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LE CREDIT-BAIL TRANSFRONTALIER, RISQUES ET OPPORTUNITES FISCALES

Chapellier, Edouard - HAL - 2000

Le crédit-bail transfrontalier est un instrument complexe à mettre en oeuvre à cause de la grande diversité des législations fiscales en la matière. Ces différences de qualification peuvent faire risquer aux entreprises de sévères doubles impositions, mais, elles peuvent également leur...

Persistent link: https://www.econbiz.de/10009004245

Determinants of the choice leasing vs Bank Loan: evidence from the french sme by Kacm

Deghaye-Filareto, Marie Christine; Severin, Eric - HAL - 2007

The question of leasing credit as a substitute or complement of a banking loan has still not been resolved in the … characteristics of firms using leasing credit and on the other hand, to better understand the relationship between leasing and credit … rationing. Firstly, our results suggest that SME use leasing all the more the leasing so when they are young, leveraged, less …

Persistent link: https://www.econbiz.de/10010750928

Leverage Bubbles

Triki, Fares - HAL - 2009

This paper investigates the relation between liquidity and asset prices. It shows that, when banks balance sheets are marked to market and banks are targeting a financial leverage level - a situation similar to current environment - formation of Leverage Bubble phenomenon and suggests a new...

Persistent link: https://www.econbiz.de/10010738549

A dynamic equilibrium model of imperfectly integrated financial markets

Coeurdacier, Nicolas; Guibaud, Stéphane - HAL - 2005

We build a continous-time general equilibrium model of a two-country, pure-exchange economy featuring taxes on the repatriation of dividends. We find approximate closed-form expressions for asset prices, returns joint dynamics and equity portfolios, thus giving a full description of equilibrium...

Persistent link: https://www.econbiz.de/10010739061

Which dimensions of social responsibility concern financial investors?

Girerd-Potin, I.; Jimenez-Garcès, Sonia; Louvet, P. - HAL - 2012

Social and environmental ratings provided by social rating agencies are multidimensional. Using the six sub-ratings provided by the Vigeo rating agency, we perform a principal component analysis and we highlight three main socially responsible (SR) dimensions related to (1) the direct...

Persistent link: https://www.econbiz.de/10011025576

Heterogeneous Beliefs and Asset Pricing in Discrete Time

Napp, Clotilde; Jouini, Elyès - HAL - 2006

The aim of the paper is to analyze the impact of heterogeneous beliefs in an otherwise standard competitive complete markets discrete time economy. The construction of a consensus belief, as well as a consensus consumer are shown to be valid modulo a predictable aggregation bias, which takes the...

Persistent link: https://www.econbiz.de/10008788886

Price Dynamics in Market with Heterogeneous Investment Horizons and Boundedly Rational Traders

Chauveau, Thierry; Subbotin, Alexander - HAL - 2010

This paper studies the effects of multiple investment horizons and investors' bounded rationality on the price dynamics. We consider a pure exchange economy with one risky asset, populated with agents maximizing CRRA-type expected utility of wealth over discrete investment periods. An investor's...

Persistent link: https://www.econbiz.de/10010603631

Influence de la politique monétaire sur le prix des actifs financiers : les enseignements d'un modèle MIU appliqué à la Fed

Aubin, Christian; Diouf, Ibrahima; Pépin, Dominique - HAL - 2013

Impact of monetary policy on asset prices : lessons from a MIU model applied to the Fed Abstract -A tractable consumption-based and money-based asset pricing model is built to relate in closed form the risk premium, the risk free rate and the volatility of asset price to parameters of monetary...

Persistent link: https://www.econbiz.de/10010899535