Portuguese Economic Journal, 2003, Volume 2, Nº 1
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- Predation and reputation acquisition in debt marketsPublication . Pires, Cesaltina PachecoThis paper presents a model of predation based on reputational differences between the entrant and an incumbent. While the incumbent has an established reputation in the debt market, the entrants’s quality is not yet known in the debt market. We show that the incumbent may have incentives to prey in order to interfere with the “reputation acquisition” of the entrant.
- Endogenous timing of moves in an asymmetric price-setting duopolyPublication . Tasnádi, AttilaThis paper adds to the growing literature on endogenous timing of de- cisions in duopolies. We show for a price-setting duopoly game with sufficiently asymmetric and strictly convex cost functions that the less efficient firm moves first while the more efficient moves second with a higher price than the less efficient firm.
- Job and worker flows in high adjustment cost settingsPublication . Varejão, José M.This paper analyses the relationship between the size of adjustment costs and the intensity of labor market flows. I argue that high adjustment costs inhibit adjustment to temporary shocks, leaving adjustment to long-lived shocks unchanged. Worker turnover is also reduced because of the negative impact that adjustment costs have on churning.
- Structure and performance in the Portuguese banking industry in the ninetiesPublication . Mendes, Victor; Rebelo, JoãoIn this paper we study the structure-performance relationship in the Portuguese banking industry during the nineties. The hypothesis of pure collusion, efficient structure, modified efficient structure and hybrid collusion/efficiency are tested using a direct measure of efficiency. Our results endorse the hybrid collusion/efficiency hypothesis in the first half of the nineties. However, after 1994 results lend some support to the modified efficient structure hypothesis. Competition at the local level remains important throughout the decade, suggesting that banks in less competitive local markets exert some level of market power and exhibit superior performances.