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Threat and Punishment in Public Good Experiments
Masclet, David; Noussair, Charles N.; Villeval, Marie-Claire - Centre Interuniversitaire de Recherche en Analyse des … - 2011
-play threats to punish have enough of a beneficial impact on cooperation, while not incurring the cost associated with actual … punishment, so that they increase overall welfare? We report an experiment in which players can issue non-binding threats to … their actual punishment level. We find that threats increase the level of contributions significantly. Efficiency is …
Persistent link: https://www.econbiz.de/10008833345
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Integrated Risk Management for Mega Events
Aubert, Benoit A.; Marcellis-Warin, Nathalie de; Lupan, Dan - Centre Interuniversitaire de Recherche en Analyse des … - 2007
The largest special events (mega events) such as World's Fairs and Expositions, the FIFA World Cup Final, or the Olympic Games put a tremendous amount of pressure on the food production chain associated with these events, increasing the potential for food safety and security breaches. Any breach...
Persistent link: https://www.econbiz.de/10005079443
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Fair Value Accounting: Information or Confusion for Financial Markets?
Menini, Andrea; Magnan, Michel; Parbonetti, Antonio - Centre Interuniversitaire de Recherche en Analyse des … - 2011
The recent financial crisis has led to a critical evaluation of the role that fair value accounting may have played in undermining the stability of the financial system. Reacting to the pressures of banking regulators and governments, standard-setters have brought forward additional guidance on...
Persistent link: https://www.econbiz.de/10009283841
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Alleviating Coordination Problems and Regulatory Constraints through Financial Risk Management
Boyer, Marcel; Boyer, M. Martin; Garcia, René - Centre Interuniversitaire de Recherche en Analyse des … - 2011
We characterize a firm as a nexus of activities and projects with their associated cash flow distributions across states of the world and time periods. We propose a characterization of the firm where variations in the market price of risk induce adjustments in the value-maximizing combination of...
Persistent link: https://www.econbiz.de/10009643789
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Capital Structure and Risk Management
Gobert, Karine - Centre Interuniversitaire de Recherche en Analyse des … - 2001
This paper examines the impact of capital structure on the optimality of contingent financial contracts. The role of financial relationships is not only to provide funds but also to offer insurance to a risk adverse entrepreneur through contingent financial transfers. Since such financial...
Persistent link: https://www.econbiz.de/10005100650
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Stochastic Volatility: Univariate and Multivariate Extensions
Jacquier, Éric; Polson, Nicholas G.; Rossi, Peter E. - Centre Interuniversitaire de Recherche en Analyse des … - 1999
Stochastic volatility models, aka SVOL, are more difficult to estimate than standard time-varying volatility models (ARCH). Advances in the literature now offer well tested estimators for a basic univariate SVOL model. However, the basic model is too restrictive for many economic and finance...
Persistent link: https://www.econbiz.de/10005100719
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Testing and Comparing Value-at-Risk Measures
Christoffersen, Peter; Hahn, Jinyong; Inoue, Atsushi - Centre Interuniversitaire de Recherche en Analyse des … - 2001
Value-at-Risk (VaR) has emerged as the standard tool for measuring and reporting financial market risk. Currently, more than eighty commercial vendors offer enterprise or trading risk management systems which report VaR-like measures. Risk managers are therefore often left with the daunting task...
Persistent link: https://www.econbiz.de/10005100810
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The Value of Real and Financial Risk Management
Boyer, Marcel; Boyer, M. Martin; Garcia, René - Centre Interuniversitaire de Recherche en Analyse des … - 2005
We characterize a firm as a nexus of activities and projects with their associated cashflows. Production and operations activities and real risk management activities distribute cashflows over states of nature and time periods, leading to a transformation possibility frontier similar to a...
Persistent link: https://www.econbiz.de/10005100941
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Fair Value Accounting and the Financial Crisis: Messenger or Contributor? / Comptabilisation à la juste valeur et crise financière : rôle indicatif ou contributif?
Magnan, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2009
Did fair value accounting play a role in the current financial crisis? This appendix explores the issue. Fair value accounting implies that assets and liabilities get measured and reflected on a firm`s financial statements at their market value, or close substitutes. Extensive academic research...
Persistent link: https://www.econbiz.de/10005100957
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Fair Value Accounting and the Financial Crisis: Messenger or Contributor?
Magnan, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2009
Did fair value accounting play a role in the current financial crisis? This appendix explores the issue. Fair value accounting implies that assets and liabilities get measured and reflected on a firm`s financial statements at their market value, or close substitutes. Extensive academic research...
Persistent link: https://www.econbiz.de/10005100966