Aggregate art price patterns mask a lot of underlying variation — both in the time series and in the cross-section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each...

La microfinance a fait l’objet d’un colloque organisé par la Banque de France en juillet 2011. Les participants ont souligné son utilité comme outil d’inclusion financière, de développement économique et de lutte contre la pauvreté en s’appuyant sur les expériences des pays du...

Allocations familiales et autres transferts cibles sont generalement verses aux meres, sur la base de l`observation qu`augmenter la part des ressources controlees par les meres conduit a ameliorer le bien-etre des enfants. Nous recensons un ensemble de resultats empiriques qui etablisent le...

One frequent objective of market research, and particularly in cross cultural contexts, consists in comparing those attributes that determine the choice of different sub groups of consumers. Practitioners may resort to different types of importance scales, or use ranking methods, or even pair...

We develop a geographical-based vibrancy index using important location characteristics that measure local economic health. We show that local vibrancy is associated with future firm outcomes, including investment, leverage, profitability, and firm value. More vibrant firms are located in...

Due to non-linear transaction costs, the fi nancial performance of a trading strategy decreaseswith portfolio size. Using a dynamic trading model a la Garleanu and Pedersen (2013), wederive closed-form formulas for the performance-to-scale frontier reached by competitive tradersendowed with a...

We investigate the development of an innovative and high-risk type of borrowing for local governments, known as structured loans. Using transaction data for more than 2,700 local governments in France, we show that the adoption of these instruments is more frequent for politicians from highly...

The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for...

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and...

Social Security provides insurance against idiosyncratic income risk but exposes workers to systematic risk because benefits are indexed to the evolution of aggregate earnings. I calibrate a life-cycle model to compare workers' certainty equivalent valuation of Social Security to its net present...