This book explains key financial concepts, mathematical tools and theories of mathematical finance. It is organized in four parts. The first brings together a number of results from discrete-time models. The second develops stochastic continuous-time models for the valuation of financial assets...

L’objet de cet article consiste à évaluer empiriquement l’impact de l’éducation publique ou privée sur la durée de chômage qui précède le premier emploi. Notre étude porte sur un pays en développement, Madagascar qui, comme beaucoup d’autres, connaît un essor considérable de...

This paper explores the conditions under which anti-corruption initiatives are launched in Bulgaria and their impact on local practices. An examination of the Toplofikacija affair suggests that efforts to curb illegal practices need to be understood as being at the intersection of several actors...

This article aims at studying the impact of return on education on criminal behaviour. A dynamic model of time allocation between investment in human capital, labour and criminal activity is developed, assuming that these activities are substitutable and endogenous. Our attention focuses on the...

Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25,...

This article investigates the cointegrating and vector autoregressive relationships in CO2 allowances spot and futures prices, valid for compliance under the EU Emissions Trading Scheme (EU ETS). Our empirical analysis yields to reject a cointegrating relationship between CO2 spot and futures...

EUAs are European Union Allowances traded on the EU Emissions Trading Scheme (EU ETS), while Certified Emissions Reductions (CERs) arise from the Clean Development Mechanism under the Kyoto Protocol. These emissions assets attract an increasing attention among brokers, investors and operators on...

This article develops a forecasting exercise of the volatility of EUA spot, EUA futures, and CER futures carbon prices (modeled after an AR(1)-GARCH(1,1)) using two dynamic factors as exogenous regressors that were extracted from a Factor Augmented VAR model (Bernanke et al. (2005)). The dataset...

Economic fluctuations, climate risk and a number of individual specific shocks leave households vulnerable to severe hardship in developing countries. Moreover, the credit and insurance markets are limited and the social coverage is weak. In this context, households saving is crucial to provide...

This article provides an analysis of the microeconomic determinants of household savings behaviour in Morocco according to geographical household residence. Descriptive statistics seem to indicate a similar savings pattern in both rural and urban areas but the econometric results do not support...