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The impact of asset repurchases and issues in an experimental market (1)

Charles N. Noussair (Tilburg University)

TSE, March 1, 2010, 12:30–14:00, room MF 323

We create an experimental asset market in which we conduct share repurchases and share issues. Although the intrinsic value of the shares is independent of the quantity outstanding, the interventions result in changes in asset price. We find that: (1) A repurchase of shares increases the price of...

Sixth Conference on The Economics of Energy Markets (1)

Toulouse, France, January 28–29, 2010

Do Peso Problems Explain the Returns to the Carry Trade? (1)

Sergio Rebelo (Northwestern)

December 22, 2009

Dynamic Incentive Accounts (1)

Alex Edmans (Wharton)

IDEI, December 14, 2009, 12:30–14:00, room MF 323

Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...

16th IDEI Annual Conference and Jean-Jacques Laffont Prize 2009 (1)

Roger Myerson (Nobel Prize 2007)

Toulouse, France, December 9, 2009

Indeterminacy of Competitive Equilibrium with Risk of Default (1)

Pietro Reichlin (Rome)

December 8, 2009

Instrument Choice and Motivation: Evidence from a Climate Change Experiment (1)

Timo Goeschl (University of Heidelberg)

Toulouse: TSE, December 7, 2009, 11:00–12:30, room MH 205

Are prices or quantities the best regulatory instrument to align private actions with public interests in the presence of externalities? We add another dimension to this ongoing debate by experimentally analyzing the interaction between instrument choice and intrinsic motivation of regulated agents...

Attention Allocation Over the Business Cycle (1)

Marcin Kacperczyk (Department of Finance Stern School of Business and NBER, New York University)

IDEI, November 30, 2009, 12:30–14:00, room MF 323

The invisibility of information precludes a direct test of attention allocation theories. To surmount this obstacle, we develop a model that uses an observable variable – the state of the business cycle – to predict attention allocation. Attention allocation, in turn, predicts aggregate investment...

Beyond Gaussian Errors in Models of Monetary Policy (1)

Tao Zha (Federal Reserve Bank of Atlanta)

November 24, 2009

Financially Constrained Arbitrage and Cross-Market Contagion (1)

Denis Gromb (INSEAD and CEPR)

IDEI, November 23, 2009, 12:30–14:00, room MF 323

We propose a continuous time infinite horizon equilibrium model of financial markets in which arbitrageurs have multiple valuable investment opportunities but face financial constraints. The investment opportunities, heterogeneous along different dimensions, are provided by pairs of similar assets...

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