We obtain results on the sensitivity of the invariant measure and other statistical quantities of a Markov chain with respect to perturbations of the transition matrix. We use graph-theoretic techniques, in contrast with the matrix analysis techniques previously used.

When aggregating individual preferences through the majority rule in an n-dimensional spatial voting model, the "worst-case" scenario is a social choice configuration where no political equilibrium exists unless a super majority rate as high as 1-1/n is adopted. In this paper the authors assume...

An economy with two dates is considered, on state at the first date and a finite number of states at the last date. Shareholders determine production plans b voting -one share, one vote- and at r-majority stable equilibria, alternative production plans are supported by at most rx100 percent of...

This paper assesses the risk-adjusted performance of US buyouts.

In this paper, the authors draw from theories of cognition, in particular Piaget (1930, 1931, 1934, 1935, 1949, 1966, 1968) and provide some content analysis of Simons’ writings (1987, 1990, 1991, 1994, 1995, 2000), based on four categories, which stem from our interpretation of Piaget’s...

Women in public accounting firms are still proportionally much fewer in the highest levels of the hierarchy than men, whereas the recruitement at a junior level tends to be more and more gender balanced. The aim of this paper is to propose ana analysis of the mechanisms that explain the barriers...

We analyse the conditional versions of two closely connected mean-variance investment problems, the replication of a contingent claim on the one hand and the selection of an efficient portfolio on the other hand, in a general discrete time setting with incomplete markets. <p> We exhibit a positive...</p>

We investigate the structure of the pricing kernels in a general dynamic investment setting by making use of their duality with the self financing portfolios. We generalize the variance bound on the intertemporal marginal rate of substitution introduced in Hansen and Jagannathan (1991) along two...

In this paper, the authors analyze optimal financial structure for an incumbent and potential entrant accounting for feedback effects in secondary asset markets.

Inter-organizational communities of practice (IOCoPs) are today an emergent research topic and studies in this area are still in an exploratory phase. Theoretical mechanisms are vaguely specified and empirical studies are incipient. For this reason, this paper firstly aims at presenting the...