In this paper, we develop a contingent claim analysis concerning both inside and outside shareholders' rights to sell their shares at the acquisition bid price. We will show that this regulation brings about wealth transfer towards inside shareholders (compared to a situation without any...

Stock options plans are used to increase managerial incentives. The main question is to determine whether there exists an optimal incentive contract, which means a contract satisfying both managers and shareholders. First, the cash-flow gain created by the managers' effort is supposed known by...

In agriculture, there is need for a deeper analysis of management of climate risks, because the farmers appear to have a paradoxical position: they perceived that they are strongly exposed to climate risks but, they do not want to pay for adapted tools, arguing that this is too expensive or...