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Takeovers and the Dynamics of Information Flows

Chemla, Gilles - C.E.P.R. Discussion Papers - 2003

This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...

Persistent link: https://www.econbiz.de/10005662138

Fighting the Last War: Economists on the Lender of Last Resort

Grossman, Richard; Rockoff, Hugh T - C.E.P.R. Discussion Papers - 2015

In this paper we trace the evolution of the lender of last resort doctrine—and its implementation—from the nineteenth century through the panic of 2008. We find that typically the most influential economists “fight the last war”: formulating policy guidelines that would have dealt...

Persistent link: https://www.econbiz.de/10011145446

The Right Amount of Trust

Butler, Jeff; Giuliano, Paola; Guiso, Luigi - C.E.P.R. Discussion Papers - 2009

A vast literature has investigated the relationship between trust and aggregate economic performance. We investigate the relationship between individual trust and individual economic performance. We find that individual income is hump-shaped in a measure of intensity of trust beliefs available...

Persistent link: https://www.econbiz.de/10008528520

Ranking Israel's Economists

Ben-David, Dan - C.E.P.R. Discussion Papers - 2008

One of the more important measures of a scholar’s research impact is the number of times that the scholar’s work is cited by other researchers as a source of knowledge. This paper conducts a first of its kind examination on Israel’s academic economists and economics departments, ranking...

Persistent link: https://www.econbiz.de/10005498083

Trust and Cheating

Butler, Jeff; Giuliano, Paola; Guiso, Luigi - C.E.P.R. Discussion Papers - 2012

When we take a cab we may feel cheated if the driver takes an unnecessarily long route despite the lack of a contract or promise to take the shortest possible path. Is our decision to take the cab affected by our belief that we may end up feeling cheated? Is the behavior of the driver affected...

Persistent link: https://www.econbiz.de/10011083918

Trust, Values and False Consensus

Butler, Jeff; Giuliano, Paola; Guiso, Luigi - C.E.P.R. Discussion Papers - 2012

Trust beliefs are heterogeneous across individuals and, at the same time, persistent across generations. We investigate one mechanism yielding these dual patterns: false consensus. In the context of a trust game experiment, we show that individuals extrapolate from their own type when forming...

Persistent link: https://www.econbiz.de/10011084116

Democratization and Civic Capital

Guiso, Luigi; Pinotti, Paolo - C.E.P.R. Discussion Papers - 2012

We document a sharp reversal in electoral participation between the North and the South of Italy after the 1912 enfranchisement which extended voting rights from a limited élite to (almost) all adult males. When voting was restricted to the élite, electoral turnout was higher in the South but...

Persistent link: https://www.econbiz.de/10011084163

Social Security, Unemployment Risk and Efficient Bargaining between Unions and Firms

Reichlin, Pietro - C.E.P.R. Discussion Papers - 2013

We construct an overlapping generations model with unemployment risk where wages, employment and severance payments are set through efficient bargaining between risk averse Unions and risk neutral firms. Assuming that a First Best cannot be achieved due to workers' shirking incentives, we...

Persistent link: https://www.econbiz.de/10011084577

The delegated Lucas tree

Kaniel, Ron; Kondor, Péter - C.E.P.R. Discussion Papers - 2011

We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium … prices by introducing delegation into a standard Lucas exchange economy. In equilibrium, some investors trade on their own … capital that is delegated is low, all funds follow the same strategy. However, when the equilibrium share of delegated capital …

Persistent link: https://www.econbiz.de/10009322979

Equilibrium Prices in the Presence of Delegated Portfolio Management

Cuoco, Domenico; Kaniel, Ron - C.E.P.R. Discussion Papers - 2009

, the extent of delegation and equilibrium prices are all determined endogenously within the model we consider. Symmetric … performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating …

Persistent link: https://www.econbiz.de/10008528548