Several authors have pointed out the possible absence of martingale measures for static arbitrage-free markets with an infinite number of available securities. This paper addresses this caveat by drawing on projective systems of probability measures. Firstly, it is shown that there are two...

In this article, we analyse whether family-related quits present long-term effects upon women’s careers, and the magnitude of such effects. For this purpose, the impact of family-related breaks in the first ten years of their labour careers on three measures of occupational prestige is...

This paper examines the role of trading and liquidity in a large competitive market with dispersed heterogenous information on market-based managerial compensation. The paper recognizes the endogenous nature of a firm’s stock price - it is the outcome of self-interested speculative trading...

This study analyses some of the strategic and organizational changes experienced in public firms following privatization in its double facet: sale of companies and deregulation. Specifically, we analyse the process of innovation in terms of products, processes and organization. We also look into...

This paper studies incentive provision with limited punishments. It revisits the moral hazard problem with risk neutral parties and solves for optimal compensation schemes in situations where agents' participation is implied by a limited liability constraint. Providing minimum cost incentives to...

One of the most important challenges for Less-Than-Truck-Load carriers consists of determining how to consolidate flows of small shipments to minimize costs while maintaining a certain level of service. For any origin-destination pair, there are several strategies to consolidate flows, but the...

This paper presents an algorithm for approximating the solution of deterministic/stochastic continuous-time growth models based on the Euler's equation and the transversality conditions. The main issue for computing these models is to deal efficiently with the boundary conditions associated....

In this paper, we analyze the effects of banks as main blockholders on a firm’s returns and on the concentration of ownership in the hands of the controlling blockholders. Compared with previous studies, we approach to this problem by taking into consideration the type of blockholders building...

This paper develops a model of wage and employment determination under the threat of unionization. The model shows that this threat generally leads nonunion firms to pay higher than competitive wages and to set a level of employment equal to or higher than the competitive employment level. This...

Computing equilibria in general equilibria models with incomplete asset (GEI) markets is technically difficult. The standard numerical methods for computing these equilibria are based on homotopy methods. Despite recent advances in computational economics, much more can be done to enlarge the...