In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow...

As a stock exchange dedicated to small and medium enterprises (SMEs), the success of the Alternative Investment Market (AIM) has established this segment of the London Stock Exchange as the benchmark, of which the Alternext is considered a flawed copy. This article aims to invalidate this...

Cet article introduit un numéro spécial présentant la totalité des aspects de la nouvelle macroéconomie dynamique. Il est divisé en trois parties : la spécification des modèles DSGE, les méthodes de simulation, d'estimation et de test des modèles DSGE, les applications des modèles DSGE.

Un essai dans lequel l'auteur affirme que la France est plus dynamique qu'elle n'y paraît, malgré un manque de compréhension de l'économie mondiale et des difficultés à faire évoluer ses institutions.

Depuis 2003, la Turquie a entrepris de restaurer ses fondamentaux macro-économique en mettant en place, sous la houlette du FMI, un programme de lutte contre l’inflation, tendon d’Achille traditionnel du pays et une politique budgétaire d’austérité, caractérisée par le dégagement de...

By introducing a structure of the balance sheets of the banks, which takes into account their bilateral exposures in terms of stocks or lendings, we get a structural model for default analysis. This model allows us to distinguish the exogenous and endogenous default dependence. We prove the...

This thesis contributes to the analysis and measure of systemic risk through four chapters. In the first chapter, we discuss the notion of systemic risk and detail the methodological issues of modeling. The second chapter proposes a structural model of solvency contagion. Within an equilibrium...

The purpose of this article is to study accounting valuation practices in French bankruptcies following enactment of the Law of 1838. The research is based on a study of 500 files in the archives of the Paris Court of Commerce. After first presenting the main steps in the bankruptcy proceedings,...