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See detailIrreducible decomposition for local representations of quantum Teichmüller space
Toulisse, Jérémy UL

E-print/Working paper (2014)

We give an irreducible decomposition of the so-called local representations \cite{math/0407086} of the quantum Teichmüller space $\mathcal{T}_q(\Sigma)$ where $\Sigma$ is a punctured surface of genus $g>0 ... [more ▼]

We give an irreducible decomposition of the so-called local representations \cite{math/0407086} of the quantum Teichmüller space $\mathcal{T}_q(\Sigma)$ where $\Sigma$ is a punctured surface of genus $g>0$ and $q$ is a $N$-th root of unity with $N$ odd. [less ▲]

Detailed reference viewed: 101 (3 UL)
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See detailControlling the controllers: the institutional design of Europe’s new Single Supervisory Mechanism
Gren, Jakub UL

E-print/Working paper (2014)

This paper examines the institutional design of the Single Supervisory Mechanism and views the relation between the European Central Bank (ECB) and the National Competent Authorities (NCAs) as a principal ... [more ▼]

This paper examines the institutional design of the Single Supervisory Mechanism and views the relation between the European Central Bank (ECB) and the National Competent Authorities (NCAs) as a principal-agent relation in which the NCAs are carrying out supervision of the less significant banks on behalf of the ECB. From a principal-agent perspective, the institutional design is understood as the art of choosing proper ex ante and ex post mechanisms of control by the ECB over the activities of the NCAs. Therefore, the focus of the paper directed on (1) identifying the proper control mechanisms consisting of the ‘ex-ante’ and the ‘ex-post’ controls, as suggested by the principal-agent model, which the ECB’s may use to ensure that its policy preferences are enforced by the NCAs within the SSM and (2) assess whether they may possibly cover all of the NCAs ‘zone of discretion’ relating to supervision of less significant banks on the ECB’s behalf. The working hypothesis is that the NCAs zone of discretion may not be fully controlled by the ECB. It is argued that existence of such ‘black holes’ constitute challenges for the ECB to ensure its policy preferences are enforced in a full extent by the NCAs. [less ▲]

Detailed reference viewed: 147 (12 UL)
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See detailThe Welfare State and Anti-Poverty Policy in Rich Countries
Olivera Angulo, Javier UL; Marx, Ive; Nolan, Brian

E-print/Working paper (2014)

This paper is prepared as a chapter for the Handbook of Income Distribution, Volume 2 (edited by A. B. Atkinson and F. Bourguignon, Elsevier-North Holland, forthcoming). Like the other chapters in the ... [more ▼]

This paper is prepared as a chapter for the Handbook of Income Distribution, Volume 2 (edited by A. B. Atkinson and F. Bourguignon, Elsevier-North Holland, forthcoming). Like the other chapters in the volume (and its predecessor), the aim is to provide a comprehensive review of a particular area of research. The aim of this chapter is to highlight some key aspects of recent economic research on the welfare state and anti-poverty policy in rich countries, and explore their implications. We begin with the conceptualisation and measurement of poverty, before sketching out some core features and approaches to the welfare state and anti-poverty policies. We then focus on the central plank of the modern welfare state’s efforts to address poverty, namely social protection, discussing in turn the inactive working-age population, child income support, in-work poverty, and retirement and old-age pensions. After that we discuss social spending on other than cash transfers: the labour market, education, training and activation, and finally intergenerational transmission, childhood and neighbourhoods. We also discuss the welfare state and anti-poverty policy in the context of the economic crisis which began in 2007-8, and the implications for strategies aimed at combining economic growth and employment with making serious inroads into poverty. We conclude with highlighting directions for future research. [less ▲]

Detailed reference viewed: 137 (9 UL)
See detailMigration: a burden or a blessing for the natives
Gabszewicz, Jean; Zanaj, Skerdilajda UL

E-print/Working paper (2014)

Detailed reference viewed: 61 (6 UL)
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See detailIs a Policy of Free Movement of Workers Sustainable?
Picard, Pierre M UL; Worrall, Tim

E-print/Working paper (2014)

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed ... [more ▼]

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed by the long term benefits that result from better labor market flexibility and income smoothing. We show that such policies are less likely to be adopted when workers are impatient and less risk averse workers, when production technologies display decreasing returns and when countries trade a share of their products. [less ▲]

Detailed reference viewed: 118 (17 UL)
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See detailDynamic Hedging and Extreme Asset Co-movements
Stefanova, Denitsa UL; Elkamhi, Redouane

E-print/Working paper (2014)

Detailed reference viewed: 136 (6 UL)
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See detailHedge Fund Return Dynamics: long memory and regime switching
LIMAM, mohamed-Ali; Terraza, Virginie UL

E-print/Working paper (2014)

This paper investigates the dynamics of hedge fund returns and their behavior of persistence in a unified framework through the Markov Switching ARFIMA model of Härdle and Tsay (2009). Major results based ... [more ▼]

This paper investigates the dynamics of hedge fund returns and their behavior of persistence in a unified framework through the Markov Switching ARFIMA model of Härdle and Tsay (2009). Major results based on the CSFB/Tremont hedge fund indexes monthly data during the period 1994-2012, highlight the importance of the long memory parameter magnitude i.e shocks in shaping hedge fund return dynamics and show that the hedge fund dynamics are characterized by two levels of persistence: in the first one, associated to low-volatility regime, hedge fund returns are a stationary long memory process whereas in the second one, associated to high-volatility regime, returns exhibit higher parameter of fractional integration. More precisely, in high volatility regime i.e periods of turmoil, the process tends to be non-stationary but still exhibits a mean-reverting behavior. The findings are interesting and enable us to establish a relationship between hedge fund return states and memory phenomenon. [less ▲]

Detailed reference viewed: 189 (6 UL)
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See detailIrregular holonomic kernels and Laplace transform
Kashiwara, Masaki; Schapira, Pierre UL

E-print/Working paper (2014)

Detailed reference viewed: 101 (6 UL)
See detailMental Retirement and Non-Contributory Pensions for the Elderly Poor in Peru
Olivera Angulo, Javier UL; Novella, Rafael

E-print/Working paper (2014)

This paper analyses the effects of retirement on cognitive abilities for the elderly poor on the basis of the “mental retirement” effect that accompanies retirement. Given the recent emergence and ... [more ▼]

This paper analyses the effects of retirement on cognitive abilities for the elderly poor on the basis of the “mental retirement” effect that accompanies retirement. Given the recent emergence and expansion of non-contributory pension programs to alleviate poverty in old-age across low and middle income countries, attention should be pay to the potential acceleration of cognitive decline when individuals retire, i.e. when there is a decrease in their engagement on cognitive demanding activities. We use a unique and recent survey of the poor elderly in Peru (ESBAM) which includes a cognitive test and serves as the baseline for a non-contributory pension program. We find a significant negative effect of retirement on cognitive ability after controlling for a number of demographics and objective health measures, and even after applying instrumental variables to deal with the potential endogeneity of retirement. [less ▲]

Detailed reference viewed: 118 (8 UL)
See detailUniversal plane curve and moduli spaces of 1-dimensional coherent sheaves
Iena, Oleksandr UL

E-print/Working paper (2014)

We show that the universal plane curve M of fixed degree d > 2 can be seen as a closed subvariety in a certain Simpson moduli space of 1-dimensional sheaves on a projective plane contained in the stable ... [more ▼]

We show that the universal plane curve M of fixed degree d > 2 can be seen as a closed subvariety in a certain Simpson moduli space of 1-dimensional sheaves on a projective plane contained in the stable locus. The universal singular locus coincides with the subvariety of M consisting of sheaves that are not locally free on their support. It turns out that the blow up of M along M' may be naturally seen as a compactification of M_B = M\M' by vector bundles (on support). [less ▲]

Detailed reference viewed: 91 (4 UL)
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See detailThe 2011 European Short Sale Ban: An Option Market Perspective
Kräussl, Roman UL

E-print/Working paper (2014)

Detailed reference viewed: 44 (3 UL)
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See detailCDS Contracts versus Put Options: A robust relationship?
Bekkour, Lamia UL; Lehnert, Thorsten UL; Desimone, Francisco Nadal et al

E-print/Working paper (2014)

Detailed reference viewed: 88 (8 UL)
See detailDissecting the Act of God: An Exploration of the effect of Religion on Economic Activity
Carpantier, Jean-Francois UL; Litina, Anastasia UL

E-print/Working paper (2014)

This research establishes that religiosity has a persistent effect on economic outcomes. First we use a sample of migrants in the US to establish that religiosity at the country of origin has a long ... [more ▼]

This research establishes that religiosity has a persistent effect on economic outcomes. First we use a sample of migrants in the US to establish that religiosity at the country of origin has a long lasting effect on the religiosity of migrants. Second, exploiting variations in the inherited component of religiosity of migrants, our analysis uncovers the causal effect of religiosity on economic activity using a panel of countries for the period 1935-2000. The empirical findings suggest that i) church attendance has a positive impact on economic outcomes; ii) religious beliefs in the existence of god, hell, heaven and miracles have no systematic effect on economic outcomes, and iii) stronger faith is associated with prosperity. Moreover we extend our analysis to uncover the channels via which religiosity operates. Notably, the positive effect of religious participation and of stronger faith on economic outcomes operates via the creation of social capital and the development of traits, such as hard work and thrift, that are conducive to growth. [less ▲]

Detailed reference viewed: 61 (7 UL)
See detailThe cultural transmission of Environmental preferences: Evidence from International Migration
Zanaj, Skerdilajda UL; Litina, Anastasia UL; Moriconi, Simone

E-print/Working paper (2014)

Detailed reference viewed: 38 (6 UL)
See detailOffshore financial centres and bank secrecy
Zanaj, Skerdilajda UL; Pieretti, Patrice UL; Thisse, Jacques

E-print/Working paper (2014)

Detailed reference viewed: 84 (6 UL)
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See detailXDEM - FEM Coupling Simulations of the Interactions between a Tire Tread and Granular Terrain
Michael, Mark UL; Vogel, Frank; Peters, Bernhard UL

E-print/Working paper (2014)

This study proposes an efficient combination of the Discrete Element Method (DEM) and the Finite Element Method (FEM) to study the tractive performance of a rubber tire in interaction with granular ... [more ▼]

This study proposes an efficient combination of the Discrete Element Method (DEM) and the Finite Element Method (FEM) to study the tractive performance of a rubber tire in interaction with granular terrain. The presented approach is relevant to all engineering devices interacting with granular matter which causes response forces. Herein, the extended discrete element method (XDEM) is used to describe the dynamics of the granular assembly. On the one hand, the discrete approach accounts for the motion and forces of each grain individually. On the other hand, the finite element method accurately predicts the deformations and stresses acting within the tire tread. Hence, the simulation domain occupied by the tire tread is efficiently described as a continuous entity. The coupling of both methods is based on the interface shared by the two spatially separated domains. Contact forces develop at the interface and propagate into each domain. The coupling method enables to capture both responses simultaneously and allows to sufficiently resolve the different length scales. Each grain in contact with the surface of the tire tread generates a contact force which it reacts on repulsively. The contact forces sum up over the tread surface and cause the tire tread to deform. The coupling method compensates quite naturally the shortages of both numerical methods. It further employs a fast contact detection algorithm to save valuable computation time. The proposed DEM-FEM Coupling technique was employed to study the tractive performance of a rubber tire with lug tread patterns in a soil bed. The contact forces at the tread surface are captured by 3D simulations for a tire slip of 5%. The simulations showed to accurately recapture the gross tractive effort, running resistance and drawbar pull of the tire tread in comparison to related measurements. Further, the traction mechanisms between the tire tread and the granular ground are studied by analysing the motion of the soil grains and the deformation of the tread. [less ▲]

Detailed reference viewed: 547 (29 UL)
See detailMalte : île-sentinelle de l’Union européenne
Lemaire, Léa UL

E-print/Working paper (2014)

Detailed reference viewed: 56 (0 UL)
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See detailOn the equivalence between the cell-based smoothed finite element method and the virtual element method
Natarajan, Sundararajan; Bordas, Stéphane UL; Ean Tat, Ooi

E-print/Working paper (2014)

We revisit the cell-based smoothed finite element method (SFEM) for quadrilateral elements and extend it to arbitrary polygons and polyhedrons in 2D and 3D, respectively. We highlight the similarity ... [more ▼]

We revisit the cell-based smoothed finite element method (SFEM) for quadrilateral elements and extend it to arbitrary polygons and polyhedrons in 2D and 3D, respectively. We highlight the similarity between the SFEM and the virtual element method (VEM). Based on the VEM, we propose a new stabilization approach to the SFEM when applied to arbitrary polygons and polyhedrons. The accuracy and the convergence properties of the SFEM are studied with a few benchmark problems in 2D and 3D linear elasticity. Later, the SFEMis combined with the scaled boundary finite element method to problems involving singularity within the framework of the linear elastic fracture mechanics in 2D. [less ▲]

Detailed reference viewed: 430 (10 UL)
See detailReal Exchange Rates and Skills
Carpantier, Jean-Francois UL; Bodart, Vincent

E-print/Working paper (2014)

While most of the literature on the determination of real exchange rates is focused on the role of standard macroeconomic variables, there exists however a few papers that are more concerned by the impact ... [more ▼]

While most of the literature on the determination of real exchange rates is focused on the role of standard macroeconomic variables, there exists however a few papers that are more concerned by the impact of factors which are usually considered to play a key role in the process of economic development, like demography or inequality. In the present paper, we extend this small branch of the literature by exploring the relationship between labor skills and real exchange rates over the long-run. According to several theoretical arguments, the real exchange rate of countries experiencing an increase in the ratio between skilled and unskilled workers should appreciate. That is what we actually find empirically using panel regressions covering 22 countries over the period 1950-2010. The impact of skills on real exchange rates is robust to the inclusion of several control variables, like those used in traditional analyses of real exchange rates. The real exchange rate therefore appears as one channel through which increases in skills can alter economic growth. What we call a "skill disease" effect offers a new partial explanation to the weak link between human capital and GDP growth that is often found by the empirical literature. [less ▲]

Detailed reference viewed: 124 (5 UL)
See detailSpecific Markov-switching behaviour for ARMA parameters
Carpantier, Jean-Francois UL; Dufays, Arnaud

E-print/Working paper (2014)

Change-point (CP) and Markov-switching (MS) Auto-regressive models have been intensively discussed over the last two decades due to their flexibility and their relatively simple estimations. Although CP ... [more ▼]

Change-point (CP) and Markov-switching (MS) Auto-regressive models have been intensively discussed over the last two decades due to their flexibility and their relatively simple estimations. Although CP- and MS-ARMA models constitute a natural extension, they have been barely studied. The main reason comes from that classical inference fails when estimating these models. In particular the CP- and MS-ARMA models exhibit path dependence problem that renders the likelihood out of reach. We propose an estimation method that circumvents the issue. Our MCMC algorithm resting on the sticky in.finite hidden Markov-switching model (sticky IHMM) self-determines the number of regimes as well as the specification : CP or MS. Furthermore, the CP and MS frameworks usually assume that all the model parameters vary from one regime to another. We relax this restrictive assumption. As illustrated by simulations realized on moderate samples (300 observations), the sticky IHMM-ARMA algorithm detects which parameters of the model change over regimes. Applications to the U.S. GDP growth and the DJIA realized volatility highlight this flexibility by estimating different structural breaks for the mean and the variance parameters. [less ▲]

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See detailExtreme Returns in the European Financial Crisis
Chouliaras, Andreas UL; Grammatikos, Theoharry UL

E-print/Working paper (2014)

We examine the transmission of extreme stock market returns among three groups of countries: the Euro-periphery countries (Portugal, Ireland, Italy, Greece, Spain), the Euro-core countries (Germany ... [more ▼]

We examine the transmission of extreme stock market returns among three groups of countries: the Euro-periphery countries (Portugal, Ireland, Italy, Greece, Spain), the Euro-core countries (Germany, France, the Netherlands, Finland, Belgium), and the major European Union -but not euro- countries (Sweden, UK, Poland, Czech Republic, Denmark). Using extreme returns on daily stock market data from January 2004 till March 2013, we nd that transmission e ects are present for the tails of the returns distributions for the Pre-crisis, the US-crisis and the Euro-crisis periods from the Euro-periphery group to the Non-Euro and the Euro-core groups. Within group e ects are stronger in the crisis periods. We nd that the transmission channel does not seem to have intensi ed during the crisis periods, but it transmitted larger shocks (in some cases, extreme bottom returns doubled during the crisis periods). Thus, as extreme returns have become much more "extreme" during the nancial crisis periods, the expected losses on extreme return days have increased signi cantly. Given the fact that stock market capitalisations in these country groups are trillions of Euros, a 1% or 2% increase in extreme bottom returns (in crisis periods) can lead to aggregate losses of tens of billions Euros in one single trading day. [less ▲]

Detailed reference viewed: 78 (1 UL)
See detailHedge Fund Innovation
Siegmann, Arjen; Stefanova, Denitsa UL; Zamojski, Marcin

E-print/Working paper (2014)

We study first-mover advantages in the hedge fund industry by clustering hedge funds based on the type of assets and instruments they trade in, sector and investment focus, and fund details. We find that ... [more ▼]

We study first-mover advantages in the hedge fund industry by clustering hedge funds based on the type of assets and instruments they trade in, sector and investment focus, and fund details. We find that early entry in a cluster is associated with higher excess returns, longer survival, higher incentive fees and lower management fees compared to funds that arrive later. Moreover, the latest entrants have a high loading on the returns of the innovators, but with lower incentive fees, and higher management fees. Cross-sectional regressions show that the out-performance of innovating funds are declining with age. The results are robust to different parameters of clustering and backfill-bias, and are not driven by the possible existence of flagship and follow-on funds. Our results show that the reported characteristics of hedge funds can be used to infer strategy-related information and suggest that specific first-mover advantages exist in the hedge fund industry. [less ▲]

Detailed reference viewed: 33 (2 UL)
See detailThe Evolving Beta-Liquidity Relationship of Hedge Funds
Siegmann, Arjen; Stefanova, Denitsa UL

E-print/Working paper (2014)

Using an optimal changepoint approach, we find a structural change in the relation between hedge funds’ stock market exposure and aggregate stock market liquidity that takes place in the period 2000 to ... [more ▼]

Using an optimal changepoint approach, we find a structural change in the relation between hedge funds’ stock market exposure and aggregate stock market liquidity that takes place in the period 2000 to 2002. Before the structural break, market betas have no relation to liquidity and only a few style categories of hedge funds show increased market presence when liquidity is low. After the break, the relationship is inverted, pointing towards an increased liquidity timing ability of hedge funds, as users of liquidity. We relate our findings to best execution rules and decimalization in the US stock market that were introduced in that period and impacted aggregate liquidity conditions. Furthermore, the returns to a momentum strategy display a similar structural break and momentum-loading funds constitute a sizeable proportion of hedge funds that manifest a distinct beta-liquidity evolution with a structural break in that period. [less ▲]

Detailed reference viewed: 95 (3 UL)
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See detailRipple Effects from Industry Defaults
Bams, Dennis; Pisa, Magdalena UL; Wolff, Christian UL

E-print/Working paper (2014)

Detailed reference viewed: 82 (3 UL)
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See detailMutual Funds’ Returns from Providing Liquidity and Costs of Immediacy
Rinne, Kalle UL; Suominen, Matti UL

E-print/Working paper (2014)

We present evidence that some mutual funds systematically act as contrarian traders, and earn returns in the stock market by providing liquidity to investors that demand immediacy, while others ... [more ▼]

We present evidence that some mutual funds systematically act as contrarian traders, and earn returns in the stock market by providing liquidity to investors that demand immediacy, while others systematically realize costs of immediacy. On average, the mutual funds’ costs of immediacy exceed their returns from providing liquidity. The funds with outflows, flows that correlate with industry flows, high market beta funds, and funds highly exposed to the momentum strategy suffer the most in costs of immediacy. The mutual funds’ average underperformance can be explained with their costs of immediacy. Finally, the funds’ historical costs of immediacy predict their alphas. [less ▲]

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See detailSkewness Risk Premium: Theory and Empirical Evidence
Wolff, Christian UL; Lehnert, Thorsten UL; Lin, Yuehao UL

E-print/Working paper (2014)

Detailed reference viewed: 89 (1 UL)
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See detailEvaluating Option Pricing Model Performance Using Model Uncertainty
Lehnert, Thorsten UL; Blanchard, Gildas; Bams, Dennis

E-print/Working paper (2014)

Detailed reference viewed: 41 (0 UL)
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See detailAn inverse to the antisymmetrization map of Cartan and Eilenberg
Bordemann, Martin; Riviere, Salim UL

E-print/Working paper (2014)

Detailed reference viewed: 93 (7 UL)
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See detailCournot Competition and "Green" Innovation: An Inverted-U Relationship
Tampieri, Alessandro UL; Lambertini, Luca; Poyago-Theotoky, Joanna

E-print/Working paper (2014)

Detailed reference viewed: 90 (2 UL)
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See detailSkewness Term Structure Tests
Lehnert, Thorsten UL; Lin, Yuehao UL

E-print/Working paper (2014)

Detailed reference viewed: 88 (5 UL)
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See detailEmotions-at-Risk: An Experimental Investigation into Emotions, Option Prices and Risk Perception
Kräussl, Roman UL; Bosman, Ronald; van Galen, Thomas

E-print/Working paper (2014)

Detailed reference viewed: 66 (0 UL)
Peer Reviewed
See detailForecasting Distress in European SME Portfolios
Ferreira Filipe, Sara UL; Grammatikos, Theoharry UL; Michala, Dimitra UL

E-print/Working paper (2014)

Detailed reference viewed: 161 (19 UL)
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See detailCSR in an Asymmetric Duopoly with Environmental Externalities
Tampieri, Alessandro UL; Lambertini, Luca; Palestini, Arsen

E-print/Working paper (2014)

Detailed reference viewed: 97 (4 UL)
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See detailAsymptotic normality of randomized periodogram for estimating quadratic variation in mixed Brownian-fractional Brownian model
Azmoodeh, Ehsan UL; Sottinen, Tommi; Viitasaari, Lauri

E-print/Working paper (2014)

We study asymptotic normality of the randomized periodogram estimator of quadratic variation in the mixed Brownian--fractional Brownian model. In the semimartingale case, that is, where the Hurst ... [more ▼]

We study asymptotic normality of the randomized periodogram estimator of quadratic variation in the mixed Brownian--fractional Brownian model. In the semimartingale case, that is, where the Hurst parameter H of the fractional part satisfies H∈(3/4,1), the central limit theorem holds. In the nonsemimartingale case, that is, where H∈(1/2,3/4], the convergence toward the normal distribution with a nonzero mean still holds if H=3/4, whereas for the other values, that is, H∈(1/2,3/4), the central convergence does not take place. We also provide Berry--Esseen estimates for the estimator. [less ▲]

Detailed reference viewed: 88 (0 UL)
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See detailForeign direct investment with endogenous technology choice
Dawid, Herbert; Zou, Benteng UL

E-print/Working paper (2014)

In this paper, we analyze optimal foreign direct investment of a firm which operates in a duopolistic market. We characterize a technology spillover threshold and show that for an intensity of spillovers ... [more ▼]

In this paper, we analyze optimal foreign direct investment of a firm which operates in a duopolistic market. We characterize a technology spillover threshold and show that for an intensity of spillovers below this threshold, there is a unique locally asymptotic stable steady state with a positive capital stock in the developing country. Furthermore, we characterize how optimal foreign investment patterns and the investor’s value function depend on the level of technology transferred and characterize the optimal level to be used for the foreign direct investment. [less ▲]

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See detailThe global economic crisis and the effect of immigration on the employment of native-born workers in Europe
Fromentin, vincent; Damette, Olivier; Zou, Benteng UL

E-print/Working paper (2014)

The debate regarding the economic effects of immigration has attracted renewed interest in European countries since the economic crisis. We provide an approximation for the labor market effects of ... [more ▼]

The debate regarding the economic effects of immigration has attracted renewed interest in European countries since the economic crisis. We provide an approximation for the labor market effects of immigrants in four European countries during the global economic crisis after briefly analyzing the situation of native- and foreign-born workers for the recent period. Our analysis focuses on the correlation between the stock of immigrant workers and the number of local labor market workers across several segments of the labor market using a simple model approach. Based on data from Eurostat and the LFS (Labour Force Survey), we estimate a structural dynamic model using the Generalized Method of Moments (GMM) to take into account the adjustment dynamics in the labor market and labor market segment, educational level, country of origin and gender of the workers. Overall, the empirical results suggest that the immigration shock on the employment rates of native-born workers is persistent and very weak over the business cycle. The effect is globally positive and the origin of immigrants does not appear to change the nature of the impact. We offer some explanations for these findings that are linked with the dual labor markets and the differences in the degree of substitution between native and immigrant workers. [less ▲]

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See detailImmigration, occupational choice and public employment
Marchiori, Luca; Pieretti, Patrice UL; Zou, Benteng UL

E-print/Working paper (2014)

This paper investigates the theoretical effects of immigration in an occupational choice model with three sectors: a low-skilled, a high-skilled and a public sector. The originality of our approach is to ... [more ▼]

This paper investigates the theoretical effects of immigration in an occupational choice model with three sectors: a low-skilled, a high-skilled and a public sector. The originality of our approach is to consider (i) intersectoral mobility of labor and (ii) public employment. We highlight the fact that including a public sector is crucial, since omitting it implies that low-skilled immigration unambiguously reduces wages and welfare of all workers. However, when public employment is considered, we demonstrate that immigration increases wages in the high-skilled and the public sectors, provided that the immigrant workforce is not too large and the access to public jobs is not too easy. The average wage of natives may also increase accordingly. Moreover, immigration may improve workers’ welfare in each sector. Finally, the mechanism underlying these results does not require complementarity between natives and immigrants. [less ▲]

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See detailDifferential Games with (A)symmetric Players and Heterogeneous Strategies
Zou, Benteng UL

E-print/Working paper (2014)

One family of heterogeneous strategies in differential games with (a)symmetric players is developed in which one player adopts an anticipating open-loop strategy and the other adopts a standard Markovian ... [more ▼]

One family of heterogeneous strategies in differential games with (a)symmetric players is developed in which one player adopts an anticipating open-loop strategy and the other adopts a standard Markovian strategy. Via conjecturing principle, the anticipating open-loop strategic player plans his strategy based on the possible updating the rival player may take. These asymmetric strategies frame nondegenerate Markovian Nash Equilibrium, which can be subgame perfect. Except the stationary path, this kind of strategy makes the study of short-run trajectory possible, which usually are not subgame perfect. However, the short-run nonperfection provides very important policy suggestions. [less ▲]

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See detailStochastic stability of endogenous growth: The AK case
Boucekkine, Raouf; Zou, Benteng UL

E-print/Working paper (2014)

This note studies the stochastic stability of the standard AK growth model un- der uncertain output technology. Capital accumulation follows a stochastic lin- ear homogenous differential equation. It’s ... [more ▼]

This note studies the stochastic stability of the standard AK growth model un- der uncertain output technology. Capital accumulation follows a stochastic lin- ear homogenous differential equation. It’s shown that exponential balanced paths, which characterize optimal trajectories in the absence of uncertainty, are not robust to uncertainty. Precisely, it’s demonstrated that the economy almost surely col- lapses at exponential speed even though productivity is initially arbitrarily high. [less ▲]

Detailed reference viewed: 43 (5 UL)
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See detailThe ‘Franco-German duo’ and Europe as seen in cartoons (1945–2013)
Gabellini, Marco UL; Mouton, Victoria UL

E-print/Working paper (2014)

The ePublication ‘The “Franco-German duo” and Europe as seen in cartoons (1945–2013)’ uses French and German press illustrations to explore the joint action of successive French Presidents and German ... [more ▼]

The ePublication ‘The “Franco-German duo” and Europe as seen in cartoons (1945–2013)’ uses French and German press illustrations to explore the joint action of successive French Presidents and German Chancellors as the driving force of European integration. The rapprochement that began in the early years after the Second World War between France and Germany, two countries that had been long-standing enemies, followed a unique path. The image of a ‘Franco-German duo’ and the pair’s actions have proved an unending source of inspiration for French and German Press cartoonists. It shows how they have experienced, perceived and illustrated this Franco-German partnership, which has continued to evolve during the turbulent history of European integration. This comparative analysis reflects the convergences and divergences within this unique pairing and demonstrates the ever-changing balance of power within the partnership. The cartoons also reveal the fact that there is often a discrepancy between official photos and the reality of the Franco-German relationship. Although the Franco-German duo and its ability to act for the organisation of Europe have at times proved fragile, with periods of tension but also of continuity, the relationship between the various West German Chancellors and French Presidents has made an often decisive contribution to the pursuit and revival of European integration. Over 400 cartoons published in the French and German press reflect the key moments in Franco-German relations and emphasise how this ‘marriage of convenience’ between two leaders has influenced the European integration process, illustrating both the successes and failures of the duo. The selected cartoons provide an often cheeky, sarcastic interpretation of the Franco-German duo, that special relationship, which, despite its periods of tension and crisis, has always bounced back and has often served as a driving force for European unification. The cartoons reflect the two leaders’ attitudes to the challenges of the European integration process, painting an often humorous but at times openly critical picture of this bilateral relationship. [less ▲]

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See detailREVENU, POPULATION ET FLUX MIGRATOIRES AU 21ème SIÈCLE: UN DÉFI SOCIÉTAL POUR L’ EUROPE
Machado Carneiro, Joël UL; Docquier, Frédéric

E-print/Working paper (2014)

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See detailGlobal competition for attracting talents and the world economy
Machado Carneiro, Joël UL; Docquier, Frédéric

E-print/Working paper (2014)

Detailed reference viewed: 87 (0 UL)
See detailA Snap-Shot of WWI in 140 Signs – One Year On
Herzog, Mechthild UL

E-print/Working paper (2014)

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See detailLarge Deviation asymptotics for the exit from a domain of the bridge of a general Diffusion
Baldi, Paolo; Caramellino, Lucia; Rossi, Maurizia UL

E-print/Working paper (2014)

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See detailSymmetric n-ary superalgebras with skew-symmetric invariant forms
Vishnyakova, Elizaveta UL

E-print/Working paper (2014)

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See detailLa tutela dei diritti umani tra azione esterna dell’Unione europea e politiche interne degli Stati membri: medici, curate vos ipsos
Gatti, Mauro UL

E-print/Working paper (2014)

Il Consiglio dell’Unione europea ha recentemente adottato delle Conclusioni sulla coerenza fra aspetti esterni ed interni della protezione e promozione dei diritti umani nell’Unione europea. Tale ... [more ▼]

Il Consiglio dell’Unione europea ha recentemente adottato delle Conclusioni sulla coerenza fra aspetti esterni ed interni della protezione e promozione dei diritti umani nell’Unione europea. Tale strumento attira l’attenzione su un problema cruciale: l’Unione promuove da anni il rispetto di taluni diritti umani che i suoi stessi membri non sembrano proteggere, o che interpretano in modo difforme. Tale contraddizione è difficile da giustificare sul piano teorico ed è pericolosa su quello pratico, dato che pregiudica la credibilità dell’Unione sulla scena internazionale. Per risolvere questo problema, sarebbe opportuno che gli Stati membri inizino ad applicare in Europa le stesse regole che intendono diffondere nel mondo. [less ▲]

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See detailSpectral Sequence Motif Discovery
Colombo, Nicolo UL; Vlassis, Nikos UL

E-print/Working paper (2014)

Sequence discovery tools play a central role in several fields of computational biology. In the framework of Transcription Factor binding studies, motif finding algorithms of increasingly high performance ... [more ▼]

Sequence discovery tools play a central role in several fields of computational biology. In the framework of Transcription Factor binding studies, motif finding algorithms of increasingly high performance are required to process the big datasets produced by new high-throughput sequencing technologies. Most existing algorithms are computationally demanding and often cannot support the large size of new experimental data. We present a new motif discovery algorithm that is built on a recent machine learning technique, referred to as Method of Moments. Based on spectral decompositions, this method is robust under model misspecification and is not prone to locally optimal solutions. We obtain an algorithm that is extremely fast and designed for the analysis of big sequencing data. In a few minutes, we can process datasets of hundreds of thousand sequences and extract motif profiles that match those computed by various state-of-the-art algorithms. [less ▲]

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See detailRatification of the Council of Europe Convention on Cybercrime
Cole, Mark UL; Metzdorf, Jenny

E-print/Working paper (2014)

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See detailALIA rejects plans for new radio station
Cole, Mark UL; Metzdorf, Jenny

E-print/Working paper (2014)

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See detailD’méisproochegt Gehir
Engel de Abreu, Pascale UL

E-print/Working paper (2014)

Den „kognitive Virdeel“ vun der Méisproochegkeet besteet doranner, datt méisproocheg Kanner a bestëmmte kognitiven Aufgaben, déi déi sougenannten „Exekutivfunktioune“ moossen, besser si wéi Kanner, déi ... [more ▼]

Den „kognitive Virdeel“ vun der Méisproochegkeet besteet doranner, datt méisproocheg Kanner a bestëmmte kognitiven Aufgaben, déi déi sougenannten „Exekutivfunktioune“ moossen, besser si wéi Kanner, déi nëmmen eng Sprooch schwätzen. [less ▲]

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See detailEuropean integration and consensus politics in the Low Countries Observations on an under-researched relationship
Beyers, Jan; Vollaard, Hans; Dumont, Patrick UL

E-print/Working paper (2014)

The Netherlands, Belgium and Luxembourg are well-known cases of consensus politics. Traditionally, decision-making in the Low Countries has been characterized by broad involvement, power sharing and ... [more ▼]

The Netherlands, Belgium and Luxembourg are well-known cases of consensus politics. Traditionally, decision-making in the Low Countries has been characterized by broad involvement, power sharing and making compromises. These countries were also founding member states of the European Union (EU) and its predecessors. However, the relationship between European integration and the tradition of domestic consensus politics remains unclear. In order to explore this relationship this paper presents the conceptual framework and a short summary of the recently published book European Integration and Consensus Politics in the Low Countries (edited by Hans Vollaard, Jan Beyers and Patrick Dumont; Routledge). The authors discuss how consensus politics would shape the impact of European integration. They also analyse whether European integration may undermine the fundamental characteristics of consensus politics in the Low Countries. Drawing on consociationalism and Europeanization research, they provide a comprehensive overview of Europeanization in the three Low Countries as well as a better understanding of the varieties of consensus politics across and within these countries. In doing this they refer to a wide range of in-depth studies on a variety of political actors such as governments, parliaments, political parties, courts, ministries and interest groups as well as key policy issues such as the ratification of EU treaties and migration policy. Their most important observation is that European integration has changed the substance of consensus politics in some policy-areas, but barely the domestic political practice itself. [less ▲]

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See detailGreen Consumers, Greenwashing and the Misperception of Environmental Quality
Tampieri, Alessandro UL; Pignataro, Giuseppe; Lambertini, Luca

E-print/Working paper (2014)

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See detailNews Media Sentiment and Investor Behavior
Kräussl, Roman UL; Mirgorodskaya, Elizaveta

E-print/Working paper (2014)

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See detailIntervals of the homomorphism order of graphs have infinite width
Lehtonen, Erkko; Schölzel, Karsten UL

E-print/Working paper (2014)

The homomorphism order of graphs is known to be dense with a single exception. We strengthen this result by showing that, with this single exception, the interval between any two distinct comparable ... [more ▼]

The homomorphism order of graphs is known to be dense with a single exception. We strengthen this result by showing that, with this single exception, the interval between any two distinct comparable graphs includes an infinite antichain. Moreover, every antichain included in such an interval can be extended into an infinite one within that interval. [less ▲]

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See detailThe Macroeconomic Determinants of Mean Reversion and Financial Predictability
Mehra, Rajnish UL; Donaldson, John B.

E-print/Working paper (2014)

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See detailAutomorphisms and reduction of Heegner points on Shimura curves at Cerednik-Drinfeld primes
Molina Blanco, Santiago UL; Rotger, Victor

E-print/Working paper (2014)

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See detailOn capital stocks related to reciprocal shareholdings
Petritz, Erika; Schwaiger, Jens; Tomaschek, Jörg UL

E-print/Working paper (2014)

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See detailRisk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
Kräussl, Roman UL; Jegadeesh, Jegadeesh; Pollet, Joshua M.

E-print/Working paper (2014)

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See detailIs there a Bubble in the Art Market?
Kräussl, Roman UL; Lehnert, Thorsten UL; Martelin, Nicolas

E-print/Working paper (2014)

Detailed reference viewed: 1263 (83 UL)
See detailThe Geographical Origins of Early State Formation
Litina, Anastasia UL

E-print/Working paper (2014)

his research theoretically and empirically advances the hypothesis that in early stages of development, land and climatic variability had a persistent beneficial effect on the advent of early statehood. A ... [more ▼]

his research theoretically and empirically advances the hypothesis that in early stages of development, land and climatic variability had a persistent beneficial effect on the advent of early statehood. A high degree of land and climatic diversity, and its association with potential gains from trade, accentuated the incentives to develop social, political and physical infrastructure that could facilitate interregional interaction. Hence, the emergence of states was expedited in more diverse geographical environments. To explore the hypotheses the analysis exploits exogenous sources of variation in a) the measure of land variability across countries, and b) climatic variability within countries over the period 500-1500 CE. The research establishes that i) the advent of statehood was expedited in regions characterized by a higher degree of variability in land and climatic conditions, ii) the effect of (land and climatic) variability on statehood operates partly through the advancement of technologies associated with trade, thus suggesting that it is the pivotal role of states in facilitating trade that ultimately contributed to their emergence and consolidation, and, iii) the effect of land variability on statehood dissipates over time [less ▲]

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See detailNatural Land Productivity, Cooperation and Comparative Development
Litina, Anastasia UL

E-print/Working paper (2014)

ssion Paper Series 14-16, Center for Research in Economic Analysis, University of Luxembourg. Abstract: This research advances the hypothesis that natural land productivity in the past, and its effect on ... [more ▼]

ssion Paper Series 14-16, Center for Research in Economic Analysis, University of Luxembourg. Abstract: This research advances the hypothesis that natural land productivity in the past, and its effect on the desirable level of cooperation in the agricultural sector, had a persistent effect on the evolution of social capital, the process of industrialization and comparative economic development across the globe. Exploiting exogenous sources of variations in land productivity across a) countries; b) individuals within a country, and c) migrants of different ancestry within a country, the research establishes that lower level of land productivity in the past is associated with more intense cooperation and higher levels of contemporary social capital and development. [less ▲]

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See detailGreat Expectations - The Persistent Effect of Institutions on Culture
Litina, Anastasia UL

E-print/Working paper (2014)

his research exploits the event of immigration to establish that institutions have a persistent effect on culture. It is argued that immigrants coming from corrupt countries, tend to overtrust the ... [more ▼]

his research exploits the event of immigration to establish that institutions have a persistent effect on culture. It is argued that immigrants coming from corrupt countries, tend to overtrust the institutions at the host country. This inflated trust of immigrants is documented as the Great Expectations effect. This result is interesting and intriguing for several reasons. First, it highlights the persistent effect of institutions (at the origin coun- try) on the cultural attitudes of immigrants. Interestingly, this effect is rather persistent and can be detected even to the second generation immigrants. Second, the analysis explores whether mean attitudes at the origin country have an effect on immigrants. attitude. The findings suggest that mean attitudes do not confer a statistically significant effect, whereas a horserace between origin institutions and origin culture suggests that it is the effect of institutions that prevails. Last, the analysis establishes that the inflated trust of immigrants affects their political attitudes. Immigrants coming from corrupt countries tend to be less interested in politics, to overtrust the host governments and to be less active in the political arena. In a globalized world where international immigration is rather extensive, pinning down the cultural differences across immigrants and thus the differences in their political attitudes is of an essence. [less ▲]

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See detailNatural Land Productivity, Cooperation and Comparative Development
Litina, Anastasia UL

E-print/Working paper (2014)

This research advances the hypothesis that natural land productivity in the past, and its effect on the desirable level of cooperation in the agricultural sector, had a persistent effect on the evolution ... [more ▼]

This research advances the hypothesis that natural land productivity in the past, and its effect on the desirable level of cooperation in the agricultural sector, had a persistent effect on the evolution of social capital, the process of industrialization and comparative economic development across the globe. Exploiting exogenous sources of variations in land productivity across a) countries; b) individuals within a country, and c) migrants of different ancestry within a country, the research establishes that lower level of land productivity in the past is associated with more intense cooperation and higher levels of contemporary social capital and development. [less ▲]

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See detailA general approach to small deviation via concentration of measures
Azmoodeh, Ehsan UL; Viitasaari, Lauri

E-print/Working paper (2014)

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See detailDie Bevölkerung der Großregion SaarLorLux
Interregionale Arbeitsmarktbeobachtungsstelle, IBA; Pauly, Michel UL; Caruso, Geoffrey UL et al

E-print/Working paper (2014)

This contribution is an excerpt from the report on the economic and social situation of the Greater Region 2013/2014 for the Economic and Social Committee of the Greater Region (IBA/OIE, 2014, pp. 3-10 ... [more ▼]

This contribution is an excerpt from the report on the economic and social situation of the Greater Region 2013/2014 for the Economic and Social Committee of the Greater Region (IBA/OIE, 2014, pp. 3-10). The maps show the population density in the Greater Region as of 1 January 2013, the working-age population as of 1 January 2012 and the population development from 2000 to 2013 (Lorraine: zones d'emploi 1999-2011), calculated by the Interregional Labour Market Observatory IBA. The population density of the Greater Region in 2013 was almost 175 inhabitants per square kilometre, although the distribution varies widely from regionally: from more than 2,000 inhabitants per square kilometre in Mainz and Ludwigshafen to the sparsely populated areas of Verdun and Commercy with less than 30 inhabitants per square kilometre. This is where important economic priorities lie and influences from the large conurbations of neighboring federal states have an impact. Densely populated areas are also located in the northern part of Wallonia, particularly in the economic centres of Charleroi and Liège. In addition, the population of the Greater Region concentrates primarily on a transnational core area, which encompasses all sub-regions and important economic priorities. [less ▲]

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See detailUniversity Competition and Transnational Education: The Choice of Branch Campus
Tampieri, Alessandro UL; Poyago-Theotoky, Joanna

E-print/Working paper (2014)

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See detailSome insights on bicategories of fractions - III
Tommasini, Matteo UL

E-print/Working paper (2014)

We fix any bicategory A together with a class of morphisms W_A, such that there is a bicategory of fractions A[W_A^{-1}] (as described by D. Pronk). Given another such pair (B,W_B) and any pseudofunctor F ... [more ▼]

We fix any bicategory A together with a class of morphisms W_A, such that there is a bicategory of fractions A[W_A^{-1}] (as described by D. Pronk). Given another such pair (B,W_B) and any pseudofunctor F : A → B, we find necessary and sufficient conditions in order to have an induced equivalence of bicategories from A[W_A^{-1}] to B[W_B^{-1}]. In particular, this gives necessary and sufficient conditions in order to have an equivalence from any bicategory of fractions A[W_A^{-1}] to any given bicategory B. [less ▲]

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See detailSome insights on bicategories of fractions - II
Tommasini, Matteo UL

E-print/Working paper (2014)

We fix any bicategory A together with a class of morphisms W_A, such that there is a bicategory of fractions A[W_A^{-1}] (as described by D. Pronk). Given another such pair (B,W_B) and any pseudofunctor F ... [more ▼]

We fix any bicategory A together with a class of morphisms W_A, such that there is a bicategory of fractions A[W_A^{-1}] (as described by D. Pronk). Given another such pair (B,W_B) and any pseudofunctor F : A → B, we find necessary and sufficient conditions in order to have an induced pseudofunctor G : A[W_A^{-1}]→ B[W_B^{-1}]. Moreover, we give a simple description of G in the case when the class W_B is “right saturated”. [less ▲]

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See detailSome insights on bicategories of fractions – I
Tommasini, Matteo UL

E-print/Working paper (2014)

In this paper we investigate the construction of bicategories of fractions originally described by D. Pronk: given any bicategory C together with a suitable class of morphisms W, one can construct a ... [more ▼]

In this paper we investigate the construction of bicategories of fractions originally described by D. Pronk: given any bicategory C together with a suitable class of morphisms W, one can construct a bicategory C[W^{-1}], where all the morphisms of W are turned into internal equivalences, and that is universal with respect to this property. Most of the descriptions leading to such a construction were long and heavily based on the axiom of choice. In this paper we simplify considerably the constructions of associators, vertical and horizontal compositions in a bicategory of fractions, thus proving that the axiom of choice is not needed under certain conditions. The simplified description of associators and 2-compositions will also play a crucial role in the next papers of this series. [less ▲]

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See detailLe cerveau multilingue
Engel de Abreu, Pascale UL

E-print/Working paper (2014)

«L’avantage cognitif» du multilinguisme, décrit le fait que les enfants multilingues accomplissent mieux des tâches cognitives dans le domaine des «fonctions exécutives» que les enfants qui ne parlent ... [more ▼]

«L’avantage cognitif» du multilinguisme, décrit le fait que les enfants multilingues accomplissent mieux des tâches cognitives dans le domaine des «fonctions exécutives» que les enfants qui ne parlent qu’une seule langue. [less ▲]

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See detailWeak fiber products in bicategories of fractions
Tommasini, Matteo UL

E-print/Working paper (2014)

We fix any pair (C,W) consisting of a bicategory and a class of morphisms in it, admitting a bicalculus of fractions, i.e. a “localization” of C with respect to the class W. In the resulting bicategory of ... [more ▼]

We fix any pair (C,W) consisting of a bicategory and a class of morphisms in it, admitting a bicalculus of fractions, i.e. a “localization” of C with respect to the class W. In the resulting bicategory of fractions, we identify necessary and sufficient conditions for the existence of weak fiber products. [less ▲]

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See detailZ_2^n-Supergeometry I: Manifolds and Morphisms
Covolo, Tiffany UL; Grabowski, Janusz; Poncin, Norbert UL

E-print/Working paper (2014)

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See detailStability and cooperative solution in stochastic games
Parilina, Elena; Tampieri, Alessandro UL

E-print/Working paper (2014)

Detailed reference viewed: 86 (3 UL)
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See detailZ_2^n-Supergeometry II: Batchelor-Gawedzki Theorem
Covolo, Tiffany UL; Grabowski, Janusz; Poncin, Norbert UL

E-print/Working paper (2014)

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See detailMaximal Surface in AdS convex GHM 3-manifold with particles
Toulisse, Jérémy UL

E-print/Working paper (2013)

We prove the existence of a unique maximal surface in an anti-de Sitter (AdS) convex Globally Hyperbolic Maximal (GHM) manifold with particles (i.e. with conical singularities along timelike lines) for ... [more ▼]

We prove the existence of a unique maximal surface in an anti-de Sitter (AdS) convex Globally Hyperbolic Maximal (GHM) manifold with particles (i.e. with conical singularities along timelike lines) for cone-angles less than $\pi$. We reinterpret this result in terms of Teichm\"uller theory, and prove the existence of a unique minimal Lagrangian diffeomorphism isotopic to the identity between two hyperbolic structures with conical singularities of the same angles on a closed surface with marked points. [less ▲]

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See detailConstruction of sheaves on the subanalytic site
Guillermou, Stéphane; Schapira, Pierre UL

E-print/Working paper (2013)

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See detailRegards sur la sécurité et les délits au Luxembourg
de Puydt, Cécile; Reichmann, Liliane; Heinz, Andreas UL et al

E-print/Working paper (2013)

Cette publication présente les principaux résultats de l’enquête sur la sécurité réalisée courant 2013 au Luxembourg. L’exploitation des résultats est réalisée conjointement par le STATEC et l’Université ... [more ▼]

Cette publication présente les principaux résultats de l’enquête sur la sécurité réalisée courant 2013 au Luxembourg. L’exploitation des résultats est réalisée conjointement par le STATEC et l’Université du Luxembourg/INSIDE (Integrative Research Unit on Social and Individual Development). L’enquête couvre différents types de « délits ». Les délits pris en compte sont les délits dont les résidents de 16 ans ou plus ont été victimes entre 2008 et 2013, mais pouvant avoir eu lieu dans un autre pays. De plus, ces délits reprennent les faits déclarés à la police, mais également tous les délits qui n’ont pas fait l’objet d’une plainte. Les données récoltées permettent ainsi d’apporter un nouveau regard sur les données de la criminalité au Luxembourg. [less ▲]

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See detailRegards sur le sentiment de sécurité des résidents au Luxembourg
de Puydt, Cécile; Reichmann, Liliane; Heinz, Andreas UL et al

E-print/Working paper (2013)

Cette publication présente les résultats de l’enquête sur la sécurité réalisée courant 2013 au Luxembourg. L’exploitation des résultats est réalisée conjointement par le STATEC et l’Université du ... [more ▼]

Cette publication présente les résultats de l’enquête sur la sécurité réalisée courant 2013 au Luxembourg. L’exploitation des résultats est réalisée conjointement par le STATEC et l’Université du Luxembourg/INSIDE (Integrative Research Unit on Social and Individual Development). L’enquête pose différentes questions concernant la perception par les résidents du niveau de sécurité dans leur voisinage, leurs craintes quant à différents délits, mais également leur satisfaction par rapport au travail de la police et de la justice. Les mesures de précaution comme des alarmes ou des portes sécurisées font également partie des sujets traités. Pour finir, on se penchera sur la proportion d’incidents qui font effectivement l’objet d’une plainte auprès de la police. [less ▲]

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See detailA very good triple of operads
Riviere, Salim UL

E-print/Working paper (2013)

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See detailLa transition des jeunes de l’éducation vers l‘emploi - Der Übergang Jugendlicher von der Ausbildung in die Erwerbstätigkeit
Willems, Helmut UL; Heinz, Andreas UL; Peltier, François et al

E-print/Working paper (2013)

C’est à partir de 15 ans que commence la transition des jeunes de l’éducation vers le marché du travail. Cette phase de transition se clôt vers l’âge de 30 ans. À l’âge de 29 ans, 83.7% des jeunes adultes ... [more ▼]

C’est à partir de 15 ans que commence la transition des jeunes de l’éducation vers le marché du travail. Cette phase de transition se clôt vers l’âge de 30 ans. À l’âge de 29 ans, 83.7% des jeunes adultes ont un emploi, 4.1% sont occupés dans leur propre ménage et seulement 3.2% suivent encore une formation. Chez les 25-29 ans, la part des chômeurs est d’autant plus élevée que le niveau d’éducation est faible. De même, dans cette tranche d’âge, les personnes ayant un niveau d’éducation faible travaillent plus souvent dans leur propre ménage. Parmi les jeunes qui ont un emploi, la part des contrats de travail à durée déterminée (CDD) diminue avec l’âge : chez les personnes âgées de 21 ans, la part des CDD est de 23.9 % ; elle recule à 9.9% chez les personnes âgées de 29 ans. 32.2% de l’ensemble des jeunes âgés de 15 à 29 ans et ayant un emploi travaillent dans la branche « administration publique, éducation, santé et action sociale ». En revanche, le pourcentage correspondant n’est que de 0.9% dans l’agriculture. La part des femmes âgées de 15 à 29 ans est la pIus importante dans la branche des « autres services » (74.9%) qui inclut notamment les activités des ménages en tant qu’employeurs et donc les femmes de ménage. Les femmes sont peu représentées dans la construction (9.7%). Les étrangers de 15 à 29 ans sont surrepré-sentés dans la construction, mais également dans les « activités spécialisées, scientifiques et techniques et activités de services administratifs et de soutien » (environ 65% dans ces deux branches). En revanche, les étrangers sont sous-représentés dans la branche « administration publique, éducation et santé et action sociale » (14.7% de l’emploi des 15-29 ans dans cette branche), ainsi que dans l’agriculture (13.3%). Avec 46.9%, près de la moitié des jeunes de nationalité luxembourgeoise travaillent dans le secteur public et parapublic (administration publique, éducation, santé et action sociale). La répartition des jeunes étrangers sur les différentes branches d’activité est plus équilibrée. [less ▲]

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See detailMicrobiome and type 1 diabetes
Wampach, Linda UL; Wilmes, Paul UL; De Beaufort, Carine UL

E-print/Working paper (2013)

The human microbiome (the collective of microorganisms, which inhabit the human body) and changes therein (often referred to as microbial dysbiosis) is emerging as a potential player in the development of ... [more ▼]

The human microbiome (the collective of microorganisms, which inhabit the human body) and changes therein (often referred to as microbial dysbiosis) is emerging as a potential player in the development of type 1 diabetes mellitus. This section discusses the human microbiome and its potential involvement in type 1 diabetes through its central roles in energy metabolism and modulation of the immune system. [less ▲]

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See detailParallel Implementation of LEA
Seo, Hwajeong; Liu, Zhe UL; Park, Taehwan et al

E-print/Working paper (2013)

Detailed reference viewed: 172 (9 UL)
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See detailNews Flow, Web Attention and Extreme Returns in the European Financial Crisis
Chouliaras, Andreas UL; Grammatikos, Theoharry UL

E-print/Working paper (2013)

We examine the existence of stock market contagion effects among three groups of countries: the Euro-periphery countries (Portugal, Ireland, Italy, Greece, Spain), the Euro-core countries (Germany, France ... [more ▼]

We examine the existence of stock market contagion effects among three groups of countries: the Euro-periphery countries (Portugal, Ireland, Italy, Greece, Spain), the Euro-core countries (Germany, France, the Netherlands, Finland, Belgium), and the major European Union -but not euro- countries (Sweden, UK, Poland, Czech Republic, Denmark). Using daily stock market data from January 2004 till March 2013, contagion effects for the tails of the marginal distributions are present for the Pre-crisis and the Euro-crisis periods within the Euro-periphery countries and from the Euro-periphery group to the Non-Euro and the Euro-core groups. We do not find a significant change in the contagion transmission mechanism when comparing the two periods, but for the Euro-crisis periods the extreme returns have a higher magnitude. Finally, we propose a connection between extreme stock market returns, the Web Attention index and two News Flow factors. The Euro-periphery Web Attention and News Flow variables significantly affect the probabilities of extreme bottom returns for the Euro-periphery, the Non-euro and the Euro-core groups. The effect is asymmetric in most of the cases since the Euro-periphery Web Attention and News Flow factors do not affect the probabilities of extreme top returns, with a few exceptions. More Web Attention and more bad news for the Euro-periphery in times of crisis are associated with higher probabilities of extreme bottom returns within and across groups. Granger-causality tests show that the News Pessimism and the News Relevance factors exhibit a two-way causality with the stock market movements while the Web Search Volume Index (SVI) one-way Granger-causes stock markets and extreme bottom returns in the three country groups. [less ▲]

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See detailLes personnes âgées - Ältere Menschen in Luxemburg
Ferring, Dieter UL; Heinz, Andreas UL; Peltier, François et al

E-print/Working paper (2013)

Am 1. Februar 2011 lebten 71 742 Menschen über 64 Jahre in Luxemburg, was einem Anstieg von +17.5% im Vergleich zur Volkszählung 2001 entspricht. Verglichen mit dem Wachstum der Gesamtbevölkerung von 16.6 ... [more ▼]

Am 1. Februar 2011 lebten 71 742 Menschen über 64 Jahre in Luxemburg, was einem Anstieg von +17.5% im Vergleich zur Volkszählung 2001 entspricht. Verglichen mit dem Wachstum der Gesamtbevölkerung von 16.6% ist die Zahl der älteren Menschen somit etwas stärker gewachsen. Der Ausländeranteil ist bei den älteren Menschen deutlich niedriger als in der Gesamtbevölkerung (21.4% vs. 43.0%). Allerdings ist der Ausländeranteil in dieser Bevölkerungsgruppe seit der Volkszählung 2001 gestiegen (damals 15.3%). Die höhere Lebenserwartung von Frauen zeigt sich darin, dass der Frauenanteil mit zunehmendem Alter ansteigt: Bei den über 64-Jährigen liegt der Frauenanteil bei 57.2%, bei den über 84-Jährigen bei 73.2%. Damit geht einher, dass es für Frauen deutlich wahrscheinlicher ist, dass ihr Partner vor ihnen stirbt. Frauen sind damit mit einer höheren Wahrscheinlichkeit im Alter alleinstehend, leben bei ihren Kindern oder ziehen in ein Pflegeheim. Umgekehrt ist es für Männer deutlich wahrscheinlicher, dass sie auch im höheren Alter noch mit ihrer Partnerin im Privathaushalt zusammenleben. [less ▲]

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See detailEnfants, jeunes et jeunes adultes - Kinder, Jugendliche und junge Erwachsene in Luxemburg
Willems, Helmut UL; Heinz, Andreas UL; Peltier, François et al

E-print/Working paper (2013)

De 2001 à 2011, le nombre d’enfants et de jeunes âgés de moins de 20 ans est passé de 107 930 à 119 173, soit une augmentation de 10.4%. Comme la population totale s’est accrue plus fortement (+16.6 ... [more ▼]

De 2001 à 2011, le nombre d’enfants et de jeunes âgés de moins de 20 ans est passé de 107 930 à 119 173, soit une augmentation de 10.4%. Comme la population totale s’est accrue plus fortement (+16.6% entre 2001 et 2011), la part des moins de 20 ans dans la population a diminué légèrement, de 24.6% en 2001 à 23.3% en 2011. Chez les Italiens résidant au Luxembourg, le pourcentage correspondant est particulièrement faible : 13.4% des Italiens ont moins de 20 ans. En revanche, 43.2% des Monténégrins résidant au Luxembourg ont moins de 20 ans. 99.2 % des enfants et des jeunes de moins de 20 ans vivent dans des ménages privés (par opposition à des ménages collectifs, comme les foyers). Sur ces jeunes vivant dans des mé-nages privés, 82.6% habitent avec leurs deux parents ou avec un de leurs parents qui vit lui-même avec un partenaire. 15.9% des jeunes de moins de 20 ans habitent avec un parent isolé. À l’âge de 25 ans, 55.8% des jeunes ne vivent plus avec leurs parents. Chez les étrangers, à 25 ans, la part de ceux qui n’habitent plus avec leurs parents est plus élevée que cette moyenne (74.8%), alors que, pour les Luxembourgeois, la part est plus faible (39.6%). Dans la classe d’âge de 25-29 ans, 75% des Luxembourgeois sont encore célibataires. Ce pourcentage vaut également pour les Français, les Italiens, les Belges, les Allemands, les Britanniques, les Néerlandais et les Espagnols. En revanche, seulement 53.1% des Portugais et 17.1% des Monténégrins sont encore célibataires dans la classe d’âge des 25-29 ans. En termes absolus, la majorité des enfants et des jeunes habite dans la capitale ou dans le Sud-Ouest du pays. En termes relatifs, la part des enfants et des jeunes dans la population est cepen-dant plus élevée dans le Nord et dans le Nord-Est du pays. [less ▲]

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See detailLes Allemands au Luxembourg - Deutsche in Luxemburg
Heinz, Andreas UL; Thill, Germaine; Peltier, François et al

E-print/Working paper (2013)

À la date du recensement (1er février 2011), 12 049 Allemands vivaient au Luxembourg, soit 2.4% de la population totale. En termes absolus, le nombre d’Allemands a augmenté légèrement, mais de façon ... [more ▼]

À la date du recensement (1er février 2011), 12 049 Allemands vivaient au Luxembourg, soit 2.4% de la population totale. En termes absolus, le nombre d’Allemands a augmenté légèrement, mais de façon continue, depuis le recensement de 1970; cependant leur part dans la population reste relativement stable depuis 1947. L’âge moyen des Allemands est légèrement supérieur à celui de la population du Grand-Duché dans son ensemble (42.1 ans, contre 38.7 ans). La très grande majorité des Allemands habitant au Luxembourg sont nés en Allemagne (78.2%), alors que 12.4% sont nés au Luxembourg. En termes absolus, les Allemands sont les plus nombreux à Luxembourg-Ville (3 546), soit 3.7% de la population de la capitale. La part relative des Allemands est cependant la plus élevée dans la commune de Grevenmacher, avec 7.7% de la population. D’une manière générale, les Allemands ont un niveau d’éducation supérieur à la moyenne des habitants du Luxembourg, les cohortes jeunes des Allemands présents dans le pays ayant atteint des niveaux d’éducation plus élevés que les cohortes plus âgées. [less ▲]

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See detailEndogenous trade restrictions and exporters' pricing behavior
Rovegno Malharin, Laura UL

E-print/Working paper (2013)

This paper analyses the effect of antidumping (AD) duties on the pricing behaviour of exporters targeted with these measures. Using product and firm-level data for South Korea, the study provides evidence ... [more ▼]

This paper analyses the effect of antidumping (AD) duties on the pricing behaviour of exporters targeted with these measures. Using product and firm-level data for South Korea, the study provides evidence of increased export unit values and firms’ markups following the imposition of AD ad valorem duties. These findings are consistent with the hypothesis that, unlike other import tariffs, AD duties are not absorbed by exporters. The results on firms’ average markups also suggest that the price adjustment following the imposition of AD duties occurs mostly through the export price, and not through reductions in the exporter’s home price. The analysis controls for the presence of other trade measures as well as the endogeneity in AD and other contingent protection measures. [less ▲]

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See detailWho benefits from partial tax coordination?
Han, Yutao UL

E-print/Working paper (2013)

In this paper, we investigate whether partial tax coordination is beneficial to <br />countries within and outside a tax union, in which countries are supposed to compete <br />in taxes and infrastructure ... [more ▼]

In this paper, we investigate whether partial tax coordination is beneficial to <br />countries within and outside a tax union, in which countries are supposed to compete <br />in taxes and infrastructure. Our results demonstrate that, a subgroup of countries <br />agreeing on a common tax rate, can harm both member and nonmember <br />states. This is in contrast to the classical findings that partial tax harmonization <br />is Pareto improving. When a minimum tax rate is imposed within a tax union, we <br />demonstrate that it does not necessarily improve the welfare of the member countries. <br />Moreover, both the high tax and low tax countries can be worse off. This <br />conclusion is at odds with the classical result that a high tax country benefits from <br />the imposition of a lower tax bound. [less ▲]

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See detailReprésentation des fonctions de réponse radiométrique
Al-Sarray, Basad; Bogosel, Beniamin; Dalissier, Eric et al

E-print/Working paper (2013)

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See detailLes communes de la région sud - Die Gemeinden der Région sud
Heinz, Andreas UL; Thill, Germaine; Peltier, François et al

E-print/Working paper (2013)

À la date du recensement au 1er février 2011, 148 812 personnes vivaient dans la région sud du pays, soit une augmentation de 12.3% par rapport au recensement de 2001. Cette augmentation de la population ... [more ▼]

À la date du recensement au 1er février 2011, 148 812 personnes vivaient dans la région sud du pays, soit une augmentation de 12.3% par rapport au recensement de 2001. Cette augmentation de la population est inférieure à la moyenne nationale (+16.6%). La structure par âge de la population de la région sud est assez proche de celle du pays dans son ensemble. On note néanmoins des différences significatives entre Luxembourgeois et étrangers. Les Luxembourgeois sont surreprésentés dans les cohortes âgées et parmi les jeunes adultes. En re-vanche, les étrangers sont surreprésentés parmi les enfants et, surtout, dans les cohortes d’âge moyen de 25 à 50 ans. 58.9% des habitants de la région sud sont luxembourgeois et 23.1% sont portugais. Le pourcentage des personnes de toutes les autres nationalités présentes atteint 18% de la population. Avec 41.1%, la part globale des étrangers dans la population de la région sud est un peu inférieure à la moyenne nationale (43.0% d’étrangers). La part des propriétaires de logement est de 76% dans la région sud, soit un pourcentage légèrement supé-rieur à la moyenne nationale (73.0%). En revanche, la surface moyenne de logement est plus réduite dans la région sud que dans le pays dans son en-semble (117 m², contre 130 m²). Le loyer moyen est de 727 € dans la région sud, alors qu’il est de 888 € dans le pays. En revanche, comme les surfaces louées sont plus réduites qu’en moyenne nationale, le loyer par mètre carré ne se situe pas très loin de la moyenne du Grand-Duché (11.86 €/m² dans la région sud, contre 12.45 €/m² dans le pays dans son ensemble). Quant aux types de ménages, les diffé-rences entre la région sud et le pays dans son en-semble sont peu significatives. En revanche, on constate des écarts importants quant au niveau d’éducation. 45.5% de la population de la région sud ont un niveau d’éducation faible (primaire, se-condaire inférieur). Le pourcentage correspondant n’est que de 34.5% en moyenne dans le pays. À l’inverse, la part des habitants de la région sud ayant un niveau d’éducation élevé (enseignement supérieur) est, avec 15.1%, largement inférieure à la moyenne nationale (27.1%). [less ▲]

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See detailLes communes de la Nordstad - Die Gemeinden der Nordstad
Heinz, Andreas UL; Thill, Germaine; Peltier, François et al

E-print/Working paper (2013)

22 349 personnes habitaient dans les communes de la Nordstad au moment du recensement (1er février 2011), soit 7.2% de plus qu’en 2001. Dans les quatre communes les moins peuplées et périphériques aux ... [more ▼]

22 349 personnes habitaient dans les communes de la Nordstad au moment du recensement (1er février 2011), soit 7.2% de plus qu’en 2001. Dans les quatre communes les moins peuplées et périphériques aux communes de Diekirch et Ettelbrück, la croissance démographique dépasse la moyenne de la Nordstad, alors que l’augmentation du nombre d’habitants à Ettelbrück (+6.6%) et à Diekirch (+4.1%) est plus faible que la moyenne. Globalement, l’augmentation de la population de la Nordstad (+7.2%) se situe en deçà de celle du pays dans son ensemble (+16.6%). La structure par âge de la population de la Nordstad correspond globalement à celle du Grand-Duché. Cependant, la présence de la caserne militaire à Diekirch fait que les hommes jeunes sont surreprésentés. Comparés aux étrangers, les Luxembourgeois sont surreprésentés dans les cohortes âgées, alors que les étrangers sont surreprésentés dans les cohortes d’âge moyen. 60.9% des habitants de la Nordstad sont des Luxembourgeois et 24.1% des Portugais. Toutes les autres nationalités représentent 15.0% des habitants. En ce qui concerne le logement (taux de propriétaires, surface moyenne de logement, taille des ménages), les situations dans la Nordstad et au Grand-Duché dans son ensemble sont comparables. En revanche, avec 737 € en moyenne, les loyers se situent largement en-dessous de la moyenne nationale (888 €). Quant au niveau d’éducation, on constate des différences significatives entre la Nordstad et le pays dans son ensemble. Si au Grand-Duché moins d’un tiers des habitants a un niveau d’éducation faible (34.5%), le pourcentage correspondant atteint 42.1% dans la Nordstad. À l’inverse, la part des habitants ayant atteint un niveau d’éducation élevé n’est que de 18.8% dans la Nordstad, contre 27.1% dans la population totale. [less ▲]

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See detailLes personnes vivant en couple
Thill, Germaine; Peltier, François; Heinz, Andreas UL et al

E-print/Working paper (2013)

Parmi les 512 353 personnes recensées au 1er février 2011, 231 472 (soit 45.2%) vivent en couple. Ce pourcentage est un peu plus élevé pour les étrangers (47.6%) que pour les Luxembourgeois (43.4%). 88.1 ... [more ▼]

Parmi les 512 353 personnes recensées au 1er février 2011, 231 472 (soit 45.2%) vivent en couple. Ce pourcentage est un peu plus élevé pour les étrangers (47.6%) que pour les Luxembourgeois (43.4%). 88.1% des personnes vivant en couple sont mariées, 9.1% vivent en union consensuelle et 2.7% sont « pacsées ». Les Luxembourgeois sont un peu plus souvent mariés (89.1%) que les personnes de nationalité étrangère (86.9%), qui eux vivent plus souvent en union consensuelle avec respectivement 10.8% des étrangers et 7.8% des Luxembourgeois. Il existe une corrélation assez prononcée entre l’âge et le fait d’être marié, car seulement 45% des personnes âgées de 20 à 24 ans qui vivent en couple sont mariées, alors que presque la totalité des 65 ans et plus le sont (97.9%). Concernant la situation socio-économique des personnes vivant en couple, 59.5% ont un emploi tandis qu’environ un cinquième est à la retraite. Les personnes mariées ont plus souvent des enfants vivant dans le même noyau familial que les deux autres types d’union. En effet, 61.5% des personnes mariées ont des enfants vivant dans le même noyau familial contre respectivement 53.2% et 38.5% pour les personnes en union consensuelle ou pacsées. On dé-nombre au total 13.1% de couples mixtes (Luxembourgeois-étranger), 48.1% de couples formés par des Luxembourgeois et 38.8% de couples constitués par 2 étrangers. Une mixité plus prononcée est observée parmi les couples vivant en union consensuelle ou pacsés que parmi les couples mariés. Un cinquième de ces couples pacsés ou vivant en union consensuelle sont formés par une personne luxembourgeoise et une personne de nationalité étrangère (respectivement 19.2% et 20.7%). Ce pourcentage ne s’élève qu’à 12.1% pour les couples mariés. Parmi les couples où au moins une personne travaille, 4 sur 10 sont composés de deux personnes ayant le même statut dans l’emploi. Globalement, dans 27.8% des couples, on trouve au moins un des deux conjoints qui travaille dans le secteur public. [less ▲]

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See detailLeitfaden wissenschaftliches Arbeiten - Wie schreibe ich eine Hausarbeit und wie präsentiere ich sie?
Heinz, Andreas UL; Reuter, Julia; Zillien, Nicole

E-print/Working paper (2013)

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See detailLEARN stellt sech fier
Engel de Abreu, Pascale UL; Schiltz, Christine UL; Hoffmann, Danielle UL et al

E-print/Working paper (2013)

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See detailTimeliness in Selected Structural Credit Risk Models
Jin, Xisong UL; Lehnert, Thorsten UL; Nadal de Simone, Francisco

E-print/Working paper (2013)

We empirically investigate and evaluate various approaches to structurally assess credit risk changes using a panel of selected European banking groups. The objective is to evaluate the models according ... [more ▼]

We empirically investigate and evaluate various approaches to structurally assess credit risk changes using a panel of selected European banking groups. The objective is to evaluate the models according to one metric, i.e., their ability to correctly and timely identify changes in credit risk indicators useful for macroprudential policy. We consider not only the standard approaches in the literature, but also include models that allow the asset volatility to be stochastic and models that allow for short- and long-term components of default risk. Surprisingly, we find that the GARCH structural credit risk model, despite its more sophisticated modeling approach, typically underperforms more basic models. Importantly for macro-prudential policy, combining the Merton model with the GARCH-MIDAS model performs best and reflects important market events earlier than the other approaches. [less ▲]

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See detailProduct Unbundling in the Travel Industry: The Economics of Airline Bag Fees
Brueckner, Jan K.; Lee, Darin N.; Picard, Pierre M UL et al

E-print/Working paper (2013)

This paper provides theory and evidence on airline bag fees, offering insights into a real-world case of product unbundling. The theory predicts that an airline’s fares should fall when it introduces a ... [more ▼]

This paper provides theory and evidence on airline bag fees, offering insights into a real-world case of product unbundling. The theory predicts that an airline’s fares should fall when it introduces a bag fee, but that the full trip price (the bag fee plus the new fare) could either rise or fall. The empirical evidence presented in the paper provides strong confirmation of this prediction. The data also suggest that the average fare falls by less than the bag fee itself, so that the full price of a trip rises for passengers who choose to check bags. [less ▲]

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See detailGlobalization in the margins
Wang, Xuan; Spotti, Massimiliano; Juffermans, Kasper UL et al

E-print/Working paper (2013)

Detailed reference viewed: 136 (3 UL)