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Exit Options and Dividend Policy under Liquidity Constraints (1)

Pauli Murto (Aalto University)

TSE, April 23, 2012, 12:30–14:00, room MF 323

We introduce a post-entry liquidity constraint to the classic real option model of a firm with serially correlated profitability and an irreversible exit decision. We assume that a firm with no cash holdings and negative cash flow is forced to exit regardless of its future prospects. This creates a...

North / South Contractual Design through the REDD+ Scheme (1)

Mireille Chiroleu Assouline (PSE)

Toulouse: TSE, April 23, 2012, 11:00–12:30, room Amphi S

Climate change is a worldwide issue that needs to be tackled. One of the primary source of carbon emissions is deforestation and forest degradation responsible of anthropogenic GHG emissions in a range of 12% (Van der Werf et al. (2009)) to 15-20% (IPCC (2007a, 2007b)). To deal with the...

Why Rent When You Can Buy: A Theory of Repurchase Agreements (1)

Cyril Monnet (University of Bern)

April 3, 2012

Systemic banks and the lender of last resort (1)

Marc Rennert (Bundesbank)

TSE, March 26, 2012, 12:30–14:00, room MF 323

This paper proposes a model where systemic banks coexist with non-systemic banks. Troubles in a systemic bank may hurt non-systemic banks but not vice versa. We analyze the decision of the central banker and the deposit insurer to provide emergency liquidity assistance to illiquid banks whose...

Economic Analysis for the UK National Ecosystem Assessment (1)

Ian Bateman (University of East Anglia)

Toulouse: TSE, March 26, 2012, 11:00–12:30, room Amphi S

The paper examines the application of economic analysis techniques within the expanding field of ecosystem service assessments. Taking as an example the recent UK National Ecosystem Assessment, we extend and apply methods for valuing changes in the services provided by the natural environment....

Equilibrium High Frequency Trading (1)

Sophie Moinas (TSE)

March 22, 2012

Equity Market Misvaluation and Firm Financial Policies (1)

Toni Whited (University of Rochester)

IDEI, March 19, 2012, 12:30–14:00, room MF323

We quantify the extent to which nonfundamental movements in the price of a firm’s stock affect its policies. We estimate a version of a constant returns neoclassical investment model in which equity financing is costly, the firm can accumulate cash, and, most importantly, equity values can be...

Eductive Stability in Real Business Cycle Models (1)

Roger Guesnerie (Collège de France)

March 13, 2012

Executive Stock Options: Portfolio Effects (1)

Vicky Henderson (The Oxford-Man Institute)

TSE, March 12, 2012, 12:30–13:45, room MF 323

Executives compensated with stock options generally receive grants periodically and so on any given date, may have a portfolio of options of differing strikes and maturities on their company’s stock. Non-transferability and trading restrictions in the company stock result in the executive facing...

Climate Change and Clean Capital Accumulation: When To Invest ? (1)

Renaud Coulomb (PSE)

Toulouse: TSE, March 12, 2012, 11:00–12:30, room Amphi S

Capturing CO2 from fossil fuels burning using Carbon Capture and Storage (CCS) technology or producing energy based on low-carbon renewables require investments in specific forms of long-life clean capital. The present paper focuses on the optimal accumulation of clean capital when the carbon-...

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