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Joint Ventures as a Commitment Device Against Lobbies

Berardi, Nicoletta; Seabright, Paul - C.E.P.R. Discussion Papers - 2010

This paper investigates a hitherto unexplored rationale for firms to enter into joint ventures. We model risky projects with autocorrelated productivity shocks as creating an option value of investing over time so that later investments benefit from the information revealed by the realization of...

Persistent link: https://www.econbiz.de/10008468544

The cost of contract renegotiation: Evidence from the local public sector

Gagnepain, Philippe; Ivaldi, Marc; Martimort, David - C.E.P.R. Discussion Papers - 2010

The renegotiation of regulatory contracts is known to prevent regulators from achieving the full commitment efficient outcome in dynamic contexts. However, assessing the cost of such renegotiation remains an open issue from an empirical viewpoint. To address this question, we fit a structural...

Persistent link: https://www.econbiz.de/10008684689

Debt Contracts, Collapse and Regulation as Competition Phenomena

Gersbach, Hans; Uhlig, Harald - C.E.P.R. Discussion Papers - 1997

lenders, which may make lending altogether unprofitable. Second, banks can have an incentive to offer a debt contract and … additional equity contracts to intermediate debtors, which is in turn dominated by a simple debt contract, only attractive for … seek to avoid the contract with the highest chance of delivery: that contract attracts all bad entrepreneurs. …

Persistent link: https://www.econbiz.de/10005661861

A Dynamic Model of Housing Demand: Estimation and Policy Implications

Bajari, Patrick; Chan, Phoebe; Krueger, Dirk; Miller, Daniel - C.E.P.R. Discussion Papers - 2010

Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from...

Persistent link: https://www.econbiz.de/10008554234

The Microstructure of the Euro Money Market

Hartmann, Philipp; Manna, Michele; Manzanares, Andres - C.E.P.R. Discussion Papers - 2001

This Paper provides the first empirical examination of the microstructure of the euro money market, using tick data from brokers located in six countries. Special emphasis is put on the institutional environment (monetary policy decisions and their implementation, payment systems and private...

Persistent link: https://www.econbiz.de/10005123983

The Firm as a Pool of Factor Complementarities

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2004

This Paper presents a new approach to the theory of the firm by identifying factor complementarities as central to the determination of the firm’s boundaries. The factor complementarities may take a variety of forms: technological and informational complementarities, as well as economies of...

Persistent link: https://www.econbiz.de/10005136409

The Euro as an International Currency: Explaining Puzzling First Evidence

Hau, Harald; Killeen, William; Moore, Michael J - C.E.P.R. Discussion Papers - 2000

This paper presents evidence that the bid-ask spreads in euro rates increased relative to the corresponding bid-ask spreads in the German mark (DM) prior to the currency union. This comes with a decrease in transaction volume in the euro rates relative to the previous DM rates. The starkest...

Persistent link: https://www.econbiz.de/10005067509

Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs

Duranton, Gilles; Storper, Michael - C.E.P.R. Discussion Papers - 2005

While transport costs have fallen, the empirical evidence also points at rising total trade costs. In a model of industry location with endogenous transaction costs, we show how and under which conditions a decline in transport costs can lead to an increase in the total cost of trade.

Persistent link: https://www.econbiz.de/10005504426

Theory and the Market after the Crisis: the Endogeneity of Financial Governance

Underhill, Geoffrey R D - C.E.P.R. Discussion Papers - 2010

The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This...

Persistent link: https://www.econbiz.de/10008784732

Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets

Buss, Adrian; Uppal, Raman; Vilkov, Grigory - C.E.P.R. Discussion Papers - 2015

Alternative assets, such as private equity, hedge funds, and real assets, are illiquid and opaque, and thus pose a challenge to traditional models of asset allocation. In this paper, we study asset allocation and asset pricing in a general-equilibrium model with liquid assets and an alternative...

Persistent link: https://www.econbiz.de/10011184079

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