The role of defense in national innovation systems is a highly topical, because of the complexity of defense systems and the desire to get value-for-money from R&D investment, especially through the commercialization of defense-funded technology. In practice, external transfer has proved to be a...

This paper aims at analysing the differences between two major research fields: Economic intelligence and knowledge management. A framework showing the complementarities between those two fields is set up. After a literature review on those two fields we explain that economic intelligence and...

We consider the evaluation of a business process quality, focusing on the robustness facet that is a very important quality dimension in this context. Our goal is to define metrics taking tacit knowledge into account. For this, we (re-)use informations coming from an existing structural analysis...

Local volatility models are popular because they can be simply calibrated to the market of European options. We extend the results of [4], [3] for such models, i.e. we propose a modi ed Leland method which allows us to approximately replicate a European contingent claim when the market is under...

Inspired by the theory of financial markets with transaction costs, we study a concept of essential supremum in the framework where a random partial order in View the MathML source is lifted to the space View the MathML source of d-dimensional random variables. In contrast to the classical...

We study the Leland model for hedging portfolios in the presence of a constant proportional transaction costs coefficient. The modi fied Leland's strategy defi ned in [2], contrarily to the classical one, ensures the asymptotic replication of a large class of payoff . In this setting, we prove a...

Efficiency arguments explain why commercial intermediaries exist and will continue to be involved in the exchanges despite the spread of digital networks. Commercial intermediaries provide producers and consumers with a set of information, logistic, securization and insurance (and liquidity)...

This article examines how the introduction of an ETF replicating a stock index impacts on the liquidity of the underlying stocks when the ETF market involves liquidity providers (LPs). We find that index stock spreads decline, relative to those of non-index stocks, after the introduction of the...

For utility maximization problems under proportional transaction costs, it has been observed that the original market with transaction costs can sometimes be replaced by a frictionless {\em shadow market} that yields the same optimal strategy and utility. However, the question of whether or not...

An essential element of any realistic investment portfolio selection is the consideration of transaction costs. Our purpose, in this paper, is to determine the maximum return and the corresponding number of securities to buy giving such return, whenever practical constraints features related to...