Day 2: Tuesday, June 11

9:30 – 9:45

Welcome coffee

9:45 – 10:45

Parallel Session D

D1: Corporate finance I (Soros auditorium)

Chair: Alminas Žaldokas (Hong Kong University of Science and Technology)

Mikael Paaso (Aalto University of School of Business) and Deniz Okat* (Hong Kong University of Science and Technology)

"Do Corporate Cash Holdings Cause Agency Problems?"

Discussant: Bogdan Stacescu (BI Norwegian Business School)

  • Audinga Baltrunaite (Bank of Italy) and Egle Karmaziene* (University of Groningen, Swedish House of Finance)

"Trainspotting: Board Appointments in Private Firms"

Discussant: Nicolas Gavoille (SSE Riga)

D2: Empirical macroeconomics I (303 auditorium)

Chair: Aurelija Proškutė (Lietuvos bankas, ISM University of Management and Economics)

  • Mariarosaria Comunale* (Lietuvos bankas, Australian National University, European Central Bank) and Francesco Paolo Mongelli (European Central Bank)

"Who Did It? A European Detective Story. Was it Real, Financial, Monetary and/or

Institutional? Tracking growth in the Euro Area with an Atheroretical Tool."

Discussant: Boriss Siliverstovs (Latvijas Banka)

  • Kersti Harkmann (Eesti Pank, Tallinn University of Technology) and Karsten Staehr* (Tallinn University of Technology, Eesti Pank)

"Current Account Dynamics and Exchange Rate Regimes in Central and Eastern Europe"

Discussant: Ieva Mikuliunaite (University of Palermo)

D3: Empirical microeconomics (311 auditorium)

Chair: Jaan Masso (University of Tartu)

  • Luigi Pisano* (Gooldie), Luca Riva (Brown University), and Andrea Stella (Federal Reserve Board)

"Price Heterogeneity and Consumption Inequality"

Discussant: Victor Arshavskiy (Belarusian Economic Research and Outreach Center)

  • Mihails Hazans* (University of Latvia) and Anna Pļuta (Baltic International Centre For Economic Policy Studies)

"Tax Incentives to Encourage Corporate Investment in Latvia"

Discussant: Priit Vahter (University of Tartu)

10:45 – 11:00

Coffee break

11:00 – 12:00

Parallel Session E

E1: Corporate finance II (Soros auditorium)

Chair: Oleksandr Talavera (Birmingham Business School)

  • Janis Berzins (BI Norwegian Business School), Øyvind Bøhren (BI Norwegian Business School), and Bogdan Stacescu* (BI Norwegian Business School)

"The Family Firm Premium and Family Characteristics: Evidence from Population Data"

Discussant: Francesco Marchionne (Indiana University)

  • Carsten Bienz (Norwegian School of Economics), Karin S. Thorburn (Norwegian School of Economics, CEPR, ECGI), and Uwe Walz* (Goethe University Frankfurt, SAFE/CFS)

"Skin in the Game, Wealth and Risk-Taking"

Discussant: Alminas Žaldokas (Hong Kong University of Science and Technology)

E2: Empirical macroeconomics II (303 auditorium)

Chair: Povilas Lastauskas (Lietuvos bankas)

  • Andrea Cipollini (University of Palermo) and Ieva Mikaliunaite* (University of Palermo)

"Mixed Frequency GVAR Analysis of Macro-Uncertainty and Financial Stress

Spillovers in the Eurozone"

Discussant: Ludmila Fadejeva (Latvijas Banka)

  • Natalia Levenko (Eesti Pank, Tallinn University of Technology)

"Actual and Perceived Uncertainty as Drivers of Household Saving"

Discussant: Oliwia Komada (Warsaw School of Economics, FAME)

E3: Methodology (311 auditorium)

Chair: Dmitry Kulikov (Eesti Pank)

  • Nora Laurinaityte* (SAFE), Christoph Meinerding (Deutsche Bundesbank), Christian Schlag (Goethe University Frankfurt, SAFE), and Julian Thimme (Goethe University Frankfurt)

"Elephants and the Cross-Section of Expected Returns"

Discussant: Milda Norkute (Lund University)

  • Milda Norkute* (Lund University) and Joakim Westerlund (Lund University, Deakin


"The Factor Analytical Approach in Near Unit Root Panels"

Discussant: Dmitry Kulikov (Eesti Pank)

12:00 – 13:00


13:00 – 14:00

Parallel Session F

F1: Pensions (Soros auditorium)

Chair: Nicolas Gavoille (SSE Riga)

  • Vitalijs Jascisens (Higher School of Economics) and Anna Zasova* (Baltic International Centre For Economic Policy Studies)

"Does Austerity Foster Informality? Evidence From a Large-Scale Pension Reform"

Discussant: Merike Kukk (Tallinn University of Technology, Eesti Pank)

  • Orsolya Soosaar* (Tallinn University of Technology), Allan Puur (Tallinn University),

and Lauri Leppik (Tallinn University)

"Does Raising the Retirement Age Necessarily Prolong the Working Life?"

Discussant: Aurelija Proškutė (Lietuvos bankas, ISM University of Management and


  • Krzysztof Makarski (Warsaw School of Economics, FAME, NBP), Joanna Tyrowicz (University of Warsaw, EAME, IZA, IAAEU), and Oliwia Komada* (Warsaw School of Economics, FAME)

"Efficiency Versus Insurance: The Role for Fiscal Policy in Social Security Privatization"

Discussant: Thomas Weber (École Polytechnique Fédérale de Lausanne, Professor of Operations, Economics and Strategy)

F2: Macroprudential (303 auditorium)

Chair: Peeter Luikmel (Eesti Pank)

  • Grégory Levieuge (Banque de France), Yannick Lucotte* (Université d'Orléans), and Florian Pradines-Jobet (PSB Paris School of Business)

"The Cost of Banking Crises: Does the Policy Framework Matter?"

Discussant: Karsten Staehr (Tallinn University of Technology, Eesti Pank)

  • Francesco Marchionne* (Indiana University), Beniamino Pisicoli (University of Bari), and Michele Fratianni (Indiana University)

"Regulation, Financial Crises, and Liberalization Traps"

Discussant: Eglė Jakučionytė (Lietuvos bankas, Vilnius University)

  • Jaunius Karmelavičius (Lietuvos bankas, Vilnius University)

"On the Costs of Three Macroprudential Policy Instruments: a DSGE Model for


Discussant: Oļegs Tkačevs (Latvijas Banka)

F3: Expectations (311 auditorium)

Chair: Matthias Weber (University of St. Gallen, Vilnius University)

  • Simas Kučinskas* (Humboldt University of Berlin) and Florian S. Peters (University of Amsterdam)

"Measuring Biases in Expectation Formation"

Discussant: Uwe Walz (Goethe University Frankfurt, SAFE/CFS)

  • Elliot Aurissergues (Aix Marseille School of Economics)

"Are Rational Expectations the Natural Outcome of Economic Evolution?"

Discussant: Matthias Weber (University of St. Gallen, Vilnius University)

  • Anita Kopányi-Peuker (CeNDEF, Amsterdam School of Economics, Tinbergen Institute) and Matthias Weber* (University of St. Gallen, Vilnius University)

"Experience Does not Eliminate Bubbles: Experimental Evidence"

Discussant: Mikael Paaso (Aalto University School of Business)

14:30 – 14:45

Coffee break

14:45 – 16:30

General meeting of the Baltic Economic Association

(Soros auditorium)