CEPR Discussion Papers

From C.E.P.R. Discussion Papers
Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
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3515: Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?

Dalia Marin, Andzelika Lorentowicz and Alexander Raubold

3514: Firms' Decisions on Where to Incorporate

Lucian Bebchuk and Alma Cohen

3513: Business Creation and the Stock Market

Javier Suarez and Claudio Michelacci

3512: Unemployment Compensation Finance and Labour Market Rigidity

Pierre Cahuc and Franck Malherbet

3511: On the Efficiency of Job Search with Social Networks

Pierre Cahuc and Francois Fontaine

3510: Equalizing Wage Differences and Bargaining Power: Evidence from a Panel of French Firms

Pierre Cahuc, Dominique Goux, Christian Gianella and Andre Zylberberg

3509: Pensions and Savings in a Monetary Union: an Analysis of Capital Flows

Alain Jousten and Florence Legros

3508: Storable Votes

Alessandra Casella

3507: Expected Returns and Expected Dividend Growth

Martin Lettau and Sydney Ludvigson

3506: News-Magazine Monetarism

Edward Nelson

3505: Herd Effects or Migration Networks? The Location Choice of Mexican Immigrants in the US

Ira Gang, Thomas Bauer and Gil Epstein

3504: Relative Performance, Risk and Entry in the Mutual Fund Industry

Lóránth, Gyöngyi and Emanuela Sciubba

3503: Foreign Ownership, Returns to Scale and Productivity: Evidence from UK Manufacturing Establishments

Sourafel Girma and Görg, Holger

3502: Entry in Telecommunication: Customer Loyalty, Price Sensitivity and Access Prices

Sørgard, Lars and Kjell Lommerud

3501: The Portfolio Implications of Home Ownership

Piet Eichholtz, Kees Koedijk and Frans de Roon

3500: Has Distance Died? Evidence from a Panel Gravity Model

Patrick Guillaumont, Jaime de Melo, Jean Brun and Carrère, Céline

3499: Corporate Liquidity

Henri Servaes, Jan Mahrt-Smith and Amy Dittmar

3498: Political Institutions and Policy Choices: Evidence from the United States

Timothy Besley and Anne Case

3497: Job Creation and Job Destruction in a Regulated Labour Market: The Case of Austria

Rudolf Winter-Ebmer, Zweimüller, Josef, Alfred M. Stiglbauer and Florian Stahl

3496: Patching up the Pact

Willem Buiter and Clemens Grafe

3495: Asset Pricing Implications of Firms' Financing Constraints

Amir Yaron, João Gomes and Lu Zhang

3494: Liquidity Risk and Expected Stock Returns

Robert Stambaugh and Pástor, Luboš

3493: Exclusive Dealing and Entry, when Buyers Compete

Massimo Motta and Chiara Fumagalli

3492: Investment Liberalization and International Trade

Katharine Wakelin and Mary Amiti

3491: The Effect of Monetary Unification on Public Debt and its Real Return

Roel Beetsma and Koen Vermeylen

3490: Defining Benchmark Status: An Application using Euro-Area Bonds

Michael Moore, Peter Dunne and Richard Portes

3489: The Locking-in Effect of Subsidized Jobs

Jan van Ours

3488: Donations

Francesca Cornelli and Andrea Buraschi

3487: Moral Hazard and Capital Structure Dynamics

Mathias Dewatripont and Steven Matthews

3486: How Trade Policy Affects Technology Adoption and Productivity

Berthold Herrendorf and Arilton Teixeira

3485: Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?

Sir David Greenaway and Görg, Holger

3484: Asymmetric Information and Monetary Policy in Common Currency Areas

Paolo Manasse and Laura Bottazzi

3483: Tax Pot Episodes in OECD Countries

Franck Portier and Catherine Bruno-Portier

3482: Equilibrium Cross-Section of Returns

João Gomes, Leonid Kogan and Lu Zhang

3481: Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

Bjorn Eckbo and Karin Thorburn

3480: Labour Market Institutions and Macroeconomic Shocks

Dennis Snower, Gylfi Zoega and Yu-Fu Chen

3479: Assessing Welfare Accounts

Dennis Snower, Mike Orszag, Fölster, Stefan and Robert Gidehag

3478: Audit Competition in Insurance Oligopolies

Nicolas Boccard

3477: High Skilled Migration and the Exertion of Effort by the Local Population

Gil Epstein, Melanie Ward-Warmedinger and Astrid Kunze

3476: The Great Divide and Beyond - Financial Architecture in Transition

Berglöf, Erik and Patrick Bolton

3475: Financing and Advising: Optimal Financial Contracts with Venture Capitalists

Catherine Casamatta

3474: Entrepreneurial Incentives in Stock Market Economies

Alberto Bisin and Viral Acharya

3473: Endogenous Political Institutions

Alberto Alesina, Philippe Aghion and Francesco Trebbi

3472: Can Insider Power Affect Employment?

Dennis Snower and Pilar Diaz-Vazquez

3471: Do Good Workers Hurt Bad Workers - or is it the Other Way Around?

Espen Moen

3470: Inflation and Inequality

Stefania Albanesi

3469: Assortative Matching in a Non-transferable World

Andrew Newman

3468: Does Poaching Distort Training?

Espen Moen and Rosén, Åsa

3467: Distance to Frontier, Selection, and Economic Growth

Philippe Aghion, Daron Acemoglu and Fabrizio Zilibotti

3466: A Matching Model of Crowding-Out and On-the-Job Search (with an Application to Spain)

Juan Dolado, Juan F Jimeno and Marcel Jansen

3465: How to Win a Decision in a Confederation

Jacques Thisse and Philippe Jehiel

3464: International Asset Allocation with Time-Varying Investment Opportunities

David Blake and Allan Timmermann

3463: Foreign Currency for Long-Term Investors

John Campbell, Luis Viceira and Josh S. White

3462: Venture Capital Meets Contract Theory: Risky Claims or Formal Control?

Giacinta Cestone

3461: Optimal Diversification

João Gomes and Dmitry Livdan

3460: Relational Contracts and Property Rights

Giancarlo Spagnolo and Matthias Blonski

3459: White Elephants

James Robinson and Ragnar Torvik

3458: Monetary Policy and Stagflation in the UK

Edward Nelson and Kalin Nikolov

3457: An Analysis of Shareholder Agreements

Alexander Ljungqvist, Gilles Chemla and Michel Habib

3456: When to Tax Labour?

Renström, Thomas I and Parantap Basu

3455: Market Potential and the Location of Japanese Investment in the European Union

Thierry Mayer and Keith Head

3454: On the Pervasiveness of Home Market Effects

Thierry Mayer, Keith Head and John Ries

3453: On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi

3452: International Evidence on Ethical Mutual Fund Performance and Investment Style

Kees Koedijk, Bob Bauer and Roger Otten

3451: Corporate Leverage and Product Differentiation Strategy

Stefan Arping and Lóránth, Gyöngyi

3450: Market and Technical Risk in R&D

Konrad Stahl, Heiko Gerlach and Rønde, Thomas

3449: The Political Economy of EU Enlargement: Lessons from Switzerland

Jaime de Melo, Müller, Tobias and Florence Miguet Heimlicher

3448: Labour Market Institutions and Demographic Employment Patterns

Giuseppe Bertola, Francine Blau and Lawrence Kahn

3447: How Reform Worked in China

Yingyi Qian

3446: The Optimal Taxation of Unskilled Labour with Job Search and Social Assistance

Lans Bovenberg and Jan Boone

3445: The Case Against Board Veto in Corporate Takeovers

Lucian Bebchuk

3444: Firm Size Distribution: Testing the 'Independent Submarkets Model' in the Italian Motor Insurance Industry

Luigi Buzzacchi and Tommaso Valletti

3443: Ticket Pricing Under Demand Uncertainty

Pascal Courty

3442: Validating Monetary DSGE Models through VARs

Fabio Canova

3441: Insurance and Information: Firms as a Commitment Device

C. N. Teulings and Lans Bovenberg

3440: Current Accounts in the Long and Short Run

Jaume Ventura and Aart Kraay

3439: Assessing the Political Sustainability of Parametric Social Security Reforms: The Case of Italy

Vincenzo Galasso and Marcello D'Amato

3438: Anticipated Ramsey Reforms and the Uniform Taxation Principle: The Role of International Financial Markets

Martín Uribe and Schmitt-Grohé, Stephanie

3437: The Optimal Mix of Taxes on Money, Consumption and Income

Pedro Teles and Fiorella De Fiore

3436: Common Currencies versus Monetary Independence

Thomas Cooley and Vincenzo Quadrini

3435: On the Stability of the Two-Sector Neoclassical Growth Model with Externalities

Berthold Herrendorf and Akos Valentinyi

3434: Monetary Policy, Expectations and Commitment

Seppo Honkapohja and George Evans

3433: Shadow Activity and Unemployment in a Depressed Labour Market

Tito Boeri and Pietro Garibaldi

3432: The Generalized Dynamic Factor Model: One-Sided Estimation and Forecasting

Marco Lippi, Lucrezia Reichlin, Marc Hallin and Mario Forni

3431: Incomplete Pass-Through and the Welfare Effects of Exchange Rate Variability

Alan Sutherland

3430: A Pure Theory of Job Security and Labour Income Risk

Giuseppe Bertola

3429: Optimal Project Rejection and New Firm Start-Ups

Bruno Cassiman and Masako Ueda

3428: Optimal Contracting in Agency with Verifiable Ex Post Information

Anke Kessler, Lülfesmann, Christoph and Patrick Schmitz

3427: Estimates of Real Economic Activity in Switzerland, 1885-1930

Stefan Gerlach and Petra Gerlach-Kristen

3426: How do European Monetary and Fiscal Authorities Behave?

Carlo Favero

3425: Monopoly Power and the Firm's Valuation: A Dynamic Analysis of Short versus Long-Term Policies

Suleyman Basak and Anna Pavlova

3424: Can Productivity Growth Explain NAIRU? Long-run Evidence from Britain, 1871-1999

Timothy Hatton

3423: Fair Wages in a New Keynesian Model of the Business Cycle

Jean-Pierre Danthine and André Kurmann

3422: Political Foundations of the Resource Curse

Thierry Verdier, James Robinson and Ragnar Torvik

3421: Recent Trends in Occupational Segregation by Gender: A Look Across the Atlantic

Juan Dolado, Juan F Jimeno and Florentino Felgueroso

3420: Foreign Competition and Wage Inequality

J. Peter Neary

3419: Foreign Direct Investment and the Single Market

J. Peter Neary

3418: Information and Control in Alliances and Ventures

Wouter Dessein

3417: Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Economies

Nauro Campos and Yuko Kinoshita

3416: A Theory of Defensive Skill-based Innovation and Globalization

Thierry Verdier