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Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls

Forbes, Kristin; Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2012

We use changes in Brazil’s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …. We find that an increase in Brazil’s tax on foreign investment in bonds causes investors to significantly decrease their … portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries …

Persistent link: https://www.econbiz.de/10011084681

Mapping prices into productivity in multisector growth models

Ngai, Liwa Rachel; Samaniego, Roberto - C.E.P.R. Discussion Papers - 2009

Two issues related to mapping a multi-sector model into a reduced-form value-added model are often neglected: the composition of intermediate goods, and the distinction between the productivity indices for value added and for gross output. We illustrate their significance for growth accounting...

Persistent link: https://www.econbiz.de/10005025514

Industries at the World Technology Frontier: Measuring R&D Efficiency in a Non-Parametric DEA Framework

Schmidt-Ehmcke, Jens; Zloczysti, Petra - C.E.P.R. Discussion Papers - 2011

This paper identifies the leading country-industry combinations that define the world technology frontier in manufacturing. Using a unique industry dataset compiled from EU KLEMS and PATSTAT, it explores which countries and industries reveal the most efficient innovation processes. We combine a...

Persistent link: https://www.econbiz.de/10009321843

R&D Efficiency and Barriers to Entry: A Two Stage Semi-Parametric DEA Approach

Cullmann, Astrid; Schmidt-Ehmcke, Jens; Zloczysti, Petra - C.E.P.R. Discussion Papers - 2010

This paper assesses the relative efficiency of knowledge production in the OECD using a nonparametric DEA approach. In general, resources allocated to R&D are limited and therefore must be used efficiently, given the institutional and legal constraints. The efficiency scores presented are based...

Persistent link: https://www.econbiz.de/10008684686

Consolidating the Water Industry: An Analysis of the Potential Gains from Horizontal Integration in a Conditional Efficiency Framework

Zschille, Michael - C.E.P.R. Discussion Papers - 2012

The German potable water supply industry is regarded as being highly fragmented, thus inhibiting high potentials for efficiency improvements through consolidation. Focusing on a hypothetical restructuring of the industry, we apply Data Envelopment Analysis (DEA) to analyze the potential...

Persistent link: https://www.econbiz.de/10011083827

Specific Knowledge and Performance Measurement

Raith, Michael - C.E.P.R. Discussion Papers - 2004

This Paper examines optimal incentives and performance measurement in a setting where an agent has specific knowledge about the consequences of their actions for the principal. I study incentive contracts in which the agent’s compensation can be based on both ‘input’ measures closely...

Persistent link: https://www.econbiz.de/10005504471

Performance Measurement with Loss Aversion

Gemmill, Gordon T; Hwang, Soosung; Salmon, Mark - C.E.P.R. Discussion Papers - 2005

We examine a simple measure of portfolio performance based on prospect theory, which captures not only risk and return but also reflects differential aversion to upside and downside risk. The measure we propose is a ratio of gains to losses, with the gains and losses weighted (if desired) to...

Persistent link: https://www.econbiz.de/10005114253

A General Test of Gaming

Courty, Pascal; Marschke, Gerald - C.E.P.R. Discussion Papers - 2004

An important lesson from the incentive literature is that explicit incentives may elicit dysfunctional and unintended responses, also known as gaming responses. The existence of these responses, however, is difficult to demonstrate in practice because this behaviour is typically hidden from the...

Persistent link: https://www.econbiz.de/10005114434

Privatization and Quality: Evidence from Elderly Care in Sweden

Bergman, Mats; Johansson, Per; Lundberg, Sofia; … - C.E.P.R. Discussion Papers - 2014

Non-contractible quality dimensions are at risk of degradation when the provision of public services is privatized. However, privatization may increase quality by fostering performance-improving innovation, particularly if combined with increased competition. We assemble a large data set on...

Persistent link: https://www.econbiz.de/10011084097

Performance Measurement using Multiple Asset Class Portfolio Data

Blake, David; Lehmann, Bruce N; Timmermann, Allan G - C.E.P.R. Discussion Papers - 1997

Using a data set containing 364 UK pension funds’ asset holdings, this paper provides a systematic investigation of the performance of managed portfolios across multiple asset classes. We find surprisingly little cross-sectional variation in the ex-post average performance across the UK...

Persistent link: https://www.econbiz.de/10005666475