MAURY Tristan Pierre

This paper raises the question of the specific impact of the share of residential assets on the performance of real estate investment trusts (REITs). In the literature, many articles questioning the importance of the nature of assets held in general (and residential assets in particular) do not take the level of diversification of REITs into account. We incorporate this factor into our analysis and integrate our measure of the effects of residential assets in a framework controlling for the impact of the diversification of the type of real estate assets held. Based on French data, we question whether REITs holding residential assets perform better than REITs holding little or no residential assets for a given level of diversification. We do not detect any significant diversification effect on the performances of French REITs. We also test the impact of asset diversification on REITs market volatility. We provide some evidence that firms with strongly concentrated balance sheets are more volatile than diversified firms, but this effect is weaker for REITs holding mostly residential rather than other types of assets.

We analyze social segregation at the University in France over the period 2006-2016. Based on the standardized exposure index, we show that at the national level, segregation is set at lower levels than those highlighted by other works for secondary education and that unlike the latter, segregation levels are not systematically higher in the academies of Île-de-France or in those linked to a large agglomeration (Lyon, Aix-Marseille, Lille). We also show that the level of segregation at the university decreases with the level of degree at the national level. However, this overall trend does not seem to be carried by all the academies, but rather by a limited number of large academies. Moreover, we show a very large variability in segregation during the course of the curriculum by academy, with academies that are not very segregated for certain levels of study and highly segregated for others.

This article provides a geographical analysis of the contribution of social housing to income segregation in France from 1999 to 2015 at very detailed spatial scale. During this period, a law required some French municipalities (with more than 3500 inhabitants in large conurbations) to build more social housing to reduce segregation. Surprisingly, it appears that while home tenure (social vs private housing) segregation has been decreasing, income segregation has been rising. With segregation decomposition techniques, we provide evidence that this is a side-e¤ect of the legal framework: decreasing income segregation in the geographical scope of the law but a ‡ight e¤ect of middle and upper class households out of it.

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This article provides a geographical and urban analysis of the contribution of differences in enrollment between the public and private sectors to social segregation in French middle schools. Using the mutual information index, we show that the contribution of public/private divergences is higher in middle-sized urban areas and center municipalities. These geographical areas, however, are not those where social segregation is the highest, nor those where the private sector is commonly regarded as the main cause of segregation. Moreover, the gaps between the public and the private sectors are stronger at the local level. This confirms the idea that the private sector is indeed a tool for circumventing France's School Map (la carte scolaire) for allocating places to pupils and that private schools create additional social differences the smaller spatial scale.

The performance of the labor market depends not only on the quantity of jobs in the economy, but also on the quality of jobs. This paper proposes a new theoretical explanation of the job quality issue in search and matching models. We develop a matching and intra-firm bargaining model in which large firms hire workers and decide to destroy low-productivity job–worker matches. The sources of inefficiency include the well-known quantitative effect of intra-firm bargaining, namely, the excessive size of the firms concerned. and a new quality effect, namely, the poor quality of the job–worker matches selected by firms. © IAET.

In this study, we empirically analyze the simultaneous decisions of households to participate in the stock market and/or own their home. A vast literature stream exists on decisions to buy or rent a home, and many contributions report the low participation rate of American households in the US stock market. Numerous authors have also provided evidence that home tenure (modeled as an exogenous variable) affects the share of household portfolios held as stocks. However, the present study is the first to allow decisions on homeownership and stockholding to be simultaneous and endogenous. We use a dynamic bivariate logistic panel data model on the Panel Study of Income Dynamics data from 1999 to 2007, controlling for sample selection bias and time-invariant unobserved heterogeneity. These estimates allow us to simulate the individual paths of homeownership and stockholding status over whole life cycles, according to household characteristics. Ceteris paribus, we show that households acquiring one asset (either home or stocks) acquire the other at an earlier stage in their life cycles, implying that some households become trapped in a no-stockholding, renting position.

In this article, on the basis of statistical indices of segregation (entropy and exposure indices) covering the period 2004-2014, we analyze and compare the degree of social mixing of schools belonging to the private sector, the public sector outside priority education and the public sector covered by priority education. We also look at whether, at a given level of social mix, highly advantaged students remain highly concentrated in certain schools or not. Our results show that the private sector is slightly over-represented among the schools located at the extremes of the distribution of entropy levels, i.e., among both the most "mixed" and the most "segregated". However, the nature of this mix varies according to the sector. For a given level of social mix, the private sector has relatively fewer students from disadvantaged social backgrounds. By focusing on the most "segregated" schools, the complementary use of the standardized exposure index shows that there is a tendency in the private and public sectors outside of priority education to separate "highly advantaged" students from other groups. In contrast, the priority education sector is homogeneous and concentrates a large majority of disadvantaged social groups.

When an household needs to change its home, two transactions have to be done: buy a new house and sell the preceding one. To do so, the household can either adopt a sequential search strategy or a simultaneous search strategy. In sequential strategies, it first buys (or sells) and only after tries to sell (or buy) to avoid being homeless (or holding two houses). In the simultaneous strategy, the household tries to buy and sell simultaneously on the market. This last strategy can diminish its search costs on the housing market, but exposes the household to the risk of becoming a homeless-renter or a two-houses owner. The literature generally considers only the sequential search strategy. However, we show in this article that the simultaneous strategy is (i) generally welfare improving for households, (ii) sometimes the sole equilibrium strategy, and (iii) at the origin of price dispersion on the housing market.

Disability may impact on employment through entitlement to social housing. Estimates of an original dynamic panel data model of disability, labour market and housing tenure transitions in England indicate that up to one-quarter of the lower employment probability of the disabled can be attributed to the effect of qualifying for social housing. Short-lived disabilities can result in long spells in social housing that reduce incentives to participate in the labour market. This suggests that authorities should reform the welfare system and the allocation of social housing to limit the persistent and unfavourable consequences of allocating social housing to the disabled. Copyrigh.

In this thesis, we propose to measure the impact of the endogenous growth hypothesis for the modeling of fluctuations and the evaluation of economic policies. First, we show that endogenous growth models are able to pass the Watson (1993) test and reproduce the predictions of a structural VAR. In a second step, we evaluate the welfare impact of a Ramsay optimal taxation policy, a fluctuation stabilization policy or an inflation suppression policy. We show that stabilization policies are significantly more beneficial and inflation suppression policies are significantly less beneficial than previous estimates in the literature on this topic.