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Takeover Contests, Toeholds and Deterrence

Ettinger, David - HAL - 2009

We consider a setting in which two potential buyers, one with a prior toehold and one without, compete in a takeover modeled as an ascending auction with participating costs. The toeholder is more aggressive during the takeover process because she is also a seller of her own shares. The...

Persistent link: https://www.econbiz.de/10010552078

Typology of stock market offenses in France: An analysis of sanctions by the AMF since 2006

Demerens, Frédéric; Najar, Dorra; Paré, Jean-Louis; … - HAL - 2013

This paper presents a study intended to demonstrate how the Financial Market Authority (AMF) in France uses its regulatory and sanctioning powers with regard to brokers, listed companies and other actors (individuals) in the financial industry during the period 2006-2011. The AMF actions are...

Persistent link: https://www.econbiz.de/10010775229

Missing trader fraud on the emissions market

Frunza, Marius-Cristian; Guegan, Dominique; Thiebaut, … - HAL - 2010

trader fraud on European carbon allowances markets. This fraud occurred mainly between the end of 2008 and the beginning of … 2009. In this paper, we explore the financial mechanisms of the fraud and the impact on the market behaviour as well as the …

Persistent link: https://www.econbiz.de/10010603689

Economic Analysis of Insurance Fraud

Picard, Pierre - HAL - 2012

We survey recent developments in the economic analysis of insurance fraud. The paper first sets out the two main … approaches to insurance fraud that have been developped in the literature, namely the costly state verification and the costly … be deterministic or random, and it can be conditioned on fraud signals perceived by insurers. Under costly state …

Persistent link: https://www.econbiz.de/10010821286

Trading Volume and Market Efficiency: An Agent Based Model with Heterogenous Knowledge about Fundamentals

Lespagnol, Vivien; Rouchier, Juliette - HAL - 2014

This paper studies the effect of investor's bounded rationality on market dynamics. In an order driven market, we consider a few-types model where two risky assets are exchanged. Agents differ by their behavior, knowledge, risk aversion and investment horizon. The investor's demand is defined by...

Persistent link: https://www.econbiz.de/10010933931

Flexibility of wages and macroeconomic instability in an agent-based computational model with endogenous money

Seppecher, Pascal - HAL - 2010

We present a model of a dynamic and complex economy in which the creation and the destruction of money result from interactions between multiple and heterogeneous agents. In the baseline scenario, we observe the stabilization of the income distribution between wages and profits. We then alter...

Persistent link: https://www.econbiz.de/10009422112

Price Dynamics, financial fragility and aggregate volatility

Mandel, Antoine; Landini, Simone; Gallegati, Mauro; … - HAL - 2013

Within a standard framework à la Arrow-Debreu, we investigate the dynamics emerging from the interactions of heterogeneous households and firms that are adaptive price setters and financially constrained. We show that depending on the stringency of the financial constraints the model can settle...

Persistent link: https://www.econbiz.de/10011025895

The effects of uncertainty, trust, structure and resistance to change in the diffusion of management accounting innovations: an agent based modeling approach.

Masquefa, Bertrand; Teller, Pierre - HAL - 2013

This article considers the effects of uncertainty, structure, trust and resistance to change on the success or failure of management accounting innovations diffusion. The diffusion process is examined through a social network of nodes and ties. Ties represent communication channels through which...

Persistent link: https://www.econbiz.de/10010821482

Entreprises adaptatives, détermination des prix et répartition du revenu dans un modèle macroéconomique multi-agents avec monnaie endogène

Seppecher, Pascal - HAL - 2012

Ce papier présente un modèle macroéconomique qui associe étroitement théorie de la monnaie endogène et approche multi-agents. C'est un modèle décentralisé, peuplé d'agents multiples, hétérogènes, autonomes et concurrents qui interagissent simultanément dans les sphères réelle et...

Persistent link: https://www.econbiz.de/10008792906