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Job Reallocation and Productivity Growth Under Alternative Economic Systems and Policies: Evidence from the Soviet Transition

Brown, J David; Earle, John S - C.E.P.R. Discussion Papers - 2003

Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … reforming Russia than in ‘gradualist’ Ukraine, as did the estimated effects of privatization and competitive pressures from …

Persistent link: https://www.econbiz.de/10005123720

Regional Unemployment and Human Capital in Transition Economies

Jurajda, Stepan; Terrell, Katherine - C.E.P.R. Discussion Papers - 2007

Differences in regional unemployment in post-communist economies are large and persistent. We show that inherited variation in human-capital endowment across the regions of four such economies explains the bulk of regional unemployment variation there and we explore potential explanations for...

Persistent link: https://www.econbiz.de/10005136518

Gross Job Flows in Ukraine: Size, Ownership and Trade Effects

Konings, Jozef; Kupets, Olga; Lehmann, Hartmut - C.E.P.R. Discussion Papers - 2003

This Paper documents and analyses gross job flows and their determinants in Ukraine using a unique dataset of more than … connection with other evidence we infer from this that Ukraine is only at the beginning of the restructuring process. The most …

Persistent link: https://www.econbiz.de/10005136570

The Russian-Ukrainian Political Divide

Constant, Amelie; Kahanec, Martin; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2007

Ukraine. Whether this divide was caused by purely ethnic differences or by ethnically segregated reform preferences is unknown …

Persistent link: https://www.econbiz.de/10005662374

Public Sector Pay and Corruption: Measuring Bribery from Micro Data

Gorodnichenko, Yuriy; Sabirianova Peter, Klara - C.E.P.R. Discussion Papers - 2006

employees. In the case of Ukraine, we find that public sector employees receive 24-32% less wages than their private sector … and find that the lower bound estimate of the extent of bribery in Ukraine is between 460m and 580m U.S. dollars (0 ….9-1.2% of Ukraine’s GDP in 2003). …

Persistent link: https://www.econbiz.de/10005791634

Equilibrium Cross-Section of Returns

Gomes, Joao F; Kogan, Leonid; Zhang, Lu - C.E.P.R. Discussion Papers - 2002

intertemporal CAPM with the market portfolio as the only factor, size and book-to-market play separate roles in describing the cross …-section of stock returns is not necessarily inconsistent with a single-factor conditional CAPM model. …

Persistent link: https://www.econbiz.de/10005123908

Entrepreneurial Incentives in Stock Market Economies

Acharya, Viral V; Bisin, Alberto - C.E.P.R. Discussion Papers - 2002

A Capital Asset Pricing Model of a stock market economy is examined under different corporate governance structures in which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned with those of shareholders and investors because of...

Persistent link: https://www.econbiz.de/10005124325

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno; Pelizzon, Loriana; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2015

This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...

Persistent link: https://www.econbiz.de/10011165663

Optimal Financial Market Integration and Security Design

Acharya, Viral V; Bisin, Alberto - C.E.P.R. Discussion Papers - 2003

We study two-period pure-exchange Capital Asset Pricing Model (CAPM) economies, for given degrees of incompleteness of …

Persistent link: https://www.econbiz.de/10005792424

Basic Principles Of Asset Pricing Theory: Evidence From Large-Scale Experimental Financial Markets

Bossaerts, Peter; Plott, Charles - C.E.P.R. Discussion Papers - 2000

-markets model, and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM). This framework enabled us to measure how far our … discovered swift convergence towards equilibrium prices of Arrow and Debreu's model or the CAPM. This discovery is significant … walk, in favour of stochastic convergence towards CAPM and Arrow-Debreu equilibrium. …

Persistent link: https://www.econbiz.de/10005662411