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The Demand for Directors' and Officers' Insurance in Canada

Boyer, M. Martin; Delvaux-Derome, Mathieu - Centre Interuniversitaire de Recherche en Analyse des … - 2002

This paper looks at the insurance demand of a firm's directors and officers using a sample of Canadian corporations (excluding firms from the Financial services and Mining sectors) from 1993-1999. More to the point, we study the demand for director's and officer's insurance. Our results suggest...

Persistent link: https://www.econbiz.de/10005100691

Do CEOs Exercise Their Stock Options Earlier than Other Executives?

André, Paul; Boyer, M. Martin; Gagné, Robert - Centre Interuniversitaire de Recherche en Analyse des … - 2002

This paper looks at the timing chosen by CEOs to exercise their stock options and to sell their shares of stock compared to the timing chosen by other top executives in the firm. We first present a model that predicts when CEOs should exercise their options and/or sell their shares, and when...

Persistent link: https://www.econbiz.de/10005100717

Is the Demand for Corporate Insurance a Habit? Evidence from Directors' and Officers' Insurance

Boyer, M. Martin - Centre Interuniversitaire de Recherche en Analyse des … - 2003

Of the many fundamental questions left unanswered in finance, one relates to corporate risk management practices. It is still relatively unclear what are the reasons that motivate risk neutral corporations to manage their idiosyncratic risk. Our contention in this paper is that corporate...

Persistent link: https://www.econbiz.de/10005101048

Can Financial Intermediation Induce Economic Fluctuations?

Banerji, Sanjay; Long, Ngo Van - Centre Interuniversitaire de Recherche en Analyse des … - 2000

We construct a model to show that active financial intermediation can induce economic fluctuations. We embed a financial sector in a simple overlapping generation model with a single stock of capital. Individuals are risk averse agents that face idiosyncratic risks in their business activities:...

Persistent link: https://www.econbiz.de/10005100606

Contracting under Ex Post Moral Hazard and Non-Commitment

Boyer, M. Martin - Centre Interuniversitaire de Recherche en Analyse des … - 2001

This paper characterizes the optimal insurance contract in an environment where an informed agent can misrepresent the state of the world to a principal who cannot credibly commit to an auditing strategy. Because the principal cannot commit, the optimal strategy of the agent is not to tell the...

Persistent link: https://www.econbiz.de/10005101113

Institutions and Development in MENA Region: Evidence from the Manufacturing Sector

Fakih, Ali; Arayssi, Mahmoud - Centre Interuniversitaire de Recherche en Analyse des … - 2015

institutions to increase economic growth in these economies; however, the democratization of the political institutions and foreign …

Persistent link: https://www.econbiz.de/10011183770

Risk Aversion, Intertemporal Substitution, and Option Pricing

Garcia, René; Renault, Éric - Centre Interuniversitaire de Recherche en Analyse des … - 1998

This paper develops a general stochastic framework and an equilibrium asset pricing model that make clear how attitudes towards intertemporal substitution and risk matter for option pricing. In particular, we show under which statistical conditions option pricing formulas are not...

Persistent link: https://www.econbiz.de/10005100513

Liberalization, Political Risk and Stock Market Returns in Emerging Markets

L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 1997

incorporating contemporary macroeconomic variables, market liberalization steps and political risk changes is used to explain hyper …-return periods. Hyper-return periods are shown to be associated with political risk changes and with liberalization steps, whereas … aggregate price-to-earnings and book-to-market ratios and macroeconomic variables are used in addition to changes in political …

Persistent link: https://www.econbiz.de/10005100542

Empirical Assessment of an Intertemporal Option Pricing Model with Latent Variables (Note : New version February 2002) / Empirical Assessment of an Intertemporal Option Pricing Mod...

Garcia, René; Luger, Richard; Renault, Éric - Centre Interuniversitaire de Recherche en Analyse des … - 2001

This paper assesses the empirical performance of an intertemporal option pricing model with latent variables which generalizes the Hull-White stochastic volatility formula. Using this generalized formula in an ad-hoc fashion to extract two implicit parameters and forecast next day S&P 500 option...

Persistent link: https://www.econbiz.de/10005100563

Exact skewness-kurtosis tests for multivariate normality and goodness-of-fit in multivariate regressions with application to asset pricing models

Dufour, Jean-Marie; Khalaf, Lynda; Beaulieu, Marie-Claude - Centre Interuniversitaire de Recherche en Analyse des … - 2003

Dans cet article, nous proposons des tests sur la forme de la distribution des erreurs dans un modèle de régression linéaire multivarié (RLM). Les tests que nous développons sont fonction des résidus obtenus par moindres carrés multivariés, lesquels sont standardisés de façon à ce que...

Persistent link: https://www.econbiz.de/10005100629