University of Berlin
Room U-30

  POPULIST POLICIES IN THE TRANSITION TO DEMOCRACY
Daniel Mejia, Brown University
Co-Author: Carlos Esteban Posada, Banco de la Repunlica, Colombia

 
  THE COEVOLUTION OF ECONOMIC AND POLITICAL DEVELOPMENT
fali huang, singapore Management University

 
  WAR WITH OUTSIDERS MAKES PEACE INSIDE
Klaas Staal, ZEI(b)
Co-Author: Johannes Münster, Free U Berlin & WZB

 
  WHY ARE POLICY REVERSALS THE EXCEPTION, NOT THE RULE? THE PREDOMINANCE OF IDEOLOGY WITHOUT IDEOLOGISTS
Lydia Mechtenberg, Technical University of Berlin
 

17:00 - 19:00 PREFERENCES AND DECISION-MAKING I (ESEM TAE)
Chairperson: Pavlo Blavatskyy, IEW, University of Zurich
Room J-22

  DIFFERENTIATING AMBIGUITY: A COMMENT
David Kelsey, University of Exeter
Co-Authors: Jurgen Eichberger, Heidelberg University and Simon Grant, Rice University

 
  EXACTLY WHAT HAPPENS AFTER THE ANSCOMBE-AUMANN RACE? - REPRESENTING PREFERENCES IN VAGUE ENVIRONMENTS
Marie-Louise Vierø, Queen's University

 
  REGRET AND AMBIGUITY AVERSION
Daniel Krahmer, Free University Berlin
Co-Author: Rebecca Stone, University of Leicester

 
  STOCHASTIC EXPECTED UTILITY THEORY
Pavlo Blavatskyy, IEW, University of Zurich
 

17:00 - 19:00 R&D AND INNOVATION (ESEM TAE)
Chairperson: Chia-Ying Chang, Victoria University of Wellington
Room J-63

  BACKSTOP TECHNOLOGY ADOPTION
Pauli Murto, Helsinki School of Economics
Co-Author: Matti Liski, Helsinki School of Economics

 
  DYNAMIC R&D INCENTIVES WITH NETWORK EXTERNALITIES
Daniel Cerquera, ZEW Mannheim

 
  IMPLICATIONS OF BETTER INFORMATION FOR TECHNOLOGICAL DEVELOPMENT AND WELFARE
Bernhard Eckwert, Bielefeld University
Co-Author: Burkhard Drees, International Monetary Fund

 
  THE ROLE OF MARKET FRICTIONS ON INNOVATIVE AND IMITATIVE ACTIVITIES: A SEARCH-THEORETICAL APPROACH
Chia-Ying Chang, Victoria University of Wellington
 

17:00 - 19:00 REPUTATION AND DYNAMIC GAMES (ESEM TAE)
Chairperson: Konstantin Sonin, New Economic School
Room J-sem 20

  A MODEL OF REPUTATION IN CHEAP TALK, WITH AN APPLICATION TO LOBBYING AND UNEQUAL REPRESENTATION
Lars Frisell, Sveriges Riksbank
Co-Author: Johan Lagerlöf, Royal Holloway

 
  REPUTATION AND BOUNDED MEMORY
Daniel Monte, Yale University, Economics Department

 
  STRIKES AS RANDOM EQUILIBRIUM PHENOMENA IN A REPEATED GAME WITH INCOMPLETE INFORMATION
Touria Jaaidane, University of Lille 1, MEDEE
Co-Author: Robert Gary-Bobo, University Paris I Pantheon-Sorbonne

 
  THE KILLING GAME: REPUTATION AND KNOWLEDGE IN NON-DEMOCRATIC SUCCESSION
Konstantin Sonin, New Economic School
Co-Author: Georgy Egorov, Harvard University
 

17:00 - 19:00 TWO-SIDED MARKETS (ESEM TAE)
Chairperson: Jean Charles Rochet, IDEI Toulouse University
Room U-42

  DO CONSUMERS BUY LESS OF A TAXED GOOD?
Marko Koethenbuerger, CES, University of Munich
Co-Authors: Hans Jarle Kind, Norwegian School of Economics and Business Administration and Guttorm Schjelderup, Norwegian School of Economics and Business Administration

 
  EMPLOYMENT AGENCIES IN BILATERAL SEARCH MARKETS: A TWO-SIDED MARKET APPROACH
Trégouët Thomas, CREST-LEI and PSE

 
  TWO-SIDED DUOPOLY WITH COSTLY DIFFERENTIATION
Guillaume Roger, Econometric Society (Student)

 
  TYING IN TWO SIDED MARKETS AND THE HONOR ALL CARDS RULE
Jean Charles Rochet, IDEI Toulouse University
Co-Author: jean tirole, IDEI, University of Toulouse
 

17:00 - 19:00 CONTRIBUTED SESSION 5
ESEM: Econometrics and Empirical Economics



17:00 - 19:00 ASSET PRICING MODELS (ESEM EEE)
Chairperson: Lynda Khalaf, Universite Laval
Room J-33

  MEAN-VARIANCE PORTFOLIO ANALYSIS UNDER PARAMETER UNCERTAINTY
Taras Bodnar, European University Viadrina
Co-Author: Wolfgang Schmid, European University Viadrina

 
  OPTIMAL ASSET ALLOCATION BASED ON UTILITY MAXIMIZATION IN THE PRESENCE OF MARKET FRICTIONS
Alessandro Bucciol, University of Padua
Co-Author: Raffaele Miniaci, University of Brescia

 
  STRATEGIC ASSET ALLOCATION FOR LONG-TERM INVESTORS: PARAMETER UNCERTAINTY AND PRIOR INFORMATION
Roy Hoevenaars, Maastricht University
Co-Authors: Roderick Molenaar , , Peter Schotman, Maastricht University and Tom Steenkamp,

 
  TESTING THREE-MOMENTS BASED ASSET PRICING MODELS: AN EXACT NON-GAUSSIAN MULTIVARIATE REGRESSION APPROACH
Lynda Khalaf, Universite Laval
Co-Authors: Marie-Claude Beaulieu, Universite Laval and Jean-Marie Dufour, Universite de Montreal
 

17:00 - 19:00 COINTEGRATION 3 (ESEM EEE)
Chairperson: Yongcheol Shin, University of Leeds
Room J-14

  AN ARDL APPROACH TO AN ANALYSIS OF ASYMMETRIC LONG-RUN COINTEGRATING RELATIONSHIPS
Yongcheol Shin, University of Leeds
Co-Author: Byungchul Yu, Dong A University

 
  COINTEGRATION ANALYSIS IN TIME SERIES MODELS WITH A SMALL CROSS-SECTIONAL DIMENSION
Roger Hammersland, Norges Bank

 
  TESTING PANEL COINTEGRATION WITH UNOBSERVABLE DYNAMIC COMMON FACTORS
Josep Lluis Carrion-i-Silvestre, Universidad de Barcelona
Co-Author: Jushan Bai, New York University

 
  TESTS FOR COINTEGRATION AND THE INITIAL CONDITION
Niklas Ahlgren, Swedish School of Economics
Co-Author: Mikael Juselius, University of Helsinki
 

17:00 - 19:00 ECONOMICS OF EDUCATION 3 (ESEM EEE)
Chairperson: Melissa Tartari, University of Pennsylvania
Room J-43

  DIVORCE AND THE COGNITIVE ACHIEVEMENT OF CHILDREN
Melissa Tartari, University of Pennsylvania

 
  INTERGENERATIONAL EFFECTS OF MOTHER'S SCHOOLING ON CHILDREN'S OUTCOMES: CAUSAL LINKS AND TRANSMISSION CHANNELS
Matthias Parey, University College London (UCL)
Co-Authors: Pedro Carneiro, and Costas Meghir, University College London

 
  THE RETURNS TO COMPUTER USE REVISITED, AGAIN
Raji Jayaraman, Center for Economic Studies and CESifo
Co-Authors: Benoit Dostie, HEC Montreal and Mathieu Trépanier, Kellogg School of Management, Northwestern University

 
  THE WORLD JOINT DISTRIBUTION OF EDUCATION AND INCOME: 1870-2000
Murtin Fabrice, LSE, CREST
Co-Author: Morrisson Christian, University Paris I
 

17:00 - 19:00 EMPIRICAL FINANCE 3 (ESEM EEE)
Chairperson: Pascal St-Amour, HEC University of Lausanne
Room J-34

  DIRECT PREFERENCE FOR WEALTH IN AGGREGATE HOUSEHOLD PORTFOLIOS
Pascal St-Amour, HEC University of Lausanne

 
  RETAIL INVESTORS' TRADING BEHAVIOR IN THE FOREIGN EXCHANGE MARKET: A PANEL DURATION APPROACH
Ingmar Nolte, University of Konstanz

 
  SURPLUS CONSUMPTION RATIO AND EXPECTED ASSET RETURNS
Imen Ghattassi, University of Toulouse - GREMAQ

 
  THE INTRODUCTION OF THE EURO AND ITS EFFECTS ON INVESTMENT DECISIONS
Rainer F.H. Haselmann, Columbia University
Co-Author: Helmut Herwartz, Institute of Statistics and Econometrics, University of Kiel
 

17:00 - 19:00 FACTOR MODELS (ESEM EEE)
Chairperson: Marine Carrasco, Universite de Montreal
Room U-32

  "USING HIGH-ORDER MOMENTS TO ESTIMATE INDEPENDENT FACTOR MODELS"
Stéphane Bonhomme, CEMFI (madrid)
Co-Author: Jean Marc Robin, Paris

 
  INSTRUMENTAL VARIABLES ESTIMATORS BASED ON PRINCIPAL COMPONENTS
Marine Carrasco, Universite de Montreal

 
  SWITCHING VARMA TERM STRUCTURE MODELS
Fulvio Pegoraro, CREST - Laboratoire de Finance-Assurance
Co-Author: Alain Monfort, Cnam and Crest (Paris).

 
  THE CYCLICAL COMPONENT FACTOR MODEL
Christian Dahl, Purdue University
Co-Authors: Henrik Hansen, Department of Economics and John Smidt, The Economic Counsil
 

17:00 - 19:00 HOUSING, PAINTING, AND CRIME (ESEM EEE)
Chairperson: Douglas Hodgson, Dept. economics, UQÀM
Room J-44

  AGE-PRICE PROFILES FOR CANADIAN PAINTERS AT AUCTION
Douglas Hodgson, Dept. economics, UQÀM

 
  BLACK-WHITE LABOUR MARKET CONDITIONS AND PROPERTY CRIMES IN THE US: A QUANTITATIVE EQUILIBRIUM ANALYSIS
Marco Cozzi, UCL and UPENN

 
  THE EFFECT OF THE THEO VAN GOGH MURDER ON HOUSE PRICES IN AMSTERDAM
Aico Van Vuuren, Free University Amsterdam
Co-Authors: Pieter Gautier, Vrije Universiteit Amsterdam and Arjen Siegmann, Vrije Universiteit

 
  WAS THERE A BRITISH HOUSE PRICE BUBBLE? EVIDENCE FROM A REGIONAL PANEL
Anthony Murphy, Nuffield College
Co-Authors: Gavin Cameron, University of Oxford and John Muellbauer, Nuffield College, Oxford
 

17:00 - 19:00 MIGRATION (ESEM EEE)
Chairperson: Pierre-Thomas Leger, HEC Montreal, CIRANO and CIRPEE
Room U-28

  DIFFERENCES IN UNEMPLOYMENT DYNAMICS BETWEEN MIGRANTS AND NATIVES IN GERMANY
Klaus F. Zimmermann, IZA, DIW Berlin and Bonn University
Co-Authors: Arne Uhlendorff, DIW Berlin, IZA Bonn and Klaus F. Zimmermann, IZA, DIW Berlin and Bonn University

 
  LABOUR MARKET PERFORMANCE OF IMMIGRANTS IN GERMANY REVISITED: THE IMPORTANCE OF OMITTED VARIABLE AND ATTRITION BIAS
Stefanie Christine Schurer, Ruhr Graduate School in Economics
Co-Author: Michael Fertig, RWI Essen, IZA Bonn

 
  SELF-SELECTION IN MIGRATION AND RETURNS TO SKILLS
Pierre-Thomas Leger, HEC Montreal, CIRANO and CIRPEE
Co-Author: Benoit Dostie, HEC Montreal

 
  THE LABOUR MARKET IMPACT OF IMMIGRATION: QUASI-EXPERIMENTAL EVIDENCE
Albrecht Glitz, UCL
 

17:00 - 19:00 NONPARAMETRIC AND NONSTATIONARY MODELS (ESEM EEE)
Chairperson: Robert de Jong, Ohio State University
Room U-16

  A PROJECTION APPROACH TO ADDITIVE NONPARAMETRIC ESTIMATION OF RECURRENT MARKOV PROCESSES
Melanie Schienle, University of Mannheim

 
  NONPARAMETRIC ESTIMATION FOR NON-HOMOGENEOUS SEMI-MARKOV PROCESSES: AN APPLICATION TO CREDIT RISK
Andre Antonio Monteiro, Department of Finance, Free University Amsterdam
Co-Authors: Andre Lucas, Department of Finance, Free University Amsterdam and Georgi Smirnov, Department of Applied Mathematics, University of Porto

 
  NONPARAMETRIC PREDICTION OF NONSTATIONARY SPATIO-TEMPORAL PROCESSES\
Suhasini Subba Rao, University of Bristol
Co-Author: Jan Johannes, University of Heidelberg

 
  NONSTATIONARY CENSORED REGRESSION
Robert de Jong, Ohio State University
Co-Author: Ling Hu, Ohio State University
 

17:00 - 19:00 PANEL DATA 2 (ESEM EEE)
Chairperson: Hans-Eggert Reimers, Hochschule Wismar, Business Department
Room J-12

  A FUNCTIONAL COEFFICIENT APPROACH TO MODELING THE FISHER HYPOTHESIS: WORLD WIDE EVIDENCE
Hans-Eggert Reimers, Hochschule Wismar, Business Department
Co-Author: Helmut Herwartz, Institute of Statistics and Econometrics, University of Kiel

 
  A TEST OF CROSS SECTION DEPENDENCE FOR A LINEAR DYNAMIC PANEL MODEL WITH REGRESSORS
Takashi Yamagata, Research Associate
Co-Authors: Donald Robertson, Lecturer and Vasilis Sarafidis, Lecturer

 
  DERIVATION AND EXPLOITATION OF THE LIMITING DISTRIBUTION OF THE LSDV ESTIMATOR IN DYNAMIC PANEL DATA MODELS
Jan Kiviet, Amsterdam
Co-Author: Maurice Bun, University of Amsterdam

 
  JACKKNIFE BIAS REDUCTION FOR NONLINEAR DYNAMIC PANEL DATA MODELS WITH FIXED EFFECTS
Koen Jochmans, K.U. Leuven
Co-Authors: Geert Dhaene, K.U. Leuven and Bram Thuysbaert, K.U. Leuven and Université Laval
 

17:00 - 19:00 POLITICAL ECONOMY (ESEM EEE)
Chairperson: Torsten Persson, IIES, Stockholm University
Room U-33

  DECODING THE CODE OF CIVIL PROCEDURE: AN EXPLANATION OF THE VARIATION IN THE SPEED OF THE JUDICIARY ACROSS STATES AND YEARS IN INDIA.
Matthieu Chemin, University of Quebec at Montreal

 
  DO DECLINING U.S. TARIFFS LEAD TO A FALL IN DEMOCRATIC VOTE SHARE?
Miaojie Yu, University of Hong Kong

 
  OPTIMAL MONETARY POLICY IN THE TRANSITION TO EMU: NONLINEARITIES IN THE SPREADS
Javier Gomez Biscarri, IESE - Universidad de Navarra
Co-Author: Fernando Perez De Gracia, UNIVERSIDAD DE NAVARRA

 
  POLITICAL COMPETITION AND ECONOMIC PERFORMANCE: THEORY AND EVIDENCE FROM THE UNITED STATES
Torsten Persson, IIES, Stockholm University
Co-Authors: Tim Besley, and Daniel Sturm,
 

17:00 - 19:00 THRESHOLD MODELS AND UNIT ROOTS (ESEM EEE)
Chairperson: Jean-Yves Pitarakis, University of Southampton
Room J-15

  TESTING FOR PARAMETER STABILITY IN DYNAMIC MODELS ACROSS FREQUENCIES
BERTRAND CANDELON, UNIVERSITY MAASTRICHT
Co-Author: Gianluca Cubadda, Università di Roma "Tor Vergata"

 
  TESTING FOR UNIT ROOTS IN AUTOREGRESSIONS WITH MULTIPLE LEVEL SHIFTS
Giuseppe Cavaliere, University of Bologna
Co-Author: Iliyan Georgiev, Universidade Nova de Lisboa

 
  THRESHOLD EFFECTS IN COINTEGRATING RELATIONSHIPS
Jean-Yves Pitarakis, University of Southampton
Co-Author: Jesus Gonzalo, UC3Madrid

 
  THRESHOLD INTEGRATED MOVING AVERAGE MODELS
Oscar Martinez, Universidad Rovira i Virgili
Co-Author: Jesus Gonzalo, UC3Madrid
 

19:00 CONFERENCE DINNER "HEURIGER"


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