CEPR Discussion Papers

From Centre for Economic Policy Research
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12238: Should Robots Be Taxed?

Rebelo, Sérgio, Pedro Teles and Joao Guerreiro

12237: Firm Size and the Intensive Margin of Import Demand

Claire Lelarge, Joaquin Blaum and Michael Peters

12236: Measuring the Spillovers of Venture Capital

Monika Schnitzer and Martin Watzinger

12235: P2P Lending: Information Externalities, Social Networks and Loans Substitution

Ester Faia and Michaela Pagel

12234: Optimal Management of Transfers: an Odd Paradox

Jean-Philippe Platteau and François Bourguignon

12233: Building Nations Through Shared Experiences: Evidence from African Football

Emilio Depetris-Chauvin and Filipe Campante

12232: Moral Hazard: Experimental Evidence from Tenancy Contracts

Konrad Burchardi, Selim Gulesci, Benedetta Lerva and Munshi Sulaiman

12231: The Puzzle, the Power, and the Dark Side: Forward Guidance Redux

Florin Bilbiie

12230: Credit Growth and the Financial Crisis: A New Narrative

Stefania Albanesi, Giacomo De Giorgi and Jaromir Nosal

12229: Choice of Majors: Are Women Really Different from Men?

Adriana Kugler, Catherine Tinsley and Olga Ukhaneva

12228: Official Sector Lending Strategies during the Euro Area Crisis

Giancarlo Corsetti, Aitor Erce and Timothy Uy

12227: The Real Effects of Improving Access to Capital Markets Financing: Evidence from European SMEs

Eric Nowak and Alexander Eisele

12226: Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Result

Lars Svensson

12225: Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families

Kim Peijnenburg, Gianpaolo Parise, Tamara Nefedova and Alexander Eisele

12224: Heterogeneous Employment Effects of Job Search Programmes: A Machine Learning Approach

Michael Lechner, Anthony Strittmatter and Michael Knaus

12223: The Determinants of Foreign Direct Investment in sub-Saharan Africa: What Role for Governance?

Rodríguez-Pose, Andrés and Gilles Cols

12222: Banks Defy Gravity in Tax Havens

Anne-Laure Delatte, Gunther Capelle-Blancard and Vincent Bouvatier

12221: The Rise of Market Power and the Macroeconomic Implications

Jan Eeckhout and Jan De Loecker

12220: Facts, Alternative Facts, and Fact Checking in Times of Post-Truth Politics

Sergei Guriev, Ekaterina Zhuravskaya and Oscar Barrera-Rodriguez

12219: Is Industrial Production Still the Dominant Factor for the US Economy?

Elena Andreou, Patrick Gagliardini, Eric Ghysels and Mirco Rubin

12218: Income and Wealth Inequality in America, 1949-2016

Moritz Schularick, Moritz Kuhn and Ulrike Steins

12217: Monetary Policy in the Capitals of Capital

Helene Rey and Elena Gerko

12216: Shopping externalities and retail concentration: Evidence from Dutch shopping streets

Hans Koster, Ilias Pasidis and Jos van Ommeren

12215: The Housing Boom and Bust: Model Meets Evidence

Giovanni Violante, Greg Kaplan and Kurt Mitman

12214: Media See-saws: Winners and Losers in Platform Markets

Martin Peitz and Simon Anderson

12213: Goods and Factor Market Integration: A Quantitative Assessment of the EU Enlargement

Luca David Opromolla, Fernando Parro, Alessandro Sforza and Lorenzo Caliendo

12212: Electoral Systems, Taxation and Immigration Policies: Which System Builds a Wall first?

Massimo Morelli and Margherita Negri

12211: Fertile Ground for Conflict

Nicolas Berman, Mathieu Couttenier and Raphael Soubeyran

12210: Beyond CES: Three Alternative Classes of Flexible Homothetic Demand Systems

Kiminori Matsuyama

12209: Firm Heterogeneity in Consumption Baskets: Evidence from Home and Store Scanner Data

Benjamin Faber and Thibault Fally

12208: Self-worth versus net worth: Image motivation and the quantity-quality trade-off

J. Michelle Brock

12207: The Political Economy of Transportation Investment

Giacomo Ponzetto and Edward Glaeser

12206: Fundamental Errors in the Voting Booth

Giacomo Ponzetto and Edward Glaeser

12205: Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects

Sørensen, Bent E, Christian Fons-Rosen, Kalemli-Özcan, Sebnem, Vadym Volosovych and Carolina Villegas-Sanchez

12204: Institutional Design of Voluntary Sustainability Standards Systems: Evidence from a New Database

Matteo Fiorini, Olga Solleder, Marion Jansen, Philip Schleifer, Regina Taimasova and Joseph Wozniak

12203: Services Trade Policy and Sustainable Development

Matteo Fiorini

12202: Strategic Sample Selection

Marco Ottaviani, Alfredo Di Tillio and Sørensen, Peter Norman

12201: The Impact of Tobacco Control Policies on Smoking Initiation in Europe

Jan C. van Ours and Ali Palali

12200: Bismarck's Health Insurance and the Mortality Decline

Erik Hornung, Stefan Bauernschuster and Anastasia Driva

12199: Government Financing of R&D: A Mechanism Design Approach

Mark Schankerman, Saul Lach and Zvika Neeman

12198: Media Competition, Information Provision and Political Participation: Evidence from French Local Newspapers and Elections, 1944

Cagé, Julia

12197: Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession

Müller, Gernot, Giancarlo Corsetti and Keith Kuester

12196: A Cross-Country Database of Fiscal Space

Ayhan Kose, Sergio Kurlat , Franziska Ohnsorge and Naotaka Sugawara

12195: Portfolio Liquidity and Diversification: Theory and Evidence

Pástor, Luboš, Robert Stambaugh and Lucian Taylor

12194: Competition and Networks of Collaboration

Nikita Roketskiy

12193: Why Secondary Towns Can Be Important for Poverty Reduction – A Migrant’s Perspective

Ravi Kanbur, Luc Christiaensen, Bert Ingelaere and Joachim De Weerdt

12192: Sex and the Mission: The Conflicting Effects of Early Christian Investments on the HIV Epidemic in sub-Saharan Africa

Cagé, Julia and Valeria Rueda

12191: More Giving or More Givers? The Effects of Tax Incentives on Charitable Donations in the UK

Kimberley Scharf, Ben Lockwood and Miguel Almunia

12190: EQCHANGE: A World Database on Actual and Equilibrium Effective Exchange Rates

Anne-Laure Delatte, Couhade, Cécile, Carl Grekou, Valérie Mignon and Florian Morvillier

12189: Step away from the zero lower bound: small open economies in a world of secular stagnation

Giancarlo Corsetti, Eleonora Mavroeidi, Gregory Thwaites and Martin Wolf

12188: When to Lean Against the Wind

Moritz Schularick, Paul Wachtel and Richter, Björn

12187: Political Distribution Risk and Aggregate Fluctuations

Fernández-Villaverde, Jesús, Thorsten Drautzburg and Pablo Guerron

12186: Companies Should Maximize Shareholder Welfare Not Market Value

Luigi Zingales and Oliver Hart

12185: FINANCIAL REPRESSION IN THE EUROPEAN SOVEREIGN DEBT CRISIS

Bo Becker and Victoria Ivashina

12184: Are clusters resilient? Evidence from Canadian textile industries

Julien Martin, Brahim Boualam and Kristian Behrens

12183: Gender: An Historical Perspective

Paola Giuliano

12182: The Rise of New Corruption: British MPs during the Railway Mania of 1845

Rui Esteves and Gabriel Geisler Mesevage

12181: The political economy of fiscal transparency and independent fiscal councils

Roel Beetsma, Xavier Debrun and Randolph Sloof

12180: Downside Risk in the Chinese Stock Market - Has it Fundamentally Changed?

Eric Ghysels and Hanwei Liu

12179: Automated Earnings Forecasts:- Beat Analysts or Combine and Conquer?

Eric Ghysels and Ryan Ball

12178: Back to the Future: Backtesting Systemic Risk Measures during Historical Bank Runs and the Great Depression

Eric Ghysels, Benjamin Chabot, Christopher Kurz and Christian Brownlees

12177: Exporting and Organizational Change

Ferdinando Monte, Esteban Rossi-Hansberg and Lorenzo Caliendo

12176: The Changing International linkages of Switzerland: An Overview

Cédric Tille

12175: Migration-Induced Redistribution with and without migrant voting

Assaf Razin and Efraim Sadka

12174: Asymmetric Information and the Property Rights Approach to the Theory of the Firm

Patrick Schmitz

12173: Services Input Intensity and US Manufacturing Employment Responses to the China Shock

Omar Bamieh, Matteo Fiorini and Adam Jakubik

12172: Changes in the Cost of Bank Equity and the Supply of Bank Credit

Steven Ongena, Célérier, Claire and Thomas Kick

12171: Financial Development and Monetary Policy: Loan Applications, Rates, and Real Effects

Peydró, José-Luis, Charles Abuka, Ronnie Alinda, , and Camelia Minoiu

12169: The Interconnections Between Services and Goods Trade at the Firm-Level

Holger Breinlich, Giordano Mion, Gregory Corcos and Andrea Ariu

12168: Asset encumbrance and bank risk: First evidence from public disclosures in Europe

Enrique Benito, Albert Banal-Estanol and Dmitry Khametshin

12167: Employment growth following takeovers

Johannes Van Biesebroeck and Karen Geurts

12166: Conformism, Social Norms and the Dynamics of Assimilation

Yves Zenou, Gonzalo Olcina and Fabrizio Panebianco

12165: Infant Feeding and Cohort Health: Evidence from the London Foundling Hospital

Eric Schneider and Vellore Arthi

12164: The Dire Effects of the Lack of Monetary and Fiscal Coordination

Francesco Bianchi and Leonardo Melosi

12163: Job duration and history dependent unemployment insurance

Torben M Andersen and Christian Ellermann-Aarslev

12162: The Exporter Wage Premium When Firms and Workers Are Heterogeneous

Peter Egger, Hartmut Egger, Udo Kreickemeier and Christoph Moser

12161: Measuring the Market Size for Cannabis: A New Approach Using Forensic Economics

Imran Rasul and Matthias Parey

12160: Optimal Trend Inflation

Klaus Adam and Henning Weber

12159: European Banks Straddling Borders: Risky or Rewarding?

Dirk Schoenmaker and Patty Duijm

12158: Towards a Political Theory of the Firm

Luigi Zingales

12157: The Capital Structure of Nations

Patrick Bolton and Haizhou Huang

12156: Specialization in Bank Lending: Evidence from Exporting Firms

Veronica Rappoport, Daniel Paravisini and Philipp Schnabl

12155: Welfare Effects of R&D Support Policies

Otto Toivanen, Tuomas Takalo and Tanja Tanayama

12154: Middleman Minorities and Ethnic Violence: Anti-Jewish Pogroms in the Russian Empire

Ekaterina Zhuravskaya, Irena Grosfeld and Seyhun Orcan Sakalli

12153: Political Connections and the Informativeness of Insider Trades

Gaizka Ormazabal, Alan D. Jagolinzer, David F. Larcker and Daniel Taylor

12152: Market-wide Effects of Off-Balance Sheet Disclosures

Gaizka Ormazabal, Marc Badia, Miguel Duro and Bjørn Jørgensen

12151: Capital Structure Under Collusion

Gaizka Ormazabal, Ferrés, Daniel, Giorgio Sertsios and Paul Povel

12150: Consumer Mobility and the Local Structure of Consumption Industries

Ferdinando Monte, J. Jensen and Sumit Agarwal

12149: Can Gender Quotas in Candidate Lists Empower Women? Evidence from a Regression Discontinuity Design

Manuel Bagues and Pamela Campa

12148: Executive Compensation: A Survey of Theory and Evidence

Alex Edmans, Xavier Gabaix and Dirk Jenter

12147: Why Do Boards Exist? Governance Design in the Absence of Corporate Law

Mike Burkart, Salvatore Miglietta and Charlotte Ostergaard

12146: Measuring Social Connectedness

Ströbel, Johannes, Michael Bailey, Ruiqing Cao, Theresa Kuchler and Arlene Wong

12145: Does the Public Disclosure of the SEC’s Oversight Actions Matter?

Gaizka Ormazabal, Miguel Duro and Jonas Heese

12144: Firm Risk and Disclosures about Dispersion in Asset Values

Gaizka Ormazabal, Mary E. Barth, Marc Badia and Miguel Duro

12143: Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions

Gaizka Ormazabal, Murillo Campello and Ferrés, Daniel

12142: Why Do Defaults Affect Behavior? Experimental Evidence from Afghanistan

Michael Callen, Joshua Blumenstock and Tarek Ghani

12141: Geography, Search Frictions and Endogenous Trade Costs

Myrto Kalouptsidi, Theodore Papageorgiou and Giulia Brancaccio

12140: Industrial Clusters, Organized Crime and Productivity Growth in Italian SMEs

Rodríguez-Pose, Andrés and Roberto Ganau

12139: News, Uncertainty and Economic Fluctuations

Mario Forni, Luca Gambetti and Luca Sala

12138: Macroprudential policy and bank risk

Leonardo Gambacorta, Yener Altunbas and Mahir Binici