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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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Network Dynamics and Knowledge Transfer in Virtual Organizations: Overcoming the Liability of Dispersion
Gandal, Neil; Stettner, Uriel - C.E.P.R. Discussion Papers - 2014
Product development within and across community-based and geographically dispersed virtual organizations is becoming an increasingly important mechanism through which individual knowledge holders create and disseminate knowledge in joint efforts to generate products. Without the benefits of...
Persistent link: https://www.econbiz.de/10011083814
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Peer Effects, Risk Pooling, and Status Seeking: What Explains Gift Spending Escalation in Rural China?
Chen, Xi; Kanbur, Ravi; Zhang, Xiaobo - C.E.P.R. Discussion Papers - 2012
tightening marriage market. In contrast, risk pooling does not seem to be a key driver of the observed gift-giving patterns …
Persistent link: https://www.econbiz.de/10011084405
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Job Matching, Social Network and Word-of-Mouth Communication
Calvó-Armengol, Antoni; Zenou, Yves - C.E.P.R. Discussion Papers - 2001
unique labour market equilibrium and that, because of these negative externalities, the equilibrium unemployment rate …
Persistent link: https://www.econbiz.de/10005789195
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Asymmetric Sequential Search under Incomplete Information
Minchuk, Yizhaq; Sela, Aner - C.E.P.R. Discussion Papers - 2015
We study a two-stage sequential search model with two agents who compete for one job. The agents arrive sequentially, each one in a different stage. The agents' abilities are private information and they are derived from heterogeneous distribution functions. In each stage the designer chooses an...
Persistent link: https://www.econbiz.de/10011276381
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the … market allows investors to share their costly private signals in a cost-effective incentive-compatible way. It contributes to …
Persistent link: https://www.econbiz.de/10009293661
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The Political Cost of Reforms
Bonfiglioli, Alessandra; Gancia, Gino A - C.E.P.R. Discussion Papers - 2011
This paper formalizes in a fully-rational model the popular idea that politicians perceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments are not punished by voters. To do so, it proposes a model of elections where...
Persistent link: https://www.econbiz.de/10009644031
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Composition of International Capital Flows: A Survey
Kirabaeva, Korolai; Razin, Assaf - C.E.P.R. Discussion Papers - 2010
market, foreign direct investment is associated with higher liquidation costs due to the adverse selection. The exposure to …
Persistent link: https://www.econbiz.de/10008468525
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Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - C.E.P.R. Discussion Papers - 2010
We study the functioning and possible breakdown of the interbank market in the presence of counterparty risk. We allow … the interbank market. Several interbank market regimes can arise: i) normal state with low interest rates; ii) turmoil … state with adverse selection and elevated rates; and iii) market breakdown with liquidity hoarding. We provide an …
Persistent link: https://www.econbiz.de/10008530367