Search results for "ECONOMICS"
showing 10 items of 14389 documents
Money, morality and magistrates: prosecuting and judging in the Republic of Benin
2018
Since 2012, Beninese magistrates have gone on multiple strikes. Most of them complain about their substantial workload, low pay, and poor working conditions. They also highlight the discrepancies b...
Do Price Barriers Exist in the European Carbon Market?
2017
ABSTRACTIt is generally thought that psychological prices in markets primarily traded by professional participants should play a limited role. The authors investigate the existence of key reference points in the European Carbon Market, which can be considered as a market with highly qualified stakeholders. They document the presence of key levels and barrier bands around European Union Allowances (EUA) prices. It appears that traders tend to consider these price levels as resistances in upward movements and as supports in downward movements. Furthermore, the authors have observed that the existence of price barriers affects both return and volume dynamics. Therefore, the results indicate th…
Fuzzy Portfolio Selection Models for Dealing with Investor’s Preferences
2017
This chapter provides an overview of the authors’ previous work about dealing with investor’s preferences in the portfolio selection problem. We propose a fuzzy model for dealing with the vagueness of investor preferences on the expected return and the assumed risk, and then we consider several modifications to include additional constraints and goals.
The Case for Contingent Convertible Debt for Sovereigns
2015
We make the case for sovereigns to issue contingent convertible bonds as a means to forestall debt crises. These instruments contractually stipulate payment standstill, contingent on a sovereign’s credit default swap spread breaching a distress threshold. This is a financial innovation solution to the lack of sovereign debt restructuring mechanisms, limiting ex ante the likelihood of debt crises and imposing ex post risk sharing between creditors and the debtor. The new instruments are contingent contracts addressing neglected risks in sovereign debt. Building on literature for contingent convertible debt for banks we address the design of sovereign contingent debt, including market discipl…
Great Britain and Differentiated Integration in Europe
2018
The United Kingdom has always been a special case in the European integration project. The British exceptionalism manifested in various forms and ways over the history. June 23rd 2016 delivered another culmination point in the story of the stubborn European’s relations with its continental partners. The so-called Brexit referendum, which brought about victory for the supporters of the UK leaving the European Union, marks an important milestone in these relations. It has never been an easy marriage and many times threatened by the divorce. Instead of becoming ever closer, the European Union becomes ever loser and the UK is ever closer to leaving. Brexit is not only vital for the British, it …
The Impact of Lbos on Investment Policies and Operations of Acquired French Firms
2002
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
La construction de la théorie financière moderne : de la finance néoclassique à la finance néoinstitutionnelle et comportementale. Une introduction a…
2017
2e édition; National audience
A Theoretical Framework for the Analysis of the Relationship Between Family Firms and Competitiveness
2020
This chapter develops an additive model of the microeconomic sources of family firm (FF) competitiveness. Its main contribution is the proposal of a new explanatory framework with a perspective incorporating both ex post competitiveness and its determinants in a chain of multi-level causality. Based on fully-specified theory, the framework is designed to explain the complementarity of the effects of the firm's country, industry, district, strategy, and distinctive competences, focusing where appropriate on the case of the FF. The theoretical model also sheds light on the forces that influence the accumulation of sustainable competitive advantages. To that end, this chapter incorporates a pa…
La solvencia de las entidades de crédito españolas. Un análisis con datos de panel
2016
Resumen Este trabajo estudia los determinantes que han influido en la solvencia de las entidades de credito espanolas. Se contrastan 8 hipotesis con datos obtenidos de las cuentas anuales de las entidades de credito que cubren desde el ano 2004 al 2011. Se utilizan 2 metodologias para el contraste de las hipotesis. Para las 6 primeras se utilizan modelos econometricos de datos de panel no balanceados. Entre los resultados se constata que la dependencia de los mercados mayoristas, la situacion socioeconomica que ha llevado al incremento de la morosidad y de los deterioros, contribuyen de forma negativa en la solvencia. La cartera de activos, las inversiones inmobiliarias, el apalancamiento, …
Vers une gouvernance d'entreprise effectuale ?
2017
L’effectuation, une forme de rationalite des acteurs mise en avant par Saras Sarasvathy et Herbert Simon, trouve de plus en plus d’applications, notamment dans le domaine de l’entrepreneuriat. Cette rationalite s’applique particulierement lors de la creation d’opportunites d’investissement. L’objectif de cet article est de s’interroger sur les mecanismes favorisant les prises de decision suivant une rationalite effectuale permettant ainsi d’elaborer les fondements d’une gouvernance d’entreprise « effectuale ». Les limites des theories de la gouvernance d’entreprise actuelles sont d’abord mises en avant de facon a montrer ensuite comment integrer l’effectuation. Les specificites d’une gouver…