In this paper, we consider a manager of a firm which activity yields positive profits and an environmental risk. He borrows external funds from a bank in order to invest in the production process. To protect against the environmental risk, he makes prevention. This last action is not observable...

On December 21, 1989 the European Community Counsel promulgated EEC regulation no. 4064/89 and in doing so, reinforced merger operations monitoring and control at the European level. The object of this study is to evaluate the consequences of the application of this regulation to non-European...