We investigate the relationship between rule-based versus risk-based regulatory choices in different countries and the real investment performance of their pension funds. Pension systems in countries with more mature risk-based regulatory regimes tend to demonstrate superior investment...

We investigate the relationship between rule-based versus risk-based regulatory choices in different countries and the real investment performance of their pension funds. Pension systems in countries with more mature risk-based regulatory regimes tend to demonstrate superior investment...

Cette étude examine l’impact de la divulgation publique des honoraires d’audit, exigée par COB, sur l’évaluation des honoraires d’audit des périodes suivantes. Notre modèle théorique prévoit que la publication des honoraires conduira à l’amélioration de la précision et à la...

The aim of our paper is to determine the efficiency of the asymmetric regulation of the Mobile Termination Rates (MTRs) in a market where the firms are differentiated in size and with commercial offers that include calling club effects. Major regulatory issues are related to these analyses,...

En s'inspirant de la normalisation comptable anglo-saxonne, la Global Reporting Initiative (GRI) propose un référentiel de publication volontaire d'informations sociétales. La transposition présente des limites qui rendent en fait ses principes inapplicables. Néanmoins il tend à s'imposer...

This paper addresses the question of what options are available to regulate the sector in the near future. In order to answer this question, the paper focuses on the problem of investment and innovation in an ex ante regulated sector. Relying on existing literature, we argue that ex ante...

I propose a model in which a stock exchange can improve its liquidity by tightening its listing requirements. Because these reduce information asymmetry, they increase the utility of investors and lead to a high investor participation on the exchange. However, the exchange never sets the highest...

I propose a model in which firms can convey their quality by listing on a stock exchange. To list, firms must comply with costly listing requirements allowing investors to recognize imperfectly their quality. A profit maximizing exchange may set listing requirements leading to high information...