A debate around the book by Denis Segrestin ("Les chantiers du manager", Paris, Colin, 2004) gives an opportunity to hope for deeper and rigorous anaytical frameworks about organizational theories of firms. Two perspectives are suggested: firms as collective action systems open to their...

Including real options in firms ’ value raises numerous difficulties. Limitations concerning the relevance of option pricing models outside financial markets are the most salient, but carrying out a valuation implies other assumptions, especially on firms’ governance. In particular,...

The article discusses the origins of the U-shaped average cost curve, which is one of the most widely used tools in microeconomic analysis. Its widespread use leads many to consider it as a basic tool, obscuring the fact that the graph of the U-shaped average cost curve is part of a complex...

A principal needs a worker for the production of a good. The worker can be hired as an internal agent, or an external agent under a contract. These two organizational modes correspond to in-house production and outsourcing, respectively. In each case, the agent earns experience benefits: future...

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...

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...

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...

This article compares the cost of trading large capitalisation equities on the hybrid order-driven segment of the London Stock Exchange and the centralised electronic order book of Euronext. Using samples of stocks matched according to economic sector, free float capitalisation, and trading...

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...