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Bullard, James B.; Singh, Aarti - C.E.P.R. Discussion Papers - 2009

We study a stylized theory of the volatility reduction in the U.S. after 1984 - the Great Moderation - which attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part of Bayesian households attempting to learn the latent state of the...

Persistent link: https://www.econbiz.de/10005048557

Does Information Increase Political Support for Pension Reform?

Boeri, Tito; Tabellini, Guido - C.E.P.R. Discussion Papers - 2005

information is endogenous, and jointly determined with policy opinions. We therefore estimate a causal effect of information, with … effect of better information on the willingness to accept reforms that reduce the generosity of the pension system. Finally … we do not find that exposure to media coverage of pension issues significantly improves information, possibly because …

Persistent link: https://www.econbiz.de/10005662128

Growth, Selection and Appropriate Contracts

Bonfiglioli, Alessandra; Gancia, Gino A - C.E.P.R. Discussion Papers - 2011

-term contracts sacrificing managerial selection may be optimal at early stages of economic development and when access to information …

Persistent link: https://www.econbiz.de/10009144738

Stock Liquidity and Corporate Cash Holdings

Nyborg, Kjell G; Wang, Zexi - C.E.P.R. Discussion Papers - 2013

that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we …

Persistent link: https://www.econbiz.de/10011084593

Risk-bearing and Entrepreneurship

Newman, Andrew - C.E.P.R. Discussion Papers - 2007

In the 'Knightian' theory of entrepreneurship, entrepreneurs provide insurance to workers by paying fixed wages and bear all the risk of production. This paper endogenizes entrepreneurial risk by allowing for optimal insurance contracts as well as the occupational self-selection. Moral hazard...

Persistent link: https://www.econbiz.de/10005504306

Five Open Questions About Prediction Markets

Wolfers, Justin; Zitzewitz, Eric - C.E.P.R. Discussion Papers - 2006

Interest in prediction markets has increased in the last decade, driven in part by the hope that these markets will prove to be valuable tools in forecasting, decision-making and risk management - in both the public and private sectors. This paper outlines five open questions in the literature,...

Persistent link: https://www.econbiz.de/10005504341

The Gambler's and Hot-Hand Fallacies: Theory and Applications

Rabin, Matthew; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2007

of mutual funds, and exaggerate the value of financial information and expertise. …

Persistent link: https://www.econbiz.de/10005504387

An Institutional Theory of Momentum and Reversal

Vayanos, Dimitri; Woolley, Paul - C.E.P.R. Discussion Papers - 2008

We propose a rational theory of momentum and reversal based on delegated portfolio management. A competitive investor can invest through an index fund or an active fund run by a manager with unknown ability. Following a negative cashflow shock to assets held by the active fund, the investor...

Persistent link: https://www.econbiz.de/10005504572

A Search-Based Theory of the On-the-Run Phenomenon

Vayanos, Dimitri; Weill, Pierre-Olivier - C.E.P.R. Discussion Papers - 2006

We propose a model in which assets with identical cash flows can trade at different prices. Infinitely-lived agents can establish long positions in a search spot market, or short positions by first borrowing an asset in a search repo market. We show that short-sellers can endogenously...

Persistent link: https://www.econbiz.de/10005504616

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and …'s information set, permit identification of specific types of private information problems. Our setup distinguishes adverse … calibration suggests that perhaps 7% to 16% of default is due to asymmetric information problems. Asymmetric information may help …

Persistent link: https://www.econbiz.de/10005497798

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