“Fazit” is the economics and finance blog of the German national newspaper Frankfurter Allgemeine Zeitung. Occasionally, we publish blog posts in English. You can find our English posts at https://www.fazitblog.de/english. An RSS feed is available at www.fazitblog.de/english/rss. And please follow our English Twitter account @Fazit_Blog.
The annual meeting of the American Economic Association starts in Chicago today. It is hard to get an overview about the 170-page Meeting program. But fortunately there are some studies for which previews are already available – of these, I selected my favourites: the papers whose presentations (and discussions) I am most looking forward to. People who don’t attend the meeting will find a link to the presentation or abstract. I am going to blog from the meeting, and I am going to tweet.
Participants of the meeting will find information about the Where and When of the discussions. Of course, there are many more interesting topics and panel discussions, such as the discussion about the Euro with Axel Weber, Olivier Blanchard, and Jordi Gali or the one about Sovereign Default with Martin Feldstein and Carmen Reinhart. Here, I just focus on the studies that people can already read.
Which studies do you find interesting? Please add your favorites in the comments!
Government Debt:
Once again: The Liquidation of Government Debt (Carmen Reinhart,Belen Sbrancia) – Sunday, 10.15am, Hyatt Regency, Regency D
Bubbles and Financial Markets:
Quiet Bubbles (Harrison Hong, David Sraer) – Friday, 10.15am, Hyatt Regency, Grand Ballroom A
Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9 (Tobias Adrian, Paolo Colla, Hyun Song Shin) – Saturday, 10.15am, Hyatt Regency, Acapulco
Regulation:
Information Processing and Limited Liability (Bartosz Mackowiak, Mirko Wiederholt) – Friday, 10.15am, Hyatt Regency, Acapulco
De-regulating Markets for Financial Information (Laura Veldkamp, Pablo Kurlat) and Feedback Effects of Credit Ratings (Gustavo Manso) – Friday, 2.30pm, Hyatt Regency, Columbus CD
The Dark Side of Trading (Ilia D. Dichev, Kelly Huang, Dexin Zhou), Saturday, 8am, Swissotel, Zurich E
Currencies:
Third-Market Effects of Exchange Rates: A Study of the Renminbi (Aaditya Mattoo, Prachi Mishra, Arvind Subramanian) – Friday, 10.15am, Hyatt Regency, Columbus G
Taxes:
Taxation, Transfer Income and Stock Market Participation (Bjarne Astrup Jensen, Marcel Marekwica) – Friday, 8am, Hyatt Regency, Grand Suite 5
Investing:
Are Investors Really Reluctant to Realize their Losses? (Itzhak Ben-David, David A. Hirshleifer) – Saturday, 10.15am, Swissotel, Zurich F
Labor Markets:
The Value of Bosses (Edward Lazear, Kathryn Shaw, Christopher Stanton) – Sunday, 1pm, Hyatt Regency, Regency C
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The Liquidation of Government Debt:
Beachtlich, dass auch in entwickelten Wirtschaftssystemen der Anteil der Perioden real negativer Zinsen so bedeutend ist und daher rund die Hälfte staatlicher Defizite (im betrachteten Zeitraum ab 1. Weltkrieg) auf diesem Weg ‘beglichen’ wurde.
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Quiet Bubbles:
Classic speculative bubbles are loud – price is high and so are price volatility and share
turnover. The credit bubble of 2003-2007 is quiet – price is high but price volatility
and share turnover are low.
Damit lässt sich allerdings nicht erklären, warum die Hypo Bubbles in so vielen Ländern dermassen gross geworden sind.
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9:
In Krisenzeiten war die Kreditaufnahme von Firmen nicht so sehr durch Geldknappheit sondern durch höhere Risikozuschläge erschwert.
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The Dark Side of Trading:
Our main finding is that, controlling for other factors, there is a reliable and economically substantial positive relation between volume of trading and stock volatility. The conclusion is that stock trading produces its own volatility above and beyond that based on fundamentals.
Woraus man imho schliessen kann, dass sehr wohl eine in der EU ernsthaft diskutierte Tobin-Steuer die Volatilität senken könnte.
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Are Investors Really Reluctant to Realize their Losses?:
Trading based on beliefs can potentially explain these findings.
Hat man nicht schon immer vermutet, dass der Glaube für den Fall fehlender zuverlässiger Informationen alle Entscheidungen wesentlich mit beeinflusst?
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The Value of Bosses:
Es belegt anhand numerischer Daten den bekannten Effekt, dass ein guter Teamchef in den geschilderten Fällen den Output um 60% erhöhen kann.