Within the theoretical framework of organizational architecture, this paper attempts to explain the decentralization of investment decision. To do so, it highlights the role of the allocation of decision rights and control as a factor explaining the effectiveness of investment management. Thus,...

(VF)L'objet de cette recherche est de tenter d’expliquer les systèmes de décision et de contrôle lors des projets d’investissement. Pour cela, cette recherche met en évidence le rôle de l'architecture organisationnelle (répartition des droits sur la gestion de décision et sur le...

(VF)Plusieurs théoriciens et praticiens montrent que l’évaluation semble jouer un rôle relativement secondaire dans le processus d’investissement dans la mesure où elle intervient à titre de contrôle ex ante lors d'une phase de ratification. De ce fait, si on admet que l'efficience de...

We propose a general robust semiparametric bootstrap method to estimate conditional predictive distributions of GARCH-type models. Our approach is based on a robust estimator for the parameters in GARCH-type models and a robustified resampling method for standardized GARCH residuals, which...

We study in a general perspective the partial equilibrium incentives and the general equilibrium asset pricing implications of Value-at-Risk (VaR) regulation in continuous time economies with intermediate consumption, stochastic opportunity set, and heterogenous attitudes to risk. Our findings...

The Basel Committee on Banking Supervision ("the Committee") released a consultative document that included a regulatory capital charge for operational risk. Since the release of the document, the complexity of the concept of "operational risk" has led to vigorous and recurring discussions. We...