- Universidade do Minho, Braga, Portugal

Econoic Policies Research Unit—NIPE

July 4th 2014









































July 5th 2014


July 4-5, 2014, University of Minho, Portugal

 8th Annual Meeting of the Portuguese Economic Journal


Registration (Hall at the University of Minho’s Law School)




Lunch (“Panoramic Restaurant” on Campus)




Finance I  - Room ED0001

(Chair: David Fragoso Gonzalez)


Individual Investors Repurchasing Behavior: Preference for Stocks Previously Owned (Cristiana Cerqueira Leal, Manuel J. Rocha Armada, Gilberto Loureiro)


Disclosure Regulation in Commercial Banking: Lessons from the National Banking Era (João Granja)


The main determinants of banking crises and the fragility of regulation: evidence from OECD countries (Cristina Pereira, Jacinto Vidigal da Silva, Joaquim J. S. Ramalho)


A Theory of Disclosed Executive Compensation as a Signal of Inside Information (David Fragoso Gonzalez)


Labour Economics I  - Room ED0003

(Chair: Ana Rute Cardoso)


How Does Unemployment Affect the Desirability of the EITC vs. NIT? Theory and Evidence (Kory Kroft, Kavan Kucko, Johannes Schmieder)


Ageism and business cycle (Laetitia Challe)


Bargaining and the Gender Wage Gap: A Direct Assessment (David Card, Ana Rute Cardoso, Patrick Kline)



Macroeconomics I - Room ED0004

(Chair: António Afonso)


The ECB's OMTs: a tale of governments and investors, constitutional judges and the central bank (Nuno Cassola, José Jorge)


Predictive power of the term structure of interest rates over recessions in Europe (Carlos Pinho, Mara Madaleno, Isabel Maldonado, Francisco Rodríguez de Prado)


Discrete dynamics for the core-periphery model (Liliana Garrido-da-Silva, Sofia B.S.D. Castro, Paulo B. Vasconcelos)


The relevance of fiscal rules for fiscal and sovereign yield developments (António Afonso, Ana Sofia Guimarães)


Industrial Organization I - Room ED0005

(Chair: Joana Resende)


Media Plurality: Private versus Mixed Duopolies (Armando J. Garcia Pires)


On price competition between verti-zontally differentiated platforms (Vítor Miguel Ribeiro, João Correia-da-Silva, Joana Resende)


Network effects, Aftermarkets and the Coase Conjecture (Didier Laussel, Ngo Van Long, Joana Resende)








Econometrics - Room ED0001

(Chair: Luis F. Martins)


Cost Efficiency Analysis of Swedish Financial Enterprises: An Empirical Investigation (Onur Akkaya)


Markup and Productivity Estimation for Single-Product Firms: The Portuguese case 2004-2010 (Carlos Santos, Luís F. Costa, Paulo Brito)


Bootstrap Tests for Time Varying Cointegration (Luis F. Martins)



Energy Economics - Room ED0003

(Chair: João Santos)


Is The Share Of Renewable Energy Sources Determining The CO2 KwH - Income Relation In Electricity Generation? (Victor Moutinho, Margarita Robaina-Alves)


Carbon Financial Markets: a time-frequency analysis of CO2 price drivers (Rita Sousa, Luís Aguiar-Conraria, Maria Joana Soares)


Useful work & economic growth: Portugal 1960-2009 (João Santos, Tiago Domingos, Tânia Sousa, Miguel St. Aubyn)



Household Economics - Room ED0004

(Chair: Paulo Santos Monteiro)


Has US Household Deleveraging Ended? A Model-Based Estimate of Equilibrium Debt (Bruno Albuquerque, Ursel Baumann, Georgi Krustev)


The life cycle model and the rental housing expenditure share (João Miguel Ejarque)


Labor market effects of improved access to credit by the poor: evidence from Cape Verde (Paolo Casini, Olivia Riera, Paulo Santos Monteiro)



Industrial Organization II - Room ED0005

(Chair: Ricardo Gonçalves)


Competitive Targeted Advertising with Price Discrimination (Rosa Branca Esteves, Joana Resende)


Measuring the Effects of Search Costs on Equilibrium Prices and Profits (Tiago Pires)


Backward partial vertical integration with discriminatory pricing (Ricardo Gonçalves)


Trip to Bom Jesus


Conference Dinner




Finance II - Room ED0001

(Chair: Luís Oliveira)


The Performance of Swedish Socially Responsible Mutual Funds (Carlos Leite, Maria Ceu Cortez, Florinda Silva)


Analysis of Market Quality Before and After the 2001 Short Selling Bans (Carlos Alves, Victor Mendes, Paulo Pereira da Silva)


The Halloween Effect in European sectors (Tiago Carrazedo, José Dias Curto, Luís Oliveira)



Game Theory  - Room ED0003

(Chair: Allard van der Made)


Fully Revealing Rational Expectations in Financial Markets (Egas M. Salgueiro)


Stability in price competition revisited (Marta Faias, Javier Hervés-Estévez, Emma Moreno-García)


Graduated Punishments in Public Good Games (Allard van der Made)



Growth - Room ED0004

(Chair: Paulo Brito)


Public debt, productive public spending and endogenous growth (Alfred Greiner)


The Two Revolutions: Land Elites and Education during the Industrial Revolution (Duarte N. Leite)


Interest rates and endogenous population growth: joint age-dependent dynamics (Paulo Brito)



Political Economy I - Room ED0005

(Chair: Luís Aguiar-Conraria)


Pork Barrel as a Signaling Tool: The Case of US Environmental Policy (Hélia Costa)


Political determinants of municipal accounts: quasi-experimental evidence from Portugal (Mariana Lopes da Fonseca)


Experimental evidence that quorum rules discourage turnout and promote election boycotts (Luís Aguiar-Conraria, Pedro C. Magalhães, Christoph A. Vanberg)



Coffee Break


KEYNOTE LECTURE: Auditório Nobre

Xavier Vives (IESE Business School)


Lunch (“Hotel Melia’s restaurant”)




Experimental Economics - Room ED0001

(Chair: Miguel A. Fonseca)


Does Identity Affect Distribution Rules And Productivity Of Heterogeneous Teams? An experiment (Hélia Marreiros)


Ethical consumption in an incentivized market experiment (Marieta Valente)


The behavioral and institutional determinants of gift exchange: evidence from a real-effort labor market experiment (Miguel A. Fonseca, João Madeira)



Industrial Organization III - Room ED0003

(Chair: João Correia-da-Silva)


Oligopoly, Financial Structure and Bankruptcy Risk (Magali Pedro Costa, Cesaltina Pacheco Pires)


Uncertain Efficiency Gains and Merger Policy (Mariana Cunha, Paula Sarmento, Hélder Vasconcelos)


Impossibility of market division with two-sided private information about production costs (João Correia-da-Silva)



Labour Economics II - Room ED0004

(Chair: Tiago Neves Sequeira)


Reemployment effects from increased activation: Evidence from times of crisis (Pedro S. Martins, Sofia Pessoa e Costa)


Asymmetric labour market reforms and the wage growth of fixed-term contracts: does learning about match quality matter? (Marta Silva)


Measuring Labour Mismatch in Europe (António Morgado, Tiago Neves Sequeira, Marcelo Santos, Alexandra Ferreira-Lopes, Ana Balção Reis)



Macroeconomics II - Room ED0005

(Chair: Laura Coroneo)


Output effects of a measure of tax shocks based on changes in legislation for Portugal (Manuel Coutinho Pereira, Lara Wemans)


On Wealth Heterogeneity and Fiscal Multipliers (Pedro Brinca, Hans A. Holter, Per Krusell)


Unspanned macroeconomic factors in the yield curve (Laura Coroneo, Domenico Giannone, Michele Modugno)



Coffee Break




Health and Population Economics - Room ED0001

(Chair: Sara Fernández López)


Hospital-acquired infections: a cost estimation for BSI in Portugal (Francesca Fiorentino, Pedro Pita Barros)


Where Did Civil Servants Go? A Study on the Singularities of Multi-State Pooling (Sofia Vaz, Pedro Ramos)


Private retirement saving: a study of its driving factors. The cases of Portugal and Spain (Lucía Rey Ares, Milagros Vivel Búa. Sara Fernández López)



Industrial Organization IV - Room ED0003

(Chair: Hélder Vasconcelos)


Crisis and Youth Entrepreneurship in the European Union (Elsa Fontainha)


Entry by research-based spin-offs (Oscarina Conceição, Ana Paula Faria, Margarida Fontes)


Why do Entrepreneurs Choose Risky R&D Projects - But Still Not Risky Enough (Erika Färnstrand Damsgaard, Pehr-Johan Norbäck, Lars Persson, Hélder Vasconcelos)



Political Economy II - Room ED0004

(Chair: Ana Fernandes)


Political cycles and government expenditures: Evidence from Portugal (Vítor Castro, Rodrigo Martins)


Public expenditure composition and economic growth: the role of government accountability (Atsuyoshi Morozumi, Francisco José Veiga)


Institutions and the Sectoral Organization of Production (Ana Fernandes)