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Announcements

Student Seminar #12: Manipulation and the Allocational Role of Prices

DateTimePresenterLocation
Monday, October 14, 2019
(22 Mehr 1398)
12:30 – 13:30
Kourosh Khansary
Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“It is commonly believed that prices in secondary financial markets play an important allocational role because they contain information that facilitates the efficient allocation of resources. This paper identifies a limitation inherent in this role of prices. It shows that the presence of a feedback effect from the financial market to the real value of a firm creates an incentive for an uninformed trader to sell the firm’s stock. When this happens the informativeness of the stock price decreases, and the beneficial allocational role of the financial market weakens. The trader profits from this trading strategy, partly because his trading distorts the firm’s investment. We therefore refer to this strategy as manipulation. We show that trading without information is profitable only with sell orders, driving a wedge between the allocational implications of buyer and seller initiated speculation, and providing justification for restrictions on short sales. “

Required Reading(s)
Manipulation and the Allocational Role of Prices

 

Student Seminar #11: Anticompetitive Effects of Common Ownership

DateTimePresenterLocation
Monday, October 07, 2019
(15 Mehr 1398)
12:30 – 13:30Esmaeil AliabadiKhatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Many natural competitors are jointly held by a small set of large institutional investors. In the U.S. airline industry, taking common ownership into account implies increases in market concentration that are 10 times larger than what is “presumed likely to enhance market power” by antitrust authorities.1 Within‐route changes in common ownership concentration robustly correlate with route‐level changes in ticket prices, even when we only use variation in ownership due to the combination of two large asset managers. We conclude that a hidden social cost—reduced product market competition—accompanies the private benefits of diversification and good governance.”

Required Reading(s)
Anticompetitive Effects of Common Ownership

 

Selected Topics in Public Finance “Short Course”

Dr. Ali Shourideh

Assistant Professor of Economics at Tepper School of Business

Carnegie Mellon University

Overview
  • How should governments design their tax policies optimally? What are the determinants of social insurance policies and welfare programs? In this class, we review the basic tools of public finance and optimal taxation with an emphasis on social insurance and redistribution. We apply these methods to study unemployment insurance, universal basic income, etc., both theoretically and quantitatively.
Biography
  • Ali Shourideh is an Assistant Professor of Economics and Frank A. and Helen E. Risch Faculty Development Professor of Business at Carnegie Mellon University, Tepper School of Business. He conducts research in the fields of macroeconomics, public finance, and contract theory. In his research, he has studied optimal taxation of various forms of income and expenditure in presence of international trade and specific knowledge about technology as well as determinants of sovereign debt and government pensions when governments have redistributional motives. He has also studied markets with adverse selection and the role of imperfect competition and learning in such markets. Professor Shourideh received his B.S. in Mechanical Engineering from the Sharif University of Technology in Tehran, Iran, and his Ph.D. in Economics from the University of Minnesota. Previously, he has taught at New York University and Wharton School, University of Pennsylvania.

Student Seminar #9: Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency

DateTimePresenterLocation
Sunday, August 11, 2019
(20 Mordad 1398)
12:30 – 13:30Mohammadreza SalehiKhatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“This paper documents that strategies which buy stocks that have performed well in the past and sell stocks that have performed poorly in the past generate significant positive returns over 3‐to 12‐month holding periods. We find that the profitability of these strategies are not due to their systematic risk or to delayed stock price reactions to common factors. However, part of the abnormal returns generated in the first year after portfolio formation dissipates in the following two years. A similar pattern of returns around the earnings announcements of past winners and losers is also documented.”

Required Reading(s)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency

 

Student Seminar #8: The Rate of Return on Everything, 1870–2015

DateTimePresenterLocation
Sunday, August 04, 2019
(13 Mordad 1398)
12:30 – 13:30Vahid RostamKhatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive data set for all major asset classes, including housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new findings and puzzles.”

Required Reading(s)The Rate of Return on Everything, 1870-2015

 

International Trade II Summer School 2019

iran is the largest economy in the world that is still outside the World Trade Organization. What are the gains and challenges of integrating to the world economy for the Iranian consumers and producers? How would labor markets and consequently political parties respond to international trade?

To answer these policy questions, it is imperative to understand the global economy and its institutions from both theoretical and empirical perspectives. The objective of this summer school is to bring interested Iranian scholars up to speed with the advancements in International Trade Theory with an emphasis on “Tariff Wars” and “Political Polarization”. It will also briefly review models used and developed by modern trade economists to measure the effects of different policy schemes.

TARGET AUDIENCE

The intended audience of the summer school are researchers and graduate students with some research background in Economics, Finance and Public Policy or closely related fields.

Gender Discrimination Reading Group 2019

Overview

During this 10-week reading group, both classical and new evidence on discriminations mostly gender discrimination in labor markets will be presented and discussed. We intend to review and explore the role of firms and occupations, norms and stereotypes, family demographics and institutions in driving and seek ways which alleviates them. Both theories and recent empirical findings on discrimination will be reviewed. We also intend to review empirical works related to gender gap in the labor market of Iran.

Time: Mondays, 14:00-16:00
Location: Meeting room, 6th floor, Khatam University (2nd Building)

More information

Introduction to TeIAS

If

  • Your Konkoor Rank is Less than 100

  • Your Olympiad is Less than 15

  • You are an Exceptional Talent in Your University

Please fill the application form and join us for the 3rd annual Introduction to TeIAS gathering.

Application Form