CEEAplA Working Paper Series 2006
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- Term and equity premium in economies with habit formationPublication . Budría, Santiago; Díaz, AntoniaIn this paper we investigate the size of the risk premium and the term premium in a representative agent exchange model economy where households preferences are subject to habit formation. As a novel feature, we develop theoretical measures for risk premium and term premium that can be used even when the consumption growth process is serially autocorrelated. We find that habit formation increases risk aversion significantly but increases much more the aversion to variations of consumption across dates. This induces a substantial increase in the precautionary demand of short term assets and a significant fall in the precautionary demand of long term assets. As a result, the term premium increases substantially with habit formation. Next we calibrate our model economy and examine the quantitative predictions of our theoretical measures of equity premium, risk premium and term premium. In line with previous literature, we show that it is possible to find a reasonable calibration for which the equity premium is that observed in the data. However, we find that around 70 percent of the equity premium is just term premium. That is, a very large fraction of the increase in the equity premium is due to the asymmetric effect that habit formation has on the precautionary demand of an asset depending on its maturity.
- Schooling and the distribution of wages in the European private and public sectorsPublication . Budría, SantiagoInternational research has shown that schooling enhances within-groups wage dispersion. This assessment is typically based on private sector data and, up to date, the inequality implications of schooling have not been documented for the public sector. This paper uses recent data from eight European countries to explicitly take into account differences between the private and public sectors. Using quantile regression, the paper describes the effects of schooling on the location and shape of the conditional wage distribution in each sector. While the average impact of schooling on wages is similar across sectors, the impact of schooling on within-groups dispersion is found to be substantially larger in the private sector than in the public sector. This finding warns that the effects of the European educational expansion on overall within-groups dispersion may be lower than previously thought.
- Teaching Keynes's principle of effective demand and chapter 19Publication . Andini, CorradoThis paper extends a model proposed by Dalziel and Lavoie (2003) and discuss the main difference between Keynes and the neoclassical theory in the extended framework: the consequences of money-wage flexibility.
- Can over-education account for the positive association between education and within-groups wage inequality?Publication . Budría, SantiagoInternational evidence shows that conditional wage dispersion increases as we move towards more educated individuals. This paper asks whether over-education accounts for this fact. The answer is a resounding 'no'.
- Economic inequality in Spain : the European Community household panel datasetPublication . Budría, Santiago; Díaz-Giménez, JavierThis article uses data from the 1998 European Community Household Panel to study economic inequality in Spain. It reports data on the Spanish distributions of income, labor income, and capital income, and on related features of inequality, such as age, employment status, educational attainment, and marital status. It also reports data on the income mobility of Spanish households, and data on income inequality in other European countries and in the U.S. We find that income, earnings, and, very especially, capital income are very unequally distributed in Spain and that economic inequality in Spain is well above the European average.
- Determinants of length of stay : a parametric survival analysisPublication . Menezes, António Gomes de; Moniz, Ana Isabel ArrudaLength of stay is one of the most important decisions made by tourists as it conditions their overall expenditure and stress caused on local resources. This paper estimates survival analysis models to learn the determinants of length of stay as survival analysis naturally lends itself to study the time elapsed between arrival and departure at a destination. It is found that individual sociodemographic profiles, such as nationality and gender, and attributes of actual trip experiences, such as repeat visitor behavior and overall satisfaction, are important determinants of length of stay. Thus, this paper’s regression results can be used to estimate the probability that a given group of individuals experiences a stay longer than a given threshold. This is important to the design of marketing strategies that effectively influence length of stays.
- A História do Direito de Asilo no Direito InternacionalPublication . Rodrigues, José NoronhaApós os acontecimentos fatídicos ocorridos a 11 de Setembro de 2001, nos Estados Unidos, a 11 de Março de 2005, em Espanha e a 21 de Julho de 2005, em Londres, temos obrigatoriamente, que analisar o sistema internacional de protecção dos refugiados. Principalmente, porque, os estrangeiros em geral, independentemente, da nacionalidade passaram a ser vistos como alvos a abater. Estará então, em crise o sistema internacional de protecção dos refugiados? Julgamos que não. Desde que, não confundamos os refugiados, os requerentes de asilo, os deslocados, e os imigrantes em geral com os terroristas.
- The impact of IFRS in the financial information of the portuguese companiesPublication . Couto, Gualter; Cordeiro, RubenWith the purpose of increasing the efficiency of the European finance market, the European Union forced the classified companies in the share market to publish, from January 1st, 2005 onwards, their consolidated financial statements with the support of the International Financial Reporting Standards (IFRS), emanated of International Accounting Standards Board (IASB). This study intends to measure the impact caused by IFRS application in the financial information of the Portuguese business companies, belonging to the Eurolist by Euronext Lisbon. The results demonstrated that the structure of the consolidated balance sheet and income statement suffered a relevant accounting conversion, conditioning the measure made to the performance and the financial position of the business companies. However, one verified that the accounting variations occurred didn't reveal a pattern, being excessively inconstant. The existence of dependent relationships was verified among the relative percentage verified in some accounting items and the business dimension of the companies. The larger the dimension of the studied companies the bigger the impact of the IFRS application.
- Políticas de asilo e de direito de asilo na União EuropeiaPublication . Rodrigues, José NoronhaA ideia de asilo pode-se dizer que é tão antiga como os primórdios da humanidade, talvez, por isso, existe uma panóplia de literatura e de legislação (Internacional e/ou Europeia) que, de forma directa e/ou indirecta, caracterizam, essa problemática. Todavia, somos da opinião de que “ (…) não existe, efectivamente, um verdadeiro Direito de Asilo na União Europeia, pelo menos, no sentido em que, tradicionalmente, ele é considerado, como um conjunto de normas jurídicas harmónicas e correlacionadas entre si. Existem, sim, várias políticas de asilo, díspares entre os diversos Estados-Membros (…)”
- Forecast of hotel overnights in the autonomous region of the AzoresPublication . Santos, Carlos; Couto, Gualter; Pimentel, PedroThis paper concentrates on the application of various time series methods in order to forecast the monthly overnights in Azorean hotels. The aim is to find out the degree to which the forecast of overnights segmented by country of origin, presents smaller errors when compared with the forecast of the total overnights in the Region. The appropriate forecasting method by a tourist’s country of origin, is also analyzed so that potential optimal combinations of separate forecasts can be found in order to forecast the total overnights in Azores.