Cet article a pour objet de montrer que face à l'instauration d'un cadre juridique prônant un modèle bancaire universel et unique (décloisonnement des activités, fin du cylindrage de clientèle) et face aux pressions isomorphiques institutionnelles (DiMaggio et Powell, 1983) s'exerçant sur...

We consider a multivariate financial market with transaction costs as in Kabanov. We study the problem of finding the minimal initial capital needed to hedge, without risk, European-type contingent claims. We prove that the value of this stochastic control problem is given by the cost of the...

In this paper we consider a class of BSDEs with drivers of quadratic growth, on a stochastic basis generated by continuous local martingales. We first derive the Markov property of a forward-backward system (FBSDE) if the generating martingale is a strong Markov process. Then we establish the...

This article proposes a new approach to liquidity on financial markets : do not considers liquidity individually, or stock by stock, but takes a common or systematic approach. Common factors in liquidity do exist, and they can cause the liquidity of each stock to vary simultaneously. This point...

Why do investors keep different opinions even though they learn from their own failures and successes? Why do investors keep different opinions even though they observe each other and learn from their relative failures and successes? We analyze beliefs dynamics when beliefs result from a very...

Présentation des bases de la programmation en VBA sous Excel : nature et organisation des objets, architecture des projets, structures de contrôle, doublée d'une approche financière (analyse technique des rentabilités boursières, gestion de portefeuille, évaluation des options).

The aim of this paper is to determine whether individuals exhibit a behavioral bias towards pessimism in their beliefs, in a lottery or more generally in an investment opportunities framework. For this purpose, we design a field survey on a sample of 1,540 individuals aiming at deriving a...