Search results for "transaction costs"

Dall'impresa gerarchica alla comunità distribuita

2014

This article describes the emergence of collaborative production systems, that is those decentralized systems, different from markets and firms, where a community a loosely connected people, with a range of diverse and primarily intrinsic motivation, engage in a large scale collaboration whose outputs are governed as commons (e.g. open software, open hardware, etc.). After a description of the relationship between market system and managerial hierarchy, and the costs connected to each of these systems, the article exposes how peer production is usually organized and identifies the relative advantages of this organizational model over markets and firms under given circumstances. In the last …

The Best Hedging Strategy in the Presence of Transaction Costs

2009

Considerable theoretical work has been devoted to the problem of option pricing and hedging with transaction costs. A variety of methods have been suggested and are currently being used for dynamic hedging of options in the presence of transaction costs. However, very little was done on the subject of an empirical comparison of different methods for option hedging with transaction costs. In a few existing studies the different methods are compared by studying their empirical performances in hedging only a plain-vanilla short call option. The reader is tempted to assume that the ranking of the different methods for hedging any kind of option remains the same as that for a vanilla call. The …

European Option Pricing with Transaction Costs and Stochastic Volatility: an Asymptotic Analysis

2015

In this paper the valuation problem of a European call option in presence of both stochastic volatility and transaction costs is considered. In the limit of small transaction costs and fast mean reversion, an asymptotic expression for the option price is obtained. While the dominant term in the expansion it is shown to be the classical Black and Scholes solution, the correction terms appear at $O(\varepsilon^{1/2})$ and $O(\varepsilon)$. The optimal hedging strategy is then explicitly obtained for the Scott's model.

Vertical integration and profitability of the agrifood industry in an economic crisis context

2015

<p>In a setting of economic and financial crisis, most companies experienced a reduction in their profitability. Thus, our study allows us to identify vertical integration strategies developed by companies to overcome the crisis. This paper is aimed at unveiling the determining factors of the profitability of Spanish agrifood firms, depending on whether they are backwards vertically integrated or not. In order to attain our objective, we implemented a first difference regression model. The main contributions of the article lie in the incorporation of a variable that distinguishes integrated firms from the rest and the separate analysis of the two groups of firms. The results suggest t…

Qualité et coordination économique dans les industries agroalimentaires. Analyse institutionnelle comparée de l'industrie du vin en Bourgogne, Califo…

2004

Since the 1990s, the French wine exporters have been confronted with an increasing competition from a few nations of North America and the Southern Hemisphere. Initially positioned on the medium-range, the New World Wine Producers quickly developed their positions on the whole of the segments, including those traditionally occupied by French wines under controlled label of origin (AOC). The thesis examines the link between wine marketer' quality strategies and the coordination in the chain of production. Research is carried out on two levels: that of transactions governance structures concerning fresh grape, must and bulk wine, and that of the public rules framing these transactions. Firstl…

Gouvernance contractuelle et cognitive des alliances internationales en R&D

2009

Notre objectif est d’expliquer le choix des firmes multinationales entre les alliances avec prise de participation et les alliances sans prise de participation pour investir en R&D à l’étranger. Les déterminants du choix peuvent être contractuels ou cognitifs. Nos résultats montrent que les alliances sans prise de participation sont choisies en cas d’une spécificité des actifs et de fréquence moyennes ou faibles des transactions et au cas où les firmes parentes détiennent des capacités en R&D similaires. Nos résultats montrent aussi que les firmes multinationales n’optent pas nécessairement pour les alliances à fort degré d’interdépendance organisationnelle dans un objectif d’exploration de…

Le choix de la forme organisationnelle en matière d’investissement en R&D à l’étranger par les firmes multinationales:la contribution de la théorie d…

2008

(VF)L’objectif de ce papier est d’évaluer la contribution de la théorie des coûts de transaction à l’explication du choix du mode de gouvernance des activités de R&D à l’étranger par les firmes multinationales. Nous avons identifié principalement trois grandes formes organisationnelles en matière d’investissement en R&D à l’étranger:l’internalisation totale, les alliances en R&D et l’externalisation totale (licences unilatérales). Suite à une étude quantitative par le biais d’un questionnaire diffusé auprès de 769 firmes multinationales, nos principaux résultats montrent que le choix de l’internalisation des activités de R&D est favorisé en cas de fréquence élevée des transactions, le choix…

Transaktiokustannusten mittaaminen pk-yrityksessä : meta-analyysi + case-tutkimus

2002

Networks and health care systems

1996

The network concept has been successful in the economic littérature and in the health care economics littérature. However the network concept is not easy to define. In the first part, this paper suggests a framework for network conceptions analysis :first, network can be conceived as a structure of economic organisation (such as infrastructure networks), or as a coordination mode, alternative and different from market or hierarchy coordination. In the second part, this paper analyses recent mutations in the health care system (such as cooperation relationships between several hospitals and private clinics, networks between hospitals and ambulatory medical care...) from the network concept a…