This paper quanties the eects of the Swedish green car rebate (GCR), a program to reduce oil dependence and greenhouse gas emissions in the automobile industry. We estimate the demand for automobiles in the Swedish market and simulate counterfactual policies to assess dierent program dimensions. Our most conservative estimates nd the GCR to have increased the market shares of green cars by 5.5 percentage points and its cost to be about $109/tonCO2 saved, thus 5 times the price of an emission permit. Since the main green cars in Sweden are FFVs (exible-fuel vehicles), which can seamlessly switch between (high-CO2 emissions) gasoline and (low-CO2 emissions) ethanol, fuel choice is another dimension policymakers need to consider once fuel arbitrage is accounted for, the cost of CO2 savings increases by over 16 percent if 50 percent of FFV owners drive on gasoline instead of ethanol.Moreover, the GCR design was detrimental to Swedish carmakers, which lost substantial market share due to the policy. As the GCR gives vehicles able to operate on alternative (renewable) fuels a favorable treatment as compared to those operating only on regular (fossil) ones, we also consider a counterfactual in which they are treated equally. Our ndings suggest that consumers would have switched to the FFV technology even without the rebate.JEL Classication: H23, H25, L11, L62, L71, L98, Q42, Q48.

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ResumoNeste artigo, o objetivo é rever os testes empíricos existentes para o grau de competição no setor bancário brasileiro, assim como propor algumas alternativas. Após a descrição do ambiente institucional do sistema bancário brasileiro, os testes sobre a competição, presentes na literatura, foram revisados, começando com o proposto por Panzar e Rosse (1987). A principal conclusão que pode ser extraída desta análise é que o mercado não aparenta estar em equilíbrio de longo prazo, indicando que o mercado não é regido por condições de colusão perfeita. O passo seguinte foi tentar uma nova metodolodia aplicada por Moreno, Martínez e Ruiz (2006) para o mercado bancário espanhol. Nesta metodologia, em que a hipótese de igualdade dos parâmetros de conduta entre empresas e ao longo do tempo é relaxada, os resultados indicam que, para algumas empresas e em alguns instantes do tempo, uma conduta coo-perativa está presente. Palavras-Chave competição bancária AbstractThe aim of this paper is to review some of the existing tests for competition in Brazilian banking, as well as to propose an alternative. After the description of the institutional setting of the Brazilian Banking system on this period, the competition tests on the literature were reviewed, beginning with the test proposed by Panzar and Rosse (1987). The market does not seem to be in long-run equilibrium, implying only the market does not seem to find itself in collusive outcome. The next step was to try a new methodology, applied by Moreno, Martínez and Ruiz (2006) for the Spanish banking market. On this methodology, in which the assumption of equality of conduct parameters between firms and time periods is relaxed, the results indicate that, for some firms and in some time periods, a cooperative conduct in fact is present.

This paper aims to investigate the existence of persistence in superior performance in Brazilian stock market funds from 2001 to 2014. In order to do so, we used a sample free of survivorship bias and four different market models to characterize the expected return and risk relationship. In all models we were not able to find evidence consistent with superior performance, indicating performance differences could be more attributed to different exposures to risk factors than superior skill. Some additional evidence was found the momentum factor seems to explain a large part of the funds’ excess returns in both top and bottom deciles.

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