We analyze the incentives of a controlling shareholder of a firm to acquire, directly or indirectly through his firm, shares in a competitor. We charaterize the conditions under which these partial acquisitions as well as the equilibrium toehold and its nature: controlling or silent. We find...

The growth regime which prevailed in France since the middle of the 1980s is characterised by a recovery of profitability without durable resumption of growth or accumulation of productive capital. The financialization of this growth regime can be read in firms' balance sheet structure with...

Orthodox economics rests on the belief that if markets were fully competitive, there would be general efficiency. The current financial malfunctions, accordingly, would not result from free competition, but rather from insufficient competition. This statement is strong, for it rests on a...

The purpose of this article is to establish a typology of the major business models developed in the motion pictures industry between 1895 and 1914. After a relatively short period dominated by business models built on the exclusive possession of a technical system, the industry was organized...

While many studies have been devoted to capital accumulation and rate of profit, the article empirically characterises the financialization at the level of firms' liability, i.e. at the level of debt and equity. In particular, the determinants of non financial firms' indebtedness and equity...

This paper examines the institutional and economic factors determining success and failure of global retailers abroad through the trajectories of Wal-Mart and Carrefour. Three kinds of explanations are considered : the time and modalities of entry and development, the factors that allow the...

The purpose of this contribution is to suggest an interpretation of substantivist thought initiated by Karl Polanyi. An approach such as this is concerned with “historical economics”, in the precise sense that substantive concepts do not come from a retrospective projection of modern...

Dans les exemples numériques que Marx utilise pour étudier la reproduction du capital social, l‟économie atteint, dès la seconde période, un régime de croissance régulière. Ce résultat a surpris les lecteurs de Marx qui l‟ont interprété comme la propriété d‟un modèle qui...

We study a class of robust, or worst case scenario, optimal control problems for jump diffusions. The scenario is represented by a probability measure equivalent to the initial probability law. We show that if there exists a control that annihilates the noise coefficients in the state equation...

This article questions the rather pessimistic conclusions of Allen et Carroll (2001) about the ability of consumer to learn the optimal buffer-stock based consumption rule. To this aim, we develop an agent based model where alternative learning schemes can be compared in terms of the consumption...