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Brunnermeier, Markus K; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2004

This Paper introduces a tractable, structural model of subjective beliefs. Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they believe that better outcomes are more likely. On the other hand, biased expectations lead to poorer decisions...

Persistent link: https://www.econbiz.de/10005124341

Country-specific goal-scoring in the "dying-seconds" of international football matches

Ours, Jan C van; Van Tuijl, Martin - C.E.P.R. Discussion Papers - 2010

important international football matches. We examine goal-scoring from 1960 onwards in full 'A' international matches of six …

Persistent link: https://www.econbiz.de/10008468670

Taxation and International Migration of Superstars: Evidence from the European Football Market

Kleven, Henrik; Landais, Camille; Saez, Emmanuel - C.E.P.R. Discussion Papers - 2010

This paper analyzes the effects of top earnings tax rates on the international migration of top football players in … Europe. We construct a panel data set of top earnings tax rates, football player careers, and club performances in the first … tax and institutional changes: (a) the 1995 Bosman ruling which liberalized the European football market, (b) top tax rate …

Persistent link: https://www.econbiz.de/10008784700

Winning by Losing: Incentive Incompatibility in Multiple Qualifiers

Dagaev, Dmitry; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2013

In sport tournaments, the rules are presumably structured in a way that any team cannot be better off (e.g., to advance to the next round of competition) by losing instead of winning a game. Starting with a real-world example, we demonstrate that the existing national rules of awarding places...

Persistent link: https://www.econbiz.de/10011083284

Hope, Change, and Financial Markets: Can Obama's Words Drive the Market?

Sazedj, Sharmin; Tavares, José - C.E.P.R. Discussion Papers - 2011

Barack Obama’s victory in the 2009 presidential elections in the United States is widely credited to his personal charisma and his extraordinary rhetorical powers, as revealed throughout the campaign. President Obama was inaugurated in the midst of the worst economic crisis in the country,...

Persistent link: https://www.econbiz.de/10009399716

Central Banks and the Financial System

Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 2010

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...

Persistent link: https://www.econbiz.de/10008466344

Democracy and Reforms

Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2009

Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and...

Persistent link: https://www.econbiz.de/10005662186

Demand-Driven Financial Development

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1995

The historical record suggests that economic development is associated with the rise of the financial sector. This rise is often triggered by exogenous events such as large budget deficits generated by wars or the availability of large investment projects such as railroads. This paper discusses...

Persistent link: https://www.econbiz.de/10005789013

Financial Market Imperfections and Home Ownership: A Comparative Study

Chiuri, Maria Concetta; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2001

We explore the determinants of the international pattern of home ownership using the Luxembourg Income Study (LIS), a collection of microeconomic data on fourteen OECD countries. In most, the cross-section is repeated over time and includes several demographic variables carefully matched between...

Persistent link: https://www.econbiz.de/10005792193

Equilibrium of Real Financial Markets: Theory and Experimental Evidence

Bossaerts, Peter - C.E.P.R. Discussion Papers - 2004

The theory and the data in this Paper challenge the view that there is no structure in prices and allocations when markets are off equilibrium. Starting from the observation that price-taking usually applies only to small orders, a theory of equilibration is derived based on the assumption that...

Persistent link: https://www.econbiz.de/10005792218