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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12007: Are risk-based capital requirements detrimental to corporate lending? Evidence from Europe

Brunella Bruno, Giacomo Nocera and Andrea Resti

12006: Suitable or non-suitable? An investigation of Eurozone SME access to market-based finance

Emanuele Rossi, Paola Bongini, Annalisa Ferrando and Monica Rossolini

12005: Whatever it takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch

12004: From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures

Thomas Hellmann, Gilles Durufle and Karen Wilson

12003: Financial frictions and corporate investment in bad times. Who cut back most?

Immacolata Marino, Brunella Bruno and Alexandra D'Onofrio

12002: Determinants of bank lending in Europe and the United States: Evidence from crisis and post-crisis years

Immacolata Marino, Alexandra D'Onofrio and Brunella Bruno

12001: Who gets the urban surplus?

Anthony Venables and Paul Collier

12000: On the Joint Evolution of Culture and Institutions

Thierry Verdier and Alberto Bisin

11999: Unreal Wages? Real Income and Economic Growth in England, 1260-1850

Jacob Weisdorf and Jane Humphries

11998: U.S. municipal yields and unfunded state pension liabilities

Roel Beetsma, Zina Lekniute and Eduard Ponds

11997: Dissecting US recoveries

Pérez-Quirós, Gabriel, María Gadea and Ana Gómez-Loscos

11996: Moving On Up for High School Graduates in Russia: The Consequences of the Uni ed State Exam Reform

Marco Francesconi, Fabian Slonimczyk and Anna Yurko

11995: What Drives Differences in Management?

John van Reenen, Nicholas Bloom, Erik Brynjolfsson, Lucia Foster, Ron Jarmin, Megha Patnaik and Itay Saporta-Eksten

11994: Cities, Towns, and Poverty: Migration Equilibrium and Income Distribution in a Todaro-type Model with Multiple Destinations

Ravi Kanbur, Luc Christiaensen and Joachim De Weerdt

11993: Canary in a Coalmine: Securities Lending Predicting the Performance of Securitized Bonds

Massimo Massa, Alberto Manconi and Elisabeth Kempf

11992: Corporate Bond Guarantees and The Value of Financial Flexibility

Massimo Massa, Alberto Manconi and Michela Altieri

11991: Much Ado About Nothing: Is the Market Affected by Political Bias?

Massimo Massa, Alberto Manconi and Mancy Luo

11990: Inefficient Globalization of Finance: Evidence from Marketing-Oriented Overseas Expansions of Low-Skilled Mutual Fund Families

Massimo Massa, Si Cheng and Hong Zhang

11989: The New Keynesian Cross

Florin Bilbiie

11988: The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

Massimo Massa, Si Cheng and Hong Zhang

11987: Choices in Equity Finance A Global Perspective

Massimo Massa, Virginie Mataigne, Theo Vermaelen and Moqi Groen-Xu

11986: Mergers and Acquisitions and the Value of Control

Massimo Massa, Gur Aminadav, Hong Zhang and Weikang Zhu

11985: Competition in Agricultural Markets: An Experimental Approach

Lorenzo Casaburi and Tristan Reed

11984: On the Rewards to International Investing: A Safe Haven Currency Perspective

Jean-Pierre Danthine and Samuel Danthine

11983: Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns

Philippe Bacchetta and Eric van Wincoop

11982: Differences in positions along a hierarchy: Counterfactuals based on an assignment model

Laurent Gobillon, Dominique Meurs and Sébastien Roux

11981: Household Matters: Revisiting the Returns to Capital among Female Micro-entrepreneurs

Rohini Pande, Arielle Bernhardt, Erica Field and Natalia Rigol

11980: Wedges: Distribution, Distortions, and Market Integration

Giuseppe Bertola

11979: Turbulence, Firm Decentralization and Growth in Bad Times

Raffaella Sadun, Philippe Aghion, Nicholas Bloom, Brian Lucking and John van Reenen

11978: Population Aging, Social Security and Fiscal Limits

Michael R. Wickens and Burkhard Heer

11977: Early agglomeration or late agglomeration?: Two phases of development with spatial sorting

Rikard Forslid and Toshihiro Okubo

11976: Spatial Competition, Innovation and Institutions: The Industrial Revolution and the Great Divergence

Klaus Desmet, Avner Greif and Stephen Parente

11975: The Good and the Bad Fiscal Theory of the Price Level

Willem Buiter

11974: Are stock- financed takeovers opportunistic?

Karin Thorburn, Bjorn Eckbo and Tanakorn Makaew

11973: Growing, Shrinking and Long Run Economic Performance: Historical Perspectives on Economic Development

Stephen Broadberry and John Wallis

11972: China, Europe and the great Divergence: A Study in Historical Natonal Accounting, 980-1850

Stephen Broadberry, Hanhui Guan and David Li

11971: Japan and the Great Divergence, 730-1874

Stephen Broadberry, Jean-Pascal Bassino, Bishnupriya Gupta, Masanori Takashima and Kyoji Fukao

11970: The Quanto Theory of Exchange Rates

Ian Martin and Lukas Kremens

11969: Negative interest rates in Switzerland: What have we learned?

Jean-Pierre Danthine

11968: Individuals and Organizations as Sources of State Effectiveness

Michael Best, David Szakonyi and Jonas Hjort

11967: Functional Upgrading in China’s Export Processing Sector

Johannes Van Biesebroeck and Ari Van Assche

11966: A Central Bank Theory of Price Level Determination

Pierpaolo Benigno

11965: Learning about the Enforcement of Conditional Welfare Programs: Evidence from Brazil

Eliana La Ferrara, Katja Kaufmann and Fernanda Brollo

11964: The Political Economy of Program Enforcement: Evidence from Brazil

Eliana La Ferrara, Fernanda Brollo and Katja Kaufmann

11963: Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Alan Taylor and Woo Jin Choi

11962: Attrition in Randomized Control Trials: Using tracking information to correct bias

Karen Macours and Teresa Molina Millan

11961: Credit Ratings and Market Information

Joel Shapiro and Alessio Piccolo

11960: CEO Behavior and Firm Performance

Andrea Prat, Stephen Hansen, Raffaella Sadun and Oriana Bandiera

11959: The Benefits from Foreign Direct Investment in a Cross-Country Context: A Meta-Analysis

Saul Estrin, Randolph Bruno and Nauro Campos

11958: Who Lives Where in the City? Amenities, Commuting and Income Sorting

Jacques Thisse, Gaigtné, Carl, Hans Koster and Fabien Moizeau

11957: Changing business models in international bank funding

Leonardo Gambacorta, Adrian Rixtel and Stefano Schiaffi

11956: Pipeline Risk in Leveraged Loan Syndication

Frederic Malherbe, Max Bruche and Ralf R Meisenzahl

11955: A Model of Directed Consumer Search

Moraga-González, José-Luis, Marco Haan and Vaiva Petrikaite

11954: Who Voted for Brexit? A Comprehensive District-Level Analysis

Dennis Novy, Sascha Becker and Thiemo Fetzer

11953: Cross-border Acquisitions and Restructuring: Multinational Enterprises and Private Equity-Firms

Lars Persson

11952: Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account

Kris Mitchener, Marc Weidenmier and Ricardo Fernholz

11951: International Expansion and Riskiness of Banks

Ester Faia, Gianmarco Ottaviano and Irene Sanchez Arjona

11950: Uncertainty shocks, asset supply and pricing over the business cycle

Francesco Bianchi, Cosmin Ilut and Martin Schneider

11949: Humans’ (incorrect) distrust of reflective decisions

Stephen Rassenti, Antonio Espín and Praveen Kujal

11948: Salience in Retailing: Vertical Restraints on Internet Sales

Fabian Herweg and Magdalena Helfrich

11946: Do Childhood Experiences of Parental Separation Lead to Homelessness?

Jan C. van Ours and Julie Moschion

11945: The Limits of Political Compromise: Debt Ceilings and Political Turnover

Emanuel Ornelas and Alexandre Cunha

11944: Collusion and Information Revelation in Auctions

Aniol Llorente-Saguer and Ro'i Zultan

11943: Market Size, Product Differentiation and Bidding for New Varieties

Ian Wooton and Jie Ma

11942: New and Improved: Does FDI Boost Production Complexity in Host Countries?

Beata Javorcik, Alessia Lo Turco and Daniela Maggioni

11941: The Fallacy of the Fiscal Theory of the Price Level - Once More

Willem Buiter

11940: Global Banking: Endogenous Competition and Risk Taking

Ester Faia and Gianmarco Ottaviano

11939: Research and the Approval Process: The Organization of Persuasion

Marco Ottaviani

11938: Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs

Holger Mueller and Constantine Yannelis

11937: Are Conditional Cash Transfers Fulfilling Their Promise? Schooling, Learning, and Earnings After 10 Years

Karen Macours, Tania Barham and John Maluccio

11936: Tax progressivity and top incomes: Evidence from tax reforms

Daniel Waldenström and Enrico Rubolino

11935: Trends and gradients in top tax elasticities: Cross-country evidence, 1900-2014

Daniel Waldenström and Enrico Rubolino

11934: Bank Capital Redux: Solvency, Liquidity, and Crisis

Alan Taylor, Oscar Jorda, Richter, Björn and Moritz Schularick

11933: Blockholder Voting

Heski Bar-Isaac and Joel Shapiro

11932: Bid-to-cover and yield changes around public debt auctions in the euro area

Roel Beetsma, Massimo Giuliodori, Jesper Hanson and Frank de Jong

11931: Samaritan Bundles: Inefficient Clustering in NGO Projects

Thierry Verdier, Gani Aldashev and Marco Marini

11930: Inequality Indices as Tests of Fairness

Ravi Kanbur and Andy Snell

11929: Risk Aversion as a Perceptual Bias

Michael Woodford, Ziang Li and Mel Win Khaw

11928: Exchange Rate Policies at the Zero Lower Bound

Fabrizio Perri, Manuel Amador, Luigi Bocola and Javier Bianchi

11927: Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Volker Wieland and Robert Beyer

11926: Diasporas and Conflict

Thierry Verdier, Fabio Mariani and Marion Mercier

11925: Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics

Stephen Cecchetti, Michael Feroli, Peter Hooper, Anil Kashyap and Kermit Schoenholtz

11924: Is Distance Dead? Face-to-Face Communication and Productivity in Teams

Jordi Blanes i Vidal, Tom Kirchmaier and Diego Battiston

11923: How Effective Are Active Labor Market Policies in Developing Countries? A Critical Review of Recent Evidence

David McKenzie

11922: Product versus Process: Innovation Strategies of Multi-Product Firms

Lisandra Flach and Michael Irlacher

11921: Returns to on-the-job search and the dispersion of wages

Coen Teulings and Axel Gottfries

11920: Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?

Thomas Gehrig

11919: Mapping the interconnectedness between EU banks and shadow banking entities

Richard Portes, ,, Marco D'Errico, Neill Killeen, Vera Luz, Tuomas Peltonen and Teresa Urbano

11918: Monetary policy's rising FX impact in the era of ultra-low rates

Andreas Schrimpf, Jonathan Kearns and Massimo Ferrari Minesso

11917: Geographical Origins and Economic Consequences of Language Structures

Oded Galor and Assaf Sarid

11916: Inequality, redistribution and cultural integration in the Welfare State

Thierry Verdier and Alberto Bisin

11915: A theory of regional conflict complexes

Thierry Verdier and Arthur Silve

11914: Myopia and Discounting

Xavier Gabaix and David Laibson

11913: Does ethnic segregation matter for spatial inequality? A cross-country analysis

Rodríguez-Pose, Andrés and Roberto Ezcurra

11912: Local Food Prices and International Price Transmission

Joseph Francois, Martina Brockmeier, Eddy Bekkers and Fan Yang

11911: Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel

Robert Kollmann

11910: The Top-Ten Way to Integrate High Schools

Andrew Newman, Thomas Gall and Fernanda Estevan

11909: Online Exploration, Content Choice & Echo Chambers: An Experiment

Neil Gandal and Sagit Bar-Gill

11908: Pass-Through as a Test for Market Power: An Application to Solar Subsidies

Arthur van Benthem and Jacquelyn Pless

11907: Financial Cycles with Heterogeneous Intermediaries

Helene Rey and ,