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Budgeting versus implementing fiscal policy in the EU
Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009
Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...
Persistent link: https://www.econbiz.de/10005041099
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French Post-war Growth: From (Indicative) Planning to (Administered) Market
Sicsic, Pierre; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1994
suffering from lingering powerful rigidities. Labour market institutions and human capital accumulation may have replaced …
Persistent link: https://www.econbiz.de/10005123721
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Competition in the British Electricity Spot Market
Green, Richard; Newbery, David M G - C.E.P.R. Discussion Papers - 1991
submit a supply schedule of prices for each generating set and receive the market clearing price, which varies with demand …
Persistent link: https://www.econbiz.de/10005791416
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Financial Integration: A New Methodology and an Illustration
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2003
rates. Further, the S&P 500 market seems to be well integrated, and the NASDAQ is generally (but not always) integrated. The …
Persistent link: https://www.econbiz.de/10005497716
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Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
assets traded on a given market share the same EMRS. The technique is also powerful enough to reject integration between the …
Persistent link: https://www.econbiz.de/10005656417
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Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds
Joenväärä, Juha; Kosowski, Robert - C.E.P.R. Discussion Papers - 2015
We economically motivate and then test a range of hypotheses regarding performance and risk differences between UCITS-compliant and other hedge funds. The latter exhibit more suspicious return patterns than do absolute return UCITS (ARUs), but ARUs exhibit higher levels of operational risk. We...
Persistent link: https://www.econbiz.de/10011272713
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
the moral hazard problems connected with risk-taking by large banks counting on state bail outs. In this paper market …
Persistent link: https://www.econbiz.de/10009320408
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Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports
Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011
main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports … generally set higher aeronautical charges, and it appears that price-cap regulation and the presence of nearby airports do not …
Persistent link: https://www.econbiz.de/10009351519
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Effects of Deregulation and Vertical Unbundling on the Performance of China's Electricity Generation Sector
Gao, Hang; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2011
We study whether the 2002 deregulation and vertical unbundling of the Chinese electricity sector has boosted productivity in the generation segment of the industry. Controlling explicitly for sources of price-heterogeneity across firms and for firm-fixed effects, we find deregulation to be...
Persistent link: https://www.econbiz.de/10009385757