CEPR Discussion Papers

From Centre for Economic Policy Research
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10563: Culture, Institutions and Democratization

Yuriy Gorodnichenko and Gérard Roland

10562: Party Hacks and True Believers: The Effect of Party Affiliation on Political Preferences

Eric Gould and Esteban Klor

10561: Aid and Growth at the Regional Level

Axel Dreher and Steffen Lohmann

10560: Government Guarantees and Financial Stability

Franklin Allen, Elena Carletti, Itay Goldstein and Agnese Leonello

10559: Monnet's Error?

Luigi Guiso, Paola Sapienza and Luigi Zingales

10558: The Berlin Stock Exchange in Imperial Germany ? a Market for New Technology?

Lehmann†Hasemeyer, Sibylle and Jochen Streb

10557: Partial Insurance and Investments in Children

Pedro Carneiro and Rita Ginja

10556: Mozart or Pelé? The effects of teenagers? participation in music and sports

Charlotte Cabane, Adrian Hille and Michael Lechner

10555: Financial Frictions, Product Quality, and International Trade

Crinò, Rosario and Laura Ogliari

10554: Large Capital Inflows, Sectoral Allocation and Economic Performance

Gianluca Benigno, Nathan Converse and Luca Fornaro

10553: Fiscal targets. A guide to forecasters?

Joan Paredes, Pérez, Javier J and Pérez Quirós, Gabriel

10552: Asia?s Evolving Role in Global Wine Markets

Kym Anderson and Glyn Wittwer

10551: Production Networks, Geography and Firm Performance

Andrew Bernard, Andreas Moxnes and Yukiko Saito

10550: On the use of price-cost tests in loyalty discounts: Which implications from economic theory?

Chiara Fumagalli and Massimo Motta

10549: Second-Best Carbon Taxation in the Global Economy: The Green Paradox and Carbon Leakage Revisited

Frederick (Rick) van der Ploeg

10548: Forbidden Fruits: The Political Economy of Science, Religion, and Growth

Bénabou, Roland, Davide Ticchi and Andrea Vindigni

10547: Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations

Gert Peersman and Wolf Wagner

10546: An Empirical Equilibrium Model of a Decentralized Asset Market

Alessandro Gavazza

10545: Demand Fluctuations, Capacity Constraints and Repeated Interaction: An Empirical Analysis of Service Quality Adjustments

Olivier Chatain and Alon Eizenberg

10544: The Geography of Development

Klaus Desmet, David Nagy and Esteban Rossi-Hansberg

10543: Vog: Using Volcanic Eruptions to Estimate the Health Costs of Particulates and SO2

Aureo de Paula, Timothy Halliday and John Lynham

10542: Dynastic Inequality, Mobility and Equality of Opportunity

Ravi Kanbur and Joseph Stiglitz

10541: Trust in the Monetary Authority

Dirk Bursian and Ester Faia

10540: Bank Networks: Contagion, Systemic Risk and Prudential Policy

Iñaki Aldasoro, Domenico Delli Gatti and Ester Faia

10539: Firm Leverage and Unemployment during the Great Recession

Xavier Giroud and Holger Mueller

10538: Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Lans Bovenberg and Theo E Nijman

10537: Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads

Massimo Massa and Lei Zhang

10536: Fire Sales and Information Advantage: When Informed Investor Helps

Massimo Massa and Lei Zhang

10535: Biased Shorts: Stock Market Implications of Short Sellers? Disposition Effect

Massimo Massa and Bastian von Beschwitz

10534: First to ?Read? the News: News Analytics and Institutional Trading

Bastian von Beschwitz, Donald B Keim and Massimo Massa

10533: Insolvency After the 2005 Bankruptcy Reform

Stefania Albanesi and Jaromir Nosal

10532: Heterogeneity in Wage Setting Behavior in a New-Keynesian Model

Sylvester Eijffinger, Anderson Grajales-Olarte and Burak Uras

10531: Deleverage and Financial Fragility

Marco Maffezzoli and Tommaso Monacelli

10530: Weather shocks and English wheat yields, 1690-1871

Liam Brunt

10529: The Impact of Financial Education for Youth in Ghana

James Berry, Dean Karlan and Menno Pradhan

10528: Bubbles and Central Banks: Historical Perspectives

Markus Brunnermeier and Isabel Schnabel

10527: Decentralizing Education Resources: School Grants in Senegal

Pedro Carneiro, Koussihouèdé, Oswald, Costas Meghir, Corina Mommaerts and Nathalie Lahire

10526: Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections

Quoc-Anh Do, Yen Teik Lee and Bang Dang Nguyen

10525: Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets

Sandra Black, Paul Devereux, Petter Lundborg and Kaveh Majlesi

10524: Do Fans Care about Compliance to Doping Regulations in Sports? The Impact of PED Suspension in Baseball

Jeffrey Cisyk and Pascal Courty

10523: Loss Aversion and the Uniform Pricing Puzzle for Vertically Differentiated Products

Pascal Courty and Javad Nasiry

10522: What Do We Really Know About Protection Before The Great Depression: Evidence From Italy

Giovanni Federico and Michelangelo Vasta

10521: Access to Public Capital Markets and Employment Growth

Alexander Borisov, Andrew Ellul and Merih Sevilir

10520: Rare Events, Financial Crises, and the Cross-Section of Asset Returns

Francesco Bianchi

10519: Coordination and the fight against tax havens

Kai Konrad and Tim Stolper

10518: Religion and Innovation

Bénabou, Roland, Davide Ticchi and Andrea Vindigni

10517: Demand learning and firm dynamics: evidence from exporters

Nicolas Berman, Vincent Rebeyrol and Vincent Vicard

10516: Academic Achievements: Grades versus Duration

Agar Brugiavini, Carlo Carraro and Matija Kovacic

10515: Making Democracy Work: Culture, Social Capital and Elections in China

Gerard Padro i Miquel, Nancy Qian, Yiqing Xu and Yang Yao

10514: So Closed: Political Selection in Proportional Systems

Vincenzo Galasso and Tommaso Nannicini

10513: Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency

Seppo Honkapohja and Kaushik Mitra

10512: The Taxation of Foreign Profits: a Unified View

Michael Devereux, Clemens Fuest and Ben Lockwood

10511: Credit, Financial Stability, and the Macroeconomy

Alan Taylor

10510: Uncertainty Aversion and Systemic Risk

David Dicks and Paolo Fulghieri

10509: Informality: Causes, Consequences and Policy Responses

Ravi Kanbur

10508: How Useful is Inequality of Opportunity as a Policy Construct?

Ravi Kanbur and Adam Wagstaff

10507: The Returns to Hedge Fund Activism: An International Study

Marco Becht, Julian Franks, Jeremy Grant and Hannes Wagner

10506: Does Mandatory Shareholder Voting Prevent Bad Acquisitions?

Marco Becht, Andrea Polo and Stefano Rossi

10505: Insecure Debt

Enrico Perotti and Rafael Matta

10504: The Role of Prepayment Penalties in Mortgage Loans

Andrea Beltratti, Matteo Benetton and Alessandro Gavazza

10503: Why Are Indian Children So Short?

Seema Jayachandran and Rohini Pande

10502: Cheap but flighty: how global imbalances create financial fragility

Toni Ahnert and Enrico Perotti

10501: Urban Social Structure, Social Capital and Spatial Proximity

Eleonora Patacchini, Pierre Picard and Yves Zenou

10500: Corporate Efficiency in Europe

Jan Hanousek, Evžen Kočenda and Anastasiya Shamshur

10499: Bribery Environment and Firm Performance: Evidence from Central and Eastern European Countries

Jan Hanousek and Anna Kochanova

10498: Input Diffusion and the Evolution of Production Networks

Vasco Carvalho and Voigtländer, Nico

10497: Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

Caroline Fohlin, Thomas Gehrig and Marlene Haas

10496: Correlating Social Mobility and Economic Outcomes

Güell, Maia, Michele Pellizzari, Giovanni Pica and Rodríguez Mora, José V

10495: What are the macroeconomic effects of asset purchases?

Martin Weale and Tomasz Wieladek

10494: The Impacts of Urban Public Transportation: Evidence from the Paris Region

Thierry Mayer and Corentin Trevien

10493: Treasure Hunt: Social Learning in the Field

Markus Mobius, Tuan Phan and Adam Szeidl

10492: Growth and Human Capital: A Network Approach

Tiago Cavalcanti and Chryssi Giannitsarou

10491: Gender and Dynamic Agency: Theory and Evidence on the Compensation of Top Executives

Stefania Albanesi, Claudia Olivetti and María José Prados

10490: Long-term Relationships: Static Gains and Dynamic Inefficiencies

Hémous, David and Morten Olsen

10489: The Fundamental Surplus in Matching Models

Lars Ljungqvist and Thomas Sargent

10488: Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter and Christoph Siemroth

10487: Consumer Search and Prices in the Automobile Market

Moraga-González, José-Luis, Sándor, Zsolt and Matthijs Wildenbeest

10486: Reserve Price Effects in Auctions: Estimates from Multiple RD Designs

Syngjoo Choi, Lars Nesheim and Imran Rasul

10485: Bank and Sovereign Risk Interdependence in the Euro Area

Tryphon Kollintzas and Konstantinos Tsoukalas

10484: What Do We Know about Microfinance at Macro Glance?

Nargiza Alimukhamedova and Jan Hanousek

10483: Measuring the Shadow Economy: Endogenous Switching Regression with Unobserved Separation

Tomáš Lichard, Jan Hanousek and Randall Filer

10482: How Much Science? The 5 Ws (and 1 H) of Investing in Basic Research

Hans Gersbach, Ulrich Schetter and Maik Schneider

10481: Multicandidate Elections: Aggregate Uncertainty in the Laboratory

Laurent Bouton, Micael Castanheira and Aniol Llorente-Saguer

10480: Securities Trading by Banks and Credit Supply: Micro-Evidence

Puriya Abbassi, Rajkamal Iyer, Jose-Luis Peydro and Francesc Rodríguez Tous

10479: Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis

Puriya Abbassi, Bräuning, Falk, Falko Fecht and Jose-Luis Peydro

10478: Trade, Wages, and Collective Bargaining: Evidence from France

Juan Carluccio, Fougère, Denis and Erwan Gautier

10477: Robots at Work

Georg Graetz and Guy Michaels

10476: Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market

Giovanni Favara and Mariassunta Giannetti

10475: Globalization: A Woman?s Best Friend? Exporters and the Gender Wage Gap

Bøler, Esther Ann, Beata Javorcik and Karen Helene Ulltveit-Moe

10474: Vaccines vs. Preventives

Michael Kremer and Christopher Snyder

10473: Asymmetric Information and Imperfect Competition in Lending Markets

Gregory Crawford, Nicola Pavanini and Fabiano Schivardi

10472: Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

Massimo Massa, Chengwei Wang, Zhang Hong and Jian Zhang

10471: Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

Yawen Jiao, Massimo Massa and Zhang Hong

10470: Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Yi Dong, Massimo Massa and Zhang Hong

10469: International Debt Deleveraging

Luca Fornaro

10468: Trickle-Down Consumption

Marianne Bertrand and Adair Morse

10467: Breaking the Glass Ceiling

Marianne Bertrand, Sandra Black, Sissel Jensen and Adriana Lleras-Muney

10466: Deliberating Collective Decisions

Jimmy Chan, Alessandro Lizzeri, Wing Suen and Leeat Yariv

10465: Subcontracting in International Asset Management: New Evidence on Market Integration

Massimo Massa and David Schumacher

10464: Personalized Pricing and Advertising: An Asymmetric Equilibrium Analysis

Simon Anderson, Alicia Baik and Nathan Larson