http://hdl.handle.net/10993/62 Search this channel search http://orbilu.uni.lu/simple-search http://hdl.handle.net/10993/41767 Title: Accounting for the distributional effects of the 2007-2008 crisis and the Economic Adjustment Program in Portugal <br/> <br/>Author, co-author: Sologon, Denisa; Almeida, Vanda; van Kerm, Philippe <br/> <br/>Abstract: This paper develops a new method to model the household disposable income distribution and decompose changes in this distribution (or functionals such as inequality measures) over time. It integrates both a micro-econometric and microsimulation approaches, combining a flexible parametric modelling of the distribution of market income with the EUROMOD microsimulation model to simulate the value of taxes and benefits. The method allows for the quantification of the contributions of four main factors to changes in the disposable income distribution between any two years: (i) labour market structure; (ii) returns; (iii) demographic composition; and (iv) tax-benefit system. We apply this new framework to the study of changes in the income distribution in Portugal between 2007 and 2013, accounting for the distributional effects of the 2007-2008 crisis and aftermath policies, in particular the Economic Adjustment Program (EAP). Results show that these effects were substantial and reflected markedly different developments over two periods: 2007-2009, when stimulus packages determined important income gains for the bottom of the distribution and a decrease in income inequality; 2010-2013, when the crisis and austerity measures took a toll on the incomes of Portuguese households, particularly those at the bottom and top of the distribution, leading to an increase in income inequality. Mon, 20 Jan 2020 17:01:45 GMT http://hdl.handle.net/10993/41766 Title: Distributional change: Assessing the contribution of household income sources <br/> <br/>Author, co-author: Kyzyma, Iryna; Fusco; van Kerm, Philippe <br/> <br/>Abstract: We develop a decomposition of distributional change by factor components to quantify how changes in the association between sources of income and changes in their marginal distributions contribute to the change in the distribution of household incomes over time. The two components are further broken down to isolate the contribution of specific income sources. Application to the change in the distribution of household incomes in Luxembourg between 2004 and 2013 reveals contrasted results: increased association between spouse earnings, public transfers, and taxes depressed the income share of poor households while changes in marginal distributions increased incomes in the upper half of the distribution. Mon, 20 Jan 2020 16:54:26 GMT http://hdl.handle.net/10993/41765 Title: What Drives Inequality <br/> <br/>Editor: Decancq, Koen; van Kerm, Philippe Mon, 20 Jan 2020 16:35:42 GMT http://hdl.handle.net/10993/41763 Title: Income and Wealth Above the Median: New Measurements and Results for Europe and the United States <br/> <br/>Author, co-author: Chauvel, Louis; Hartung, Anne; Bar-Haim, Eyal; van Kerm, Philippe <br/> <br/>Abstract: The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to describe income or wealth distributions, the authors compare wealth and income and wealth-to-income ratios in 16 European countries and the United States using data for years 2013/2014 from the Eurozone Household Finance and Consumption Survey and the US Survey on Consumer Finance. Focussing on the top half of the distribution, the authors find that for households in the top income quintile, wealth-to-income ratios generally increase rapidly with income; the association between high wealth and high incomes is highest among the highest percentiles. There is generally a positive relationship between median wealth in the country and the wealth of the top 1%. However, the United States is an outlier where the median wealth is relatively low but the wealth of the top 1% is extremely high. Mon, 20 Jan 2020 16:25:27 GMT http://hdl.handle.net/10993/41655 Title: Risk disclosure and firm operational efficiency <br/> <br/>Author, co-author: Derouiche, Imen; Manita, riadh; Muessig, Anke <br/> <br/>Abstract: This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of nonfinancial, and non-utility French firms belonging to the SBF 120 index over the period 2007–2015. In a first step, we use a data envelopment analysis output-oriented variable returns to scale model to determine firm operational efficiency scores based on one output (i.e., sales revenue) and three inputs (i.e., net property, plant, and equipment; cost of goods sold; and selling, general, and administrative costs). These scores are used in a second step to estimate the effect of risk disclosure on operational efficiency after controlling for a set of other factors. The empirical results show a statistically significant positive relation between risk disclosure and operational efficiency, suggesting that firms tend to be relatively more efficient when they disclose more about their risk exposure. Overall, we provide evidence that firms with greater risk disclosure are seen by stakeholders as more credible and trustworthy, leading them to conduct better transactions and, consequently, to improve their operational efficiency. This result is consistent with the notion that stakeholders perceive transparent firms positively, particularly those revealing bad news. Fri, 17 Jan 2020 11:22:13 GMT http://hdl.handle.net/10993/41635 Title: Underpricing of initial public offerings in experimental asset markets <br/> <br/>Author, co-author: Neugebauer, Tibor; Füllbrunn, Sascha; Nicklisch, Andreas Thu, 16 Jan 2020 10:01:29 GMT http://hdl.handle.net/10993/41605 Title: Redistribution monétaire au Luxembourg : analyse à partir d’un modèle de microsimulation <br/> <br/>Author, co-author: Vergnat, Vincent; D'Ambrosio, Conchita; Liégeois, Philippe Tue, 14 Jan 2020 20:25:12 GMT http://hdl.handle.net/10993/41603 Title: Der niedergelassene Arzt als Unternehmer: Die Rolle von Persönlichkeitsfaktoren im Zugang zu medizinischer Technologie <br/> <br/>Author, co-author: Geraudel, Mickaël; Gundolf, Katherine; Cesinger, Beate; Granata, Julien Tue, 14 Jan 2020 15:46:06 GMT http://hdl.handle.net/10993/41560 Title: The collateral channel of open market operations <br/> <br/>Author, co-author: Koulischer, François; Cassola, Nuno Tue, 14 Jan 2020 07:26:17 GMT http://hdl.handle.net/10993/41549 Title: Airport capacity and inefficiency in slot allocation <br/> <br/>Author, co-author: Picard, Pierre M; wan, xi; Tampieri, Alessandro <br/> <br/>Abstract: This paper studies the time slot allocation of flight departures when travelers have a preference for departing on peak times and the number of available peak-time slots is constrained by airport capacities. We show that, compared to public airports, private airports may restrain their supply of peak slots strictly below their capacity levels when they serve airlines that compete to the same destinations. Such an inefficiency takes place in airports that have low per-passenger charges and are not too busy. It does not occur in the absence of competition in destination markets. Mon, 13 Jan 2020 17:12:30 GMT http://hdl.handle.net/10993/41545 Title: Spatial segregation and urban structure <br/> <br/>Author, co-author: Picard, Pierre M; mossay, pascal <br/> <br/>Abstract: In this paper, we develop a model of spatial segregation mediated by competitive land prices. Agents of two groups consume city land and benefit from social interactions. Because of cultural or ethnic differences, intra-group interactions are more frequent than inter-group ones. When group sizes differ, population groups sort into distinct neighborhoods. We characterize two- and three-district urban structures. For high population ratios or strong inter-group interactions, only a three-district city exists. In other cases, multiplicity of equilibria arises. Both groups generally rank these equilibria differently. However, when group sizes are similar, all individuals agree on which spatial equilibrium is best. Mon, 13 Jan 2020 16:53:03 GMT http://hdl.handle.net/10993/41543 Title: Local Social Interaction and Urban Equilibria <br/> <br/>Author, co-author: Picard, Pierre M; Augeraud-Veron, Emmanuelle; Maruhenda, Francisco <br/> <br/>Abstract: In this paper we investigate the effect of local interaction in a simple urban economics model. Agents interact with others if and only if their interaction benefit outweights their travel cost and therefore meet others only within finite geographic windows. We show that two or more cites may co-exist at the equilibrium provided that they are sufficiently distant. For any interaction surplus function, there exists a unique spatial equilibrium on not too large city supports. The population density within a city is determined by a second order advance-delay differential equation, whose solutions are fully characterized for linear interaction surplus functions. Numerical analyses show that more localized interactions yield flatter population density and land rents over larger extents of the city support. They do not give support to the idea that multiple subcenters can be caused by small and finite geographic windows of interaction. Mon, 13 Jan 2020 16:43:48 GMT http://hdl.handle.net/10993/41540 Title: Forecasting spare part demand using service maintenance information <br/> <br/>Author, co-author: van der Auweraer, Sarah; Boute, Robert <br/> <br/>Abstract: We focus on the inventory management of critical spare parts that are used for service maintenance. These parts are commonly characterised by a large variety, an intermittent demand pattern and oftentimes a high shortage cost. Specialized service parts models focus on improving the availability of parts whilst limiting the investment in inventories. We develop a method to forecast the demand of these spare parts by linking it to the service maintenance policy. The demand of these parts originates from the maintenance activities that require their use, and is thus related to the number of machines in the field that make use of this part (known as the active installed base), in combination with the part's failure behaviour and the maintenance plan. We use this information to predict future demand. By tracking the active installed base and estimating the part failure behaviour, we provide a forecast of the distribution of the future spare parts demand during the upcoming lead time. This forecast is in turn used to manage inventories using a base-stock policy. Through a simulation experiment, we show that our method has the potential to improve the inventory-service trade-off, i.e., it can achieve a certain cycle service level with lower inventory levels compared to the traditional forecasting techniques for intermittent spare part demand. The magnitude of the improvement increases for spare parts that have a large installed base and for parts with longer replenishment lead times. Mon, 13 Jan 2020 16:19:29 GMT http://hdl.handle.net/10993/41536 Title: Forecasting spare part demand with installed base information: A review <br/> <br/>Author, co-author: van der Auweraer, Sarah; Boute, Robert; Syntetos, Aris Mon, 13 Jan 2020 16:11:52 GMT http://hdl.handle.net/10993/41489 Title: Member, Management Board, European Banking Center Network <br/> <br/>Author, co-author: Wolff, Christian Thu, 09 Jan 2020 14:34:12 GMT http://hdl.handle.net/10993/41485 Title: Monetary Policy Transmission to Consumer Financial Stress and Durable Consumption <br/> <br/>Author, co-author: Georgarakos, Dimitris; Tatsiramos, Konstantinos <br/> <br/>Abstract: We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by the random timing of household interview dates with respect to policy rate changes. After accounting for household and month-year-of- interview fixed effects, we uncover significant heterogeneities in the way monetary policy affects household groups that differ in housing and saving status. In particular, an increase in the interest rate induces financial stress among mortgagors and renters, while it lessens financial stress of savers. We find symmetric effects on durable consumption, mainly driven by mortgagors with high debt burden or limited access to liquidity and younger renters who are prospective home buyers. Thu, 09 Jan 2020 10:42:25 GMT http://hdl.handle.net/10993/41484 Title: Health and Labor Markets <br/> <br/>Editor: Polachek, Solomon; Tatsiramos, Konstantinos Thu, 09 Jan 2020 10:36:55 GMT http://hdl.handle.net/10993/41449 Title: Essays on Convertibles and Stock Markets <br/> <br/>Author, co-author: Abed Masror Khah, Sara Tue, 07 Jan 2020 11:07:28 GMT http://hdl.handle.net/10993/41443 Title: A performance evaluation of weight-constrained conditioned portfolio optimization <br/> <br/>Author, co-author: Schiltz, Jang; Boissaux, Marc Mon, 06 Jan 2020 15:07:06 GMT http://hdl.handle.net/10993/41438 Title: Local Organiser, European Shadow Financial Regulatory Committee Meeting <br/> <br/>Author, co-author: Wolff, Christian Mon, 06 Jan 2020 12:38:19 GMT