Showing 1 - 10 of 13
Persistent link: https://www.econbiz.de/10010706759
This article proposes a theory of banking of emission permits under conditions of regulatory uncertainty. Based on a two-period partial equilibrium framework, we examine the effects of increasing risk - in the sense of a mean-preserving spread - regarding a future permits allocation at the...
Persistent link: https://www.econbiz.de/10010708664
This paper examines seasoned equity offerings in France. Even though a rights offering is the primary flotation method, French companies are increasingly using the relatively expensive public offering method. We show that the market reaction to the announcement of seasoned equity issues is...
Persistent link: https://www.econbiz.de/10010708804
In this article, we investigate the relevance of the glass ceiling hypothesis in France, according to which there exist larger gender wage gaps at the upper tail of the wage distribution. Using a matched worker-firm data set of about 1 30 000 employees and 14 000 employers, we estimate quantile...
Persistent link: https://www.econbiz.de/10011071925
This article examines the impact of varying mandatory pensions on saving, life insurance, and annuity markets in an adverse selection economy. Under reasonable restrictions, we find unambiguous effects on market size, participation rates, and equilibrium prices. The degree of adverse selection,...
Persistent link: https://www.econbiz.de/10011166457
The aim of the paper is to analyze the impact of heterogeneous beliefs in an otherwise standard competitive complete markets discrete time economy. The construction of a consensus belief, as well as a consensus consumer are shown to be valid modulo a predictable aggregation bias, which takes the...
Persistent link: https://www.econbiz.de/10010905234
The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individuals under uncertainty; this is the case even if the asset market is incomplete.
Persistent link: https://www.econbiz.de/10010783745
This paper studies political competition in the case of a democratization process. We present an illustrative model describing political competition when the opposition threatens the stability of the country. In some cases, our model predicts the government should invest in opposition districts...
Persistent link: https://www.econbiz.de/10010708144
Persistent link: https://www.econbiz.de/10010708651
This paper explores the impact of elections on economic policies and governance in developing countries. We distinguish … effect by comparing different frequencies of elections. Except at the extremes, a higher frequency of elections improves both … process is badly conducted. Badly conducted elections have no structural efficacy for policy improvement. A reasonable …
Persistent link: https://www.econbiz.de/10010708914