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Is bioenergy trade good for the environment (1)

Hélène Ollivier (Economic department at Ecole Polytechnique)

Toulouse : TSE, 23 novembre 2009, 11h00–12h30, salle MF 323

This paper analyzes the impacts of bioenergy trade on greenhouse gas emissions using a two-good, three-factor model. Bioenergy is an intermediate good produced by the agricultural sector and used by the industry as a substitute for fossil fuels. Countries impose Pigovian taxes on pollution emitted...

Organization Capital and the Cross-Section of Expected Returns (1)

Andrea L. Eisfeldt (Northwestern University, Kellogg School of Management)

IDEI, 16 novembre 2009, 12h30–14h00, salle MC 201

This paper studies the unique risk characteristics of organization capital. Using a stock measure of organization capital based on readily available accounting data, we find that firms with more organization capital relative to their industry peers outperform firms with less organization capital by...

Asset Price Bubbles and Monetary Policy (1)

Paris : Banque de France, 13–14 novembre 2009

International Environmental Cooperation with Imperfect Monitoring (1)

Marita Laukkanen (Agrifood Research Finland, MTT)

Toulouse : TSE, 9 novembre 2009, 11h00–12h30, salle MF 323

Many prominent environmental problems are plagued by uncertainty in the underlying biological and physical processes. Noise in the environmental process makes the link between current actions and future environmental conditions indi- rect. Where international policy coordination is called for,...

Money Macro (1)

Bill Dupor (Ohio State University)

9 novembre 2009

Coordination of Expectations and the Informational Role of Policy (1)

Ernesto Pasten (TSE)

20 octobre 2009

Cash reserve policy, regulation and credibility in insurance (1)

Renaud Bourles (Université de la Méditérranée)

IDEI, 19 octobre 2009, 12h30–14h00, salle MF 323

The aim of this paper is to analyze the need for cash and default regulation in nsurance. Proponents of deregulation argue that these requirements are useless as insurers would hold enough cash as soon as policyholders are fully informed about their default probability. Adding to the purpose the...

Margin-Based Asset Pricing and Deviations from the Law of One Price (1)

Nicolae Garleanu (Berkeley)

TSE, 12 octobre 2009, 12h30–14h00, salle MF 323

In a model with heterogeneous-risk-aversion agents facing margin constraints, we show how securities’ required returns are characterized both by their betas and their margins. Negative shocks to fundamentals make margin constraints bind, lowering risk-free rates and raising Sharpe ratios of risky...

The Credibility of Certification (1)

Philippe Mahenc (LERNA-Université de Perpignan)

Toulouse : TSE, 12 octobre 2009, 11h00–12h30, salle MF 323

Certification is meant to solve the adverse selection problem raised by unsubstantiated claims from firms about environmental safety. Things are getting complicated by the suspicion of uninformed consumers that the certification agency might manipulate their beliefs. To make her certification...

Asset Market participation, Monetary Policy Rules and the Great Inflation (1)

Florin Bilbiie (HEC)

9 octobre 2009

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