Quants of the year: Leif Andersen, Michael Pykhtin and Alexander Sokol https://t.co/1J7L51CNSX â moneyscience (@moneyscience) December 8, 2017
Quants of the year: Leif Andersen, Michael Pykhtin and Alexander Sokol - Risk.net
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Athens Exchange Group: Successful Completion Of Dress Rehearsal
Following the announcement of the ATHEX Stock Markets Steering Committee regarding the Amendment of the ATHEX Exchange Rulebook and the concomitant modifications of the Trading Model of the ATHEX Markets through the ATHEX Resolutions, we inform you about the successful completion of the Members' Dress Rehearsal for the systems' readiness check.
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Oslo Børs VPS Holding: Ex. Dividend Of NOK 4.00 Today
Reference is made to the announcement of 6 December 2017.
The share will be traded ex dividend of NOK 4.00 from today, 11 December 2017.
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R.J. O’Brien Becomes Latest Distributor Of Fidessa Workstation
Fidessa group plc (LSE: FDSA) today announced that R.J. O'Brien has signed a global agreement to distribute Fidessa's award-winning futures and options workstation in order to meet demand from its institutional clients, initially in the UK and Europe. R.J. O’Brien is one of the largest independent futures brokerages and one of the world's premier clearers specialising in exchange-traded futures and options.
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Intercontinental Exchange Appoints Boudewijn Duinstra As Head Of First Line Clearing Risk For ICE Clear Europe
Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that Boudewijn Duinstra has joined ICE Clear Europe as Head of First Line Clearing Risk.
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Deutsche Börse AG Turns 25
Deutsche Börse AG celebrated its 25 anniversary on the trading floor of the Frankfurt Stock Exchange on Monday. Numerous clients, regulators, former executive board and supervisory board members as well as employees joined the bell-ringing ceremony to honour this anniversary. On 11 December 1992, the former owners of the three independent companies – Frankfurter Wertpapierbörse AG, DTB Deutsche Terminbörse GmbH and Deutsche Kassenverein AG – opted to merge their businesses. The merger became effective on 1 January 1993, marking the foundation of Deutsche Börse AG. This created an integrated market infrastructure provider in Frankfurt and in Germany for the first time.
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UK's Financial Conduct Authority Sets Out Its Approach To Authorisation And Its Approach To Competition
The Financial Conduct Authority (FCA) has today published its approach to authorisation and its approach to competition.
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Bitcoin Futures Launch Sees Price Spike as CBOE Website Crashes
The CBOE's website became unavailable just as it launched its first bitcoin futures contracts on Sunday.
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Deutsche Bank: Blockchain Opportunities Are 'Huge'
A presentation by the bank's wealth management execs declared that blockchain technology has a lot of potential, but was lukewarm of cryptocurrencies.
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Gibraltar Bill Passage Paves Way for Blockchain Regulations
Lawmakers in Gibraltar approved a piece of legislation last week that fits into the government's broader plans for blockchain.
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SEC Official: Cryptocurrency Investment Funds Raise Questions
The head of the SEC's investment management office said the agency is weighing questions related to funds that plan to hold cryptocurrencies.
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France Gives Go-Ahead for Blockchain Trading of Unlisted Securities
The French government has given the official nod for trading unlisted securities using blockchain technology.
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The Effect of Court-Ordered Hiring Guidelines on Teacher Composition and Student Achievement -- by Cynthia (CC) DuBois, Diane Whitmore Schanzenbach
This paper examines the effect of a court-ordered hiring guidelines intended to increase the share of black teachers employed in a school district in Louisiana. We find that the court-ordered hiring policy significantly increased the share of teachers who are black in the district relative to the rest of the state, and to a matched synthetic control sample. The policy also increased the share of new teachers hired who are black, and decreased the student-teacher representation gap, defined as the difference in enrollment share black among students and teachers in a district. There were increases in the share of black teachers observed in both predominately white and predominately black schools in the district. The policy had no measurable impacts--either positive or negative--on district-level measures of student achievement.
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The Social Origins of Inventors -- by Philippe Aghion, Ufuk Akcigit, Ari Hyytinen, Otto Toivanen
In this paper we merge three datasets - individual income data, patenting data, and IQ data - to analyze the determinants of an individual's probability of inventing. We find that: (i) parental income matters even after controlling for other background variables and for IQ, yet the estimated impact of parental income is greatly diminished once parental education and the individual's IQ are controlled for; (ii) IQ has both a direct effect on the probability of inventing an indirect impact through education. The effect of IQ is larger for inventors than for medical doctors or lawyers. The impact of IQ is robust to controlling for unobserved family characteristics by focusing on potential inventors with brothers close in age. We also provide evidence on the importance of social family interactions, by looking at biological versus non-biological parents. Finally, we find a positive and significant interaction effect between IQ and father income, which suggests a misallocation of talents to innovation.
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Intentions for Doing Good Matter for Doing Well: The (Negative) Signaling Value of Prosocial Incentives -- by Lea Cassar, Stephan Meier
Prosocial incentives and Corporate Social Responsibility (CSR) initiatives are seen by many firms as an effective way to motivate workers. Recent empirical results seem to support the expectation that prosocial incentive, e.g. in the form of a charitable donations by the firm, can increase effort and motivation - sometimes even better than monetary incentives. We argue that the benefits crucially depend on the perceived intention of the firm. Workers use prosocial incentives as a signal about the firm's type and if used instrumentally in order to profit the firm, they can backfire. We show in an experiment in collaboration with an Italian firm, that monetary and prosocial incentives work very differently. While monetary incentives used instrumentally increase effort, instrumental charitable incentives backfire compared to non-instrumental incentives. This is especially true for non-prosocially-motivated workers who do not care about the prosocial cause but use prosocial incentives only as a signal about the firm. The results contribute to the understanding of the limits of prosocial incentives by focusing on their signaling value to the agent about the principal's type.
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The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico -- by Anusha Chari, Ryan Leary, Toan Phan
Puerto Rico's unique characteristics as a U.S. territory allow us to examine the channels through which (sub)sovereign default risk can have real effects on the macroeconomy. Post-2012, during the period of increased default probabilities, the cointegrating relationship between real activity in Puerto Rico and the U.S. mainland breaks down and Puerto Rico spirals into a significant decline. We exploit the cross-industry variation in default risk exposure to identify the impact of changes in default risk on employment. The evidence suggests that there are significantly higher employment growth declines in government demand and external finance dependent industries. An additional real effect of default anticipation is that heightened default risk Granger causes Puerto Rico's austerity measures. An event study analysis using government bond yields and stock returns confirms that news of increased default risk increases the cost of capital for the Puerto Rican government and for publicly traded Puerto Rican firms.
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Is Occupational Licensing a Barrier to Interstate Migration? -- by Janna E. Johnson, Morris M. Kleiner
Occupational licensure, one of the most significant labor market regulations in the United States, may restrict the interstate movement of workers. We analyze the interstate migration of 22 licensed occupations. Using an empirical strategy that controls for unobservable characteristics that drive long-distance moves, we find that the between-state migration rate for individuals in occupations with state-specific licensing exam requirements is 36 percent lower relative to members of other occupations. Members of licensed occupations with national licensing exams show no evidence of limited interstate migration. The size of this effect varies across occupations and appears to be tied to the state specificity of licensing requirements. We also provide evidence that the adoption of reciprocity agreements, which lower re-licensure costs, increases the interstate migration rate of lawyers. Based on our results, we estimate that the rise in occupational licensing can explain part of the documented decline in interstate migration and job transitions in the United States.
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Austerity and the rise of the Nazi party -- by Gregori Galofre-Vila, Christopher M. Meissner, Martin McKee, David Stuckler
The current historical consensus on the economic causes of the inexorable Nazi electoral success between 1930 and 1933 suggests this was largely related to the Treaty of Versailles and the Great Depression (high unemployment and financial instability). However, these factors cannot fully account for the Nazi's electoral success. Alternatively it has been speculated that fiscally contractionary austerity measures, including spending cuts and tax rises, contributed to votes for the Nazi party especially among middle- and upper-classes who had more to lose from them. We use voting data from 1,024 districts in Germany on votes cast for the Nazi and rival Communist and Center parties between 1930 and 1933, evaluating whether radical austerity measures, measured as the combination of tax increases and spending cuts, contributed to the rise of the Nazis. Our analysis shows that chancellor Bruening's austerity measures were positively associated with increasing vote shares for the Nazi party. Depending on how we measure austerity and the elections we consider, each 1 standard deviation increase in austerity is associated with a 2 to 5 percentage point increase in vote share for the Nazis. Consistent with existing evidence, we find that unemployment rates were linked with greater votes for the Communist party. Our findings are robust to a range of specifications including a border-pair policy discontinuity design and alternative measures of radicalization such as Nazi party membership. The coalition that allowed a majority to form government in March 1933 might not have been able to form had fiscal policy been more expansionary.
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Financial Spillovers and Macroprudential Policies -- by Joshua Aizenman, Menzie D. Chinn, Hiro Ito
We investigate whether and to what extent macroprudential policies affect the financial link between the center economies (CEs, i.e., the U.S., Japan, and the Euro area), and the peripheral economies (PHs). We first estimate the correlation of the policy interest rates between the CEs and the PHs and use that as a measure of financial sensitivity. We then estimate the determinants of the estimated measure of financial sensitivity as a function of country-specific macroeconomic conditions and policies. The potential determinant of our focus is the extensity of macroprudential policies. From the estimation exercise, we find that a more extensive implementation of macroprudential policies would lead PHs to (re)gain monetary independence from the CEs when the CEs implement expansionary monetary policy; when PHs run current account deficit; when they hold lower levels of international reserves (IR); when their financial markets are relatively closed; when they are experiencing an increase in net portfolio flows; and when they are experiencing credit expansion.
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Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality -- by Vojislav Maksimovic, Gordon M. Phillips, Liu Yang
Using U.S. Census data, we track firms at birth and compare the growth pattern of IPO firms and their matched always-private counterparts over their life cycle. Firms that are larger at birth with faster initial growth are more likely to attain a larger size and to subsequently go public. We estimate a model to predict the propensity to become public ("public quality") using initial conditions. Firms in the top percentile of public quality grow 29 times larger than the remaining firms fifteen years later if they actually become public and 14 times larger if they stay private, showing a large selection effect for IPO status. Public firms respond more to demand shocks after their IPO and are more productive than their matched private counterparts. This effect is stronger in industries that are capital intensive and dependent on external financing. Overall, initial conditions predict firm growth trajectories, selection into public status and responsiveness to demand shocks. We find no evidence of public market myopia when matching by initial conditions.
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