In a model where banks play an active role in monitoring borrowers, we analyze the impact of securitization on bankers’ incentives across different macroeconomic scenarios. We show that securitization can be part of the optimal financing scheme for banks, provided banks retain an equity...

Speculative industries exploit novel technologies subject to two risks. First, there is uncertainty about the fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral hazard. Because of moral hazard, managers earn agency rents...

[eng] Operational risk and capital requirements in the European investment fund industry . This paper analyses the sources of operational risk in the investment fund industry. An empirical survey documents the extent and origin of operation losses across European fund management companies. We...

[eng] Financing the basic banking service . The notion of basic banking services is the adaptation to payment services of the notion of Universal Service that prevails in network industries. It is motivated by the fear that deregulation might entail exclusion of certain categories of users. We...

We analyze the consequences of activism in a regulated industry where the regulator has been captured by the industry. Unlike ordinary economic agents, activists are insensitive to monetary incentives. Moreover, they are less well informed than regulators and their actions generate dead-weight...

The European Securities Trading and Post-trading (Clearing and Settlement) Industries have recently experienced a vast movement of consolidation. This was encouraged by the European Commission, seeking to establish a single market for the trade of financialsecurities across the European Union,...

[fre] Cette note vise à mettre en place les principaux éléments d'une analyse microéconomique de systèmes publics d'assurance maladie. Après avoir mis en évidence les spécificités des dépenses de santé, nous essayons de montrer que le maintien de systèmes d'assurance maladie où le...