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 Author:
 Cavalcanti, Tiago; Vaz, Paulo Henrique
 Source:
 Economics letters 2017 v.150 pp. 2125
 ISSN:
 01651765
 Subject:
 credit; loans; Brazil
 Abstract:
 ... This letter assesses the impact of a variation in access to a targeted loan program from Brazil’s development bank on investment and productivity. Results suggest that eligible firms increased their relative investment rate and productivity, but results are robust only for permanent rather than temporary improvements in access to credit. ...
 DOI:
 10.1016/j.econlet.2016.10.043

http://dx.doi.org/10.1016/j.econlet.2016.10.043
 Author:
 Dassiou, Xeni; Glycopantis, Dionysius
 Source:
 Economics letters 2017 v.150 pp. 7782
 ISSN:
 01651765
 Subject:
 prices; production functions
 Abstract:
 ... The purpose of this note is to discuss the envelope relationship between long run and short run cost functions. It compares the usually presented relationship with one of different form and implications, resulting from a simple production function and constant prices. It points out in particular that the tangency condition between the short and long run total cost functions does not necessarily ho ...
 DOI:
 10.1016/j.econlet.2016.11.006

http://dx.doi.org/10.1016/j.econlet.2016.11.006
 Author:
 Lien, Donald; Hu, Yue; Liu, Long
 Source:
 Economics letters 2017 v.150 pp. 114117
 ISSN:
 01651765
 Subject:
 economics; linear models; regression analysis
 Abstract:
 ... This paper revisits the problem of choosing ratio variables in regression analysis in Musumeci and Peterson (2011). In the application we examined, linear regressions with the ratio variable, its reciprocal or logarithm have been rejected. To avoid model misspecifications, we suggest to use nonlinear regressions on ratio variables. Our empirical evidence shows that a semiparametric partially linea ...
 DOI:
 10.1016/j.econlet.2016.11.019

http://dx.doi.org/10.1016/j.econlet.2016.11.019
 Author:
 Zhang, Yu Yvette
 Source:
 Economics letters 2017 v.150 pp. 6772
 ISSN:
 01651765
 Subject:
 Monte Carlo method; auctions; economic analysis; risk; utility functions
 Abstract:
 ... This paper is concerned with economic analysis of firstprice sealedbid auctions with risk averse bidders. The identification is based on exogenous variations in the number of bidders across auctions. We present a shape constrained estimator of the bidding function, which satisfies the theoretical properties of passing through origin, positivity and monotonicity. The underlying utility function a ...
 DOI:
 10.1016/j.econlet.2016.11.001

http://dx.doi.org/10.1016/j.econlet.2016.11.001
 Author:
 Manganelli, AntonGiulio
 Source:
 Economics letters 2017 v.150 pp. 9194
 ISSN:
 01651765
 Subject:
 prices
 Abstract:
 ... This paper characterizes cartel pricing dynamics when consumers have referencedependent preferences. Firms have a common discount factor unknown to consumers and a common cost i.i.d. over time. Consumers observe prices over time and update their expectations about firms’ ability to collude, which affects consumers’ price expectations. Referencedependent preferences make consumers lose utility wh ...
 DOI:
 10.1016/j.econlet.2016.11.016

http://dx.doi.org/10.1016/j.econlet.2016.11.016
 Author:
 Krause, Thomas; Sondershaus, Talina; Tonzer, Lena
 Source:
 Economics letters 2017 v.150 pp. 118121
 ISSN:
 01651765
 Subject:
 data collection; economic crises; risk
 Abstract:
 ... We construct a novel dataset to measure banks’ complexity and relate it to banks’ riskiness. The sample covers stock listed Euro area banks from 2007 to 2014. Bank stability is significantly affected by complexity, whereas the direction of the effect differs across complexity measures. ...
 DOI:
 10.1016/j.econlet.2016.11.026

http://dx.doi.org/10.1016/j.econlet.2016.11.026
 Author:
 Freixas, Josep; Pons, Montserrat
 Source:
 Economics letters 2017 v.150 pp. 146148
 ISSN:
 01651765
 Subject:
 economics; probability distribution
 Abstract:
 ... In the paper Decisiveness indices are semiindices (Freixas and Pons, 2016) it was shown that any decisiveness index obtained from an anonymous probability distribution is a semiindex, and that the converse is not true. In this note we characterize the semiindices which are indices of decisiveness. ...
 DOI:
 10.1016/j.econlet.2016.11.014

http://dx.doi.org/10.1016/j.econlet.2016.11.014
 Author:
 Burke, Jonathan L.
 Source:
 Economics letters 2017 v.150 pp. 108110
 ISSN:
 01651765
 Subject:
 economics; issues and policy; models
 Abstract:
 ... We find for overlapping generations models competitive equilibria that are not only Pareto inefficient, but for which every allocation that agrees with the equilibrium in the first period is also Pareto inefficient. That novel additional condition implies that a policy restoring Pareto efficiency is urgent (must start in the first period), and observing just the first period of the equilibrium all ...
 DOI:
 10.1016/j.econlet.2016.11.004

http://dx.doi.org/10.1016/j.econlet.2016.11.004
 Author:
 Toulemonde, Eric
 Source:
 Economics letters 2017 v.150 pp. 9598
 ISSN:
 01651765
 Subject:
 developmental stages; markets; monopoly; prices; society
 Abstract:
 ... We show that the market does not systematically deliver the right technology under monopolistic competition. (i) Firms might rush on largescale technology, pushing to the exit many desirable varieties produced by small firms. (ii) Firms might shun largescale technology, though that technology would benefit the society through lower prices. (iii) A bias towards smallscale technology in some stag ...
 DOI:
 10.1016/j.econlet.2016.11.013

http://dx.doi.org/10.1016/j.econlet.2016.11.013
 Author:
 de Roos, Nicolas
 Source:
 Economics letters 2017 v.150 pp. 122125
 ISSN:
 01651765
 Subject:
 models; prices; viability
 Abstract:
 ... The price commitment model of Maskin and Tirole (1988) provides an extensively cited foundation for Edgeworth cycles. We examine the viability of Edgeworth cycles when price commitment is partial in the sense that a subset of firms are committed to price in each period. If multiple firms are not committed in each period, then the existence of Edgeworth cycle equilibria requires a demanding convexi ...
 DOI:
 10.1016/j.econlet.2016.11.023

http://dx.doi.org/10.1016/j.econlet.2016.11.023
 Author:
 Julien, Benoît; Mangin, Sephorah
 Source:
 Economics letters 2017 v.150 pp. 149151
 ISSN:
 01651765
 Subject:
 labor force; models
 Abstract:
 ... In a search and matching model where workers are ex ante heterogeneous with respect to productivity and there is labor force participation, Albrecht et al. (2010) show that satisfying the Hosios rule leads to excessive vacancy creation. We show that efficient vacancy creation requires a modified version of the Hosios condition that captures not only the standard search externalities but also the o ...
 DOI:
 10.1016/j.econlet.2016.10.042

http://dx.doi.org/10.1016/j.econlet.2016.10.042
 Author:
 Yépez, Carlos A.
 Source:
 Economics letters 2017 v.150 pp. 3438
 ISSN:
 01651765
 Subject:
 business cycles; labor productivity
 Abstract:
 ... The cyclical behavior of productivity has noticeably changed since the mid80s. We provide VAR evidence that financial shocks have an important effect on productivity. We offer a novel explanation based on the effect of binding collateral constraints on labor demand. ...
 DOI:
 10.1016/j.econlet.2016.10.037

http://dx.doi.org/10.1016/j.econlet.2016.10.037
 Author:
 Hualde, Javier; Iacone, Fabrizio
 Source:
 Economics letters 2017 v.150 pp. 3943
 ISSN:
 01651765
 Subject:
 Monte Carlo method; autocorrelation; economics; variance
 Abstract:
 ... We consider inference for the mean of a general stationary process based on standardizing the sample mean by a frequency domain estimator of the long run variance. Here, the main novelty is that we consider alternative asymptotics in which the bandwidth is kept fixed. This does not yield a consistent estimator of the long run variance, but, for the weakly dependent case, the studentized sample mea ...
 DOI:
 10.1016/j.econlet.2016.10.014

http://dx.doi.org/10.1016/j.econlet.2016.10.014
 Author:
 Griebeler, Marcelo de C.
 Source:
 Economics letters 2017 v.150 pp. 13
 ISSN:
 01651765
 Subject:
 economics; interpersonal relationships; probability; students
 Abstract:
 ... We studied how friendship among students can affect their cheating behavior in the classroom. Our findings show that a closer friendship increases the probability of cheating only for students with low grades. Our framework may also be applied to situations where a given firm has the possibility of copying features of a product or technology from another. ...
 DOI:
 10.1016/j.econlet.2016.10.040

http://dx.doi.org/10.1016/j.econlet.2016.10.040
 Author:
 Afacan, Mustafa Oğuz; Dur, Umut Mert
 Source:
 Economics letters 2017 v.150 pp. 135137
 ISSN:
 01651765
 Subject:
 economics; students
 Abstract:
 ... Stability is a main concern in the school choice problem. However, it does not come for free. The literature shows that stability is incompatible with Pareto efficiency. Nevertheless, it has been ranked over Pareto efficiency by many school districts, and thereof, they are using stable mechanisms. In this note, we reveal another important cost of stability: “consistency”, which is a robustness pro ...
 DOI:
 10.1016/j.econlet.2016.11.022

http://dx.doi.org/10.1016/j.econlet.2016.11.022
 Author:
 Gradojevic, Nikola; Erdemlioglu, Deniz; Gençay, Ramazan
 Source:
 Economics letters 2017 v.150 pp. 2733
 ISSN:
 01651765
 Subject:
 foreign exchange; models; prices; statistical analysis; trade
 Abstract:
 ... This article investigates a trading strategy that relies on private information in an electronic spot foreign exchange market. In a structural microstructure model extended for highfrequency data, our analysis links the informational content of trading activity to order size. We find that large currency orders are likely to be placed by informed traders during increased price volatility episodes. ...
 DOI:
 10.1016/j.econlet.2016.11.010

http://dx.doi.org/10.1016/j.econlet.2016.11.010
 Author:
 Pecora, Nicolò; Spelta, Alessandro
 Source:
 Economics letters 2017 v.150 pp. 5358
 ISSN:
 01651765
 Subject:
 inflation; information processing; macroeconomics; models; monetary policy; prediction
 Abstract:
 ... This paper considers a standard New Keynesian model with heterogeneous expectations on the future level of inflation and output. A biased perception of the target pursued by the Central Bank may arise due to idiosyncrasies in information processing, leading to heterogeneous beliefs about the target. We consider an arbitrarily large number of agents’ beliefs and apply the concept of Large Type Limi ...
 DOI:
 10.1016/j.econlet.2016.11.007

http://dx.doi.org/10.1016/j.econlet.2016.11.007
 Author:
 Ülkü, Numan
 Source:
 Economics letters 2017 v.150 pp. 4447
 ISSN:
 01651765
 Subject:
 profitability; risk
 Abstract:
 ... Fama and French’s (2015) RMW (robustminusweak) profitability factor is likely to attract debate on whether it captures a behavioral mispricing or a rationallypriced risk. An interesting piece of empirical support for this argument comes from the strong Monday effect in the RMW factor: 94% (135%) of the reward to RMW factor accrues on Mondays (Monday–Tuesdays). That is, the RMW premium is essent ...
 DOI:
 10.1016/j.econlet.2016.10.031

http://dx.doi.org/10.1016/j.econlet.2016.10.031
 Author:
 Dong, Yingjie; Tse, YiuKuen
 Source:
 Economics letters 2017 v.150 pp. 5962
 ISSN:
 01651765
 Subject:
 Monte Carlo method; market microstructure; prices; variance
 Abstract:
 ... We study the market microstructure noisevariance estimation of highfrequency stock prices. Based on the Hansen and Lunde (2006) approach, we propose estimates using subsampling method at different time scales. We conduct a Monte Carlo study to compare our method against others in the literature. Our results show that our proposed estimates have lower (absolute) mean error and root meansquared e ...
 DOI:
 10.1016/j.econlet.2016.11.009

http://dx.doi.org/10.1016/j.econlet.2016.11.009
 Author:
 Tu, Yundong
 Source:
 Economics letters 2017 v.150 pp. 142145
 ISSN:
 01651765
 Subject:
 economics; models; probability; regression analysis
 Abstract:
 ... This paper considers spurious regressions with partial unit root and near partial unit root processes. Three models are investigated via simulations to study the rejection probability of the associated tstatistics in detecting the spurious correlation. The results reveal that the spurious regression is a notsospurious problem, which cannot be eliminated by adding AR(1) errors in reestimation. ...
 DOI:
 10.1016/j.econlet.2016.11.028

http://dx.doi.org/10.1016/j.econlet.2016.11.028