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Cultural and Institutional Bifurcation: China and Europe Compared

Greif, Avner; Tabellini, Guido - C.E.P.R. Discussion Papers - 2010

How to sustain cooperation is a key challenge for any society. Different social organizations have evolved in the course of history to cope with this challenge by relying on different combinations of external (formal and informal) enforcement institutions and intrinsic motivation. Some societies...

Persistent link: https://www.econbiz.de/10008468568

Why is Long-Horizon Equity Less Risky? A Duration-based Explanation of the Value Premium

Lettau, Martin; Wachter, Jessica - C.E.P.R. Discussion Papers - 2005

This paper proposes a dynamic risk-based model that captures the high expected returns on value stocks relative to growth stocks, and the failure of the capital asset pricing model to explain these expected returns. To model the difference between value and growth stocks, we introduce a...

Persistent link: https://www.econbiz.de/10005504287

Buffett’s Alpha

Frazzini, Andrea; Kabiller, David; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2013

Berkshire Hathaway has realized a Sharpe ratio of 0.76, higher than any other stock or mutual fund with a history of more than 30 years, and Berkshire has a significant alpha to traditional risk factors. However, we find that the alpha becomes insignificant when controlling for exposures to...

Persistent link: https://www.econbiz.de/10011083650

Out-of-Sample Evidence on the Returns to Currency Trading

Accominotti, Olivier; Chambers, David - C.E.P.R. Discussion Papers - 2014

We document the existence of excess returns to naïve currency trading strategies during the emergence of the modern foreign exchange market in the 1920s and 1930s. This era of active currency speculation constitutes a natural out-of-sample test of the performance of carry, momentum and value...

Persistent link: https://www.econbiz.de/10011084602

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

Networks in Conflict: Theory and Evidence from the Great War of Africa

König, Michael; Rohner, Dominic; Thoenig, Mathias; … - C.E.P.R. Discussion Papers - 2015

We study from both a theoretical and an empirical perspective how a network of military alliances and enmities affects … the intensity of a conflict. The model combines elements from network theory and from the politico-economic theory of … characterization of the Nash equilibrium of the fighting game, and of how the network structure affects individual and total fighting …

Persistent link: https://www.econbiz.de/10011145465

When Strong Ties are Strong: Networks and Youth Labor Market Entry

Kramarz, Francis; Nordström Skans, Oskar - C.E.P.R. Discussion Papers - 2013

The conditions under which young workers find their first real post-graduation jobs are both very important for the young’ future careers and insufficiently documented given their potential importance for young workers welfare. To study these conditions, and in particular the role played by...

Persistent link: https://www.econbiz.de/10011084588

Microstructure of Collaboration: The 'Social Network' of Open Source Software

Fershtman, Chaim; Gandal, Neil - C.E.P.R. Discussion Papers - 2008

by a network of unpaid software developers. Using data from Sourceforge.net, the largest repository of Open Source … Software (OSS) projects and contributors on the Internet, we construct two related networks: A Project network and a … Contributor network. Knowledge spillovers may be closely related to the structure of such networks, since contributors who work on …

Persistent link: https://www.econbiz.de/10005662205

Investment and Usage of New Technologies: Evidence from a Shared ATM Network

Degryse, Hans; Ferrari, Stijn; Verboven, Frank - C.E.P.R. Discussion Papers - 2007

often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network … whether to withdraw cash at ATMs or branches. We find that banks substantially underinvested in the shared ATM network and … with partial incompatibility. Furthermore, we find that consumer usage of the available ATM network is too low because of …

Persistent link: https://www.econbiz.de/10005662325

Ethnic Networks and International Trade

Epstein, Gil S; Gang, Ira - C.E.P.R. Discussion Papers - 2004

There is a well-established high quality literature on the role of networks, particularly ethnic networks, in international trade. Ethnic networks are a way of overcoming informal barriers (information costs, risk and uncertainty) to trade by building trust and substituting for the difficulty of...

Persistent link: https://www.econbiz.de/10005666430