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Local Bias and Stock Market Conditions
Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2012
We show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of heightened market uncertainty, such as during financial crises. Similarly, the local bias is less pronounced in periods when market sentiment is strong. These results do...
Persistent link: https://www.econbiz.de/10011084583
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Biased Shorts: Stock Market Implications of Short Sellers’ Disposition Effect
Massa, Massimo; von Beschwitz, Bastian - C.E.P.R. Discussion Papers - 2015
We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the weekly closing of short positions. Consistent with the disposition effect, the closing of short sale positions is strongly related to a proxy of Shortsale Capital Gains...
Persistent link: https://www.econbiz.de/10011252613
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Time Inconsistent Preferences and the Annuitization Decision
Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
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Corporate Efficiency in Europe
Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015
Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in … efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership …, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic …
Persistent link: https://www.econbiz.de/10011213309
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Simultaneous Search and Network Efficiency
Gautier, Pieter A; Holzner, Christian - C.E.P.R. Discussion Papers - 2011
When workers send applications to vacancies they create a network. Frictions arise if workers do not know where other workers apply to (this affects network creation) and firms do not know which candidates other firms consider (this affects network clearing). We show that those frictions and the...
Persistent link: https://www.econbiz.de/10009246606
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Inattention to Rare Events
Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2011
Why were people so unprepared for the global financial crisis, the European debt crisis, and the Fukushima nuclear accident? To address this question, we study a model in which agents make state-contingent plans - think about actions in different contingencies - subject to the constraint that...
Persistent link: https://www.econbiz.de/10009351517
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Assessing the impact of Mali’s water privatization across stakeholders
Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011
shows that taxpayers are the main losers as subsidies are still needed. There are also serious efficiency-equity trade …
Persistent link: https://www.econbiz.de/10009399719
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Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading
Acemoglu, Daron; Simsek, Alp - C.E.P.R. Discussion Papers - 2010
A 'folk theorem' originating, among others, in the work of Stiglitz maintains that competitive equilibria are always or 'generically' inefficient (unless contracts directly specify consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This paper critically...
Persistent link: https://www.econbiz.de/10008468520
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Who Owns Children and Does it Matter?
Schoonbroodt, Alice; Tertilt, Michèle - C.E.P.R. Discussion Papers - 2010
to children. Using the efficiency concepts proposed in Golosov, Jones and Tertilt (2007), we find that whenever the … standard OLG models with exogenous fertility and Millian efficiency in models with endogenous fertility. In particular, we show … that the usual conditions for efficiency are no longer sufficient. Further, we analyze several government policies in this …
Persistent link: https://www.econbiz.de/10008468613
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Competition with Local Network Externalities
Fjeldstad, Øystein; Moen, Espen R; Riis, Christian - C.E.P.R. Discussion Papers - 2010
Local network externalities are present when the utility of buying from a firm not only depends on the number of other customers (global network externalities), but also on their identity and/or characteristics. We explore the consequences of local network externalities within a framework where...
Persistent link: https://www.econbiz.de/10008530382