Seminars in Economics

Seminars in Economics

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[Academic Events] Seminars in Economics Marcin Kacperczyk (Imperial College London)

"Do Foreign Investors Improve Market Efficiency?" Abstract We study the impact of foreign institutional investors on global capital allocation and welfare using firm-level international data. Using MSCI index inclusion as an exogenous shock to foreign ownership, we show that greater foreign ownership leads to more informative stock prices and this effect arises more from increased…

Seminars in Economics Loriana Pelizzon (Universita Ca Foscari Venice and SAFE-Goethe University Frankfurt)

"Residential mortgage defaults and positive equity: Lessons from Europe" abstract We empirically investigate mortgage default behavior in the European market where mortgages are recourse loans, i.e. borrowers are responsible upon default for the difference between the value of the outstanding debt and the value of the house. We show that the majority of defaults happen…

Seminars in Economics Giorgio Brunello (University of Padova)

"The Long Term Payoffs of Having Privileged Peers. Evidence from Siblings in School" abstract By comparing siblings attending the same school at different points of time, we estimate the effects of schoolmates’ average parental education on lifetime earnings and other medium and long-term outcomes and investigate whether these effects vary with individual parental education. We…

Seminars in Economics CANCELLED: Martin Pesendorfer (LSE)

"Reference dependence, limited attention, and intertemporal substitution in consumer choice" Abstract We develop a discrete-choice demand model accommodating expectations-based reference effects following Koszegi and Rabin . Applying this model to panel data on household ketchup purchases, we find substantial evidence of reference effects. We then extend this model to fully dynamic setting accommodating limited attention…

Seminars in Economics Laurent Bouton (Georgetown University)

"Electoral Systems and Inequalities in Government Interventions" abstract This paper revisits the economic effects of constitutions. We propose a model ofgovernmental resource allocation under political competition and contrast majori-tarian and proportional representation systems. We derive predictions regardingthe relationship between local –sub-district– level characteristics and inequality ingovernment intervention. Looking at a local level and introducing heterogeneityallows…