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    <title>EconStor Collection: IZA Discussion Papers</title>
    <link>http://hdl.handle.net/10419/41</link>
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    <title>Predictability of asset returns and the efficient market hypothesis</title>
    <link>http://hdl.handle.net/10419/36981</link>
    <description>Titel: Predictability of asset returns and the efficient market hypothesis
&lt;br/&gt;
&lt;br/&gt;Autoren: Pesaran, M. Hashem
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market efficiency. The paper then focuses on the theoretical foundation of the EMH, and show that market efficiency could co-exit with heterogeneous beliefs and individual irrationality so long as individual errors are cross sectionally weakly dependent in the sense defined by Chudik, Pesaran, and Tosetti (2010). But at times of market euphoria or gloom these individual errors are likely to become cross sectionally strongly dependent and the collective outcome could display significant departures from market efficiency. Market efficiency could be the norm, but it is likely to be punctuated with episodes of bubbles and crashes. The paper also considers if market inefficiencies (assuming that they exist) can be exploited for profit.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36980">
    <title>Crisis, what crisis? Patterns of adaptation in European labor markets</title>
    <link>http://hdl.handle.net/10419/36980</link>
    <description>Titel: Crisis, what crisis? Patterns of adaptation in European labor markets
&lt;br/&gt;
&lt;br/&gt;Autoren: Eichhorst, Werner; Feil, Michael; Marx, Paul
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: The current crisis, while of a global nature, has affected national labor markets to a varying extent. While some countries have experienced a steep increase in unemployment, employment in other developed economies has not fallen in parallel with a significant decline in GDP. Our analysis shows that labor market institutions frequently used to study employment performance can explain the development of unemployment in the situation of crisis in some clusters of countries much better than in others. One major factor to be incorporated in capturing national variations is the role of internal flexibility, in particular working time adjustment. This calls for a broader concept of labor market flexibility which takes into account different channels of adjustment.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36979">
    <title>Uniform and nonuniform staggering of wage contracts</title>
    <link>http://hdl.handle.net/10419/36979</link>
    <description>Titel: Uniform and nonuniform staggering of wage contracts
&lt;br/&gt;
&lt;br/&gt;Autoren: Danziger, Leif
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic substitutes, which provides a powerful rationale for staggering. We show that for realistic parameter values, there is a continuum of possible equilibria with various degrees of staggering of long contracts. If the contracting cost is not too large, then the lowest possible degree of staggering decreases with the contracting cost and increases with monetary uncertainty.</description>
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  <item rdf:about="http://hdl.handle.net/10419/36978">
    <title>Does income taxation affect partners' household chores?</title>
    <link>http://hdl.handle.net/10419/36978</link>
    <description>Titel: Does income taxation affect partners' household chores?
&lt;br/&gt;
&lt;br/&gt;Autoren: Van Soest, Arthur; Stancanelli, Elena
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: We study the impact of income taxation on both partners' allocation of time to market work and unpaid house work in households with two adults. We estimate a structural household utility model in which the marginal utilities of leisure and house work of both partners are modelled as random coefficients, depending on observed and unobserved characteristics of the household and the two partners. We use a discrete choice model with choice sets of 2,401 points for each couple, distinguishing seven market work intervals and seven house work intervals for each partner. The model is estimated using data for France, which taxes incomes of married couples jointly, like, for instance, Germany and the US. We find that both partners' market and non-market time allocation decisions are responsive to changes in the tax system or other policy changes that change the financial incentives. Women's time allocation is more responsive to the own and the partner's wage rate than men's. Tax policy simulations suggest that moving from joint taxation for married couples to separate taxation of each spouse would go a small step in the direction of equalizing market and non-market work of spouses. Selective taxation with smaller tax rates for women than for men would magnify these effects.</description>
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