We focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on 23 international airlines of varying levels of...

[eng] The Actual Return on Stock Market Investments from 1950 to 1992 . The actual return on equity investments over the forty-three year period from 1950 to 1992 is evaluated by transforming the stock market indices into portfolios. The study presented here uses a new methodology for bond...

In order to finance the Italian war, Henry II ‘financial advisers have made in 1555 an enormous financial operation in LYON – then the French financial capital: a huge debt consolidation plus a cash issue. This issue was outstandingly “modern” by at least three aspects. 1. The...