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CSEF - Center for Studies in Economics and Finance

    2016

    Michele Piffer
    Economist at the DIW in Berlin, he visited the Department of Economics in April 2016 to teach the course "Vector Autoregressive Models" within the PhD program.

    Teodora Borota Milicevic
    Associate professor at Uppsala University (Sweden), she visited the Department of Economics in March 2016 to teach the course "Topics in International Economics" within the Economics PhD program. She also carried out a joint project with CSEF fellow Edoardo Di Porto.

    Antonio Rosato
    Assistant Professor University of Technology Sydney, he visited CSEF February 2016 to carry out a joint project with CSEF Fellow, Marco Pagnozzi

    2015

    Antonio Rosato
    Assistant Professor University of Technology Sydney, he visited CSEF between January and April 2015 to carry out a joint project with CSEF Fellow, Marco Pagnozzi

    2013

    Cristina Cella (Stockholm School of Economics)
    Assistant Professor at the Stockholm School of Economics, she visited CSEF in May 2013 to teach a course on Portfolio management: asset valuation and strategies at the Master of Economics and Finance and to carry out a joint project with the visiting researcher, Andrew Ellul.

    Andrew Ellul (Kelley School of Business, Indiana University)
    Associate Professor at Indiana University. He visited in the May 2013 to teach a course on Corporate Governance at the Master of Economics and Finance and to work on a joint project with the Visiting researcher Cristina Cella.

    Rajeev Dehejia (Robert F. Wagner Graduate School of Public Service, New York University).
    Associate Professor at Tufts University,he visited in May 2013 to teach a course on Development Economics at the Master of Economics and Finance

    2012

    Rossella Argenziano (Univesity of Essex)
    A permanent lecturer at the University of Essex, she visited CSEF during the Winter term to teach the first course of the Microeconomics sequence in the Master of Economics and Finance.

    Dimitris Christelis (Directorate General Research of the European Central Bank)
    Visited CSEF to carry out a joint project with CSEF Fellow, Tullio Jappelli.

    Andrew Ellul (Kelley School of Business, Indiana University),
    Associate Professor at Indiana University, he visited in the Spring of 2010 to teach a course on Corporate Governance at the Master of Economics and Finance.

    Alex Frino (University of Sydney).
    Professor of Finance at the University of Sydney. He visited in January 2012 and taught a portion of the Asset Pricing course at the Master in Economics and Finance.

    2011

    Rossella Argenziano
    Visited CSEF during the Winter term to teach the first course of the Microeconomics sequence in the Master of Economics and Finance and to further develop her research agenda on cheap talk models of expert advice. Her main research focus is on timing games and coordination games. Rossella’s work has been presented at major conferences around the world (including the SAET, the EARIE and the Econometric Society World Congress), has been published in leading academic journals (including the RAND Journal of Economics), and received several awards (including the EARIE Young Economist Essay Award). She obtained a PhD degree in Economics from Yale University and held a post-doc position at the GREMAQ in Toulouse. She is a permanent lecturer at the University of Essex.

    Mark van Achter
    Visited CSEF in October and December to work on a joint project with Sarah Draus and Marco Pagano on so called “circuit breakers”. His main research focus is on the market microstucture of financial markets. Mark’s obtained a PhD degree in Economics from the Catholic University of Leuven, and held positions at the Universities of Bonn and Mannheim before joining RSM Erasmus University.

    2010

    Cristina Cella
    Assistant Professor at the Stockholm School of Economics, she visited CSEF in the Spring of 2010 to teach a course on “Portfolio management: asset valuation and strategies” at the Master of Economics and Finance and to further develop her research agenda on how institutional investors’ investment horizons may impact corporate policies, and stock prices. More specifically, she continued working on a paper titled “Institutional Investors and Corporate Investment” and develop a new research project titled “Investors’ Horizons and the Amplification of Market Shocks” on which she also presented a seminar.

    Andrew Ellul
    Associate Professor at Indiana University, he visited in the Spring of 2010 to teach a course on Corporate Governance at the Master of Economics and Finance and to work on a joint project with Tullio Jappelli, Marco Pagano and Fausto Panunzi on “Accounting Transparency, Tax Pressure and Access to Finance”. He also presented a seminar on “Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies”.

    Rajeev H. Dehejia
    Associate Professor at Tufts University. He visited in the of 2010 Spring to teach a course on Development Economics at the Master of Economics and Finance, a course on Development and Finance at the Capri Summer School in Economics and Finance, and to work on financial incentives and fertility – an important policy topic affecting Italy and other European countries, on which he also presented a paper at the CSEF-IGIER Symposium on Economics and Institutions.

    2009

    Andrew Ellul
    Associate Professor at Indiana University. He visited in the Spring to teach a course on Corporate Governance at the Master of Economics and Finance and to work with Marco Pagano on a joint project on investment in family firms. He also gave a seminar on “Regulatory Pressure and Fire Sales in the Corporate Bond Market”.

    Alex Frino
    Professor of Finance at the University of Sydney. He visited in January 2009 and taught a portion of the Asset Pricing course at the Master in Economics and Finance.

    Dimitrios Georgarakos
    Assistant Professor of Economics at Frankfurt University. His research interests include household portfolio choice and applied econometrics. In the Spring of 2008 he visited CSEF to work with Dimitris Christelis on two joint papers analyzing home bias in household portfolio choice and the economic perceptions and consequences of terrorism.

    Michael Haliassos
    Professor of Macroeconomics at Frankfurt University. During his visit to CSEF in June and July of 2009, he worked mainly on research projects on the role of financial advice with Tullio Jappelli and on the home bias in household portfolios with Dimitris Christelis. He also attended the IGIER-CSEF conference in Capri, where he presented his paper on “Financial Advisors: A Case of Babysitters?”.

    Christian Lundblad
    Associate Professor of Finance at the University of North Carolina’s Kenan-Flagler Business School. He researches empirical asset pricing issues and international finance, with a specialization in emerging market development. Christian visited in February 2009 and taught a portion of the Asset Pricing course at the Master in Economics and Finance

    2008

    Yannis Bilias
    Professor of Econometrics at Athens University. He visited in the Spring to teach a course on Panel Data at the Master of Economics and Finance.

    Andrew Ellul
    Assistant Professor at Indiana University. He visited in the Spring to teach a course on Corporate Governance at the Master of Economics and Finance and to work with Marco Pagano on a joint project on investment in family firms.

    Dimitrios Georgarakos
    Assistant Professor of Economics at Frankfurt University. His research interests include household portfolio choice and applied econometrics. In the Spring of 2008 he visited CSEF to work with Dimitris Christelis on two joint papers analyzing home bias in household portfolio choice and the economic perceptions and consequences of terrorism.

    Michael Haliassos
    Professor of Macroeconomics at Frankfurt University. During his visit to CSEF in June and July of 2008, he worked mainly on research projects on the role of financial advice with Tullio Jappelli and on the home bias in household portfolios with Dimitris Christelis. He also participated in the WISE conference in Salerno, where he discussed a paper by a PhD student, Mr. Notarpietro, and presented his paper on Economic Integration and Mature Portfolios. He attended also the IGIER-CSEF conference in Capri, where he presented his paper on Portfolio Inertia and Stock Market Fluctuations.

    Vincent Iehlé
    Visiting Researcher at CSEF from January to September 2008, when he has been appointed as Maître de Conférences of Economics at the University Paris-Dauphine (Paris). He holds a PhD in Applied Mathematics from the University Paris 1 Panthéon-Sorbonne (Paris).

    Christian Julliard
    Assistant Professor of the London School of Economics, and since the Summer of 2008 is Visiting Assistant Professor at Carnegie Mellon University. He came to Naples in May 2008 to teach a course on the Econometrics of Financial Markets at the Master of Economics and Finance.

    2007

    Andrew Ellul
    Assistant Professor at Indiana University. He visited in the Spring to teach a course on Corporate Governance at the Master of Economics and Finance.

    Vincent Iehlé
    Post-Doctoral Fellow at the Center for the Study of Organizations and Decisions in Economics of the University Autònoma (Barcelona) and Visiting Researcher at CSEF from September to December 2007. He holds a PhD in Applied Mathematics from the University Paris 1 Panthéon-Sorbonne (Paris). His current research focuses on game theory and public economic theory. Recent publications include ’’Sustainability in a multiproduct and multiple agent contestable market’’, to appear in Bulletin of Economic Research; ’’The core-partition of a hedonic game’’, Mathematical Social Sciences; ’’Payoff-dependent balancedness and cores’’ (with J.-M. Bonnisseau), Games and Economic Behavior. He is currently participant to the ESF Network on ’’Public Goods, Public Projects and Externalities’’.

    Christian Julliard
    Assistant Professor of the London School of Economics, he visited CSEF in May 2007 to teach a course on the Econometrics of Financial Markets at the Master of Economics and Finance.

    2006

    Francisco José Callado Muñoz
    Assistant Professor of Economics at Girona University, Spain. In 2003 he received his Ph.D. in Economics from Universidad Carlos III de Madrid with a thesis on Risk Control Measures in Monetary Policy Operations and Payment Systems. His research interests include payment systems, corporate governance, banking competition and corporate social responsibility issues. In the Fall of 2006 he visited CSEF to work under the supervision of Tullio Jappelli on issues related to the demand for cash and card usage in Spain, exploiting the new “Encuesta Financiera de las Familias” database of the Bank of Spain.

    Anna Sanz De Galdeano
    PhD in Economics at the European University Institute. She has been CSEF Fellow from May 2004 until January 2006 when she has been appointed at the University of Girona. She has also held visiting positions at Universidad Carlos III de Madrid and at the Research Department of the European Central Bank. Her primary research interest is in labour economics and health economics with a particular focus on program evaluation. She has evaluated the impact of the 1996 Health Insurance Portability and Accountability Act on job-lock, studied the effect of parental divorce on adolescents’ cognitive development, and explored the relationship between parental employment and the amount of time devoted to child care. Her current research includes evaluations of the impact of obesity on the demand for health care services, studies of the demand for health care and health insurance in Portugal and analyses of the effects of firm-level bargaining on the structure of Spanish wages. Two of her recent papers are forthcoming in the Industrial and Labor Relations Review (“Job-Lock and Public Policy: Evidence from Clinton’s Second Mandate“) and in Economics Letters (“The Euro Area Wage Curve”, with Jarkko Turunen).

    Thomas Steinberger    
    Ph.D. from the European University Institute (Florence). He has been CSEF Fellow from April 2003 until January 2006 when he has been appointed at the University of Vienna. During his stay at CSEF he studied optimal financial and economic decisions of households and firms in dynamic settings with uncertainty. In a paper published in 2005 in the Journal of Economic Dynamics and Control, he shows that observed occupational choice decisions by households and returns to entrepreneurship can be captured well by a life-cycle portfolio choice model. Two other recently published papers analyse the cross-sectional distribution of wealth from a life-cycle perspective and business cycle dynamics in economies with imperfect financial markets. Within the FINRET network he studied the impact of public pension reform on entrepreneurial activity and the welfare impact of funding regulations for private DB pension plans.

    Raghu Suryanarayanan
    Marie Curie postdoctoral fellow at the University of Salerno from February until August 2006. He holds a Ph.D. in Economics from the University of Chicago and joined the Economics Team at Morgan Stanley (London). His research interests include Asset Pricing and Intertemporal Choice under Uncertainty. Last year he wrote “Implications of Anticipated Regret and Endogenous Beliefs for Equilibrium Asset Prices: a Theoretical Framework.” (CSEF Working Papers n. 161) “A Model of Anticipated Regret and Endogenous Beliefs” (CSEF Working Paper n. 162).

    2005

    Renata Bottazzi
    Research Economist at the Institute for Fiscal Studies, London. Last year she received her Ph.D. in Economics from University College London with a thesis of “Essays on Household Labour Market Participation, Housing, and Wealth Accumulation Decisions”. Previously, she received a Doctoral degree in Economics of the Public Sector from the University of Salerno, with a thesis of “Essays on Household Behaviour”. Her research interests include household consumption and labour supply, saving, and housing decisions over the life cycle. In the Fall of 2005 she visited CSEF to work with Tullio Jappelli and Mario Padula on the impact of Italian pension reforms on retirement expectations and wealth accumulation decisions. At IFS she is working on the interaction between labour supply and housing decisions in a structural life cycle model (with Orazio Attanasio, Hamish Low, Lars Nesheim and Matthew Wakefield).

    Raquel Fonseca
    Joined CSEF in September 2002 as Post-doctoral fellow and, after spending three years at CSEF, in September moved to Los Angeles to take a research position at Rand Corporation. Raquel has a Ph.D in Economics from the Catholic University of Louvain. Her research focuses on matching between job offers and workers, skill regional mismatch, gender discrimination and entrepreneurship. Recent papers include “Welfare Effects of Social Security Reforms Across Europe: the Case of France and Italy” (with Thepthida Sopraseuth), CSEF Working Paper n. 138, and “Can the Matching Model Account for Spanish Unemployment?” (with Rafael Muñoz) in Investigaciones Economicas.

    Luigi Pistaferri
    Assistant Professor of Economics at Stanford University, a Research Fellow of CEPR, and a Faculty Fellow of SIEPR. His current research focuses on household consumption behaviour, income dynamics, and insurance of labour market risks. His articles have been published in Econometrica, Journal of Political Economy, Review of Economic Studies, and other top journals in Economics. He is involved in research projects with various CSEF Fellows, including Tullio Jappelli and Mario Padula, and has spent several months at CSEF as a visitor over the last few years.

    Matthew Wakefield
    Spent two months at CSEF as Marie Curie Fellow. He is a Senior Research Economist at the Institute for Fiscal Studies in London, and a PhD student at University College, London. His research interests include examining how people respond to incentives to save and to provide for their retirement, and structural life-cycle modelling of individuals’ choices over consumption and saving. While at CSEF Matt worked on an empirical investigation of how individuals responded to the UK’s ‘stakeholder pension’ reform, and on a life-cycle model that incorporates a house purchase decision alongside saving choices. His recent publications include “Effectiveness of Tax Incentives to Boost (Retirement) Saving: Theoretical Motivation and Empirical Evidence” (with Orazio Attanasio and James Banks), OECD Economic Studies 2005, and “Ill-health and Retirement in Britain: A Panel Data Based Analysis’ (with Richard Disney and Carl Emmerson), forthcoming in Journal of Health Economics.

    2004

    Yannis Bilias
    Associate Professor of Economics at University of Cyprus, specializing in microeconometrics. During his visit in CSEF, May and June of 2004, he worked on issues related to the RTN program on the Economics of Ageing. In particular, he has worked (with Michael Haliassos) on "The distribution of gains from access to stocks" and he is currently working (with Dimitris Georgarakos and Michael Haliassos) on the issue of "Equity Culture and the Distribution of Wealth". During March 2004, he visited the Finance and Consumption Chair at EUI, Florence. Yannis has also worked on issues related to the estimation methodology of quantile regression and its applications. In 2002, he coauthored (with Anil Bera) the article "The MM, ME, ML, EL, EF and GMM Approaches to Estimation: A Synthesis", in Journal of Econometrics.

    Tiziana Brancaccio
    PhD in 2003 from Boston College and is currently Assistant Professor at University College Dublin. Her main fields of interest are development and labor economics. During her thesis she has worked on the relationship between choice of land contracts in developing countries and farming risk, empirically testing the canonical moral hazard theory and proposing a theoretical model based on compensating differentials. Her current research focuses on estimating the offset effect of pension wealth on private wealth when agents are misinformed about their retirement benefits and knowledge evolves over time.

    Issam Hallak
    Joined CSEF in February 2004 on the RTN programme “Understanding Financial Architecture”, funded by the European Commission. Issam obtained his PhD at the European University Institute, Florence, on the contract designs of sovereign debt contracts. Generally speaking, his research interests include banking & financial intermediation, corporate finance, law and finance, sovereign debts. He was previously appointed as a researcher at the University of Oxford and at the Center for Financial Studies (University of Frankfurt). His papers have been presented at major conferences, e.g. the European Finance Association meeting, Glasgow 2003. Also, a paper of his won the prize for “Best Paper in Financial Institutions” at the Southwestern Finance Association meeting, Orlando, 2004. In September, Issam is due to take up a position of Assistant Professor at Università Bocconi.

    Rebeca Jiménez-Rodriguez
    Has spent a year at CSEF as Marie Curie Fellow. She received a Ph.D in Economics at the University of Alicante (Spain) with a dissertation on Macroeconometrics. Her main research interests are Econometrics and Applied Macroeconomics.

    Natalia Utrero Gonzalez
    Has spent a year at CSEF after the completion of a Ph.D. at the Universidad Carlos III de Madrid (Spain). Her fields of interest are corporate finance, law and finance and banking. She has analysed the effects of banking regulation and investor protection on industry leverage, growth and investment decisions. She has presented her papers at EFA 2001, EFA 2002 and EEA 2003. Her current research focuses on banking structure and bank-firm relationships. She is currently working on the relationship between labour market imperfections and financial decisions corporate governance of financial institutions with with Raquel Fonseca and on financial institutions corporate governance with Francisco Callado.

    2003

    Fany Declerck
    Obtained her PhD in 2000 from the University of Lille (France). She is Associate Professor of Economics at the University of Toulouse since 2000. Her research interest is market microstructure, M&As, and corporate governance. Her paper “Why Markets should not Necessarily Reduce the Tick Size” (with D. Bourghelle) is forthcoming in the Journal of Banking and Finance. She is working on four research projects: an analysis investigates the principal order characteristics, the piggyback and front-running hypothesis and the profitability of dual traders activity using 3 months of high-frequency data from Euronext Paris; an empirical analysis (with Bruno Biais) of the effects of Euronext financial market integration; as ITL lowers the cost of capital in countries where they are enforced, she (with E. de Bodt and N. Aktas) proposes a theoretical and an empirical test of deterrence effect of (anti) insider trading laws (ITL) on the investors’ behaviour, the trading activities of insiders and stock markets around merger and acquisition announcement; and an analysis of how the shareholders monitoring and the ownership structure affect the adverse selection on the financial market.

    Alex Frino
    Professor and Chair of Finance at the University of Sydney, Australia and Director, Securities Industry Research Centre of Asia Pacific. He has a PhD in Finance from the University of Sydney and an MPhil in Finance from Cambridge University. Dr Frino has published one book and over 40 research papers in journals such as Journal of Finance , Journal of Banking and Finance , Journal of Futures Markets and Journal of Portfolio Management. He has also held visiting appointments at the Sydney Futures Exchange and Credit Suisse First Boston, and maintains strong links with industry. His research interests include securities market microstructure and portfolio management.

    Alexei Goriaev
    PhD in Finance in 2002 at Tilburg University (the Netherlands). Since then, he is Assistant Professor of Economics at the New Economic School, Moscow. He visited CSEF in winter 2002-2003. His general research interest is in financial econometrics. His recent research has focused on mutual funds (predictability of mutual fund performance, impact of fund relative performance on mutual fund flows, lag structure of the flow-performance relationship, and strategic risk taking by fund managers) and asset pricing as well as portfolio management in emerging financial markets.

    Luigi Pistaferri
    Assistant Professor of Economics at Stanford University, National Fellow of the Hoover Institution, and a Research Affiliate of the Centre for Economic Policy Research. His research focuses on intertemporal consumption choices and on the measurement of microeconomic labor market risks. In 2003 he has published the following articles: “Income volatility and household consumption: The impact of Food Assistance programs” (joint with Richard Blundell), on the Journal of Human Resources; “Anticipated and unanticipated wage changes, wage risk and intertemporal labor supply”, on the Journal of Labor Economics; “Tax incentives and the demand for life insurance: Evidence from Italy” (joint with Tullio Jappelli), on the Journal of Public Economics; and “Tax incentives for household saving and borrowing” (joint with Tullio Jappelli), in the book Taxation of Financial Intermediation, edited by Patrick Honohan and published by Oxford University. The article “Income variance dynamics and heterogeneity” (joint with Costas Meghir) is forthcoming in Econometrica.

    2002

    Giovanni Cespa
    Assistant Professor of Finance at Pompeu Fabra University, Barcelona. He received a PhD in Economic Analysis from the Universitat Autonoma de Barcelona in 1999. His research deals with market microstructure, with a special emphasis on dynamic trading strategies and multi asset trading mechanisms, industrial organization and corporate governance. The paper "Short‑term investment and equilibrium multiplicity," where he analyses the effect of risk aversion and heterogeneous horizons in a financial market with asymmetric information, has recently been published in the October issue of the European Economic Review. In ongoing research with Giacinta Cestone, he studies the effect on shareholder value of the explicit protection of non‑shareholder constituencies. The paper shows that the introduction of stakeholder protection "rules" may deprive managers of their grip on social activists, enhancing managerial turnover and thus benefiting shareholders.

    Hans Degryse
    Associate Professor of Financial Economics at the Universities of Leuven and Tilburg. During his stay at CSEF, he investigated banking competition from different perspectives. In particular, he focussed on two issues. First, he empirically examined the impact of distance between borrowers and banks on loan pricing. Second, he explored the issue of strategic information display about borrowers between banks. More generally, his research interests include banking competition, market microstructure and financial economics.

    Michael Halling
    Assistant Professor at the University of Vienna and a research associate at the Johannes Kepler University of Linz. He received an MS and PhD in computer science from the Vienna University of Technology and an MS in social and economic sciences from the University of Vienna. His general research areas include equity and bond markets, the reinsurance industry and auditor reputation. In 2002 he spent 2 months at CSEF. During his stay he investigated empirically the dynamics of trading volume for a large sample of cross-listed European companies.

    Natalia Utrero Gonzalez
    Has spent the last term at CSEF after completing a Ph.D. at the Universidad Carlos III de Madrid (Spain). Her fields of interest are corporate finance, law and finance and banking. Last year she worked on the papers: “Investor Protection, Banking Regulation, Institutional Framework and Capital Structure: International Evidence from Industry Data” and “Legal Environment, Capital Structure and Firm Growth”, presented at the 28th European Financial Association Annual Meeting in August 2002. Her current research focuses on bank-firm relationships and the effects that banking structure may have on the lending relationships.

    2001

    Klaus Adam ù
    Has spent a year at CSEF after the completion of a Ph.D. at the European University Institute. His research interests include the modelling of learning and adaptive expectations, the economics of information and uncertainty, and experimental economics, especially in the context of macroeconomic models. His paper on “Learning while Searching for the Best Alternative” is forthcoming in the Journal of Economic Theory. With Ramon Marimon he has developed an innovative experimental software called MacroLab, which is now available on the net at http://www.csef.it/adam/macroLab/start.htm.

    Stefan Ambec
    Has spent a year at CSEF after the completion of a Ph.D. at the University of Montreal. He has been postdoctoral fellow at GREEN, University Laval, Canada. He is currently researcher at French’s research institute INRA localized at the University of Grenoble. His research applies contract theory and game theory to different topics such as the organization of R&D activities, informal financial agreement in developing countries, water management, environmental regulation and the allocation of control authority in organizations. Among his papers, “Sharing a river” (joint with Yves Sprumont) has been accepted for publication in the Journal of Economic Theory, and “A theoretical Foundation of the Porter Hypothesis” (joint with Philippe Barla) is forthcoming in Economics Letters.

    Nicolas Boccard
    Has been a CSEF member from May 2000 to July 2001 and is currently assistant professor in economics at the University of Girona, Spain. He had previously obtained a doctoral degree at ENSAE-CREST in Paris in 1995 and held a position as Research Fellow at CORE, Université de Louvain since then. In 2001 his research has dealt with: 1) Corporate finance. His article on the competition among financiers for the funding of start-ups has been presented in December 2001 at the XXVI Simposio de Analisis Economico in Alicante; 2) Fraud insurance and competition for customers, with P. Legros of Ecares & CEPR; 3) Electricity. On top of his cooperation with D. Benintendi of CORE on congestion management in the integrated European market and the issue of market power of electricity, Nicolas has been asked by the Fondazione Enrico Mattei (FEEM) to participate in the shared-cost RTD actions of the EC titled “Policy and Regulatory Roadmaps for the Integration of Distributed Generation and the Development of Sustainable Electricity Networks”; 4) Differentiation and imperfect competition. Several articles co-authored with Xavier Wauthy from CORE and revised in 2001 will appear in the Japanese Economic Review and the International Journal of Industrial Organization next year.

    Giovanni Cespa
    Assistant Professor of Finance at Universitat Pompeu Fabra, Barcelona has spent 2 months at CSEF. During his stay he has investigated dynamic and competitive aspects of the industry for the sale of information in financial markets. More generally, his research interests concern the areas of Market Microstructure theory and Industrial Organization.

    Giacinta Cestone
    Has spent 2 months at CSEF as a visiting researcher. She is a research fellow at the Institut d’Anàlisi Econòmica (CSIC) of Barcelona and a CEPR Research Affiliate. She holds a Ph.D. in Economics from the Université de Toulouse. Her fields of interest are corporate finance, contract theory, industrial organization and banking theory. In previous work, she has analysed the interaction between corporate financing decisions and product market competition, addressing issues like the anti-competitive potential of financial arrangements and the product market effects of internal capital market allocations. She is currently studying contractual arrangements used in venture capital financing. In a work in progress, she is analysing the joint allocation of control and cash flow rights in venture capital contracts. This work makes the novel point that risky financial claims need not necessarily be associated to superior control rights. (Venture Capital Meets Contract Theory: Risky Claims or Formal Control?, 2001).

    Elena Del Rey
    Joined CSEF in September 2000 after completing her Ph.D. at CORE, Université Catholique de Louvain (Belgium). She had previously obtained an MA in Economics from Tufts University (MA, USA) in 1996 and a Bachelor’s Degree in Economics from the Autónoma University of Madrid in 1995. Two of the chapters of her dissertation have been published this year in the Journal of Urban Economics and Empirica. She attended the Conference of the International Institute of Public Finance in Linz (Austria) and the CEPR/EPRU Meeting on Dynamic Aspects of Public Expenditure in Copenhagen. At present, she holds an Associate Professor position at the University of Girona (Spain).

    Andrew Ellul
    Completed his Ph.D. in Finance at the London School of Economics and Political Science. He has served as a Tutorial Fellow in Finance in the Department of Accounting and Finance and as a Research Associate at the Financial Markets Group. At the LSE, he taught courses in corporate finance and investment analysis at the undergraduate and graduate levels. His research interests focus on empirical market microstructure issues, mainly the provision of liquidity in different trading systems, and corporate finance, with particular attention to initial public offerings. He has won prizes for best papers at Annual Meetings of the Eastern Finance Association (NASDAQ Award for the paper “Inter-market Price and Volatility Impacts Generated by Large Trades: The Case of European Cross-quoted Securities”) and the Financial Management Association (Best Ph.D. Paper Award for the paper “The Dealers Ride Again: Volatility and Order Flow Dynamics in a Hybrid Market”). Andrew spent the Spring term at CSEF working with Marco Pagano on a joint research project on Pension Funds, Trading and Market Liquidity. He is currently Assistant Professor of Finance at Indiana University’s Kelley School of Business.

    Charles Benedicte Grant
    Is a graduate student from UCL, London and has spent 4 months at CSEF. During his time here his research investigated whether the tax system helped agents insure themselves against idiosyncratic labour market risks. He has also studied has also has a paper in the working paper series investigating the role of bankruptcy in helping agents smooth consumption. More generally, his research interests concern consumer behaviour. He is currently a research fellow at the EUI, Florence.

    2000

    Peghe Braila
    PhD by the Center of Operations Research and Econometrics (CORE) at the Université Catholique de Louvain (UCL), Belgium, has been a visiting researcher at CSEF from October 1999 until August 2000. She is mainly interested in the economics of financial markets, financial macroeconomics and monetary economics. Her work focuses on general equilibrium with incomplete markets and on the effects of asymmetric information for monetary economies. While at CSEF she completed "Asset Market Structure and Growth" (with Alessandro Turrini, CSEF Working Paper n. 45) and "Money and Credit in a Production Economy" (with Francesco Magris, CSEF Working Paper n. 46). Last year she presented a paper at the ASSET Meeting Conference in Tel Aviv and attended the meetings of the Financial Group organised by the CEPR at University Autonoma, Barcelona and at the LSE, London. In the Spring term she taught Economic Analysis at the Faculty of Political Science of the University of Salerno. She is currently an assistant research professor at the Institute of Economics of the University of Copenhagen, Denmark.

    Aleix Calveras
    PhD by Universitat Autònoma de Barcelona, has been at CSEF from March through September 2000. His main area of research is in banking, particularly banking regulation and the interbank market. On this theme, he has studied for the European Commission the Spanish deposit insurance scheme within a larger project on European deposit insurance mechanisms present throughout Europe. A second line of research is industrial economics, in particular issues of quality provision in the tourism industry.

    Charlotte Ostergaard
    Ph.D. from Brown University and currently at the Norwegian School of Management, has been at CSEF as a Visiting Fellow in May and June 2000. Her primary research areas are applied banking and consumption analysis. While at CSEF she has worked on the impact of liquidity constraints on banks’ loan supply and is currently working on the integration of regional bank loan markets. Her research also includes work on the permanent income hypothesis and the complete market hypothesis.

    Giuliana Palumbo
    Has been a post-doctoral research fellow at CSEF from July 1999 until July 2000. During this period she has worked on two different projects. The first analyses the industrial organization and contractual design aspects of consumer credit supply across the EU. In particular, the paper "Voluntary Lender-Responsibility Agreements in the Consumer Credit Market" (with Elisabetta Iossa, Brunel University) analyzes the optimal link between the sale and the credit contract when the possibility of incomplete performance of the sale contract is taken into account. The paper has been presented in different seminars as well as at the Annual Meeting of the European Economic Association held in Bolzano in September 2000. The second project is on the economics of comparative legal and judicial systems. Some preliminary results are contained in the paper "Rule-Making and Optimal Delegation of Information Acquisition".

    Sébastien Pouget
    Has been a TMR fellow at CSEF from October 1999 to January 2001. He is currently working toward the PhD in Financial Economics at Toulouse University. His dissertation deals with bounded rationality in financial markets. He uses experimental methods to study the limits on traders’ cognition and the influence of market institutions on individual rationality. The paper "Microstructure, Incentives and the Discovery of Equilibrium in Experimental Markets" (with Bruno Biais from Toulouse University) was presented at the NBER Market Microstructure Conference last May. The paper "Psychological Traits and Trading Strategies" (with Bruno Biais, Denis Hilton and Karine Mazurier) was presented at a TMR workshop at the London School of Economics in March.

    Otto Randl
    Currently working on his PhD at the University of Vienna, Austria, has been a resident researcher at CSEF in February 2000 and participates in ongoing projects between the University of Vienna and CSEF. He does research in banking and corporate finance, particularly on international cross-listings of equity. He has presented a paper at the doctoral tutorial of the European Finance Association’s annual meeting in London. The paper "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions" (with M. Pagano, A. Röell, and J. Zechner) is forthcoming in the European Economic Review.

    Alex Stomper
    PhD from the University of Vienna, has been a researcher at CSEF from February to April 2000. During this period he has been worked on ongoing projects in the area of the industrial organization of banking, and particularly on the determinants of banks’ decisions to specialize in lending to borrowers in certain industries. The question is of great relevance for the credit risk these banks face and, ultimately, for bank regulation. In addition, he has started a new project on the theory of the fee structure of stock exchanges.

    Stéphane Straub
    Has been visiting CSEF for short periods in 1998, 99 and 2000. He is currently working toward a Ph.D. at Toulouse under the supervision of Jean-Jacques Laffont. His research applies tools from development economics and information and incentive economics to study corruption, the quality of institutions and international transfers of technology. Previously he has been working for ten years in Latin America; among others, he has been an entrepreneur, an advisor to the government of Paraguay and an independent consultant for international NGOs and multilateral institutions like the Inter-American Development Bank.

    Berthold U. Wigger
    PhD from University of Göttingen, Habilitation from University of Mannheim, has been a researcher at CSEF from November 1999 through March 2000. His work is on public sector economics, especially on public pension policies and reform. A major focus of the research has been the normative and positive impact of intergenerational transfers from a macroeconomic point of view. While at CSEF, he has revised the following papers "Pareto-Improving Intergenerational Transfers" (CSEF Working Paper n. 37, forthcoming in Oxford Economic Papers), "Growth and Social Security: The Role of Human Capital" (with A. Kemnitz, CSEF Working Paper no. 33, forthcoming in the European Journal of Political Economy and "Gifts, Bequests, and Growth" (CSEF Working Paper n. 31, forthcoming in the Journal of Macroeconomics), and written "Trade Union Objectives and Economic Growth (with A. Irmen, CSEF Working Paper n. 34).

    1999

    Pierpaolo BENIGNO (Princeton University)
    International macroeconomics and monetary economics

    Javier GINER (Universidad de la Laguna)
    Option pricing models

    Heidrun HOPPE (Universtaet Hamburg)
    Banking and market microstructures

    Gyongyi LORANTH (Université Libre de Bruxelles)
    Corporate finance

    Sandra MORINI (Universidad de la Laguna)
    Interest rates models

    Giuliana Palumbo (Université Libre de Bruxelles)
    Industrial organization

    Luigi PISTAFERRI (Stanford University)
    Income dynamics, consumption and saving

    Otto RANDL (University of Wien)
    Corporate finance and banking

    Stephane STRAUB (GREMAQ, Université des Sciences Sociales de Toulouse)
    Financial intermediation and development

    Thierry TRESSEL (DELTA, Paris)
    Financial intermediaries and growth

    Lucy WHITE (Nuffield College, Oxford)
    Applied game theory and corporate finance

    Josef ZECHNER (University of Wien)
    Corporate finance and banking

    1998

    Orazio ATTANASIO (University College London)
    Microeconometrics of consumption

    Marie Edith BISSEY (University of York)
    Experimental economics

    Aleix CALVERAS (Universitat Autònoma de Barcelona)
    Industrial organization and banking

    Giacinta CESTONE (Université de Toulouse)
    Industrial organization and finance

    Michael HALIASSOS (University of Cyprus and IMOP, Athens)
    Saving and portfolio choice

    Christis HASSAPIS (University of Cyprus)
    Saving and portfolio choice

    Davide LOMBARDO (Stanford University)
    Finance and macroeconomics

    Michael MANOVE (Boston University)
    Industrial organization and banking

    Jorge PADILLA (CEMFI, Madrid)
    Industrial organization and banking

    Luigi PISTAFERRI (University College London)
    Income dynamics and consumption

    Stephane STRAUB (Planning Ministry of Paraguay and UNDP)
    Financial intermediation and development

    Thierry TRESSEL (DELTA, Paris)
    Financial intermediaries and growth

    Josef ZECHNER
    (Universität Wien)
    Corporate finance and banking