Asymmetric Effects and Long Memory in the Volatility of Dow Jones Stocks
International Journal of Forecasting, v. 25, 2009
p. 304-327,
Marcel Scharth, Marcelo Medeiros.
Navegue nas categorias para acessar o conteúdo de publicações acadêmicas, científicas e de opinião dos professores e alunos do Departamento de Economia da PUC-Rio.
International Journal of Forecasting, v. 25, 2009
p. 304-327,
Marcel Scharth, Marcelo Medeiros.
Journal of Public Economics, v. 93, TD n. 1-2, 2009
p. 208-295,
Javier Birchenall, Rodrigo Reis Soares.
Health Economics, v. 18, TD n. S1, 2009
p. S37-S54,
Rodrigo Reis Soares.
Annals of Finance, v. 6, 2009
p. 51-82,
Vinicius Nascimento Carrasco, João Manoel Pinho de Mello.
Brazilian Review of Econometrics, v. 29, TD n. 2, 2009
p. 251-284,
In this paper, we investigate the dynamics of labor adjustment at the rm level in
Brazilian manufacturing, using information on average hours per worker to measure
employment deviation from desired levels as in Caballero et al. (1997). We use Brazilian
manufacturing data at the establishment level and monthly frequency. The objective is
to estimate the employment adjustment function, which relates the magnitude of em-
ployment changes to the size of employment gaps. The empirical results point to the
presence of nonconvexities in employment adjustment costs in Brazilian manufacturing,
with estimated employment adjustment rates increasing with the size of employment
gaps. On average, employment adjustment rates range from 10% for small employment
gaps to 35% for large ones. The results also show that there is a large proportion of
rms in the sample that do not adjust employment over two consecutive periods. We
run several robustness tests with alternative ways of estimating the employment gaps,
using other forms of dealing with measurement error and a problem of endogeneity of the
hours change variable. Although the magnitudes of employment adjustment rates vary,
we show that: i) the variations are in line with the expected directions of the biases in
estimating the coecient of the hours change variable; and ii) the format of employment
adjustment functions does not change across specications, always revealing that employ-
ment adjustment rates increase with the size of employment gaps, which is compatible
with nonconvex costs of employment adjustment. We also study how the employment
adjustment function varies according to several establishment characteristics, such as
skilled-labor intensity, size, payroll expenses, and overtime payments. We show that the
employment adjustment function tends to have a higher mean and to display larger val-
ues when measured for establishments with characteristics that are arguably related to
lower costs of employment adjustment: larger proportion of low-skilled workers, smaller
size and lower overtime payments.
Gustavo Gonzaga.
B.E. Journal of Economic Analysis & Policy, v. 8, 2008
Eduardo Zilberman.
Quarterly Journal of Economics, v. 123, TD n. 2, 2008
p. 703-745,
This paper uses publicly released audit reports to study the effects of disclosing information about corruption practices on electoral accountability. In 2003, as part of an anticorruption program, Brazil's federal government began to select municipalities at random to audit their expenditures of federally transferred funds. The findings of these audits were then made publicly available and disseminated to media sources. Using a data set on corruption constructed from the audit reports, we compare the electoral outcomes of municipalities audited before versus after the 2004 elections, with the same levels of reported corruption. We show that the release of the audit outcomes had a significant impact on incumbents' electoral performance, and that these effects were more pronounced in municipalities where local radio was present to divulge the information. Our findings highlight the value of having a more informed electorate and the role played by local media in enhancing political selection.
Claudio Ferraz, Frederico Finan.
Economic Development and Cultural Change, v. 56, TD n. 4, 2008
Juliano Assunção.
Econometric Reviews, v. 27, 2008
Michael McAller, Marcelo Medeiros.
Journal of Econometrics, v. 147, 2008
p. 359-371,
Michael McAller, Daniel Slottje, Marcelo Medeiros.
Journal of Econometrics, v. 147, 2008
p. 104-119,
Michael McAller, Marcelo Medeiros.
Journal of Econometrics, v. 147, 2008
p. 372-383,
Michael McAller, Daniel Slottje, Vicente Ramos, Javier Rey Maquieira, Marcelo Medeiros.
Revista Brasileira de Economia, v. 62, TD n. 4, 2008
p. 467-495,
Walter Novaes.
International Journal of Forecasting, v. 24, 2008
p. 630-644,
Lacir Soares, Marcelo Medeiros.
Journal of Political Economy, v. 116, TD n. 61, 2008
p. 1058-1104,
Bruno Falcão, Rodrigo Reis Soares.
Economic Theory, v. 36, TD n. 3, 2008
Abdelkrin Seghir, Juan Pablo Torres-Martínez.
Computation Statistics and Data Analysis, v. 52, 2008
Joel C. Rosa, Alvaro Veiga, Marcelo Medeiros.
Journal of Applied Econometrics, v. 23, 2008
p. 925-948,
Leonardo Rezende.
Journal of Mathematical Economics, v. 44, TD n. 5-6, 2008
Juan Pablo Torres-Martínez, Myrian Beatriz da Silva Petrassi.
Econometrica, v. 75, 2007
p. 259-277,
Sergio Firpo.