Michael Bennett Jersey  TeIAS https://teias.institute Tehran Institute for Advanced Studies Mon, 22 Apr 2019 13:41:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.4 Student Seminar #6: The Impact of Uncertainty Shocks https://teias.institute/student-seminar-6-the-impact-of-uncertainty-shocks/ https://teias.institute/student-seminar-6-the-impact-of-uncertainty-shocks/#respond Tue, 16 Apr 2019 10:42:54 +0000 https://teias.institute/?p=7184 The post Student Seminar #6: The Impact of Uncertainty Shocks appeared first on TeIAS.

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Date Time Presenter Location
Monday, April 22, 2019

(02 Ordibehesht 1398)

12:30 – 13:30 Mohammad Sadeghi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Uncertainty appears to jump up after major shocks like the Cuban Missile crisis, the assassination of JFK, the OPEC I oil‐price shock, and the 9/11 terrorist attacks. This paper offers a structural framework to analyze the impact of these uncertainty shocks. I build a model with a time‐varying second moment, which is numerically solved and estimated using firm‐level data. The parameterized model is then used to simulate a macro uncertainty shock, which produces a rapid drop and rebound in aggregate output and employment. This occurs because higher uncertainty causes firms to temporarily pause their investment and hiring. Productivity growth also falls because this pause in activity freezes reallocation across units. In the medium term the increased volatility from the shock induces an overshoot in output, employment, and productivity. Thus, uncertainty shocks generate short sharp recessions and recoveries. This simulated impact of an uncertainty shock is compared to vector autoregression estimations on actual data, showing a good match in both magnitude and timing. The paper also jointly estimates labor and capital adjustment costs (both convex and nonconvex). Ignoring capital adjustment costs is shown to lead to substantial bias, while ignoring labor adjustment costs does not.”

Required Reading(s) The Impact of Uncertainty Shocks

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Student Seminar #5: Tunneling (Fraud) https://teias.institute/student-seminar-5-tunneling-fraud/ https://teias.institute/student-seminar-5-tunneling-fraud/#respond Fri, 05 Apr 2019 11:02:48 +0000 https://teias.institute/?p=7177 The post Student Seminar #5: Tunneling (Fraud) appeared first on TeIAS.

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Date Time Presenter Location
Monday, April 08, 2019

(19 Farvardin 1398)

12:30 – 13:30 Esmaeil Aliabadi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Owners of business groups are often accused of expropriating minority shareholders by tunneling resources from firms where they have low cash flow rights to firms where they have high cash flow rights. In this paper we propose a general methodology to measure the extent of tunneling activities. The methodology rests on isolating and then testing the distinctive implications of the tunneling hypothesis for the propagation of earnings shocks across firms within a group. When we apply our methodology to data on Indian business groups, we find a significant amount of tunneling, much of it occurring via nonoperating components of profit.”

Required Reading(s) Ferreting Out Tunneling: An Application to Indian Business Groups

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Student Seminar #4: Improving the Design of Conditional Transfer Programs https://teias.institute/student-seminar-4/ https://teias.institute/student-seminar-4/#respond Sat, 23 Feb 2019 08:25:21 +0000 https://teias.institute/?p=7152 The post Student Seminar #4: Improving the Design of Conditional Transfer Programs appeared first on TeIAS.

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Date Time Presenter Location
Monday, February 25, 2019

(06 Esfand 1397)

12:30 – 13:30 Mohammad Majidi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Using a student level randomization, we compare three education-based conditional cash transfers designs: a standard design, a design where part of the monthly transfers are postponed until children have to re-enroll in school, and a design that lowers the reward for attendance but incentivizes graduation and tertiary enrollment. The two nonstandard designs significantly increase enrollment rates at both the secondary and tertiary levels while delivering the same attendance gains as the standard design. Postponing some of the attendance transfers to the time of re-enrollment appears particularly effective for the most at-risk children.”

Required Reading(s) Improving the Design of Conditional Transfer Programs: Evidence from a Randomized Education Experiment in Colombia

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Student Seminar #3: Beauty Is a Beast, Frog Is a Prince: Assortative Matching with Nontransferabilities https://teias.institute/student-seminar-3/ https://teias.institute/student-seminar-3/#respond Sat, 16 Feb 2019 12:16:07 +0000 https://teias.institute/?p=7146 The post Student Seminar #3: Beauty Is a Beast, Frog Is a Prince: Assortative Matching with Nontransferabilities appeared first on TeIAS.

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Date Time Presenter Location
Monday, February 18, 2019

(29 Bahman 1397)

12:30 – 13:30 Amirreza Ahmadzadeh
Pedram Pooyafar
Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“We present sufficient conditions for monotone matching in environments where utility is not fully transferable between partners. These conditions involve complementarity in types not only of the total payoff to a match, as in the transferable utility case, but also in the degree of transferability between partners. We apply our conditions to study some models of risk sharing and incentive problems.”

Required Reading(s) Beauty Is a Beast, Frog Is a Prince: Assortative Matching with Nontransferabilities

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Student Seminar #2: Do Director Elections Matter? https://teias.institute/seminar-2/ https://teias.institute/seminar-2/#respond Tue, 29 Jan 2019 06:15:29 +0000 https://teias.institute/?p=7129 The post Student Seminar #2: Do Director Elections Matter? appeared first on TeIAS.

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Date Time Presenter Location
Monday, February 04, 2019

(15 Bahman 1397)

12:30 – 13:30 Peyman Shahidi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Using a hand-collected sample of election nominations for more than 30,000 directors over the period 2001–2010, we construct a novel measure of director proximity to elections called Years-to-election. We find that the closer directors of a board are to their next elections, the higher CEO turnover-performance sensitivity is. A series of tests, including one that exploits variation in Years-to-election that comes from other boards, supports a causal interpretation. Further analyses show that other governance mechanisms do not drive the relation between board Years-to-election and CEO turnover-performance sensitivity. We conclude that director elections have important implications for corporate governance.”

Required Reading(s) Do Director Elections Matter?

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Student Seminar #1: Does Shareholder Composition Matter? https://teias.institute/seminar-1/ https://teias.institute/seminar-1/#respond Mon, 07 Jan 2019 16:08:29 +0000 https://teias.institute/?p=7109 The post Student Seminar #1: Does Shareholder Composition Matter? appeared first on TeIAS.

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Date Time Presenter Location
Monday, January 28, 2019

(08 Bahman 1397)

12:30 – 14:00 M. M. Shahrabi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“We examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts’ expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or aggressive growth investors. There is no evidence, however, that these institutions cause an “overreaction” to earnings news. Ownership structure is also related to trading volume and to stock price volatility on days around earnings announcements. Our findings are consistent with the idea that the composition of institutional shareholders effects stock price behavior around the release of corporate information.”

Required Reading(s) Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements

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Meeting #8: UBI (Part 1) https://teias.institute/meeting-8-ubi-part-1/ https://teias.institute/meeting-8-ubi-part-1/#respond Sat, 03 Nov 2018 18:20:19 +0000 https://teias.institute/?p=6130 The post Meeting #8: UBI (Part 1) appeared first on TeIAS.

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Date Time Location
Wednesday, November 14, 2018 (23 Aban 1397) 11:00 – 12:00 Khatam University (New Building @ 17 Daneshvar), 7th Floor, TAs Room

“Should developing countries give everyone enough money to live on? Interest in this idea has grown enormously in recent years, reflecting both positive results from a number of existing cash transfer programs and also dissatisfaction with the perceived limitations of piecemeal, targeted approaches to reducing extreme poverty. We discuss what we know (and what we do not) about three questions: what recipients would likely do with the incremental income, whether this would unlock further economic growth, and whether giving the money to everyone (as opposed to targeting it) would be wise. ”

Required Reading(s) Universal Basic Income in the Developing World

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Meeting #7: Informational Cascade https://teias.institute/meeting-7-informational-cascade/ https://teias.institute/meeting-7-informational-cascade/#respond Sat, 13 Oct 2018 11:28:35 +0000 https://teias.institute/?p=6040 The post Meeting #7: Informational Cascade appeared first on TeIAS.

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Date Time Location
Wednesday, October 24, 2018 (02 Aban 1397) 11:00 – 12:00 Khatam University (New Building @ 17 Daneshvar), 7th Floor, TAs Room

“An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual without regard to his own information. We argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades.”

Required Reading(s) A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades

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The college is situated in Grantham, Pennsylvania. https://teias.institute/the-college-is-situated-in-grantham-pennsylvania/ https://teias.institute/the-college-is-situated-in-grantham-pennsylvania/#respond Thu, 11 Oct 2018 11:36:52 +0000 https://teias.institute/?p=7193 You can find many creating businesses and sites that got a supply for pay article providers. A trustworthy business that offers spend documents must be broadly known and get a

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Meeting #6: Behavioral Economics (Part 1) https://teias.institute/meeting-6-behavioral-economics-part-1/ https://teias.institute/meeting-6-behavioral-economics-part-1/#respond Mon, 24 Sep 2018 13:40:03 +0000 https://teias.institute/?p=5913 The post Meeting #6: Behavioral Economics (Part 1) appeared first on TeIAS.

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Date Time Location
Wednesday, October 03, 2018 (11 Mehr 1397) 11:00 – 12:00 Khatam University (New Building @ 17 Daneshvar), 7th Floor, TAs Room

Thaler, Richard H. and Sendhil Mullainathan. “Behavioral Economics.” In International Encyclopedia of the Social and Behavioral Sciences. Edited by Neil Smelser and Paul Bates, (2001).

Required Reading(s) Behavioral Economics

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