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Sovereign Debt and Financial Stability (1)

Patrick Bolton

6 décembre 2011

Bubbles and Credit Constraints (1)

Jianjun Miao (University of Boston)

TSE, 21 novembre 2011, 12h30–13h45, salle MF 323

We provide an infinite-horizon model of a production economy with credit-driven bubbles, in which firms meet stochastic investment opportunities and face credit constraints. Capital is not only an input for production, but also serves as collateral. We show that bubbles on this reproducible asset...

Credit Crunches, Asset Prices, and Technological Change (1)

Luis Araujo (Michigan State University)

15 novembre 2011

Should Derivatives be Privileged in Bankruptcy? (1)

Patrick Bolton (Columbia and IAST)

TSE, 14 novembre 2011, 12h30–13h45, salle MF 323

Derivative contracts, swaps, and repos enjoy "super-senior" status in bankruptcy: they are exempt from the automatic stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance model to assess the effect of this exemption on firms' cost...

Optimal extraction of a polluting non-renewable resource with R&D toward a clean backstop technology (1)

Fanny Henriet (Paris School of Economics)

Toulouse : TSE, 14 novembre 2011, 11h00–12h30, salle Amphi S

We study the optimal extraction of a polluting non-renewable resource within the following framework: environmental regulation is imposed in the form of a ceiling on the stock of pollution and a clean unlimited backstop technology can be developed by research and development. More specifically, the...

Carry Trade and Momentum in Currency Markets (1)

Martin Eichenbaum (Northwestern University)

18 octobre 2011

Investors care about risk, but can't cope with volatility (1)

Martin Weber (University of Manheim)

TSE, 17 octobre 2011, 12h30–14h00, salle MF 323

Following the classical portfolio theory all an investor has to do for an optimal investment is to determine his risk attitude. This allows him to find his point on the capital market line by combining a risk-free asset with the market portfolio. We investigate the following research questions in...

Modelling the Effect of Health Risk Perception on Preferences and Choice Set Formation over Time: Recreational Hunting Site Choice and Chronic Wasting Disease (1)

Vic Adamowicz (University of Alberta)

Toulouse : TSE, 17 octobre 2011, 11h00–12h30, salle Amphi S

Chronic wasting disease (CWD) is a prion disease that affects deer, elk and other cervid wildlife species. CWD is essentially the cervid form of “mad cow disease” or Bovine Spongiform Encephalopathy (BSE). However, unlike BSE there is no known link between the consumption of CWD affected meat and...

Comparing the Investment Behavior of Public and Private Firms (1)

Alexander Ljungqvist (University of New York)

TSE, 10 octobre 2011, 12h30–14h00, salle MF 323

We evaluate differences in investment behavior between stock market listed and privately held firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar, matched private...

Consumption and Labor Income Risk, Aggregation and Business Cycles (1)

Jose Ignacio Lopez (HEC Paris)

4 octobre 2011

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