Policy makers have considered joint-audits as a solution to mitigate the audit market concentration and the “systemic” risk associated with Big 4 auditors. Using the French system as a relevant joint-audit laboratory, we implement a Markovian analysis to infer the long-term market structure...

The main objective of this article is to calculate the price of weather derivatives for different African countries with payout depending on temperature. A new approach of computing degree day contracts is shown and gives another scale to the numerical relevance and practical implementation of...

Since the seminal Black-Scholes model was introduced in the 1970s, researchers and practitioners have been continuously developing new models to enhance the original. All these models aim to ease one or more of the Black-Scholes assumptions, but this often results in a set of equations that is...

According to general asset pricing theory, options should reward their holders for the systematic risk they are bearing. In this paper, we study the returns of foreign exchange options. We find that, by sorting options according to the distance of their implied volatility from the historical...

The main objective of this article is to calculate the price of weather derivatives for different African countries with payout depending on temperature. A new approach of computing degree day contracts is shown and gives another scale to the numerical relevance and practical implementation of...

Cette étude aborde les déterminants de l'existence et de l'indépendance managériale, dans les grandes sociétés françaises, des comités de rémunération et de sélection des administrateurs et des mandataires sociaux. Les hypothèses relèvent du cadre théorique de l'agence, dans lequel...

Ce papier montre que les déterminants de la réputation de l'auditeur sont sensibles aux modèles de gouvernance nationaux. En France, la propension à présenter des comptes certifiés par un cabinet anglo-saxon augmente avec les coûts d'agence actionnaires-créanciers. Au Canada, cette...