Mardi | 2018-06-05 Salle des thèses 16h – 17h20 Dimitrios ASTERIOU – Kyriaki BEGIAZI Blockchain technology created cryptocurrencies. In January 2018, Bitcoin gained attention, as the most known electronic currency with the highest capitalisation. This paper examines the characteristics of the main cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, Stellar, NEM, Dash, Monero, Tether) from August 2015 to February 2018. Cryptocurrency index reported a structural break on January 2018, according to Chow breakpoint test. While Bitcoin was already on a steady decline […]

Mardi | 2018-05-29 Salle des thèses 16h – 17h20 Jesus LOPEZ-RODRIGUEZ – Julian VASQUEZ-ROLDAN This paper focuses on the analysis of the role played by market potential in the spatial income structure observed in Colombia over the period 1990-2015. Based on the geographical economics theory we derive the so called nominal wage equation which establishes a relationship between nominal wages and a distance weighted sum of the volume of economic activities in surrounding locations which is usually known as market […]

Mercredi | 2018-05-24 Salle B103 – 12h00 Sullivan HUE – Sessi TOKPAVI – Yannick LUCOTTE Granger-causality measures of interconnectedness between financial institutions are useful indicators of systemic risk (Billio et al., 2012, Journal of Financial Economics), as they help to evaluate to which extent the distress of one institution disseminates across the whole financial system due to the network. This article provides a critical assessment of Granger-causality networks, showing that they can lead to inconsistent measures of systemic risk contributions […]

Mardi | 2018-05-22 Salle B103 16h – 17h20 José De SOUSA – Muriel NIEDERLE Vertical gender segregation is one of the most stubborn features of labor markets: high-ranking positions are primarily held by men in Business, Politics and Science. Can we implement pro-active steps to erase this segregation? We try to answer this question by investigating the effects of a clear affirmative action for women, where we have a good measure of “ability” even of people who did not directly […]

Mardi | 2018-05-15 Salle B103 16h – 17h20 Ludovic DESMEDT Entre août 1945 et juillet 1946, la Hongrie a connu la pire crise inflationniste jamais recensée. Dans les derniers jours de cet épisode, les prix augmentèrent de 150.000% par jour. Dès les travaux de Kaldor ou Nogaro sur cette expérience, plusieurs facteurs ont été mis en avant expliquer le phénomène : dérive des finances publiques, anticipations des acteurs ou introduction d’une monnaie indexée. L’objectif de cet article consiste à revenir […]

Mardi | 2018-04-24 Salle des thèses 16h – 17h20 Mickael MELKI Electoral reforms affecting the incentives to vote modify the composition of the electorate, potentially overrepresenting specific interests in policy implementation. Due to the age turnout gap, they may bias intergenerational redistribution in favor of the elderly. We exploit a natural experiment provided by the repeal of mandatory voting in Austria to study how a change in the incentive to vote affects intergenerational redistribution through pro-young public education spending. We […]

Mardi | 2018-04-19 Salle B103 12h – 13h30 Theodore PANAGIOTIDIS We investigate the effect of economic uncertainty on investment. We employ a sample consisting of annual data from 25000 Greek firms’ balance sheets covering the period from 2000 to 2014. A dynamic factor model is employed to proxy uncertainty. The investment performance of 14 sectors is examined within a dynamic investment model. Robust GMM estimates of the investment rate model reveal a high degree of heterogeneity among these sectors. Overall […]

Mardi | 2018-04-17 Salle des thèses 16h – 17h20 Olivier BOS We study the relative performance of the first-price sealed-bid auction and the second-price sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behaviour to an outside observer. We consider two different information settings: the auctioneer reveals either the identity of the winning bidder only, or she also reveals the winner’s payment to an outside observer. We find that the first-price sealed-bid auction in which […]

Mardi | 2018-04-10 Salle des thèses 16h – 17h20 Pierre-Charles PRADIER Que valent les jetons virtuels comme les Bitcoins ou les centaines de nouvelles variétés émises à l’occasion des Initial Coin Offerings qui se sont multipliées depuis 2017 ? En tant qu’actif immatériel, un jeton devrait valoir la somme actualisée des flux futurs qu’il promet. Mais cette valeur fondamentale est difficile à déterminer concrètement, et il faut pouvoir rendre compte des écarts sans considérer chacun d’eux comme des bulles. Pour […]

Mardi | 2018-04-03 Salle des thèses 16h – 17h20 François PANNEQUIN This paper compares the Holt and Laury’s risk attitude elicitation with a risk attitude classification associated with insurance behavior. The standard Holt and Laury’s procedure (2002) is implemented in the loss domain, while the second tool is based on contextualized experimental hedging choices for insurance and loss reduction (secondary prevention). Our findings highlight the high consistency between the two procedures for more than two-thirds of the subjects, both measures […]