The purposes of this paper are two-fold. On the one hand, we shall provide a decision analysis justification for the Value at Risk (VaR) approach based on ex-post, disappointment decision making arguments. We shall show that the approach is justified by a disappointment criterion. In other...

We study the supply and demand for European accounting research, referring to author nationality and the country origin of the data to define research as ‘European’. We study both the supply (conference proceedings) and the demand (published papers) for European research. To assess the...

This paper analyses the impact of migrant remittances on the supply of labour of beneficiaries in a developing country. The model is cast as a two period game between a resident and an altruistic migrant, under imperfect information of the latter about the true economic situation of the former....

Why do we observe a U-shaped industrial concentration curve over an economy's development path? We show that at least one third of this phenomenon is explained by the effect of capital accumulation on industrial specialization.

In many European countries, a majority of employees are hired under very protective labor contracts that restrict the ability of the employer to dismiss them. In particular, employees can take to courts the firm's layoff motive. This paper analyses the interaction between firms, employees and...

In this paper we address the issue of building a repeat sales index, based on factors. This is an extension of a companion paper, Baroni, Barthélémy and Mokrane (2001, BBM) in which we had built a factorial index as a selected linear function of existing economics and financial variables. Here...

The ECB is the only major central bank that still emphasizes the role of money in monetary policy management. In this paper, we bring some support to this approach. Taking into account Euro area data from the period between 1999 and 2007, we demonstrate that a steady 10 per cent increase in M3...

This paper studies a dynamic equilibrium with small fixed transactions costs. We consider an overlapping generations economy with two assets of different liquidity. Trading the liquid asset does not involve transactions costs while trading the illiquid asset requires a fixed transaction fee....

The paper develops a simple model of the market for academic publications in business and economics. The supply of papers is presented as the outcome of a game between researchers and schools’ deans under imperfect information about the quality of a given paper. The demand for papers brings...

This paper focuses on how forecasts information is disclosed in IPO prospectuses. In France, managers report either detailed forecasts or only a brief summary. We investigate the determinants and consequences of the varying levels of detail provided in these forecasts. Based on a sample of 82...