CEEAplA Working Paper Series 2007
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- Overeducation and wages in Europe : evidence from quantile regressionPublication . Budría, Santiago; Moro-Egido, Ana I.The literature has typically assumed that the effect of overeducation on wages is constant over the conditional wage distribution. In this paper, we use quantile regression and data from 12 European countries to show that the overeducation wage effect may differ largely across segments of the distribution. By differentiating between quantiles, we discriminate between groups of workers with different (unobservable) skills. We find that the detrimental effects of overeducation among the high-skilled are indeed higher than among the lowskilled. This finding lends support to the view that overeducation is an event that reduces the worker’s potential productivity, regardless of his skills.
- Measuring the impact of international financial reporting standards (ifrs) in firm reporting : The case of PortugalPublication . Silva, Francisco; Couto, Gualter; Cordeiro, Ruben MotaTo increase efficiency of the European finance market, the European Union (EU) recently forced all public companies to publish their financial disclosures with the support of the International Financial Reporting Standards (IFRS), emanated by the International Accounting Standards Board (IASB), beginning January 1, 2005. In this paper, we measure the impact of the application of IFRS to financial information of Portuguese public companies belonging to the Eurolist by Euronext Lisbon. The results show that the Balance Sheet and Income Statement structures of the firms studied suffered relevant accounting conversions in the process of compliance. Nevertheless, we did not find a clear pattern for the accounting variations. IFRS implementation conditioned the measure made to the performance and the financial position of the business companies in Portugal.
- Economic inequality in Portugal : A picture in the beginnings of the 21st centuryPublication . Budría, SantiagoThis article uses data from the 1994-2001 waves of the European Community Household Panel to study economic inequality in Portugal. It reports data on the Portuguese distributions of income, labor earnings, and capital income, and on related features of inequality, such as age, employment status, educational attainment, marital status and economic mobility. It also documents changes in inequality from 1994 to 2001, a period of economic expansion in Portugal. The statistical significance of the observed changes is assessed using non-parametric tests based on bootstrap techniques. The paper shows that income, earnings, and, very especially, capital income are very unequally distributed in Portugal. It also shows that over the sample years income and earnings inequality decreased, whilst capital income inequality tended to increase.
- Optimal timing of relocationPublication . Azevedo-Pereira, José; Couto, Gualter; Nunes, CláudiaIn this paper we tackle the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we derive results concerning the expected optimal timing for relocation, the corresponding volatility and the value of the firm under the optimal relocation policy. Impacts on the final results driven by the characteristics of the firm´s original location site, the market environment and the way in which risk is modeled, are studied numerically. The overall results are in line with economic intuition.
- Technology adoption deterrence through learning and capacity investmentPublication . Cabral, RicardoThis paper analyzes an incumbent’s use of learning and manufacturing capacity investment to deter or accommodate adoption of a new technology by a potential competitor, using a perfect state-space equilibrium concept and a model motivated by the semiconductor industry. The results indicate that, under typical market conditions, an incumbent leaves some capacity idle after learning-by-doing cost reductions have been achieved, and an incumbent that follows an accommodation strategy invests in more learning than a monopoly that does not face the threat of entry. Finally, the analysis suggests that investments in learning and manufacturing capacity allow early adopters to credibly alter strategies (and equilibria) of the adoption game in their favor vis-à-vis followers.
- Teaching Keynes’s principle of effective demand within the real wage vs. employment spacePublication . Andini, CorradoThis paper reviews several models for teaching Keynes’s principle of effective demand within the real wage vs. employment space and explores a simple extension of a model originally proposed by Lavoie (2003).
- Arquitectura constitucional y procesos de integración en el caso portuguêsPublication . Rodrigues, José NoronhaCom meio século de existência, o processo de integração europeu/União Europeia encontra-se, actualmente, numa nova encruzilhada. Contudo, hoje, parece-nos inquestionável, que a integração europeia é um processo irreversível. Creio que laboramos neste sentido nos últimos cinquenta anos, de Paris a Nice. Portugal por via das sucessivas revisões Constitucionais conseguiu acompanhar e adaptar a sua arquitectura Constitucional ao processo de integração europeu.
- Modelos de integración jurídica en el derecho comparadoPublication . Rodrigues, José NoronhaOs “Modelos de Integração Jurídica”, poderão ser caracterizados como aquele molde pequeno e quase perfeito produzido pelo Direito de alguns Estados e, que, os outros Estados tendem a seguir e a imitar, e por vezes, integrar ajustando a ele, “ (…) saindo [deste modo] do paradigma do [modelo de] Estado soberano para [a promoção do modelo] da sociedade global.”
- Las políticas de género en el âmbito Comunitário EuropeoPublication . Rodrigues, José NoronhaO século XX será recordado na História da Humanidade como o século das mulheres. O século em que as mulheres ganharam visibilidade, reivindicaram direitos, exigiram a igualdade de tratamento e de oportunidades e, a Comunidade Política Internacional desvendou um vocábulo novo, o de “Políticas de Género”. Falar em Direitos da Mulher é, ainda, falar em Direitos Humanos.
- Financial development and long-run growth : is the cross-sectional evidence robust?Publication . Andini, Corrado; Andini, MonicaIn a seminal paper, Levine et al. (2000) provide cross-sectional evidence on the causal positive impact of financial development on the mean of the conditional long-run growth distribution, in a sample of 71 countries. Using the same data-set, we argue that the impact of financial development of the median of the conditional growth distribution is doubtful. In addition, we find that the mean-based results due to Levine et al. (2000) are not robust to the presence of three outliers: Korea (Republic of), Malta and Taiwan.