NEXT EVENTS
march, 2024
01mar13:0014:00ECO Seminar/Webinar - Jeppe Druedahl
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CEF.UP – ECO Seminar/Webinar Friday – March 1st, 2024, at 1:00 p.m. | Room 305| Online "The Transmission of Foreign Demand Shocks" Jeppe Druedahl – University of Copenhagen (Denmark) Abstract: "Introducing heterogeneous households into a
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CEF.UP – ECO Seminar/Webinar
Friday – March 1st, 2024, at 1:00 p.m. | Room 305| Online
“The Transmission of Foreign Demand Shocks”
Jeppe Druedahl – University of Copenhagen (Denmark)
Abstract:
“Introducing heterogeneous households into a New Keynesian model of a small open economy enables the model to fit a set of stylized empirical facts about the transmission of foreign demand shocks. In the absence of a strong labor income effect on consumption, the model counterfactually implies that domestic consumption decreases as the central bank raises the interest rate to curb domestic inflation. With plausible marginal propensities to consume, the model instead produces the observed increase in domestic consumption of both tradeable and non-tradeable goods. This implies that foreign demand shocks are more important for international business-cycle comovement than predicted by existing models. Our findings also have implications for stabilization policies: While monetary policy is well-suited to counteract foreign demand shocks, traditional fiscal policies are inadequate, as they do not provide sufficient stimulus to the tradeable sector. This poses a particular challenge for countries with a fixed exchange rate or in a monetary union.”
Time
(Friday) 13:00 - 14:00
05mar18:3019:30MaR Seminar/Webinar - Maria Bastida Dominguez
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CEF.UP – MaR Seminar/Webinar Tuesday – March 5th , 2024 6:30 p.m. - 7:30 p.m. | Room 631 | Online "Tackling the Hidden Gender Gap: Unveiling Discrimination in EU Recovery Strategies" Maria
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CEF.UP – MaR Seminar/Webinar
Tuesday – March 5th , 2024 6:30 p.m. – 7:30 p.m. | Room 631 | Online
“Tackling the Hidden Gender Gap: Unveiling Discrimination in EU Recovery Strategies”
Maria Bastida Dominguez – Universidade de Santiago de Compostela – Faculty of Economics and Business Administration (Spain)
Abstract:
“This paper presents an analysis of the overlooked gender disparities in the European Union’s economic recovery plans, with a focus on Spain. The novel use of the input-output model in this study quantitatively reveals the gender gap inherent in these initiatives. A central part of the analysis is the examination of Spain’s National Action Plan, which, despite appearing genderneutral, inadvertently perpetuates gender inequalities. The study finds that the EU’s commitment to gender equality is not reflected in the actual implementation of recovery strategies, which tend to favour male-dominated sectors, marginalizing industries with higher female employment significantly affected by the pandemic. The use of the input-output model in this research positions it at the methodological forefront for addressing the gender gap in economic policy. The findings emphasize the discrepancy between policy intentions and actual implementation, highlighting the need for integrating gender-sensitive approaches into economic recovery plans to ensure equitable and inclusive post-pandemic recovery in the EU. Such integration is essential to ensure that post-pandemic recovery is not only equitable but also inclusive, effectively bridging the gap between policy and practice in the EU’s approach to economic recovery. ”
Time
(Tuesday) 18:30 - 19:30
07mar13:0014:00FIN Seminar/ Webinar - Lira Mota
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CEF.UP – FIN Seminar/Webinar Thursday – March 7th, 2024 at 1:00 p.m. | Room 305| Online "Service Flows in Euro Area Corporate Bonds" (joint work with Felix Corell and Melina Papoutsi) Lira
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CEF.UP – FIN Seminar/Webinar
Thursday – March 7th, 2024 at 1:00 p.m. | Room 305| Online
“Service Flows in Euro Area Corporate Bonds” (joint work with Felix Corell and Melina Papoutsi)
Lira Mota – MIT Sloan School of Management (United States of America)
Abstract:
“Investors place value on financial assets not only for their cash flows but also for the additional services they offer, such as acting as a reliable store of value, serving as collateral, and meeting capital and liquidity requirements. These services have traditionally been valued as “convenience yields,” a reduced-form measure that is silent about the potentially multifaceted nature of these service flows. By analyzing detailed price and holdings data of the euro area corporate bond market, this paper reveals the persistent variations in convenience yields across different sector portfolios, with banks, insurance companies, and pension funds leading, and the lowest yields noted in foreign-held portfolios. Notably, post-ECB corporate quantitative easing, the ECB’s portfolio emerged with the highest convenience yield. Our findings suggest that factors such as collateral value, regulatory capital requirements, and liquidity needs are primary drivers of convenience yields in Euro area corporate bonds. Furthermore, it highlights the importance of service flows for the transmission of monetary policy.”
Time
(Thursday) 13:00 - 14:00
19mar13:0014:00WiP Seminar/Webinar - Ana Oliveira
Event Details
CEF.UP – WiP Seminar/Webinar Tuesday – March 19st, 2024 at 1:00 p.m. | Room 305 | Online Title: "Fissured Firms and Worker Outcomes" (with Matias Cortes - York University; Diego Dabed - Utrecht
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CEF.UP – WiP Seminar/Webinar
Tuesday – March 19st, 2024 at 1:00 p.m. | Room 305 | Online
Title: “Fissured Firms and Worker Outcomes” (with Matias Cortes – York University; Diego Dabed – Utrecht University; Anna Salomons – Utrecht University)
Ana Oliveira – Utrecht University (Netherlands)
Abstract:
“We consider how firms’ organization of production relates to workers’ wages. Using matched employer-employee data from Portugal, we document that, within detailed industries, firms differ starkly in terms of their occupational employment concentration, with some firms employing workers across a broad range of occupations and others being much more specialized. These differences are robustly predictive of wages: a worker employed in a specialized, i.e. `fissured’ firm earns less than that same worker employed in a less specialized firm. This wage penalty cannot exclusively be explained by worker-firm sorting, and is observed across a wide range of occupations. Firm specialization helps account for the role of firms in inequality: over half of the wage penalty from specialization is explained by differences in firm productivity, and firm specialization is strongly negatively related to AKM firm fixed effects. However, the evidence does not support a large role for increased pay transparency or lower rent-sharing as mechanisms for the observed wage penalty from firm specialization.”
Time
(Tuesday) 13:00 - 14:00
21mar13:0014:00FIN Seminar/ Webinar - Diogo Mendes
Event Details
CEF.UP – FIN/ECO Seminar/Webinar Thursday – March 21st, 2024 at 1:00 p.m. | Room 305| Online "Information Frictions and Firm Take up of Government Support: A Randomised Controlled Experiment" Diogo Mendes
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CEF.UP – FIN/ECO Seminar/Webinar
Thursday – March 21st, 2024 at 1:00 p.m. | Room 305| Online
“Information Frictions and Firm Take up of Government Support: A Randomised Controlled Experiment”
Diogo Mendes – Stockholm School of Economics (Sweden)
Abstract:
“This paper studies whether informational frictions prevent firms from accessing government support using a randomised controlled trial. We focus on two Portuguese COVID-19 relief programs, providing (i) wage support for workers who are kept on payroll and (ii) credit lines backed by government guarantees. We randomly assign firms to a treatment providing either simplified information about a program, or a combination information and step-by-step application support. We find a significant treatment effect on take up of the wage support program. Our results constitute direct evidence that information frictions act as a barrier to comprehensive distribution of firm-level support measures.”
Time
(Thursday) 13:00 - 14:00
PAST EVENTS
february 2024
23feb13:0014:00WiP Seminar/Webinar - Jorge Saraiva
Event Details
CEF.UP – WiP Seminar/Webinar Friday – February 23rd, 2024 at 1:00 p.m. | Room 305 | Online Title: "On the disentanglement of an Economic Union" (with José M. Gaspar e Kiyohiro Ikeda) Jorge
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CEF.UP – WiP Seminar/Webinar
Friday – February 23rd, 2024 at 1:00 p.m. | Room 305 | Online
Title: “On the disentanglement of an Economic Union” (with José M. Gaspar e Kiyohiro Ikeda)
Jorge Saraiva – FEP, School of Economics and Management, University of Porto and Universidade Portucalense
Abstract:
“We study how the unilateral withdrawal of a region from an economic union affects the spatial distribution of economic activity and social welfare. We explore the three-region quasi-linear log utility footloose entrepreneur model under the assumption that this dissent can be expressed as a higher transportation cost between the leaving party and the remaining union members. We find that a spatial distribution in which entrepreneurs are equally shared between the three regions is no longer possible and that asymmetric equilibria – in which the dissident region has the lowest share of entrepreneurs – arise. We also find that it is not stable for entrepreneurs to distribute them- selves only between the remaining regions in the union. We conclude that the leaving region’s share of entrepreneurs is higher, the lower the differential in transportation costs is, and the higher the mobility of workers between regions is. Finally, we also conclude that, from a global social welfare point of view, the economy as a whole attains its maximum well-being when most entrepreneurs do not live in the dissident region.”
Time
(Friday) 13:00 - 14:00
22feb13:0014:00FIN Seminar/ Webinar - Kazunori Suzuki
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – February 22nd, 2024 at 1:00 p.m. | Room 305| Online "Does Paying Passive Managers to Engage Improve ESG Performance?" (joint work with Marco Becht, Julian R.
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CEF.UP – FIN Seminar/Webinar
Thursday – February 22nd, 2024 at 1:00 p.m. | Room 305| Online
“Does Paying Passive Managers to Engage Improve ESG Performance?” (joint work with Marco Becht, Julian R. Franks and Hideaki Miyajima)
Kazunori Suzuki – Waseda Business School (Japan)
Abstract:
“The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF). In 2018 GPIF gave its largest passive manager a remunerated mandate to engage with portfolio companies to improve ESG and adopted best-in-class indexes, rewarding high ESG score companies with additional equity investment. Using private data and difference-in-differences analysis we show that engagement by the asset manager has improved scores. In an event study, we find that the conditional portfolio tilt significantly impacts share prices. We also provide evidence that ESG scores for Japan increased significantly more than for companies in other countries.”
Time
(Thursday) 13:00 - 14:00
20feb13:0014:00ECO Seminar/Webinar - Diogo Geraldes
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – February 20th, 2024, at 1:00 p.m. | Room 305| Online "Closing the Gender Gap in Multilateral Negotiations Through Institutional Design" Diogo Geraldes – University College Dublin (Ireland) Abstract: "Experimental
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CEF.UP – ECO Seminar/Webinar
Tuesday – February 20th, 2024, at 1:00 p.m. | Room 305| Online
“Closing the Gender Gap in Multilateral Negotiations Through Institutional Design“
Diogo Geraldes – University College Dublin (Ireland)
Abstract:
“Experimental evidence from different subject pools shows that men earn more than women in majoritarian negotiations. Three stylized modes of behavior emerge as potential reasons for the gap: men sort into making opening offers more often, prefer to partner with other men, and when partnering with each other, their coalitions are more stable compared to mixed-gender ones. We design three experimental interventions to investigate the explanatory role each channel plays in the emergence of the gap and, consequently, provide potential solutions. We find that enabling everyone to simultaneously make an initial proposal does not close the earnings gap, if anything, it weakly grows in magnitude. Hiding gender eliminates bias in coalition partner choice, alters bargaining dynamics, and equalizes mean earnings. Finally, allowing for instantly-binding agreements in bargaining closes the gap, not only because mixed-gender coalitions become more stable, but also because women become preferred partners. Our results highlight how the attributes of the negotiation environment interact with gender, and suggest that the design of bargaining institutions can be leveraged to promote gender equity.”
Time
(Tuesday) 13:00 - 14:00
16feb13:0014:00ECO Seminar/Webinar - Giovanni Ricco
Event Details
CEF.UP – ECO Seminar/Webinar Friday – February 16th, 2024, at 1:00 p.m. | Room 305| Online "One Hundred Years of Business Cycles and the Phillips Curve" Giovanni Ricco – CREST - École
Event Details
CEF.UP – ECO Seminar/Webinar
Friday – February 16th, 2024, at 1:00 p.m. | Room 305| Online
“One Hundred Years of Business Cycles and the Phillips Curve”
Giovanni Ricco – CREST – École Polytechnique and University of Warwick (France | England, United Kingdom)
Time
(Friday) 13:00 - 14:00
14feb13:0014:00WiP Seminar/Webinar - Anna Rubinchik
Event Details
CEF.UP – WiP Seminar/Webinar Wednesday – February 14th, 2024 at 1:00 p.m. | Room 305 | Online Title: "An overlapping-generations model with data-driven equilibrium behavior" (with Alexander Gorokhovsky) Anna Rubinchik – FEP, School of
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CEF.UP – WiP Seminar/Webinar
Wednesday – February 14th, 2024 at 1:00 p.m. | Room 305 | Online
Title: “An overlapping-generations model with data-driven equilibrium behavior” (with Alexander Gorokhovsky)
Anna Rubinchik – FEP, School of Economics and Management, University of Porto
Abstract:
“We propose a class of overlapping generations models that can serve as a workhorse for policy analysis. Recent literature identifies several features of key observable economic variables in Europe and the U.S.: the life-cycle path of earnings is hump-shaped, while the aggregate variables — per-capita consumption and labor hours — exhibit a clear time trend. Our class generates non-monotonic life-cycle behavior of labor supply and the desired aggregate trends in all its balanced-growth equilibria (BGE). There is a finite number of these equilibria and at least one of them exists provided a single-generation consumer problem has a solution. The model has a constant-returns-to-scale production, nontrivial depreciation of capital, exogenous labor-saving growth and an arbitrary individual life-cycle productivity. The necessary restrictions imposed on preferences are consistent with those generating the aggregate trends in a representative-agent economy, while ruling out popular specifications such as Cobb-Douglas or CES. We characterize BGE with MaCurdy preferences and solve a parametrized model that yields at least two stationary equilibria with reasonable interest rates. The hump-shaped life-cycle consumption profile can be generated with an additional parameter interpreted as reflecting family structure or a desire for immediate gratification that peaks at mid-life.”
Time
(Wednesday) 13:00 - 14:00
02feb13:0014:00ECO Seminar/Webinar - Antonin Bergeaud
Event Details
CEF.UP – ECO Seminar/Webinar Friday – February 2nd, 2024, at 1:00 p.m. | Room 305| Online "Good Rents versus Bad Rents: R&D Misallocation and Growth" Antonin Bergeaud – HEC Paris (France) Abstract: "Firm price-cost
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CEF.UP – ECO Seminar/Webinar
Friday – February 2nd, 2024, at 1:00 p.m. | Room 305| Online
“Good Rents versus Bad Rents: R&D Misallocation and Growth“
Antonin Bergeaud – HEC Paris (France)
Abstract:
“Firm price-cost markups may reflect (a) bigger step sizes from quality innovations that confer significant knowledge spillovers onto other firms, and/or (b) higher process efficiency than competing firms. We write down an endogenous growth model in which, compared with the laissez-faire equilibrium, the social planner would generally like to reallocate research resources towards high markup firms in case (a) so as to capitalize on knowledge spillovers but not in case (b). We then exploit unit price variation across firms in French manufacturing to assess the relative strength of these two forces. Viewed through the lens of our model, the French data are consistent with significant variation in innovation step sizes, and hence gains from mitigating R&D misallocation. The policy implication is that, to reach the social optimum, French research subsidies should favor only those high markup firms with “good” rents.”
Time
(Friday) 13:00 - 14:00
january 2024
26jan13:0014:00MaR-ECO Seminar/Webinar - Jan Dul
Event Details
CEF.UP – MaR - ECO Seminar/Webinar Friday – January 26th, 2024, at 1:00 p.m. | Room 305| Online "Necessary condition analysis (NCA) with archival data: backgrounds and illustration" Jan Dul - Rotterdam
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CEF.UP – MaR – ECO Seminar/Webinar
Friday – January 26th, 2024, at 1:00 p.m. | Room 305| Online
“Necessary condition analysis (NCA) with archival data: backgrounds and illustration”
Jan Dul – Rotterdam School of Management, Erasmus University (Netherlands)
Abstract:
“Necessary Condition Analysis (NCA; Dul 2016, 2020, 2021) is an emerging method that is now used in many business and management research fields and beyond. NCA understands cause-effect relations as “necessary but not sufficient” and not as probabilistic causality. “Necessary” means that an outcome will not occur without the right level of the condition, independently of the rest of the causal structure (thus the condition can be a “bottleneck”, “critical factor”, or “constraint”). In practice, the right level must be put and kept in place to avoid guaranteed failure and to allow the outcome to exist. NCA can be used as a stand-alone tool or in combination with regression-based approaches (e.g., multiple regression analysis, structural equation modeling) or Qualitative Comparative Analysis (QCA). By adding a different logic and data analysis approach, for instance through the reuse of data with a necessity causal perspective, NCA adds both rigor and relevance to theory and data analysis and provides new possibilities for impactful publications.”
Time
(Friday) 13:00 - 14:00
25jan13:0014:00FIN Seminar/Webinar - Daniel Carvalho
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CEF.UP – FIN Seminar/Webinar Thursday – January 25th, 2024 at 1:00 p.m. | Room 305| Online "Brexit, what Brexit? Euro area portfolio exposures to the United Kingdom since the Brexit referendum"
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CEF.UP – FIN Seminar/Webinar
Thursday – January 25th, 2024 at 1:00 p.m. | Room 305| Online
“Brexit, what Brexit? Euro area portfolio exposures to the United Kingdom since the Brexit referendum“
Daniel Carvalho – Banco de Portugal (joint work with Martin Schmitz)
Abstract:
“We study euro area investors’ portfolio adjustment since the Brexit referendum in terms of securities issued in the UK or denominated in pound sterling, in the context of heightened policy uncertainty surrounding the exit process of the UK from the EU. Our sector-level analysis “looks-through” holdings of investment fund shares to gauge euro area sectors’ full exposures to debt securities and listed shares. Our key finding is the absence of a negative “Brexit-effect” for euro area investors, which would have rendered UK-issued and pound-denominated securities generally less attractive. Instead, we observe that euro area investors increased their absolute and relative exposures to UK-issued and pound-denominated debt securities since the Brexit referendum. The analysis also reveals an increase in the euro area’s exposure to listed shares issued by UK non-financial corporations, while the exposures to shares issued by UK banks declined. These findings should be seen against the backdrop of low yields on euro area debt securities and a strong recovery in UK share prices since the Brexit referendum, which appear to have largely outweighed the uncertainties associated with Brexit.”
Time
(Thursday) 13:00 - 14:00
18jan13:0014:00FIN Seminar/Webinar - Fernando Anjos
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – January 18th, 2024 at 1:00 p.m. | Room 305| Online "Do Specialized Distress Investors Undermine Upstream Lending?" (joint work with Irem Demirci and Miguel Oliveira)
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CEF.UP – FIN Seminar/Webinar
Thursday – January 18th, 2024 at 1:00 p.m. | Room 305| Online
“Do Specialized Distress Investors Undermine Upstream Lending?” (joint work with Irem Demirci and Miguel Oliveira)
Fernando Anjos – Nova School of Business and Economics, Universidade Nova de Lisboa
Abstract:
“A growing class of investors specializes in funding distressed firms. Specialization allows these investors to develop valuable expertise, which in principle can contribute to overall economic efficiency. Notwithstanding this argument, we show that specialized distress investors (SDIs) can inadvertently worsen borrower moral hazard, since these downstream financiers rescue firms after poor performance (bailout effect). Moreover, SDI presence can make upstream lenders develop a counter-intuitive preference towards projects with lower continuation value and/or worse agency problems, in order to reduce SDI entry. In contrast to these results, we show that from a longer-run perspective SDIs can actually help in managing borrower moral hazard. This occurs in the model when SDI entry makes it easier for upstream lenders to sustain a reputation of toughness, which can in turn be critical for disciplining borrowers.”
Time
(Thursday) 13:00 - 14:00
december 2023
19dec13:0014:00ECO Seminar/Webinar - Miguel Fonseca
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – December 19th, 2023, at 1:00 p.m. | Room 305| Online "Leveraging Expertise to Build Authority: Experimental Evidence" Miguel Fonseca – University of Exeter Abstract: "Decision-makers often seek guidance
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CEF.UP – ECO Seminar/Webinar
Tuesday – December 19th, 2023, at 1:00 p.m. | Room 305| Online
“Leveraging Expertise to Build Authority: Experimental Evidence”
Miguel Fonseca – University of Exeter
Abstract:
“Decision-makers often seek guidance from experts, whose authority is key for achieving efficiency gains. However, building authority from expertise is challenging, and there is very limited evidence on whether individuals strategically enable it and how. We conduct a laboratory experiment in which an expert recommends a course of action to a decision-maker, and players subsequently bargain over the split of payoffs. In our main treatment, players can bargain pre-play, and we ask whether they use this opportunity to establish authority. We find that pre-play bargaining triples the frequency of authority relationships, resulting in higher efficiency. Authority is strongly associated with agreements that align interests, but only when reached swiftly, indicating that participants exploit bargaining dynamics to signal their intentions. Finally, committing to pre-play bargaining outcomes does not enhance authority compared to non-binding promises due to more challenging bargaining dynamics under commitment. This finding helps explain why informal promises remain prevalent in social interactions.”
Time
(Tuesday) 13:00 - 14:00
14dec13:0014:00FIN Seminar/ Webinar - Ania Zalewska
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – December 14th, 2023 at 1:00 p.m. | Room 305| Online “The effectiveness of monetary incentives of independent directors in retail and in institutional mutual funds” Ania
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CEF.UP – FIN Seminar/Webinar
Thursday – December 14th, 2023 at 1:00 p.m. | Room 305| Online
“The effectiveness of monetary incentives of independent directors in retail and in institutional mutual funds”
Ania Zalewska – Leicester University
Abstract:
“Using a hand–collected data for boards from over 10,000 U.S. mutual funds in the 2002–2020 period, we document (studying fund liquidations) that the directors’ remuneration received from fund families aligns directors with fund families’ preferences in retail funds, whereas shares held by directors do not align them with shareholders’ preferences. The opposite effects are found for institutional funds. Our results indicate that when shareholders’ monitoring is weak (retail funds), directors’ share–ownership is ineffective in representing shareholders’ interests, and the size of directors’ remuneration signals poor governance. In contrast, directors’ remuneration signals pay–for–performance in institutional funds.”
Time
(Thursday) 13:00 - 14:00
05dec13:0014:00ECO Seminar/Webinar - Pavel Brandler
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – December 5th, 2023, at 1:00 p.m. | Room 305| Online "Optimal income redistribution" Pavel Brendler – Bonn University Abstract: "What is the optimal income tax and Social Security
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CEF.UP – ECO Seminar/Webinar
Tuesday – December 5th, 2023, at 1:00 p.m. | Room 305| Online
“Optimal income redistribution”
Pavel Brendler – Bonn University
Abstract:
“What is the optimal income tax and Social Security policy? We set up a rich quantitative model in which a Ramsey planner jointly chooses both programs by maximizing the welfare of currently alive and future generations. We find that the extent to which the government is willing to provide insurance through the income tax-and-transfer program vis-a-vis the pension system crucially depends on the weight the planner assigns to future generations as well as the persistence of wealth transmission across generations. Depending on the intergenerational weight, some of the joint reforms deliver Pareto improvements across generations (but not within generations).”
Time
(Tuesday) 13:00 - 14:00
november 2023
30nov13:0014:00FIN Seminar/ Webinar - Raquel Gaspar
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – November 30th, 2023 at 1:00 p.m. | Room 305| Online Design risk: the curse of CPPIs Raquel Gaspar– ISEG, Universidade de Lisboa Abstract: "This study underscores the notion
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CEF.UP – FIN Seminar/Webinar
Thursday – November 30th, 2023 at 1:00 p.m. | Room 305| Online
Design risk: the curse of CPPIs
Raquel Gaspar– ISEG, Universidade de Lisboa
Abstract:
“This study underscores the notion that inadequately designed structured products or investment strategies have the potential to expose investors to unintended risks. Within this context, we introduce the concept of design risk into the portfolio insurance literature.
Specifically, our analysis focuses on Constant Proportion Portfolio Insurance (CPPI) structures and draws comparisons with classical Option-Based Portfolio Insurance (OBPI) as well as naive strategies like Stop-Loss Portfolio Insurance (SLPI) or CPPI with a multiplier set at one.
To assess the effectiveness of these strategies, we employ conditional Monte Carlo simulations to control the terminal value of the underlying asset. Our findings reveal a noteworthy phenomenon: even in scenarios where the terminal value of the underlying asset exceeds several times its initial value, CPPI strategies can lead to a cash-lock situation. The probability of getting cash-locked is influenced more by the multiplier’s magnitude and the investment horizon than by the dynamics of the underlying asset.”
Time
(Thursday) 13:00 - 14:00
21nov13:0014:00WiP Seminar/Webinar - Zheng Hou
Event Details
CEF.UP – WiP Seminar/Webinar Tuesday – November 21st, 2023 at 1:00 p.m. | Room 305 | Online “Efficiency of Resource Allocation in the Suppression of European Wildfires” Zheng Hou – Cef.up Abstract: “In
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CEF.UP – WiP Seminar/Webinar
Tuesday – November 21st, 2023 at 1:00 p.m. | Room 305 | Online
“Efficiency of Resource Allocation in the Suppression of European Wildfires”
Zheng Hou – Cef.up
Abstract:
“In recent years, particularly 2022, heavy losses of property, injuries and deaths have been caused by wildfires in many European countries. Increasing wildfires exert pressure to balance cost, benefits and risks of wildfire management. Wildfire studies are less developed in Europe compared to the US. Several groups of factors have to be considered in wildfire suppression decisions: loss, expenditure, allocation of resources, environmental and socio-economic parameters. Previous studies on wildfire suppression usually apply simple econometrical models to address the relationship between only two among the factors above. To establish a framework to systematically assess efficiency in wildfire suppression involving all the main factors, this project will construct a Stochastic Frontier model in the form of Cost-and-Loss Distance Function using cross-sectional data on European wildfires. The model measures whether wildfire suppression cases are efficient in minimizing cost and loss and whether environmental and socio-economic parameters contribute to such efficiency. Fire managers often face trade-offs between environmental/property losses and expenditure spent on fire suppression with constraints on resources (machines, crews, etc.) available at hand. The research outcome will provide a reference to improve this decision process by helping identify where more resource is needed and justifying budget increase since there are locations where potentially require more resource for wildfire suppression. Finally, this project will contribute to efficiency improvement in wildfire suppression, and thus help achieve SDGs 3, 11, 13 and 15.”
Time
(Tuesday) 13:00 - 14:00
17nov13:0014:00ECO Seminar/Webinar - Frederik Andersson
Event Details
CEF.UP – ECO Seminar/Webinar Friday – November 17th, 2023, at 1:00 p.m. | Room 305| Online "The cost-vs.-quality tradeoff in make-or-buy decisions" Frederik Andersson – Lund University Abstract: “The make-or-buy decision is analyzed in
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CEF.UP – ECO Seminar/Webinar
Friday – November 17th, 2023, at 1:00 p.m. | Room 305| Online
“The cost-vs.-quality tradeoff in make-or-buy decisions”
Frederik Andersson – Lund University
Abstract:
“The make-or-buy decision is analyzed in a simple two-task principal-agent model. There is a cost-saving-vs.-quality trade-off in effort provision, both effort and outcome having these two dimensions. The principal faces a dichotomous choice between make/in-house, coming with weak cost-saving incentives for the agent, and buy/outsourcing, coming with strong incentives; the dichotomy is due to an incomplete-contracting limitation necessitating that one party be residual claimant of cost-savings. Choosing buy rather than make leads to higher cost-saving effort and in a plausible main case to lower effort directed towards quality and lower equilibrium quality, this in spite of stronger direct quality-provision incentives. The attractiveness of make-vs.-buy is explored and shown to be aligned with its impact on quality.”
Time
(Friday) 13:00 - 14:00
02nov18:3019:30MaR Seminar/Webinar - Sara Melo
Event Details
CEF.UP – MaR Seminar/Webinar Thursday – November 2nd , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online Publishing qualitative research in an ABS 4 management journal. The example of the
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CEF.UP – MaR Seminar/Webinar
Thursday – November 2nd , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
Publishing qualitative research in an ABS 4 management journal.
The example of the article “Translating healthcare research evidence into practice: The role of linked boundary objects”
Sara Melo – Queen’s Business School (QBS)
Abstract:
“Recent years have seen widespread interest in the process of evidence implementation and growth of implementation science. Whilst this work has drawn attention to the challenges and complexities of implementing evidence into everyday practice, for the most part, studies of implementation uphold the ideal of a linear ‘pipeline’ between research and front-line care. In contrast, this paper adopts a practice perspective on knowledge, and draws on science and technology studies concepts to identify how the socio-material environment contributes to the translation of evidence across multiple organisational and professional boundaries. Findings report on a qualitative case study of implementing fall prevention research evidence at a large teaching hospital in Portugal. Data is from forty-six in-depth semi-structured interviews with clinical and non-clinical staff.
The case highlights how linked boundary objects bridge temporally sequential boundaries between research and different practice communities, hence facilitating the translation of research evidence into everyday practice. The initial boundary object (the ‘Morse’ fall risk assessment scale) contributed to evidence being taken up by specialist nurses within the hospital, while a second boundary object (a pink patient wristband) engendered a change in practice of a wider network of actors. Nevertheless, the symbolic connection between the two linked boundary objects remained precarious, dependent on networks of interaction and communication. The study highlights the role of material objects in the ongoing translation of research evidence into everyday clinical practice.”
Time
(Thursday) 18:30 - 19:30
october 2023
26oct13:0014:00FIN Seminar/ Webinar - Annika Bacher
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – October 26th, 2023 at 1:00 p.m. | Room 305| Online "Housing and Savings Behavior Across Family Types" Annika Bacher– BI Norwegian Business School
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CEF.UP – FIN Seminar/Webinar
Thursday – October 26th, 2023 at 1:00 p.m. | Room 305| Online
“Housing and Savings Behavior Across Family Types“
Annika Bacher– BI Norwegian Business School
Abstract:
“Does marital status affect households’ investment choices? Is accounting for distinct family types necessary for the correct evaluation of policies that aim at stimulating housing demand? To answer these questions, I develop a life-cycle model of housing and financial portfolio choice with dynamic and heterogeneous family types. I find that divorce risk encourages couples to accumulate liquid financial assets and reduces their demand for illiquid housing. Expected marriage, low income levels, and larger exposure to income fluctuations prevent singles from becoming homeowners. Abstracting from distinct family types amplifies the attractiveness of housing and, as a result, overstates the effectiveness of housing policies such as lowering property taxes and reducing transaction costs. Importantly, this misspecification is largest for young households who are often directly targeted by policies that aim at increasing homeownership rates.”
Time
(Thursday) 13:00 - 14:00
24oct13:0014:00ECO Seminar/Webinar - Francisco Silva
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – October 24th, 2023, at 1:00 p.m. | Room 305| Online "Communication through biased intermediators" Francisco Silva – Department of Economics, Deakin University Abstract: “We study biased intermediated communication
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CEF.UP – ECO Seminar/Webinar
Tuesday – October 24th, 2023, at 1:00 p.m. | Room 305| Online
“Communication through biased intermediators”
Francisco Silva – Department of Economics, Deakin University
Abstract:
“We study biased intermediated communication between a sender and a receiver. We prove that the information that can be transmitted from the sender to the receiver is exactly the same as with direct (non-mediated) communication, provided there are (at least) two intermediators who do not communicate with each other. In that sense, the sender is not harmed by not being able to communicate with the receiver directly. This is the case even if the sender does not know the agents’ biases and regardless of the rules of communication (cheap talk, bayesian persuasion, etc.). We discuss the implications of our results to a related information design problem, where a decision maker designs the statistical experiment to be performed by a possibly biased agent. We show that, if the decision maker is able to manipulate the data without causing any statistical loss, she can implement her preferred statistical experiment despite the agent being biased. If, however, manipulating the data has a statistical cost, then strategies that reduce the overall informativeness of the experiment (like reducing the sample) might actually be (second-best) optimal for the decision maker, because they may require less costly manipulation in order to dissuade biased agents from misreporting. We discuss these ideas in the context of medical research.”
Time
(Tuesday) 13:00 - 14:00
12oct13:0014:00FIN Seminar/ Webinar - Nelson Areal
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CEF.UP – FIN Seminar/Webinar Thursday – October 12th, 2023 at 1:00 p.m. | Room 305| Online Title - The World’s Most Ethical Companies financial performance Nelson Areal – Universidade do Minho “The
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CEF.UP – FIN Seminar/Webinar
Thursday – October 12th, 2023 at 1:00 p.m. | Room 305| Online
Title – The World’s Most Ethical Companies financial performance
Nelson Areal – Universidade do Minho
“The financial consequences of embracing ethical conduct in business remain a point of contention in the literature. We discuss why ethical companies can have advantages over others by exploring three concurrent dimensions: organizational values, stakeholder management, and good reputation. We evaluate the long-term financial performance of the World’s Most Ethical Companies, a list devised by Ethisphere, using a calendar time portfolio returns. We compare the performance of these companies to a matching sample and, following Mitton (2022), perform a large study to examine the impact of methodological choices when constructing the matching sample on the results. We show that these choices can have a significant impact on results. Overall, the portfolio of these companies overperform the market, but their performance is not different from matched samples.”
Time
(Thursday) 13:00 - 14:00
september 2023
28sep13:0014:00FIN Seminar/ Webinar - Peter Kort
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – September 28th, 2023 at 1:00 p.m. | Room 305| Online "First and Second Mover Advantages in Strategic Investment under Uncertainty" Peter Kort – Tilburg University (joint
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CEF.UP – FIN Seminar/Webinar
Thursday – September 28th, 2023 at 1:00 p.m. | Room 305| Online
“First and Second Mover Advantages in Strategic Investment under Uncertainty”
Peter Kort – Tilburg University (joint work with Berend J. Stofferis, and Jacco J.J. Thijssen)
Abstract:
“We study a strategic duopoly investment game in which two firms decide on timing and size of an investment under iso-elastic demand. We find that, in equilibrium, investment can be preemptive or resulting from a war of attrition. This contrasts with existing literature that only finds preemptive investment. We show numerically that the presence of a second mover advantage can delay investment inefficiently long from a social welfare perspective.”
Time
(Thursday) 13:00 - 14:00
june 2023
15jun13:0014:00FIN Seminar/ Webinar - Conrado García-Gómez
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – June 15th, 2023 at 1:00 p.m. | Room 305| Online "M&A premiums: do Asian companies bid higher?" Conrado García-Gómez – Cef.up and University of Valladolid (joint
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CEF.UP – FIN Seminar/Webinar
Thursday – June 15th, 2023 at 1:00 p.m. | Room 305| Online
“M&A premiums: do Asian companies bid higher?”
Conrado García-Gómez – Cef.up and University of Valladolid (joint work with Jorge Farinha, Ender Demir and José María Díez-Esteban)
Abstract:
“This study aims to investigate whether Asian companies pay higher premiums in cross-border M&A. We uniquely compare whether the cultural origin of the acquirer firm is a relevant determinant of the premium paid, namely for cross-border operations generated in Asia, Europe, and the United States. Using a large sample of cross-border M&A during the period 2003 to 2021, our baseline results suggest that the average premiums paid by Asian companies are double the size of the European or USA acquisition premiums. Our results are robust when considering some deal characteristics and for the case of Chinese and Japanese acquirers. We also find support for considering that, besides of economic motives, state-owned Chinese acquirers play a relevant role when involved in cross-border M&A, namely offering higher bids. Our research has some relevant implications not only for practitioners, but also for policy-makers.”
Time
(Thursday) 13:00 - 14:00
09jun16:3018:00MaR Seminar/Webinar - John Antonakis
Event Details
CEF.UP – MaR Seminar/Webinar Friday – June 9 th , 2023 4:30 p.m. - 6:00 p.m. | Room 305 | Online "On studying charisma scientifically" John Antonakis – University of Lausanne, HEC (Switzerland)
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CEF.UP – MaR Seminar/Webinar
Friday – June 9 th , 2023 4:30 p.m. – 6:00 p.m. | Room 305 | Online
“On studying charisma scientifically”
John Antonakis – University of Lausanne, HEC (Switzerland) and Cef.up’s External Advisory Board
“I will provide an overview of charisma and why it should be re-defined from a signaling perspective. I will show why questionnaire measures should never be used to gauge charisma as an independent variable, and why charisma should be experimentally manipulated in the context of consequential experiments or measured via objective signals. I will provide evidence showing that charisma can help individuals deliver a vision that sticks, motivate workers, or help coordinate player actions in public good settings. Finally I will show that charisma is a difficult to emulate skill that depends strongly on cognitive ability–hence it is a costly signal.”
Time
(Friday) 16:30 - 18:00
01jun13:0014:00FIN Seminar/ Webinar - Marcin Kacperczyk
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CEF.UP – FIN Seminar/Webinar Thursday – June 1st, 2023 at 1:00 p.m. | Room 305| Online "Carbon Transition Risk and Net-Zero Portfolios" Marcin Kacperczyk – Imperial College London and CEPR Abstract: “Net-zero portfolios are
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CEF.UP – FIN Seminar/Webinar
Thursday – June 1st, 2023 at 1:00 p.m. | Room 305| Online
“Carbon Transition Risk and Net-Zero Portfolios”
Marcin Kacperczyk – Imperial College London and CEPR
Abstract:
“Net-zero portfolios are becoming a popular vehicle to align investors’ incentives with climate scenarios. We show that the decision and timing to divest companies from NZ portfolios has a strong economic implication for their stock returns. This divestment process is captured in our new, forward-looking measure, distance-to-exit (DTE), which measures the distance in years until company gets excluded from the NZ portfolio. We show that companies with greater values of DTE have higher valuation ratios and higher expected returns consistent with the idea that DTE captures transition risk. The effect is robust to different specifications of divestment hierarchy and holds after controlling for alternative measures of transition risk, such as emission levels, their growth, and intensity. Overall, we conclude that institutional investors’ pressure is already priced in stock returns.”
Time
(Thursday) 13:00 - 14:00
may 2023
30may18:3019:30MaR Seminar/Webinar - Soo Min Toh
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – May 30th , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Culture creation and change" Soo Min Toh – University of Toronto Mississauga
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CEF.UP – MaR Seminar/Webinar
Tuesday – May 30th , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
Soo Min Toh – University of Toronto Mississauga (joint work with Yeun Joon Kim and Sooyun Baik)
Abstract:
“This review presents comprehensive analyses of extant research on culture creation and change. We use the framework of culture creation and change ( Kim & Toh, 2019), which consists of three unique perspectives, to understand past research on the antecedents of cultures. The basis of the functionality perspective is that environmental changes shape cultures, and thus, the created cultures enable an organization to address the demands of its environments effectively. In contrast, the leadership perspective argues that leaders have disproportional influence on cultures, and when exercising such influence, they are often unsuccessful at creating functional cultures. The leadership perspective comprises two subperspectives—the leader-trait and cultural transfer perspectives. The leader-trait perspective argues that when creating cultures, leaders often overlook the functionality of cultures but rely heavily on their traits. The cultural transfer perspective suggests that leaders often recreate the cultures that they have experienced in the past. Building on this framework, we review 74 studies in 68 articles across multiple disciplines to widen our understanding of culture creation and change. We then present agendas for future research guided by a four-stage model and a theory of coordinated actions for creating functional cultures. Finally, we discuss methodological limitations in past studies and offer possible solutions.”
Time
(Tuesday) 18:30 - 19:30
30may13:0014:00ECO Seminar/Webinar - Mónica Costa Dias
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – May 30th, 2023, at 1:00 p.m. | Room 305| Online "Marriage, Divorce and Child Development" Mónica Costa Dias – Cef.up, School of Economics, Bristol University and
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CEF.UP – ECO Seminar/Webinar
Tuesday – May 30th, 2023, at 1:00 p.m. | Room 305| Online
“Marriage, Divorce and Child Development”
Mónica Costa Dias – Cef.up, School of Economics, Bristol University and Institute for Fiscal Studies
Abstract:
“My research interests are in the fields of labour, family and public economics, and applied econometrics. I study how inequalities build over the course of life and are transmitted across generations, how policy interacts with the formation of inequalities and how it can be designed to ameliorate poverty and its long lasting impacts. In my work, I use applied economic theory and applied econometrics, which I often combine in structural models of economic behaviour, to gain a better understanding of individual choices, how they interact in markets and how they respond to economic incentives.
My research has been funded by, among others, the Economic and Social Research Council (UK) and the European Commission, and has been published in leading academic journals such as Econometrica, the Journal of Political Economy, Quantitative Economics, Journal of Labor Economics or the Journal of Human Resources.”
Time
(Tuesday) 13:00 - 14:00
25may13:0014:00FIN Seminar/ Webinar - Florencio Lopez-de-Silanes
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – May 25th, 2023 at 1:00 p.m. | Room 305| Online "Private Equity Debt Funds: Who Wins and Who Loses?" Florencio Lopez-de-Silanes – SKEMA Business School
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CEF.UP – FIN Seminar/Webinar
Thursday – May 25th, 2023 at 1:00 p.m. | Room 305| Online
“Private Equity Debt Funds: Who Wins and Who Loses?”
Florencio Lopez-de-Silanes – SKEMA Business School – Université Côte d’Azur, and NBER (joint work with Axel Buchner and Armin Schwienbacher)
Abstract:
“We exploit a unique data set to provide the first analysis of the structure, performance and gain distribution of deals financed by the same private equity firm on the equity and debt sides (related deals). Most related deals are carried out by a few large and experienced PE firms. In support of the conflict of interest hypothesis, we document a transfer of value from debt to equity funds in related transactions relative to unrelated transactions. Yet, the overall value impact of related deals (debt and equity combined) is positive and limited partners of PE-affiliated debt funds do not loose overall. Related deals generate sizable gains for PE firms, most likely through the better ex-post incentives of these deals.”
Time
(Thursday) 13:00 - 14:00
23may18:3019:30MaR Seminar/Webinar - Prabirendra Chatterjee
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – May 23rd , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "The Power of New Digital Ads and Consumer Response" Prabirendra Chatterjee – Cardiff
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CEF.UP – MaR Seminar/Webinar
Tuesday – May 23rd , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“The Power of New Digital Ads and Consumer Response”
Prabirendra Chatterjee – Cardiff Business School
In this seminar Professor Prabirendra Chatterjee will present his latest research on how hidden features of new digital ads, such as Instagram posts, help marketers attract new generation of consumers.
Time
(Tuesday) 18:30 - 19:30
22may18:3019:30MaR Seminar/Webinar - Jelena Zikic
Event Details
CEF.UP – MaR Seminar/Webinar Monday – May 22nd , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Being an outsider 'in': HRM and Migrant perspective on Integration into Local
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CEF.UP – MaR Seminar/Webinar
Monday – May 22nd , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“Being an outsider ‘in’: HRM and Migrant perspective on Integration into Local Labour Market”
Jelena Zikic – York University
Time
(Monday) 18:30 - 19:30
16may18:3019:30MaR Seminar/Webinar - Pedro Godinho
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – May 16th , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Forecasting and trading cryptocurrencies with machine learning under changing market conditions"
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CEF.UP – MaR Seminar/Webinar
Tuesday – May 16th , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“Forecasting and trading cryptocurrencies with machine learning under changing market conditions”
Pedro Godinho – University of Coimbra, School of Economics and researcher at CeBER – Center for Business and Economics Research (joint work with Hélder Sebastião)
Abstract:
“This study examines the predictability of three major cryptocurrencies—bitcoin, ethereum, and litecoin—and the profitability of trading strategies devised upon machine learning techniques (e.g., linear models, random forests, and support vector machines). The models are validated in a period characterized by unprecedented turmoil and tested in a period of bear markets, allowing the assessment of whether the predictions are good even when the market direction changes between the validation and test periods. The classification and regression methods use attributes from trading and network activity for the period from August 15, 2015 to March 03, 2019, with the test sample beginning on April 13, 2018. For the test period, five out of 18 individual models have success rates of less than 50%. The trading strategies are built on model assembling. The ensemble assuming that five models produce identical signals (Ensemble 5) achieves the best performance for ethereum and litecoin, with annualized Sharpe ratios of 80.17% and 91.35% and annualized returns (after proportional round-trip trading costs of 0.5%) of 9.62% and 5.73%, respectively. These positive results support the claim that machine learning provides robust techniques for exploring the predictability of cryptocurrencies and for devising profitable trading strategies in these markets, even under adverse market conditions.”
Time
(Tuesday) 18:30 - 19:30
15may13:0014:00ECO Seminar/Webinar - Evan Kresch
Event Details
CEF.UP – ECO Seminar/Webinar Monday – May 15th, 2023, at 1:00 p.m. | Room 305| Online "What We Do in the Shadows: How Urban Density Facilitates Information Diffusion" Evan Kresch- Oberlin
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CEF.UP – ECO Seminar/Webinar
Monday – May 15th, 2023, at 1:00 p.m. | Room 305| Online
“What We Do in the Shadows: How Urban Density Facilitates Information Diffusion”
Evan Kresch– Oberlin College (joint work with Qing Zhang)
Abstract:
“Does urban density facilitate the diffusion of information? This paper exploits plausibly exogenous variation generated by a unique national policy in China that requires all residential buildings to receive sufficient hours of sunshine. The policy creates higher degrees of restriction on density at higher latitudes, where longer shadows require buildings to be further apart. Data on individual housing projects across China reveal that the cross-latitude variation in regulatory residential Floor Area Ratio can be described quite well by a formula linking structure density to latitude through the solar elevation angle. These differences in building density further induce differences in population density and land prices across latitudes. Using differential topic dynamics on a national petition platform to measure information diffusion, this paper shows that people respond to shifts in government attention with varying speeds across latitudes. Increases in local government reply rate to a topic raises the volume of subsequent posts on the same topic, exhibiting an S-shaped time trajectory consistent with local information diffusion about shifting government priorities. These responses are systematically faster in southern cities, where density is higher. Survey evidence further indicates that otherwise similar individuals are more likely to gossip about public issues in a southern city.”
Time
(Monday) 13:00 - 14:00
04may13:0014:00FIN Seminar/ Webinar - Rik Frehen
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – May 4th, 2023 at 1:00 p.m. | Room 305| Online "Macroeconomic Announcements and the News that Matters Most to Investors" Rik Frehen – Tilburg University
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CEF.UP – FIN Seminar/Webinar
Thursday – May 4th, 2023 at 1:00 p.m. | Room 305| Online
“Macroeconomic Announcements and the News that Matters Most to Investors“
Rik Frehen – Tilburg University (joint work with Samia Badidi and Martijn Boons)
Abstract:
“We study a large set of macroeconomic announcements (MAs), disentangle their news content, and estimate risk premia for each type of news in the cross-section of stocks. Our most interesting finding is that a portfolio that pays off around MAs that negatively impact the stock market commands a large and positive risk premium. Adding this portfolio to a position in the stock market substantially increases the Sharpe ratio, while reducing price impact exposure to MAs. We argue that this portfolio is risky, consistent with models of reinvestment risk. Our findings challenge equilibrium models predicting a negative relation between shocks to discount rates and marginal utility as well as stories of cash ow news arriving on MA days.”
Time
(Thursday) 13:00 - 14:00
02may18:3019:30MaR Seminar/Webinar - Justin Paul
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – May 2nd , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Masstige Model, Theory and Measure for brand management and marketing" Justin
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CEF.UP – MaR Seminar/Webinar
Tuesday – May 2nd , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“Masstige Model, Theory and Measure for brand management and marketing”
Justin Paul – Editor-in-chief of the International Journal of Consumer Studies and University of Puerto Rico, USA and the University of Reading, UK (joint work with A. Kumar and S. Starčević)
Abstract:
“The term ‘Masstige’ stands for mass prestige. Masstige marketing is a strategic phenomenon with the goal of market penetration and brand management in the era of globalisation. The main purpose of this paper is to contribute towards the development of the masstige marketing theory to explain the brand management phenomenon of high value/premium/moderately highly priced (but attainable) brands with a new theoretical model – focused on product, promotion and place strategies, keeping prices constant. Besides, we assess and contrast the effectiveness of marketing strategy of foreign and domestic car brands in the USA using Masstige Mean Index (MMI) developed by Paul (2015). This study is based on the survey data of owners of Japanese and American car brands. It was found that brands can create higher mass prestige value in a foreign country if they follow masstige marketing strategy. The study shows how MMI may facilitate masstige score estimates, allowing comparisons and aiding brands in devising strategies.”
Time
(Tuesday) 18:30 - 19:30
april 2023
20apr13:0014:00FIN Seminar/ Webinar - Anders Löflund
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – April 20th, 2023 at 1:00 p.m. | Room 305| Online "Political connections and shareholder support" Anders Löflund – Hanken School of Economics (joint work with
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CEF.UP – FIN Seminar/Webinar
Thursday – April 20th, 2023 at 1:00 p.m. | Room 305| Online
“Political connections and shareholder support“
Anders Löflund – Hanken School of Economics (joint work with Magnus Blomkvist, Eva Liljeblom and Etienne Redor)
Abstract:
“We study investors’ preferences for corporate political connections in the U.S. using a novel measure; shareholder votes given to individual directors. We find that, after fully accounting for all firm-year specific information and a wide range of director characteristics, that politically connected directors on average do not obtain significantly greater shareholder support. However, during the time-period 2010 to 2016 the board elections echo the nationwide political climate, as directors with ties to the Democratic party receive more shareholder votes. We also find that shareholders have a stronger preference for politically connected directors in heavily regulated industries, suggesting that board members closer to the incumbent government can alleviate regulatory risk. Our study has implications for director selection and the role of political connections in shaping corporate governance practices.”
Time
(Thursday) 13:00 - 14:00
18apr13:0014:00WiP Seminar/Webinar - Pedro Luís Silva
Event Details
CEF.UP – WiP Seminar/Webinar Tuesday – April 18th, 2023 at 1:00 p.m. | Room 305 | Online “Public and Private School Grade Inflations Patterns in Secondary Education” Pedro Luís Silva – FEP and
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CEF.UP – WiP Seminar/Webinar
Tuesday – April 18th, 2023 at 1:00 p.m. | Room 305 | Online
“Public and Private School Grade Inflations Patterns in Secondary Education”
Pedro Luís Silva – FEP and Cef.up (joint work with Stephen L. DesJardins, Ricardo Biscaia, Carla Sá and Pedro N. Teixeira)
Abstract:
“Grade inflation in high schools is potentially problematic for students, education institutions, and society. We examine the extent of potential grading inflation in courses taken during high school and how such differences vary across student and school characteristics. Utilizing longitudinal, administrative data for the population of high school students in an entire country (Portugal) over ten years, we develop a measure of grade inflation using the position of the student’s high school grade relative to their score on the national standardized admission exam. We analyze differences in this measure across four types of high schools: TEIP schools (public schools located in disadvantaged areas that include children at-risk of social exclusion), public schools (state-funded schools), private schools, and private association schools (owned by private entities but publicly funded).
We find that private association schools exhibit a lower probability of grade inflation when compared to public schools. Additionally, TEIP schools tend to have a higher probability of inflation for students with high grades. Implications for policy and practice are discussed.”
Time
(Tuesday) 13:00 - 14:00
13apr13:0014:00FIN Seminar/ Webinar - Nickolay Gantchev
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – April 13th, 2023 at 1:00 p.m. |Room 305| Online "Sustainability or Performance: Ratings and Fund Managers’ Incentives" Nickolay Gantchev – Warwick Business School (joint work with Mariassunta
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CEF.UP – FIN Seminar/Webinar
Thursday – April 13th, 2023 at 1:00 p.m. |Room 305| Online
“Sustainability or Performance: Ratings and Fund Managers’ Incentives”
Nickolay Gantchev – Warwick Business School (joint work with Mariassunta Giannetti and Rachel Li)
Abstract:
“We explore how mutual fund managers and investors react when the tradeoff between a fund’s sustainability and performance becomes salient. Following the introduction of Morningstar’s sustainability ratings (the “globe” ratings), mutual funds increased their holdings of sustainable stocks to attract flows. Such sustainability-driven trades, however, underperformed, impairing the funds’ overall performance. Consequently, a tradeoff between sustainability and performance emerged. In the new equilibrium, the globe ratings do not affect investor flows and funds no longer trade to improve their globe ratings.”
Time
(Thursday) 13:00 - 14:00
11apr18:3019:30MaR Webinar - Muhammad Azizul Islam
Event Details
CEF.UP – MaR Webinar Tuesday – April 11th , 2023 6:30 p.m. - 7:30 p.m. | Online "Sustainability accounting and transparency issues" Muhammad Azizul Islam – University of Aberdeen Business School Abstract: "Civil
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CEF.UP – MaR Webinar
Tuesday – April 11th , 2023 6:30 p.m. – 7:30 p.m. | Online
“Sustainability accounting and transparency issues”
Muhammad Azizul Islam – University of Aberdeen Business School
Abstract:
“Civil liberties enable the media, social movements, and other stakeholders to expect companies to be more transparent and forthcoming with relevant social and environmental information. Drawing on social movement theory in general, and the notion of civil liberty in particular, we analyse the availability of social and environmental information of 300 financial companies from 50 countries over a nine-year period, to investigate the influence of country-level civil liberties on the availability of social and environmental information.
We find that companies headquartered in countries with high levels of civil liberties make more social and environmental information publicly available than companies headquartered in countries with low levels of civil liberties. Furthermore, an improvement in civil liberties in countries with lower civil liberties has a bigger impact on changes in the availability of social and environmental information.
Our research is relevant for the ongoing concerns of social and environmental transparency initiatives by governments, NGOs, and civil rights organisations. Policy implications for countries with lower civil liberties (typical developing nations) are that if they wish to encourage more transparent corporate information, they need to strengthen their country-level civil liberties.”
Time
(Tuesday) 18:30 - 19:30
11apr13:0014:00ECO Seminar/Webinar - João Pereira dos Santos
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – April 11th, 2023, at 1:00 p.m. | Room 305| Online "Can the keyboard beat the good old pen? The effect of computer-based testing on students’ performance"
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CEF.UP – ECO Seminar/Webinar
Tuesday – April 11th, 2023, at 1:00 p.m. | Room 305| Online
“Can the keyboard beat the good old pen? The effect of computer-based testing on students’ performance”
João Pereira dos Santos – ISEG (joint work with Ana Ruis and Luís Catela)
Abstract:
“Computer-based testing is being increasingly adopted by several education institutions worldwide. Whether this transition from paper-based testing yields different impacts on students’ performance is still an open question. This paper aims to assess the impact of computer-based testing exploiting a large-scale pilot-program deployed in 2022 low-stake exams in Portugal. We rely on rich crosssectional student-level data to implement pooled OLS and difference in differences approaches. Results indicate statistically significant differences in students’ score between computer-based and paper-based testing with differences ranging from -5pp to -24pp. Finally, we discuss important heterogeneity effects and implications of implementing this policy at scale.”
Time
(Tuesday) 13:00 - 14:00
march 2023
28mar18:3019:30MaR Seminar/Webinar - Celma de Oliveira Ribeiro
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – March 28th , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Risk-conscious optimisation models" Celma de Oliveira Ribeiro - Escola Politécnica da Universidade
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CEF.UP – MaR Seminar/Webinar
Tuesday – March 28th , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“Risk-conscious optimisation models”
Celma de Oliveira Ribeiro – Escola Politécnica da Universidade de S. Paulo
This seminar will focus on Prof Ribeiro’s latest research on risk-conscious optimisation models to support bioenergy investments in the Brazilian sugarcane industry.
Time
(Tuesday) 18:30 - 19:30
28mar13:0014:00ECO-MaR Seminar/Webinar - Christopher Mathieu
Event Details
CEF.UP – ECO- MaR Seminar/Webinar Tuesday – March 28th, 2023, at 1:00 p.m. | Room 305| Online "The logics of non-commerciality in the cinematic ecosystem" Christopher Mathieu - Lund University Abstract: "Film is
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CEF.UP – ECO- MaR Seminar/Webinar
Tuesday – March 28th, 2023, at 1:00 p.m. | Room 305| Online
“The logics of non-commerciality in the cinematic ecosystem”
Christopher Mathieu – Lund University
Abstract:
“Film is one of the most expensive and commercially oriented art forms. It is estimated that the average cost of producing a Hollywood (American major studio) feature film is USD 65-75m, with approximately half as much again (about USD 35m) spent on marketing (Studiobinder 2013). The sums are high, and the ratio of marketing budget to production cost is indicative of a high commercial interest and effort. The sums are lower for non-Hollywood films, but the commercial orientation is in most cases similar. However, non-commercial films (defined here as film projects and products that neither have an intention or demand to generate profit or even recoup financial investment) and logics of non-commerciality exist and play various roles in the wider cinematic ecosystem. Several distinct non-commercial subsystems exist within the wider cinematic ecosystem. Some have virtually no interaction with the dominant commercial systems, often meeting other contemporary societal goals (Miller 2016; Kerr 1993), while others play direct and specific roles for the commercial mainstream (Fox 2022; Brown 2014; Cuzner 2009). Focusing on live-action fiction as opposed to documentary or animation film, and production as opposed to non-commercial exhibition (Santos & Miranda 2022) this article maps: the various logics behind non-commercial filmmaking; the various values realised by non-commercial film in different contexts; past, current, and potential future relationships with the commercial domain; and the managerial challenges and possibilities afforded by non-commercial film production.”
Time
(Tuesday) 13:00 - 14:00
21mar18:3019:30MaR Seminar/Webinar - Delfina Gomes
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – March 21st , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "The stereotype of accountants" Delfina Gomes - Universidade do Minho This seminar will
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Event Details
CEF.UP – MaR Seminar/Webinar
Tuesday – March 21st , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“The stereotype of accountants”
Delfina Gomes – Universidade do Minho
This seminar will focus on the findings of two papers:
Leão, F., Gomes, D., & Carnegie, G. (2019). The portrayal of early accountants in nineteenth-century Portuguese literature. Accounting, Auditing & Accountability Journal, 32(2), 658-688.
Leão, F., & Gomes, D. (2022). The stereotype of accountants: Using a personality approach to assess the perspectives of laypeople. Accounting, Auditing & Accountability Journal, 35(9), 234-271. .
Time
(Tuesday) 18:30 - 19:30
09mar13:0014:00FIN Seminar/ Webinar - Julien Sauvagnat
Event Details
CEF.UP – FIN Seminar/Webinar Thursday – March 9th, 2023 at 1:00 p.m. |Room 305| Online "Corporate Taxation and Carbon Emissions" Julien Sauvagnat - Bocconi University (joint work with Luigi Iovino and
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Event Details
CEF.UP – FIN Seminar/Webinar
Thursday – March 9th, 2023 at 1:00 p.m. |Room 305| Online
“Corporate Taxation and Carbon Emissions“
Julien Sauvagnat – Bocconi University (joint work with Luigi Iovino and Thorsten Martin)
Abstract:
“We study the relationship between corporate taxation and carbon emissions in the U.S. We show that dirty firms pay lower profit taxes. This relationship is driven by dirty firms benefiting disproportionately more from the tax shield of debt due to their higher leverage. In addition, we document that the higher leverage of dirty firms is fully accounted for by the larger share of tangible assets owned by such firms. We build a general-equilibrium multi-sector economy and show that a revenue-neutral increase in profit taxation could lead to large decreases in aggregate carbon emissions without any noticeable change in GDP.”
Time
(Thursday) 13:00 - 14:00
07mar18:3019:30MaR Seminar/Webinar - David Guttormsen
Event Details
CEF.UP – MaR Seminar/Webinar Tuesday – March 7th , 2023 6:30 p.m. - 7:30 p.m. | Room 305 | Online "Marginalised Groups in Business" David Guttormsen - School of Business, University of
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Event Details
CEF.UP – MaR Seminar/Webinar
Tuesday – March 7th , 2023 6:30 p.m. – 7:30 p.m. | Room 305 | Online
“Marginalised Groups in Business”
David Guttormsen – School of Business, University of South-Eastern Norway
Abstract:
“The paper addresses an understudied but highly relevant group of people within corporate organizations and society in general—the marginalized—as well as their narration, and criticism, of personal lived experiences of marginalization in business. They are conventionally perceived to lack traditional forms of power such as public influence, formal authority, education, money, and political positions; however, they still possess the resources to impact their situations, their circumstances, and the structures that determine their situations. Business ethics researchers seldom consider marginalized people’s voices and experiences as resources to understand their lives, as demonstrated through a review of 7500 articles published in the Journal of Business Ethics and Business Ethics Quarterly (2000–2019). Only 78 studies included aspects of marginalized groups. 69 of those studies discussed the topic of marginalized groups of people, but without integrating their explicit voices into the text. Only 9 of the 78 articles featured marginalized people’s explicit voices about their marginalization experiences incorporated into the text as a source for exploration. None of the identified studies discussed the potential for theorizing based on such voices. This paper contributes to business ethics theory by developing four theoretical possibilities vis-à-vis the critical voices of marginalized people’s experiences in business: (a) marginalized theory on critical agency and freedom of speech; (b) the gatekeeping role of academia; (c) primary sources; and (d) a participative perspective. Discussing the theoretical potential of quoting the above voices can enrich business ethics research in terms of the theoretical understanding of marginalized groups in business.”
Time
(Tuesday) 18:30 - 19:30
07mar13:0014:00ECO Seminar/Webinar - Derick Almeida
Event Details
CEF.UP – ECO Seminar/Webinar Tuesday – March 7th, 2023, at 1:00 p.m. |Room 305| Online "Robots at work: new evidence with recent data" Derick Almeida - Universidade de Coimbra (joint work
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Event Details
CEF.UP – ECO Seminar/Webinar
Tuesday – March 7th, 2023, at 1:00 p.m. |Room 305| Online
“Robots at work: new evidence with recent data”
Derick Almeida – Universidade de Coimbra (joint work with Tiago Sequeira)
Abstract:
“We reassess the relationship between robotization and the growth in labor productivity in the light of more recent data. We discover that the effect of robot density in the growth productivity substantially decreased in the post-2008 crisis period. In this more recent period, the less strong positive effect of robot density in the growth of productivity depends less on the increase in the value added due to robotization. The data analysis dismisses any positive effect of robotization on hours worked. Results are confirmed by several robustness checks, cross-sectional IV and quantile regression analysis and through panel data quantile and IV analysis. By means of the quantile regression analysis, we learn that the effect of robots on labor productivity is stronger for low productivity sectors and that in the most recent period, the effect of robotization felt significantly throughout the distribution. This highlights one of the possible sources of the secular stagnation in the era of robotization and artificial intelligence technologies.”
Time
(Tuesday) 13:00 - 14:00