Calendrier du 19 janvier 2017
brown bag Travail et Économie Publique
Du 19/01/2017 de 13:00 à 14:00
Salle 10, RDC Bâtiment G, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
ANDREESCU Marie(PSE)
ASKENAZY Philippe(PSE)
Democracy at work: A Study of the 2008 French Union Representativity Reform
écrit avec Philippe Askenazy
We evaluate the effects of a central French reform that made the conditions for firm-level union recognition more democratic after 2008. The law gave equal chances to all unions to be recognized for bargaining, putting an end to the quasi-monopoly given to five historical unions until then. The law also introduced votes and minimal electoral requirements for union recognition. These new regulations only became effective at the first firms' work councils elections following the promulgation of the law in August 2008. Those elections occur within each firm according to a pre-defined frequency-- usually every four years--, so that election dates around August 2008 only depend on former election dates, and can be considered as quasi-random with respect to the new law, at least in firms that are old enough. The identification thus relies on a regression discontinuity design in which the running variable is the firms' work councils election date: we compare in 2011 firms that had those elections just before or just after the law was passed. We find that the democratic rules introduced in 2008 increased social capital. Namely, both employers' and workers' satisfaction and trust towards unions are increased. Union coverage and membership are also increased. The study of other outcomes (conflicts and exits) is still in progress.
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 19/01/2017 de 13:00 à 14:00
TALLON Jean-Marc (PSE)
Asset Allocation and Trade under Heterogeneous Ambiguity Aversion
écrit avec with S. Mukerji and H. Ozsoylev
Abstract: We seek to explore several financial puzzles in a single model, that departs from basic portfolio choice models only in that it accomodates ambiguity and ambiguity sensitve preferences. The three anomalies are (1) the asset allocation puzzle wich is the observation that professionnals' recommandations for portfolio holdings do not accord well with the mutual fund theorem, (2) departures from CAPM pricing in a systematic way and (3) large volume of trade after public annoucement of earnings. We propose a model where investors have smooth ambiguity preferences and asset returns have ambiguous means. We show that investors optimally hold portfolio with a different mix of risky assets, due to their heterogeneous ambiguity aversion. This heterogeneity also leads, in an equilibrium model, to trade upon the arrival of public information (about the dividends).
Behavior seminar
Du 19/01/2017 de 12:00 à 13:00
Salle A2, RDC Bâtiment A, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
CALVO-PARDO Hector (University of Southampton)
Informative social interactions
écrit avec Luc Arrondel, Chryssi Giannitsarou and Michael Haliassos