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MY LOSING BATTLE AGAINST the LEVIATHAN (Public Interventions of a Desperate Free-Market Economist)
MY LOSING BATTLE AGAINST THE LEVIATHAN (Public interventions of a desperate free-market economist) LUIGI ZINGALES Robert C. McCormack Professor of Entrepreneurship and Finance Table of Contents Preface…………………………………………………...…………………..………………………………..ii 1) “Why Paulson is Wrong”……………………………………………......……………………………………..1 Luigi Zingales 2) “Let’s Get the Bank Rescue Right” ……...………………………..……………………...……………………3 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 3) Congressional Petition………………………………………………….....................………………………….5 John Cochrane, Paola Sapienza, and Luigi Zingales 4) “Plan B” …………………………………………………………………...……...…………...………………6 Luigi Zingales 5) “Cramdown: How to Fix the Credit Mess without a Government Bailout: Quickie Bankruptcies” …………..10 Luigi Zingales 6) “A Bankruptcy to Save GM” ……………...…………………………….………...…………………………12 Joshua Rauh and Luigi Zingales 7) “Economists Have Abandoned Principle” ………………...…………….…………………………...………15 Oliver Hart and Luigi Zingales 8) “Greenspan Roundtable: The Wrong Prescription;” …………………………………………………………17 Luigi Zingales 9) “Let’s Stimulate Private Risk Taking” ………………...……………………….……………………………...18 Alberto Alesina and Luigi Zingales 10) “Yes, We Can, Mr Geithner”……….……………………………………...……………………….....………19 Luigi Zingales 11) “A Trust Crisis”………………………………………………………...……………………………………22 Paola Sapienza and Luigi Zingales 12) “From Awful to Merely Bad: Reviewing the Bank Rescue Options” …….…………...………………………30 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 13) “How Big Finance Bought the Bailout Plan”…..………………...…………………………...……………….32 -
The Cost of Banking Regulation
NBER WORKING PAPER SERIES THE COST OF BANKING REGULATION Luigi Guiso Paola Sapienza Luigi Zingales Working Paper 12501 http://www.nber.org/papers/w12501 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2006 We are grateful to the Foundation Banque de France for funding this paper. We thank Marco Pagano and Fabio Schiantarelli and participants at the Bank of Italy conference "Financial Structure, Product Market Structure and Economic Performance" and the Lisbon European Banking History conference. Luigi Guiso thanks the EEC and MURST for financial support, while Luigi Zingales thanks the Center for Security Prices and the Stigler Center at the University of Chicago for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. ©2006 by Luigi Guiso, Paola Sapienza and Luigi Zingales. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Cost of Banking Regulation Luigi Guiso, Paola Sapienza and Luigi Zingales NBER Working Paper No. 12501 August 2006 JEL No. E0, G0 ABSTRACT We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to credit lower. The only benefit of these restrictions was a lower proportion of bad loans. -
CV Paola Sapienza
Curriculum Vitae Paola Sapienza [April 2012] Finance Department Phone: (847) 491-7436 Kellogg School of Management Fax: (847) 491-5719 Northwestern University Email: [email protected] 2001 Sheridan Road Web: www.kellogg.northwestern.edu/faculty/sapienza/htm/research.htm Evanston, IL 60208-2001 Academic position 2011-present The Merrill Lynch Capital Market Research Professor of Finance, Kellogg School of Management, Northwestern University 2009-2011 Professor of Finance, Kellogg School of Management, Northwestern University 2008- 2009 Ford Visiting Associate Professor University of Chicago, Graduate School of Business 2006- 2009 Associate Professor of Finance, Kellogg School of Management, Northwestern University 1998- 2006 Assistant Professor of Finance, Kellogg School of Management, Northwestern University Other affiliations • Director of the American Finance Association, 2011 to present • Member of the Board of Assicurazioni Generali, 2010 to present • Zell Center Faculty Fellow, 2006 to present • Research Associate, National Bureau of Economic Research (NBER), 2007 to present • Faculty Research Fellow, National Bureau of Economic Research (NBER), 2003 to 2007 • Research Fellow, Centre for Economic Policy Research (CEPR), London, UK 2007 to present • Research Affiliate, Centre for Economic Policy Research (CEPR), London, UK 1998 to 2007 • Faculty Fellow, Center for International Economics and Development, Northwestern University. • Faculty Affiliate, Center for International and Comparative Studies, Northwestern University. Education 1998 Ph.D. in Economics, Harvard University 1993 M.A. in Economics, Department of Economics, Harvard University 1989 Bachelor in Economics (laurea), summa cum laude, Bocconi University, Milan. Fellowships, honors and awards Francisco Manuel Dos Santos Foundation Grant, January 2012 Smith Breeden Distinguished Paper Award, Journal of Finance, 2009. Visiting fellow, University of Chicago GSB Initiative on Global Markets, winter quarter, 2008. -
Paola Giuliano
PAOLA GIULIANO CURRICULUM VITAE http://www.anderson.ucla.edu/faculty/paola.giuliano/ UCLA Anderson School of Management Phone: 310-206-6890 Global Economics and Management Area Fax: 310-825-4011 110 Westwood Plaza, C517 Entrepreneurs Hall Email: [email protected] Los Angeles, CA 90095-1481 EMPLOYMENT Professor of Economics, UCLA, Anderson Graduate School of Management July 2018- Associate Professor of Economics, UCLA, Anderson Graduate School of Management July 2015-June 2018 Visiting Associate Professor of Economics, Harvard University, Department of Economics, July 2016-January 2017 Assistant Professor of Economics, UCLA, Anderson Graduate School of Management July 2008-July 2015 Visiting Scholar, Harvard University, Department of Economics Sept. 2006-May 2008, February 2013-June 2013 Economist, International Monetary Fund October 2003-June 2008 OTHER AFFILIATIONS NBER, research associate, September 2015- NBER, faculty research fellow, April 2009-September 2015 CEPR, research affiliate, January 2010- IZA, research fellow, February 2006 – EDUCATION Ph.D. Department of Economics, University of California Berkeley, 2003 M.A. Economics, Bocconi University, Milan-Italy, Summa cum laude, 1997 FIELDS OF INTEREST Primary Economics of Culture, Social Economics, Political Economy Secondary Macroeconomics, International Economics JOURNAL ARTICLES “Ancestral Characteristics of Modern Populations” (with Nathan Nunn), Economic History of Developing Regions, forthcoming “Traditional agricultural practices and the sex ratio today” (with Alberto Alesina and Nathan Nunn), PLoS ONE, January 2018, 13 (1), e0190510 “The Right Amount of Trust” (with Jeff Butler and Luigi Guiso), Journal of the European Economic Association, October 2016, 14(5), 1155-1180 “Trust and Cheating” (with Jeff Butler and Luigi Guiso), Economic Journal, September 2016, 126 (595), 1703- 1738. -
In Search of New Foundations
NBER WORKING PAPER SERIES IN SEARCH OF NEW FOUNDATIONS Luigi Zingales Working Paper 7706 http://www.nber.org/papers/w7706 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2000 The views expressed herein are those of the author and not necessarily those of the National Bureau of Economic Research. © 2000 by Luigi Zingales. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. In Search of New Foundations Luigi Zingales NBER Working Paper No. 7706 May 2000 JEL No. G30 ABSTRACT In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be quite ineffective in helping us cope with the new type of firms that are emerging. I outline the characteristics that a new theory of the firm should satisfy and how such a theory could change the way we do corporate finance, both theoretically and empirically. Luigi Zingales Graduate School of Business The University of Chicago 1101 East 58th Street Chicago, IL 60637 and NBER [email protected] Introduction For a relatively young researcher like myself, there is a very strong tendency to look at the history of corporate finance and be overwhelmed by the giants of the recent past. A field that 40 years ago was little more than a collection of cookbook recipes that reflected practitioners’ common sense is today a bona fide discipline, taught not only to future practitioners but also to doctoral students, both in business schools and in economic departments -- a discipline whose ideas are now influencing other areas of economics, such as industrial organization, monetary policy, and asset pricing. -
Classical Liberalism in Italian Economic Thought, from the Time of Unification · Econ Journal Watch : Italy,Classical Liberalis
Discuss this article at Journaltalk: http://journaltalk.net/articles/5933 ECON JOURNAL WATCH 14(1) January 2017: 22–54 Classical Liberalism in Italian Economic Thought, from the Time of Unification Alberto Mingardi1 LINK TO ABSTRACT This paper offers an account of Italians who have advanced liberal ideas and sensibilities, with an emphasis on individual freedom in the marketplace, since the time of Italy’s unification. We should be mindful that Italy has always had a vein of liberal thought. But this gold mine of liberalism was seldom accessed by political actors, and since 1860 liberalism has been but one thin trace in Italy’s mostly illiberal political thought and culture. The leading representatives of Italian liberalism since 1860 are little known internationally, with the exception of Vilfredo Pareto (1848–1923). And yet their work influenced the late James M. Buchanan and the development of public choice economics.2 Scholars such as Bruno Leoni (1913–1967) joined—and influenced— liberals around the world, and they continue to have an impact on Italy today. Besides their scholarship, all the liberal authors mentioned here share a constant willingness to enter the public debate.3 Viewed retrospectively they appear a pugnacious lot, even if not highly successful in influencing public policy. The standout is Luigi Einaudi (1874–1961), at once a scholar and journalist who also became a leading political figure in the period after World War II. 1. Istituto Bruno Leoni, 10123 Turin, Italy. I am grateful to Jane Shaw Stroup for valuable editorial feed- back. I also wish to thank Enrico Colombatto and three anonymous referees for their helpful comments. -
ARTICLE in PRESS Has New York Become Less Competitive Than London in Global Markets? Evaluating Foreign Listing Choices Over
ARTICLE IN PRESS Journal of Financial Economics 91 (2009) 253–277 Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time$ Craig Doidge a, G. Andrew Karolyi b,Ã, Rene´ M. Stulz b,c a Rotman School of Management, University of Toronto, Toronto, ON, Canada M5S 3E6 b Fisher College of Business, The Ohio State University, Columbus, OH 43210, USA c National Bureau of Economic Research, Cambridge, MA 02138, USA article info abstract Article history: We study the determinants and consequences of cross-listings on the New York and Received 18 July 2007 London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the Received in revised form relative benefits of New York and London exchange listings and to assess whether these 8 November 2007 relative benefits have changed over time, perhaps as a result of the passage of the Accepted 28 February 2008 Sarbanes-Oxley Act in 2002. We find that cross-listings have been falling on US Available online 10 December 2008 exchanges as well as on the Main Market in London. This decline in cross-listings is JEL classifications: explained by changes in firm characteristics instead of by changes in the benefits of F30 cross-listing. We show that after controlling for firm characteristics there is no deficit in G15 cross-listing counts on US exchanges related to SOX. Investigating the valuation G32 differential between listed and non-listed firms (the cross-listing premium) from 1990 G38 to 2005, we find that there is a significant premium for US exchange listings every year, Keywords: that the premium has not fallen significantly in recent years, and that it persists when International cross-listings allowing for time-invariant unobservable firm characteristics. -
Good Economics for Hard Times Notes Explore Book Giveaways, Sneak Peeks, Deals, and More
Copyright Copyright © 2019 by Abhijit V. Banerjee and Esther Duflo Cover design by Pete Garceau Cover copyright © 2019 Hachette Book Group, Inc. Hachette Book Group supports the right to free expression and the value of copyright. The purpose of copyright is to encourage writers and artists to produce the creative works that enrich our culture. The scanning, uploading, and distribution of this book without permission is a theft of the author’s intellectual property. If you would like permission to use material from the book (other than for review purposes), please contact [email protected]. Thank you for your support of the author’s rights. PublicAffairs Hachette Book Group 1290 Avenue of the Americas, New York, NY 10104 www.publicaffairsbooks.com @Public_Affairs First Edition: November 2019 Published by PublicAffairs, an imprint of Perseus Books, LLC, a subsidiary of Hachette Book Group, Inc. The PublicAffairs name and logo is a trademark of the Hachette Book Group. The Hachette Speakers Bureau provides a wide range of authors for speaking events. To find out more, go to www.hachettespeakersbureau.com or call (866) 376-6591. The publisher is not responsible for websites (or their content) that are not owned by the publisher. Editorial production by Christine Marra, Marrathon Production Services. www.marrathoneditorial.org Library of Congress Cataloging-in-Publication Data has been applied for. ISBN 978-1-61039-950-0 (hardcover), ISBN 978-1-5417-6287-9 (ebook) E3-20191019-JV-NF-ORI CONTENTS Cover Title Page Copyright Dedication Preface 1 MEGA: Make Economics Great Again 2 From the Mouth of the Shark 3 The Pains from Trade 4 Likes, Wants, and Needs 5 The End of Growth? 6 In Hot Water 7 Player Piano 8 Legit.gov 9 Cash and Care Conclusion: Good and Bad Economics Acknowledgments Discover More About the Authors Praise for Good Economics for Hard Times Notes Explore book giveaways, sneak peeks, deals, and more. -
Long-Term Orientation and Educational Performance
NBER WORKING PAPER SERIES LONG-TERM ORIENTATION AND EDUCATIONAL PERFORMANCE David Figlio Paola Giuliano Umut Özek Paola Sapienza Working Paper 22541 http://www.nber.org/papers/w22541 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2016 We thank participants at Bocconi University, Catholic University of the Sacred Hearth (Milan), Erasmus University, European Association of Labor Economists, Family and Education Workshop, Federal Reserve Bank of New York, IZA, Gerzensee Summer Symposium 2015, Harvard-MIT Positive Political Economy Seminar, Long Run Factors in Comparative Development conference, New York University, Nordic Summer Institute in Labor Economics, OECD, University of British Columbia, University of Calgary, University of Colorado, University of Warwick, University of Zurich and the Warwick summer Workshop in Economic Growth for comments that substantially improved the papers. We also thank Gaia Dossi and Riccardo Marchingiglio for extraordinary research assistantship. We appreciate the financial support from the National Institutes of Child Health and Human Development (Figlio), National Science Foundation (Figlio), and US Department of Education (Figlio and Özek). We are especially grateful to the Florida Department of Education and Health for providing the linked population-level administrative data that permitted this analysis to take place. All errors and opinions are those of the authors and do not reflect those of the funders or the Florida Departments of Education and Health. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. -
The Profit Doctrine
The Profit Doctrine The Profit Doctrine Economists of the Neoliberal Era Robert Chernomas and Ian Hudson First published 2017 by Pluto Press 345 Archway Road, London N6 5AA www.plutobooks.com Copyright © Robert Chernomas and Ian Hudson 2017 The right of Robert Chernomas and Ian Hudson to be identified as the authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978 0 7453 3586 5 Hardback ISBN 978 0 7453 3585 8 Paperback ISBN 978 1 7837 1993 8 PDF eBook ISBN 978 1 7837 1995 2 Kindle eBook ISBN 978 1 7837 1994 5 EPUB eBook This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental standards of the country of origin. Typeset by Stanford DTP Services, Northampton, England Simultaneously printed in the United Kingdom and United States of America To Anwar Shaikh and the late David M. Gordon for cultivating my appreciation for theory in historical context. RC To Lisa Johnston. For everything. IH Contents List of Boxes, Figures and Tables viii List of Abbreviations ix Acknowledgements xi 1 Prophets and Profits 1 2 The Contest of Economic Ideas: Survival of the Richest 12 3 The Consequences of Economic Ideas 35 4 Milton Friedman: The Godfather of the Age of Instability and Inequality 55 5 The Deregulationists: Public Choice and -
NBER WORKING PAPER SERIES LONG TERM PERSISTENCE Luigi
NBER WORKING PAPER SERIES LONG TERM PERSISTENCE Luigi Guiso Paola Sapienza Luigi Zingales Working Paper 14278 http://www.nber.org/papers/w14278 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2008 We thank Francesco Giavazzi, Paola Giuliano, Eliana La Ferrara, Giuliano Milani, Guido Tabellini, and participants in seminars at Brown University, the University of Chicago and the NBER for very helpful comments. We are extremely grateful to Giuliano Milani for his advice and help in obtaining data and references on Medieval history. Antonello Montesanti has very kindly given us access to his data on the Etruscan origin of Italian cities. Lorenzo Ciari and Marcello Sartarelli have provided excellent research assistance and Peggy Eppink and Janice Luce invaluable editorial help. Luigi Guiso thanks the European University Institute, Paola Sapienza the Zell Center, and Luigi Zingales the Center for Research in Security Prices (CRSP), the Stigler Center, and the Initiative on Global Markets at the University of Chicago for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Luigi Guiso, Paola Sapienza, and Luigi Zingales. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Long Term Persistence Luigi Guiso, Paola Sapienza, and Luigi Zingales NBER Working Paper No. -
CV of Luigi Zingales
LUIGI ZINGALES Booth School of Business, University of Chicago 5807 S. Woodlawn A. ,Chicago IL 60637, Ph: (773) 702-3196 Email: [email protected]; Webpage: http://faculty.chicagobooth.edu/luigi.zingales/index.html Podcast: https://www.capitalisnt.com Education 1988-1992 Massachusetts Institute of Technology Cambridge, MA Ph.D. in Economics, 1992. Dissertation: “The Value of Corporate Control.” 1982-1987 Università Bocconi Milan, ITALY Bachelor in Economics (laurea), summa cum laude. Experience 2015- Booth School of Business Chicago, IL present University of Chicago Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance Director of the George J. Stigler Center 2014-2015 Harvard University Cambridge, MA Taussig Research Professor 2006- Booth School of Business Chicago, IL 2014 University of Chicago Robert C. McCormack Professor of Entrepreneurship and Finance 2005-2006 Harvard University Cambridge, MA Taussig Research Professor 1992-2005 Booth School of Business Chicago, IL University of Chicago Assistant, Associate, and Full Professor of Finance. Robert C. McCormack Professor of Entrepreneurship and Finance Other Affiliations 1994-present Research Associate, National Bureau of Economic Research 1997-present Research Fellow, Center for Economic Policy Research 2002-present Fellow of the European Corporate Governance Institute 2005-2008 Director of the American Finance Association 2006-2016 Member of the Committee on Capital Market Regulation 2006-2007 Member of the United Nation Commission on Microfinance