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10 Jan 2023: Yacine Ait-Sahalia (Princeton). 9.30 am Discussant: Vanessa Smith (CERF). 9.50 am Paper 4: Endogenous Market Turbulence.

Title and Abstract Provided at Application. Title: Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

30 Jun 2024: Abstract: This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. ... It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of the cross-section of

30 Jun 2024: The Supply of Skill and Endogenous Technical Change: Evidence from a College Expansion Reform' Journal of the European Economic Association.

30 Jun 2024: University of Geneva), shows theoretically that firms that exclusively focus on shareholder maximization are more exposed to certain risks that arise from their own investment and production decisions (i.e., “endogenous ... Unfortunately, however, this

15 Sep 2021: HI coverage is endogenous and there are unobserved differences between households with and without. ... the health conditions of household endogenous.34 We also include whether a household member had.

30 Jun 2024: Hyun Shin, “Risk Appetite and Endogenous Risk”. Discussant: John Eatwell . Ronnie Sircar, “Games with Exhaustible Resources”.

30 Jun 2024: Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.

30 Jun 2024: In capital market equilibrium, this tradeoff has implications for the firm's cash flows and stock returns, and this in turn affects the endogenous choice of governance standards. ... We develop a model where a household's beliefs about stock returns are

30 Jun 2024: Taken together, firms’ optimal selling policies create endogenous seasonal operating leverage that is countercyclical: high (low) during seasonal lows (highs) in product demand.

30 Jun 2024: Title of research: Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with Jonathon Hazell, MIT).

30 Jun 2024: Our analysis brings out the rich and subtle interactions between sources of funds (external, internal, and endogenous retained earnings) and the optimal exercising of investment and abandonment options.

Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with Jonathon Hazell, MIT and Co-Pierre Georg, Bundesbank and University of Cape Town). ... Endogenous Financial Networks: Efficient Modularity and Why

30 Jun 2024: Search site. Cambridge Endowment for Research in Finance (CERF). Blog-2020. The Rise of Special Purpose Acquisition Company. Sunwoo Hwang, CERF Research Associate, December 2020 . 2020 has been the year of special purpose acquisition companies or

30 Jun 2024: This paper develops a novel theory of price dynamics during bubble-like episodes in a tractable noisy rational expectations model with endogenous investor inflows.

30 Jun 2024: Search site. Cambridge Endowment for Research in Finance (CERF). Blog-2022. Portfolio Selection, Periodic Evaluations and Risk Taking. By Alex Tse, former CERF Research Associate and winner of the CERF Alumni Association (CERFAS) Best Paper Award.

2. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with Co-Pierre Georg, Bundesbank and Jonathon Hazell, MIT). ... workshop in Paris last week. Endogenous Financial Networks: Efficient Modularity and Why

We then develop a general equilibrium model of firm dynamics (endogenous entry, exit and growth) to understand how dispersion in financing costs affects aggregate outcomes such as investment, productivity and misallocation.

We then develop a general equilibrium model of firm dynamics (endogenous entry, exit and growth) to understand how dispersion in financing costs affects aggregate outcomes such as investment, productivity and misallocation.

before writing up and promoting the paper. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

Neuhann, of endogenous information acquisition by syndicates of lenders with heterogeneous bank scope.

In addition, it is found that the increases in value are more pronounced for larger and more complex firms, firms more exposed to endogenous uncertainty and with important stakeholder relationships. ... The increase in firm value is stronger for larger

Firstly, I make a methodological contribution by refining the notion of debt sustainability, taking into account the possibility of endogenous coordination failures by investors and a generalised maturity structure.

To allow for random and possibly endogenous trading times times, we generalize the results in Vogt (2012) towards sampling times described by point processes.

an endogenous influx of new investors, can lead to a period of rapid run-up in asset.

Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.

19 Jun 2024: On the theory side, I develop these results in a stochastic general equilibrium model frame-work with an endogenous debt portfolio choice. ... I extend the framework by Cole & Kehoe(2000). In my model, the government can make an endogenous choice about

26 Jun 2023: To further address the endogenous nature of firms’ decision to establish CSR. ... account for the endogenous nature of CSR committee formation, nor do they control for firms’.

1. ever, because of the endogenous convexity in the payoff structure, such contract necessarily.

10 Jan 2023: stochastic bifurcations. Extended periods of slow appreciations of the high. rate currency are stochastically punctuated by endogenous crashes. ... 1982). The equilibrium is unique, however, and these endogenous slow. booms and sudden crashesare

between banks and depositors may lead to endogenous bank fragility and default, associated with a.

project in. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

Amount Awarded n/a. Project Abstract This paper develops a model of how global macroeconomic conditions affect sovereign bond valuation when debt and default policies are endogenous.

In other words, the informational content of news is endogenous, but whether one hears any news is not.

imperfectly informed investors, together with an endogenous influx of new investors,.

empirical support that while the endogenous decision to adopt a poison pill is negatively. ... firms more exposed to endogenous uncertainty and with important stakeholder relationships.

endogenous variables in the equilibrium. Proposition 2. There exists a unique equilibrium with σB1 = 0 if and only.

Ownership structure, organizational reform and corporate reputations. Thomas H. NoeSaïd Business School and Balliol College. University of Oxford. Michael J. RebelloSchool of Management. University of Texas at Dallas. Thomas A. RietzHenry B. Tippie

endogenous link between the observed procyclicality of activism and the documented e¤ect.

imperfectly informed investors, together with an endogenous influx of new investors,. ... Finally, the model also. allows for gradual endogenous investor inflows that greatly amplify predicted price.

information production is endogenous. When the production of information is not affected by. ... exogenous (dotted line) and for the case where α is endogenous (solid line).

10 Jan 2023: Session 6 – chair: D’Maris Coffman. 16:00 Paper 11: Social security, endogenous retirement and intra-household.

To allow for random and possibly endogenous trading times, we generalize the results in Vogt (2012) towards sampling times described by point processes.

19 Jun 2024: On the theory side, I develop these results in a stochastic general equilibrium model frame-work with an endogenous debt portfolio choice. ... I extend the framework by Cole & Kehoe(2000). In my model, the government can make an endogenous choice about

of earnings beyond an endogenous constant cash target level. Other key insights are that.

endogenous debt servicing cost, our model predicts lower optimal debt levels than those. ... endogenous debt servicing costs such that the firm would never default on this debt.

19 Jun 2024: For now, Vs is treated as exogenous - it is made endogenous in the next subsection. ... The endogenous flow of entry is then Vs/σ̃. Equilibrium conditions. At present, the equilibrium objects Vd, Vs, V M and (ς, ω) are determined forany given meeting

constrained. bidder. 2. General cash constraints: Endogenous Means of Payment. Equilibrium selection: MPBE in separating thresholds• Type v of bidder i initiates a bid for the target when X (t) reachesthreshold ... General model, auction. Now, bidder i

10 Jan 2023: stochastic bifurcations. Extended periods of slow appreciations of the high. rate currency are stochastically punctuated by endogenous crashes. ... 1982). The equilibrium is unique, however, and these endogenous slow. booms and sudden crashesare

This approach would generate a fixed refinancing cost φAt with an endogenous φ. ... policy whereby the firm invests as soon as asset productivity reaches some endogenous upper.