Johan Hombert
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Innovation Booms, Easy Financing, and Human Capital Accumulation Open
Innovation booms are often fueled by easy financing that allows new technology firms to pay high wages that attracts skilled labor.Using the late 1990s Information and Communication Technology (ICT) boom as a laboratory, we show that skill…
Replication Files for "Can Risk Be Shared Across Investor Cohorts?", Johan Hombert and Victor Lyonnet Open
The files contain the replication code in R and STATA for "Can Risk Be Shared Across Investor Cohorts?"
Can Risk Be Shared across Investor Cohorts? Evidence from a Popular Savings Product Open
We study how retail savings products can share market risk across investor cohorts, thereby completing financial markets. Financial intermediaries smooth returns by varying reserves, which are passed on between successive investor cohorts,…
Inter-Cohort Risk Sharing with Long-Term Guarantees: Evidence from German Participating Contracts Open
Long-term minimum return guarantees sold by European life insurers increasingly become binding as interest rates decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts wh…
Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence from France Open
We evaluate the effect of downside insurance on self‐employment. We exploit a large‐scale reform of French unemployment benefits that insured unemployed workers starting businesses. The reform significantly increased firm creation without …
Metadata for the paper "Technology Boom, Labor Reallocation, and Human Capital Depreciation" Open
This document lists the confidential datasets used for this study and how to request access to them.
Technology Boom, Labor Reallocation, and Human Capital Depreciation Open
Using matched employer-employee data from France, we uncover an ICT boom-cohort discount on the long-term wage of the large cohort of skilled workers entering in the Information and Communication Technology (ICT) sector during the late 199…
Metadata for the paper "Technology Boom, Labor Reallocation, and Human Capital Depreciation" Open
This document lists the confidential datasets used for this study and how to request access to them.
Anticompetitive Vertical Merger Waves Open
We develop a model of vertical merger waves and use it to study the optimal merger policy. As a merger wave can result in partial foreclosure, it can be optimal to ban a vertical merger that eliminates the last unintegrated upstream firm. …
The Long-Term Consequences of the Tech Bubble on Skilled Workers' Earnings Open
Using matched employer-employee data from France, we uncover an ICT boom-cohort discount on the long-term earnings of the large cohort of skilled workers entering in the Information and Communication Technology (ICT) sector during the 1990…
Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing Open
Incentive problems make securities' payoffs imperfectly pledgeable, limiting agents' ability to issue liabilities.We analyze the equilibrium consequences of such endogenous incompleteness in a dynamic exchange economy.Because markets are e…
Intergenerational Risk Sharing in Life Insurance: Evidence from France Open
We study intergenerational risk sharing in Euro-denominated life insurance contracts. These savings products represent 80% of the life insurance market in Europe. Using regulatory and survey data for the French market, which is €1.3 trilli…