Dans le cadre du contexte francais actuel, les PME qui ne peuvent pas s'autofinancer et qui n'ont pas acces au marche financier (trop petit chiffre d'affaires) sont fortement dependantes des banques. Elles rencontrent des difficultes a se faire reconnaitre a leur juste valeur du faitd'une...

Preorder representation results are applied to a normative valuation theory for dealers setting bid-ask spreads in a dynamic framework. The preorders induced by ask and bid prices of marketed assets should satisfy some axioms in order for prices not to yield arbitrage opportunities to traders...

This paper provides a non-linear pricing rule for the valuation of assets on financial markets with intermediaries.The non-linearity arises from the fact that dealers charge a price for their intermediation between buyer and seller. The pricing rule we propose is an alternative for the wellknown...