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作者：Kraehmer, Daniel; Strausz, Roland
作者单位：University of Bonn; Humboldt University of Berlin
摘要：We introduce ex post participation constraints in the standard sequential screening model. This captures the presence of consumer withdrawal rights as, for instance, mandated by European Union regulation of distance sales contracts. With such additional constraints, the optimal contract is static and, unlike with only ex ante participation constraints, does not elicit the agent's information sequentially. This holds whenever differences in ex ante and ex post outside options are below a positi...
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作者：Fisman, Raymond; Wang, Yongxiang
作者单位：Columbia University; University of Southern California
摘要：We study the relationship between the political connections of Chinese firms and workplace fatalities. In our preferred specification, we find that the worker death rate for connected companies is two to three times that of unconnected firms (depending on the sample employed), a pattern that holds for within-firm estimations. The connections-mortality relationship is attenuated in provinces where safety regulators' promotion is contingent on meeting safety targets. In the absence of fatalities...
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作者：Breon-Drish, Bradyn
作者单位：Stanford University
摘要：I study a general class of noisy rational expectations models that nests the standard Grossman and Stiglitz (1980) and Hellwig (1980) models, but relaxes the usual assumption of joint normality of asset pay-offs and supply, and allows for more general signal structures. I provide a constructive proof of existence of equilibrium, characterize the price function, and provide sufficient conditions for uniqueness within the class of equilibria with continuous price functions, which are met by both...
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作者：Dhaene, Geert; Jochmans, Koen
作者单位：KU Leuven; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Maximum-likelihood estimation of nonlinear models with fixed effects is subject to the incidental-parameter problem. This typically implies that point estimates suffer from large bias and confidence intervals have poor coverage. This article presents a jackknife method to reduce this bias and to obtain confidence intervals that are correctly centred under rectangular-array asymptotics. The method is explicitly designed to handle dynamics in the data, and yields estimators that are straightforw...
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作者：Hoerner, Johannes; Morelli, Massimo; Squintani, Francesco
作者单位：Yale University; Bocconi University; National Bureau of Economic Research; University of Warwick
摘要：This article applies mechanism design to the study of international conflict resolution. Standard mechanisms in which an arbitrator can enforce her decisions are usually not feasible because disputants are sovereign entities. Nevertheless, we find that this limitation is inconsequential. Despite only being capable of making unenforceable recommendations, mediators can be equally effective as arbitrators. By using recommendation strategies that do not reveal that one player is weak to a strong ...
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作者：Mele, Antonio; Sangiorgi, Francesco
作者单位：Swiss Finance Institute (SFI); Universita della Svizzera Italiana; Centre for Economic Policy Research - UK; Stockholm School of Economics
摘要：This article analyses costly information acquisition in asset markets with Knightian uncertainty about the asset fundamentals. In these markets, acquiring information not only reduces the expected variability of the fundamentals for a given distribution (i.e. risk). It also mitigates the uncertainty about the true distribution of the fundamentals. Agents who lack knowledge of this distribution cannot correctly interpret the information other investors impound into the price. We show that, due ...
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作者：Burkart, Mike; Lee, Samuel
作者单位：Stockholm School of Economics; Swedish House of Finance; Swedish House of Finance; Swedish House of Finance; New York University; New York University
摘要：This article analyses how outsiders, such as bidders or activist investors, overcome the lack of coordination and information among dispersed shareholders. We identify the two basic means to achieve this goal. First, the outsider must relinquish private benefits in a manner that is informative about security benefits. We show under which conditions this is feasible and which acquisition strategies used in practice meet these conditions. Second, the outsider can alternatively use derivatives to...
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作者：Gottardi, Piero; Kubler, Felix
作者单位：European University Institute; Universita Ca Foscari Venezia; University of Zurich; Swiss Finance Institute (SFI)
摘要：In this article we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided the sets of asset pay-offs and of collateral levels are sufficiently rich, the equilibrium allocations with sequential trades and collateral constraints are equivalent to those obtained in Arrow-Debreu markets subject to a series of limited pledgeability constraints. We provide both necessary and sufficient conditions for equilibria to b...
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作者：Kalantzis, Yannick
作者单位：European Central Bank; Bank of France
摘要：Episodes of large capital inflows in small open economies are often associated with a shift of resources from the tradable to the non-tradable sector and sometimes lead to balance-of-payments crises. This article builds a two-sector dynamic model to study the evolution of the sectoral structure and its impact on financial fragility. The model embeds a static mechanism of balance-of-payments crisis which produces multiple equilibria within a single time period when the non-tradable sector is la...
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作者：Fajgelbaum, Pablo; Grossman, Gene M.; Helpman, Elhanan
作者单位：University of California System; University of California Los Angeles; Princeton University; Harvard University
摘要：We study patterns of foreign direct investment (FDI) in a multi-country world economy. We develop a model featuring non-homothetic preferences for quality and monopolistic competition in which specialization is purely demand-driven and the decision to serve foreign countries via exports or FDI depends on a proximity-concentration trade-off. We characterize the joint patterns of trade and FDI when countries differ in income distribution and size and show that FDI is more likely to occur between...
