Les ménages continuent de s’endetter tout en accumulant des actifs financiers. Les sociétés non financières intensifient leur recours aux crédits bancaires et aux émissions de titres. À l’inverse, le besoin de financement des administrations publiques se réduit.

Entre 1997 et 2003, le patrimoine des ménages a crû beaucoup plus rapidement que leur revenu du fait de la revalorisation des actifs immobiliers et leur épargne financière s’est davantage orientée vers des placements à risque.

Almeida, Campello, and Weisbach (2004) and Riddick and Whited (2009) offer contrasting conclusions regarding the corporate cash flow sensitivity of cash. We use an augmented empirical model to affirm the conclusion in Riddick and Whited that the cash flow sensitivity of cash is generally...

Using index and financial exchange-traded funds (ETFs), this study explores the relation between funding liquidity and equity liquidity during the subprime crisis period. Our empirical results show that a higher degree of funding illiquidity leads to an increase in bid–ask spread and a...

The Efficient Markets Hypothesis (EMH) has been one of the most influential ideas in the past years and highlights that assets prices incorporate all information rationally and instantaneously. The last financial crisis has led to criticism of this hypothesis. Many practical observations...

This paper suggests a method for determining rigorous upper bounds on approximation errors of numerical solutions to infinite horizon dynamic programming models. Bounds are provided for approximations of the value function and the policy function as well as the derivatives of the value function....

Kinks and jumps in the payoff function of option contracts prevent an effective implementation of higher-order numerical approximation methods. Moreover, the derivatives (the greeks) are not easily determined around such singularities, even with standard lower-order methods. This paper suggests...

In order to find the real market value of an asset in an exchange economy, one would typically apply the formula appearing in Lucas (1978), developed in a discrete time framework. This theory has also been extended to continuous time models, in which case the same pricing formula has been...

This paper presents long time series of stock and bond returns for Denmark <p> from 1922 to 1999. Average stock returns are low in an international context, but <p> returns (and volatility) have increased sharply since 1983 which may be explained by <p> major changes in economic policy and...</p></p></p>

The main objective of this research is to provide a detailed perspective of the operational risk in the case of commercial bank. The research is based on the main regulations and procedures in the field of the operational banking risk, and it presents the