Information problems have a large role to play in insurance markets and the regulations governing these markets were in part designed to take such problems into account. Classification variables are usually the tools used to reduce adverse selection, whereas bonus-malus (or merit-rating) schemes...

This paper investigates the dynamic interrelationship between exchange rate changes and stock market performance in eleven emerging markets and five developed markets. It examines the nature of information transmission across asset classes and countries in order to understand how shocks are...

Malgre une situation economique difficile, y compris une inflation hors de controle et un taux de chomage inquietant, la Roumanie tente de se moderniser et essaie tant bien que mal de restructurer ses institutions politiques et financieres, ainsi que les medias. L'industrie televisuelle,...

The aim of the present paper is to propose a rational model of decision-making for lotteries. The key element of the theory is the use of cognitive processes. The maximization of the degree of confidence associated with each judgment involves different processes. Our contribution explains some...

We analyze the effect of generalized first and second order stochastic dominance changes in a returns distribution on optimal financial portfolios with two risky and a risk free assets. We show that constant relative risk aversion plays an important role in explaining how the composition of the...

This paper tests the efficiency associated with the role of memory in long-term contracting. Bonus-malus schemes in automobile insurance are examples of contracts that use memory. During the eighties different contributors (Lambert, 1983, Rogerson, 1985, Boyer, and Dionne, 1989) showed how...

In recent years a number of countries have introduced currency boards (CB). The new generation currency boards, which is gaining swing and popularity, preserves to different degrees the central bank's ability to perform the lender of last resort function (LOLR) and leaves room for intervention...

Dans le présent travail, l'auteur essaie d'analyser, ou plus exactement de « déconstruire », l'essentiel de la pensée dite de « stratégie » et de gouvernance d'ensemble des organisations, actuellement dominante sur la scène universitaire dans le domaine du management.

Le principal objectif de cette recherche etait de virifier comment les biais dans la perception des risques des agents economiques peuvent affecter leurs comportements de securite routiere. Les trois principaux risques etudies sont le risque d'etre arrete suite a une infraction au Code de la...

Le but de cet article est d'isoler les diterminants qui expliquent significativement les decisions de gestion des risques des entreprises non financieres. Nous appliquons le modele a des entreprises minieres en Amirique du nord. La variable aleatoire considiree est le prix de vente d'une once...