Débat du pouvoir et des finalités des marchés financiers et plaide pour une réhabilitation de la politique qui peut constituer un contrepoids.

L'auteur tente de montrer que les menaces réelles liées à la mondialisation peuvent être évitées si la politique économique reconnaît dans le social une composante essentielle de l'efficacité économique.

Pour faire en sorte que le progrès social ne reste pas en panne, la politique doit imposer sa loi aux marchés financiers même si ceux-ci sont indispensables au fonctionnement de l'économie française en aidant à répartir la masse des risques. L'échec de la gauche en France s'explique...

We propose a new method to model hedge fund risk exposures using relatively high frequency conditioning variables. In a large sample of funds, we find substantial evidence that hedge fund risk exposures vary across and within months, and that capturing within-month variation is more important...

This paper provides evidence on the use of stochastic discount factors in the evaluation of portfolio performance. First, we discuss evaluation in this setting, and relate it to traditional mean-variance analysis. We then use Monte Carlo experiments to examine the small sample properties of...

We propose a new method to capture changes in hedge funds' exposures to risk factors, exploiting information from relatively high frequency conditioning variables. Using a consolidated database of nearly 15,000 individual hedge funds between 1994 and 2009, we find substantial evidence that hedge...

The performance, and its characteristics, of Swedish-based equity and bond mutual funds are studied in detail. Accounting for survivorship biases, regular equity funds have a slight overperformance, equity funds with certain tax advantages have a negative performance (before tax), and bond funds...

Private savings for retirement, in the form of pensions, play an important role in most OECD countries. Given the scale of assets managed, these funds constitute a major institutional investor. The aim of this article is to present the financial behaviour of pension funds in these countries. A...

This paper deals with the principal-agent relationships involved by the management of pension funds. The focus is made on private defined benefit pension funds in the US. We first underline the main characteristics of management and financial pension policy. We then identify the principal-agent...

Private pension plans are now an important source of retirement income, especially in the United Kingdom and in the United States. They play an increasing role in the economy of most of the OECD countries. Therefore, we analyse the effect of pensions on private consumption. We focus on the...