The International Conference "Giving Credit to Dictatorship: Authoritarian Regimes and Financial Capitalism in the Twentieth Century", organized by ISEG's GHES - the Economic and Social History Research Group (ISEG-ULisboa) and by ICS- Institute of Social Sciences (ULisboa), takes place on November 14 and 15, at the ICS building (Av. Aníbal Bettencourt, n. 9, Lisbon).
The presentations will be given in English.
Commission:
See the available program on this link.
Additional information here.
On November 16, Professor João Pereira dos Santos presents at ISEG the study "Cousins from Overseas: The Labor Market Impact of a Major Forced Return Migration Shock", carried out together with Lara Bohnet and Susana Peralta.
Abstract:
We study the labor market impact of the return of half a million Portuguese due to end of the colonial war in 1974. Both the size and similarity with the native population (almost 80% were Portuguese-born) make this a unique shock. We use census data from 1960 and 1981 to document a decrease in dependent employment of 15% for native males and 62% for females in regions with a higher influx of repatriates. The bulk of the effects is driven by Portuguese-born repatriates. We use shift-share IVs based on the repatriates' municipality of birth, and the pre-shock municipal hotel capacity, exploiting a large-scale resettlement program.
The research seminars will take place from September 21 to December 14, on Wednesdays, from 1:00 PM to 2:00 PM, at the Novo Banco Amphitheater (Quelhas Building, 4th floor).
Faculty from ISEG and other national and international schools will participate in the sessions, when they will address topics related with Economics, Management, Finance, Social Sciences, and Mathematics.
Free admission.
The Order of Economists, with the support of the Bank of Portugal and ISEG, will organize on November 9, between 2:30 p.m. and 6:00 p.m., at ISEG - Auditorium CGD, a Conference on the State Budget for 2023, with the participation of the Minister of Finance.
The Programme detailed information can be consulted here.
Admission is free, but subject to prior registration on the Order's website, here.
On November 23, Heinrich Nax of the University of Zurich presents at ISEG the study "Convergence in the Experimental Double Auction".
Abstract:
Convergence to Walrasian competitive equilibrium in experimental continuous bid/ask double auctions is a finding of central importance in experimental economics and behavioral finance. First recorded by Smith (1962), and contrary to the common expectations in the field based on earlier results by Chamberlin (1948), DA markets do not fail to converge even under purely private information. This finding has been replicated and reproduced in numerous studies since, and convergence typically fails only when markets are strongly skewed towards one of the two market sides. The existing evidence has resulted in an informal folk result, whereby the DA is a robust market institution that tends to produce CE convergence reliably. In this talk, we present results from a large-scale online reproduction of the canonical experiments on the DA, and upgrade the folk result to a formal one, as we sample enough data at market level to conduct relevant hypothesis tests. The results shed light on the precise nature of the equilibration path, and implications for behavioral market design are discussed.
The research seminars will take place from September 21 to December 14, on Wednesdays, from 1:00 PM to 2:00 PM, at the Novo Banco Amphitheater (Quelhas Building, 4th floor).
Faculty from ISEG and other national and international schools will participate in the sessions, when they will address topics related with Economics, Management, Finance, Social Sciences, and Mathematics.
Free admission.
On November 9, Gaétan de Rassenfosse of Ecole Polytechnique Fédérale de Lausanne presents at ISEG the study "AI-Generated Inventions: Implications for the Patent System".
Abstract:
This article discusses issues raised for patent processes and policy created by inventions generated by artificial intelligence (AI). Using insights from economic research on intellectual property rights, it argues in favor of allowing patent protection for AI-generated inventions. It also suggests that the emergence of AI inventions will create or exacerbate issues around the standards for validity, the ability of patent offices to keep up with the examination burden, and the growing market power associated with large patent portfolios. We suggest consideration of a new mechanism whereby applicants could submit an 'invention machine' for certification based on a demonstration that it reliably produces only inventions that meet the patentability standard. Patent applications produced by a certified machine would be automatically granted, though perhaps carrying limitations such as a shorter term or a 'FRAND' obligation. We also consider other changes to patent practice that might be desirable in dealing with AI-generated inventions.
Gaétan works mainly in the area of Innovation and Industrial Policy. Learn more about his work here.
The research seminars will take place from September 21 to December 14, on Wednesdays, from 1:00 PM to 2:00 PM, at the Novo Banco Amphitheater (Quelhas Building, 4th floor).
Faculty from ISEG and other national and international schools will participate in the sessions, when they will address topics related with Economics, Management, Finance, Social Sciences, and Mathematics.
Free admission.
The Center for Studies on Africa and Development (CEsA/ISEG/ULisboa) invites all interested parties to attend the seminar "Global Governance in Hard Times: The case of regional development banks"with Susan Park, Professor of Global Governance at the University of Sydney.
The session will take place at ISEG on November 9, at 3pm, in room 110 of the Francesinhas 1 building.
Admission is free. You can also watch on Zoom.
Further information here.
On November 2, ISEG hosts the second session of the CEsA Thinks seminar series at 6pm in room 104 of the Francesinhas 2 building, or by Zoom, with free admission.
In this session, Professor Alice Sindzingre will present its study "The Relevance of the Concept of Cumulative Causation? A Contribution to the Analysis of Growth Trajectories in Sub-Saharan Africa", with Professor Alexandre Abreu as the main defendant.
The CEsA Thinks event is organized by CEsA – Centre for African and Development Studies.
Click here for more information.
On November 2, Professor Manuel Guerra (ISEG) will present the study "On optimal reinsurance of dependent risks".
Abstract:
Buying reinsurance, an insurance company passes part of its risk exposure to another company, paying an agreed sum (premium) in compensation. By chosing different types of reinsurance, the insurer can cede different parts of the risk distribution. Often, reinsurance for different risks (i.e., for different lines of business, different sub-portfolios, or even different policies) are the object of separate contracts. It is well known that dependencies between separate risks strongly affect the overall risk exposure. Therefore, the choice of reinsurance contracts for different risks should take such dependencies into account. However, the precise effect of such dependencies has been difficult to characterize. We discuss the problem of finding the optimal portfolio of reinsurance policies under generic dependence structures. We show that such a portfolio exists and can be computed. However, it lacks some desirable properties, namely it often induces situations of "moral hazard". We consider additional constraints to exclude such situations, and obtain optimal reinsurance portfolios free of obvious moral hazards.
The research seminars will take place from September 21 to December 14, on Wednesdays, from 1:00 PM to 2:00 PM, at the Novo Banco Amphitheater (Quelhas Building, 4th floor).
Faculty from ISEG and other national and international schools will participate in the sessions, when they will address topics related with Economics, Management, Finance, Social Sciences, and Mathematics.
Free admission.
On October 26th, Cláudia Custódio (Imperial College Business School) presents at ISEG the study "Opioid Crisis and Real Estate Prices".
Cláudia Custódio works mainly in the area of Corporate Finance. Learn more about the speaker in her personal page.
Abstract:
This paper documents a sizeable negative effect of the opioid crisis on the US housing market. We exploit variation in opioid prescription rates induced by the staggered passage of opioid- limiting legislation, and an instrumental variables approach. Passage of effective anti-opioid legislation results in an increase in county-level house prices and rents. This is driven by a decrease in mortgage delinquencies and property vacancy rates, and by an increase in the number of home improvement loans and migration inflows. These results are consistent with a model of residential sorting that predicts the observed migration patterns following opioid-induced shocks to household income.
The research seminars will take place from September 21 to December 14, on Wednesdays, from 1:00 PM to 2:00 PM, at the Novo Banco Amphitheater (Quelhas Building, 4th floor).
Faculty from ISEG and other national and international schools will participate in the sessions, when they will address topics related with Economics, Management, Finance, Social Sciences, and Mathematics.
Free admission.
On October 26th, 8:30 a.m., Auditorium 4 ISEG hosts the seminar "Human Capital and the Digitalization of the Economy: Strategic Challenges for Audit", which includesVirgílio MacedoBastonário da Ordem dos Revisores Oficiais de Contas, as keynote speaker.
Professors José Veríssimo and António Samagaio (ISEG) will open the session.
Free admission.