Essays in macroeconomics and financial markets
This thesis is composed of three independent articles. The first two chapters are on the topic of asset bubbles. In the first chapter, I study the interactions between rational asset bubbles and product market competition. I build a theoretical model where I show that asset bubbles, by providing a p...
| Autor: | |
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| Formato: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2018 |
| País: | España |
| Recursos: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/659083 |
| Acesso em linha: | http://hdl.handle.net/10803/659083 |
| Access Level: | acceso abierto |
| Palavra-chave: | Financial markets Mercados financieros 33 |
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Essays in macroeconomics and financial markets |
| title |
Essays in macroeconomics and financial markets |
| spellingShingle |
Essays in macroeconomics and financial markets Queirós, Francisco Financial markets Mercados financieros 33 |
| title_short |
Essays in macroeconomics and financial markets |
| title_full |
Essays in macroeconomics and financial markets |
| title_fullStr |
Essays in macroeconomics and financial markets |
| title_full_unstemmed |
Essays in macroeconomics and financial markets |
| title_sort |
Essays in macroeconomics and financial markets |
| dc.creator.none.fl_str_mv |
Queirós, Francisco |
| author |
Queirós, Francisco |
| author_facet |
Queirós, Francisco |
| author_role |
author |
| dc.contributor.none.fl_str_mv |
Broner, Fernando Ventura, Jaume Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| dc.subject.none.fl_str_mv |
Financial markets Mercados financieros 33 |
| topic |
Financial markets Mercados financieros 33 |
| description |
This thesis is composed of three independent articles. The first two chapters are on the topic of asset bubbles. In the first chapter, I study the interactions between rational asset bubbles and product market competition. I build a theoretical model where I show that asset bubbles, by providing a production or entry subsidy, may have a pro-competitive effect and force firms to expand and cut profit margins. I use the model to interpret the evidence of two famous bubble episodes: the British railway mania of the 1840s and the dotcom bubble of the 1990s. In the second chapter, I provide a comprehensive characterization of non-fundamental stock price fluctuations at the industry level. Among other things, I show that overvaluation shocks tend to be more important in industries with higher profit margins or higher R&D intensity. I also document that, in periods of high over-valuation, stock market entrants tend to be less productive. In the third and last chapter I characterize the evolution of business dynamism in Spain between 1995 and 2007. Consistent with the evidence for other developed countries, I document a significant decline in the Spanish firm entry and exit rates over this period. I also show that, when compared to incumbents of the same industry, young firms have become relatively more productive. I build a model featuring firm dynamics and financial frictions to show how a decline in interest rates can explain these trends. |
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2018 |
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2018 2018 2018 |
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info:eu-repo/semantics/doctoralThesis info:eu-repo/semantics/publishedVersion |
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doctoralThesis |
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publishedVersion |
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http://hdl.handle.net/10803/659083 |
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http://hdl.handle.net/10803/659083 |
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Inglés |
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Inglés |
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info:eu-repo/semantics/openAccess |
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openAccess |
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220 p. application/pdf application/pdf |
| dc.publisher.none.fl_str_mv |
Universitat Pompeu Fabra |
| publisher.none.fl_str_mv |
Universitat Pompeu Fabra |
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TDX (Tesis Doctorals en Xarxa) reponame:TDR. Tesis Doctorales en Red instname:CBUC, CESCA |
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CBUC, CESCA |
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TDR. Tesis Doctorales en Red |
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TDR. Tesis Doctorales en Red |
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1869412017400446976 |
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Essays in macroeconomics and financial marketsQueirós, FranciscoFinancial marketsMercados financieros33This thesis is composed of three independent articles. The first two chapters are on the topic of asset bubbles. In the first chapter, I study the interactions between rational asset bubbles and product market competition. I build a theoretical model where I show that asset bubbles, by providing a production or entry subsidy, may have a pro-competitive effect and force firms to expand and cut profit margins. I use the model to interpret the evidence of two famous bubble episodes: the British railway mania of the 1840s and the dotcom bubble of the 1990s. In the second chapter, I provide a comprehensive characterization of non-fundamental stock price fluctuations at the industry level. Among other things, I show that overvaluation shocks tend to be more important in industries with higher profit margins or higher R&D intensity. I also document that, in periods of high over-valuation, stock market entrants tend to be less productive. In the third and last chapter I characterize the evolution of business dynamism in Spain between 1995 and 2007. Consistent with the evidence for other developed countries, I document a significant decline in the Spanish firm entry and exit rates over this period. I also show that, when compared to incumbents of the same industry, young firms have become relatively more productive. I build a model featuring firm dynamics and financial frictions to show how a decline in interest rates can explain these trends.Esta tesis se compone de tres artículos independientes. Los primeros dos capítulos están centrados en el tema de la sobrevaluación de activos. En el primer capítulo, construyo un modelo teórico para examinar los efectos de las burbujas financieras en el nivel de competencia entre las empresas. El principal resultado es que la aparición de burbujas financieras subsidia la actividad económica y la creación de empresas y, a través de estos canales, promueve la competencia. Dos episodios históricos - la fiebre del ferrocarril de los años 1840 en Inglaterra y la burbuja dotcom de los años 1990 - son interpretados a luz del modelo. En el segundo capítulo, estudio las fluctuaciones no fundamentales de los precios de acciones a nivel industrial. Entre otras cosas, muestro que las industrias caracterizadas por altos márgenes comerciales o elevados niveles de I+D son más propensas a choques de sobrevaluación. También documento que, en periodos de elevada sobrevaluación, las empresas que entran en el mercado de capitales tienden a ser menos eficientes. En el tercer y último capitulo, caracterizo la evolución de la dinámica empresarial en España entre 1995 y 2007. Tal como ha sido documentado en otros países desarrollados, verifico una significante caíıda de las tasas de entrada y salida de empresas. También enseño que, cuando se comparan con empresas ya establecidas, las nuevas empresas tienden a ser más productivas. Construyo un modelo teórico con mercados financieros imperfectos para mostrar cómo estos hechos puede ser explicados por la caída de los tipos de interés que se observó en España en el mismo periodo.Programa de doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraBroner, FernandoVentura, JaumeUniversitat Pompeu Fabra. Departament d'Economia i Empresa201820182018info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion220 p.application/pdfapplication/pdfhttp://hdl.handle.net/10803/659083TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/openAccessoai:www.tdx.cat:10803/6590832026-06-14T12:46:07Z |
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15.301603 |