Gaussian time-series models are often specified through their spectral density. Such models pose several computational challenges, in particular because of the non-sparse nature of the covariance matrix. We derive a fast approximation of the likelihood for such models. We use importance sampling...

This book chapter provides an overview of market fragmentation in Europe since the first implementation of the Markets in Financial Instruments Directive (MiFID) on 1 November 2007. It makes a brief literature review on the consequences of lit and dark fragmentation for liquidity. It presents an...

Based on recent field research, the paper suggests an interpretative model of territorial government in France. Relations between national and local authorities as well as policy- making processes suggest that the centralized State has faced a major decline of its hegemony and that...

The role of shareholders in modern capitalism should remember its historical roots. Legal analysis of the economic system is privileged in the paper. Corporation is the legal tool of modern capitalism; it introduces a liability limited to the stock held by shareholders. Paradoxically it may have...

The French scene in the field of HR management has entered a period that is worrying: a premium given to psychopathological approaches of employees. The article underlines the fact that HR management ignores basic lessons from social sciences about collective and organizational factors of...

Credit rationing is a classical phenomenon studied for a long period but the last financial crisis put it in the news. SMEs are particularly affected by this phenomenon and may be the main victims of the financial crisis and economic situation. This paper tries to estimate the scale of credit...

All cultures appear to share the belief that they do things ‘correctly’, while others, until proven otherwise, are assumed to be ignorant or barbaric. When people from different cultures work together and cannot take shared meanings for granted, managers face serious challenges. An...