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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3314: IPO Pricing in the dot-com Bubble

Alexander Ljungqvist and William J Wilhelm

3313: Forecast Pooling for Short Time Series of Macroeconomic Variables

Massimiliano Marcellino

3312: Instability and Non-Linearity in the EMU

Massimiliano Marcellino

3311: The Effect of Benefit Sanctions on the Duration of Unemployment

Jan van Ours, Zweimüller, Josef and Rafael Lalive

3310: Some Contagion, Some Interdependence: More Pitfalls in Tests of Financial Contagion

Giancarlo Corsetti, Marcello Pericoli and Massimo Sbracia

3309: Active Agents, Passive Principals: Does High-Powered CEO Compensation Really Improve Incentives

Clara Raposo and James Dow

3308: A Pint a Day Raises a Man's Pay; But Smoking Blows that Gain Away

Jan van Ours

3307: Does Local Financial Development Matter?

Luigi Guiso, Luigi Zingales and Paola Sapienza

3306: Risk Aversion and Optimal Portfolio Policies in Partial and General Equilibrium Economies

Raman Uppal and Leonid Kogan

3305: Systemic Risk and International Portfolio Choice

Raman Uppal and Sanjiv Das

3304: Model Misspecification and Under-Diversification

Raman Uppal and Tan Wang

3303: On Robust Constitution Design

Robert Gary-Bobo and Emmanuelle Auriol

3302: A Structural Econometric Model of Price Discrimination in the Mortgage Lending Industry

Robert Gary-Bobo and Sophie Larribeau

3301: Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Stijn Claessens, Sergio Schmukler and Daniela Klingebiel

3300: Structural Change and the Kaldor Facts of Economic Growth

Zweimüller, Josef and Reto Foellmi

3299: Back to Kyoto? US Participation and the Linkage Between R&D and Climate Cooperation

Carlo Carraro, Barbara Buchner, Igor Cersosimo and Carmen Marchiori

3298: Disentangling Treatment Effects of Polish Active Labour Market Policies: Evidence from Matched Samples

Christoph Schmidt, Jochen Kluve and Hartmut Lehmann

3297: Will HIPC Matter? The Debt Game and Donor Behaviour in Africa

Nancy Birdsall, Ishac Diwan and Stijn Claessens

3296: One Money, but Many Fiscal Policies in Europe: What Are the Consequences?

Harald Uhlig

3295: Financial Development, Property Rights and Growth

Stijn Claessens and Luc Laeven

3294: Commercial Policy Variability, Bindings and Market Access

Joseph Francois and Will Martin

3293: Time Based Competition and Innovation

David Thesmar

3292: Regulating Insider Trading when Investment Matters

Xavier Vives and Luis Medrano

3291: Currency Attacks with Multiple Equilibria and Imperfect Information: The Role of Wage-setters

Gianluca Femminis

3290: Optimal Social Security Design

David Miles and James Sefton

3289: The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies

Juergen von Hagen and Jizhong Zhou

3288: The Microstructure of Stock Markets

Bruno Biais, Larry Glosten and Chester S Spatt

3287: Informational Cascades and Decision to Migrate

Gil Epstein

3286: National Minimum Wages, Capital Mobility and Global Economic Growth

Andreas Irmen and Berthold Wigger

3285: Factor Models in Large Cross-Sections of Time Series

Lucrezia Reichlin

3284: Complementarity in the Innovation Strategy: Internal R&D, External Technology Acquisition and Cooperation

Reinhilde Veugelers and Bruno Cassiman

3283: G-7 Inflation Forecasts

Fabio Canova

3282: Should Smart Investors Buy Funds with High Returns in the Past?

Harald Uhlig and Frederic Palomino

3281: The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond

Mark Taylor, Richard Clarida, Lucio Sarno and Giorgio Valente

3280: Equity Block Transfers in Transition Economies: Evidence from Poland

Grzegorz Trojanowski

3279: Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles

Robert Kollmann

3278: Credibility and Flexibility with Monetary Policy Committees

Anne Sibert and Ilian Mihov

3277: The Case for Restricting Fiscal Policy Discretion

Fatás, Antonio and Ilian Mihov

3276: Externalities and the Allocation of Decision Rights in the Theory of the Firm

Helmut Bester

3275: The Intergenerational State: Education and Pensions

Michele Boldrin and Ana Montes

3274: Perfectly Competitive Innovation

Michele Boldrin and David Levine

3273: The Case Against Intellectual Property

Michele Boldrin and David Levine

3272: Contractual Incompleteness and the Nature of Market Interactions

Ernst Fehr, Armin Falk and Martin Brown

3271: Unforeseen Contingencies

Luca Anderlini, Leonardo Felli and Nabil I. Al-Najjar

3270: Governance and Growth

Mark Gradstein

3269: Price Discrimination in Oligopoly: Evidence from Swedish Newspapers

Marcus Asplund, Rickard Eriksson and Niklas Strand

3268: Financial Globalization and Real Regionalization

Jonathan Heathcote and Fabrizio Perri

3267: Did Sunspot Forces Cause the Great Depression?

Mark Weder and Sharon Harrison

3266: Do the 'Three-Point Victory' and 'Golden Goal' Rules Make Soccer More Exciting? A Theoretical Analysis of a Simple Game

Juan D. Carrillo and Isabelle Brocas

3265: Factor Based Index Tracking

Massimiliano Marcellino and Francesco Corielli

3264: Fixed-Term Contracts and the Duration Distribution of Unemployment

Güell, Maia

3263: Start-ups, Venture Capitalists and the Capital Gains Tax

Søren Nielsen and Christian Keuschnigg

3262: Factor Saving Innovation

Michele Boldrin and David Levine

3261: Economic Backwardness in Political Perspective

Daron Acemoglu and James Robinson

3260: Can Labour Regulation Hinder Economic Performance? Evidence from India

Timothy Besley

3259: Trade Openness and Investment Instability

Assaf Razin, Efraim Sadka and Tarek Coury

3258: Stable Coalitions

Carlo Carraro and Carmen Marchiori

3257: With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Hans-Joachim Voth

3256: Transparency, Prices and Welfare with Imperfect Substitutes

Jan Boone and Jan Potters

3255: Merger Activity and Executive Pay

Peter Wright, Steve Thompson and Sourafel Girma

3254: Why was Stock Market Volatility so High During the Great Depression? Evidence from 10 Countries During the Interwar Period

Hans-Joachim Voth

3253: Is the International Convergence of Capital Adequacy Regulation Desirable?

Viral Acharya

3252: The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios

Anthony Saunders, Viral Acharya and Iftekhar Hasan

3251: Suspense

Pascal Courty, Hao Li and William Chan

3250: Economic Growth in an Interdependent World Economy

Roger Farmer and Amartya Lahiri

3249: Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Mark Taylor, David Peel and Lucio Sarno

3248: Innovating Firms and Aggregate Innovation

Tor Klette and Samuel Kortum

3247: Evaluating Tax Policy for Location Decisions

Michael Devereux and Rachel Griffith

3246: Growth in Transition: What We Know, What We Don't and What We Should

Nauro Campos and Fabrizio Coricelli

3245: A Two-Country Model of Endogenous Growth

Roger Farmer and Amartya Lahiri

3244: Deposit Insurance and International Bank Deposits

Harry Huizinga and Nicodème, Gaëtan

3243: Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses

Steven Kaplan and Strömberg, Per

3242: The Evolution of the Early Career Gender Wage Gap

Astrid Kunze

3241: A Test Between Unemployment Theories Using Matching Data

Melvyn Coles and Barbara Petrongolo

3240: Overbidding versus Fire-Sales in Bankruptcy Auctions

Bjorn Eckbo and Karin Thorburn

3239: On the Consequences of the US Withdrawal from the Kyoto/Bonn Protocol

Carlo Carraro, Barbara Buchner and Igor Cersosimo

3238: Fiscal Policy: Institutions versus Rules

Charles Wyplosz

3237: Market Entry and Roll-out With Product Differentiation

Paul Levine, Neil Rickman and Dionisia Tzavara

3236: Using Stationarity Tests in Antitrust Market Definition

Mario Forni

3235: Culture, Politics and Innovation: Evidence from the Creameries

Kevin O'Rourke

3234: Family Firms

Andrei Shleifer, Fausto Panunzi and Mike Burkart

3233: Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?

Xavier Vives and Jean Rochet

3232: Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting

Torben M Andersen

3231: The Political Economy of Finance

Marco Pagano and Paolo Volpin

3230: Endogenous Growth Fluctuations in Unionised Economy with Productive Externalities

Leonor Modesto, Teresa Lloyd-Braga and Rui Coimbra

3229: Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy

Paolo Volpin

3228: Traders, Courts and the Home Bias Puzzle

Tanguy van Ypersele and Alessandro Turrini

3227: Explaining Leakage of Public Funds

Jakob Svensson and Ritva Reinikka

3226: Implementing Monetary Cooperation Through Inflation Targeting

Pierpaolo Benigno and Gianluca Benigno

3225: The Dynamic Relationship Between the Federal Funds rate and the Treasury Bill Rate: An Empirical Investigation

Lucio Sarno and Daniel Thornton

3224: Does Market Liberalization Jeopardize Export Quality? Cameroonian Cocoa, 1995-2000

Christopher L. Gilbert and Eric Tollens

3223: The Cost of Heterogeneity in a Monetary Union

Andrew Hughes Hallett and Diana Weymark

3222: The Perception of Foreigners and Jews in Germany - A Structural Analysis of a Large Opinion Survey

Christoph Schmidt and Michael Fertig

3221: The Use of Flow Analysis in Foreign Exchange: Explanatory Analysis

Thomas Gehrig and Lukas Menkhoff

3220: Self-Validating Optimum Currency Areas

Paolo Pesenti and Giancarlo Corsetti

3219: An African Success Story: Botswana

Daron Acemoglu, Simon Johnson and James Robinson

3218: What Drives the Speed of Job Reallocation During Episodes of Massive Adjustment?

Stepan Jurajda and Katherine Terrell

3217: Perceived Income, Promotion and Incentives Effects

Gil Epstein and Melanie Ward-Warmedinger

3216: Information and the Optimal Ownership Structure of Firms

Niko Matouschek

3215: How (Not) to Run Auctions: The European 3G Telecom Auctions

Paul Klemperer