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 […]

Mardi | 2018-03-27 Salle des thèses 16h – 17h20 Marine DE TALANCé This paper explores the relationship between compulsory education, educational attainment and fertility. More specifically, we focus on a law implemented in Indonesia that lengthened compulsory education by three years and we use the IFLS database. Empirically, we rely on a difference-in-differences model with a continuous treatment defined by the initial level of education in the individual’s region of birth. We find that the law increased junior secondary school […]

Mardi | 2018-03-20 Salle des thèses 16h – 17h20 Defining retirement as a discontinuity in the labor supply of the agent, this paper resolves the retirement consumption puzzle in a very general model of intertemporal choice of consumption and savings of a fully rational, forward looking, agent. Building on a specific version of Bellman (1957) principle of optimality, it provides a very general and parsimonious formula for determining the optimal age of retirement taking into account the possible discontinuity of […]

Mardi | 2018-02-27 Salle des thèses 16h – 17h20 Laura HERING – Julien GOURDON – Stéphanie MONJON – Sandra PONCET Compared to most countries, China’s value-added tax (VAT) system is not neutral and makes it less advantageous to export a product than to sell it domestically. However, the large and frequent changes to the VAT refunds which are offered to exporters have led China to be accused of providing its firms with an unfair advantage in global trade. We use […]

Mardi | 2018-02-20 Salle des thèses 16h – 17h20 Marie-Pierre HORY – Grégory LEVIEUGE – Daria ONORI This paper aims at explaining why the public spending multiplier is generally low, even close to zero, in emerging economies (EMEs). We claim that this can be related to the foreign currency denominated debt borne by private agents. Indeed, according to a recent literature, the real exchange rate can depreciate following an increase in public spending. In this case, the debt burden denominated […]

Mercredi | 2018-02-15 Salle B103 – 12h00 Delchande DIBI Cette étude vise à déterminer la relation entre la politique d’ouverture commerciale et la croissance économique de 33 pays issus de 3 communautés régionales africaines à savoir l’UEMOA, la CEMAC et le COMESA sur la période 1990-2015. Pour ce faire, nous utilisons le test de causalité développé par Dumitrescu et Hurlin (2012) dans le cas d’un panel hétérogène. La croissance économique est mesurée par le logarithme du PIB par tête. Quant […]

Mardi | 2018-02-13 Salle des thèses 16h – 17h20 Gerhard TOWENS – Pierre-Louis VéZINA We show that giant and unpredictable oil and gas discoveries in developing countries trigger FDI bonanzas. Across countries, we document a 58% increase in FDI in the 2 years following a giant discovery. This effect is driven by new projects in non-resource sectors such as manufacturing, retail, business services and construction. We illustrate this mechanism using Mozambique’s recent post-discovery FDI boom. We combine concurrent waves of […]