This paper analyzes the interactions between vertical integration and (wholesale) spot, forward and retail markets in risk management. We develop an equilibrium model that fits electricity markets well. We point out that vertical integration and forward hedging are two separate levers for demand...

The concept of a barrier to entry has been discussed least since Bain [1956] with important contributions by Spence [1977], Dixit [1980] and Milgrom-Roberts [1982]. The more recent discussion is synthesized in the contributions to a dedicated session at the 2004 AEA meeting. Yet, a 'barrier to...

This paper analyses the impact of competition among downstream firms on an upstream firm's payoff and on its incentive to vertically integrate when firms on both segments negotiate optimal contracts. We argue that tougher competition decreases the downstream industry profit, but improves the...

We propose a simple equilibrium model, where the physical and the derivative markets of the commodity interact. There are three types of agents: industrial pro- cessors, inventory holders and speculators. Only the two first of them operate in the physical market. All of them, however, may...

The competition between SEAQ International and Continental European equity markets to attract transactions in the most actively traded European stocks has intensified since the late 1980s. Because their transactions are organised in a different manner, and because reporting standards are not the...

Can the process of change be deliberate, planned and controlled in an organisation? Does the management of change within an organisation consist in fighting the forces of resistance and stability? Not necessarily. Change creates unforeseen confrontation between the organisation and its actors....

Are management tools instrumental of socialisation and of behavioural control or can they be vectors of change? Based on four examples of the change process in companies, the author reflects on the nature and the role of management tools, considered as sources, supports or even consequences of...