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Jean-Charles Rochet, and Délia Coculescu
vol. 28, n. 1, 2018, pp. 5–28
The aim of this paper is to put forward a new family of risk measures that could guide investment decisions of private companies. But at the difference of the classical approach of Artzner, Delbaen, Eber, and Heath and the subsequent extensions of this model, our risk measures are built to reflect...
Raja Chakir, Thibault Laurent, Anne Ruiz-Gazen, Christine Thomas-Agnan, and Céline Vignes
vol. 7, n. 1, 2018, pp. 33–48
We consider the problem of areal level land use classification from the information provided by point level databases such as the area frame surveys (American NRI survey, EUROSTAT Lucas survey, French Teruti-Lucas survey) and easily accessible covariates. An exploratory analysis emphasizes the link...
Jérôme Bolte, Antoine Hochart, and Edouard Pauwels
vol. 28, n. 2, 2018, pp. 1867–1891
For an arbitrary finite family of semialgebraic/definable functions, we consider the corresponding inequality constraint set and we study qualification conditions for perturbations of this set. In particular we prove that all positive diagonal perturbations, save perhaps a finite number of them,...
Dirk Bergemann, Alex Smolin, and Alessandro Bonatti
vol. 108, n. 1, 2018, pp. 1–48
A data buyer faces a decision problem under uncertainty. He can augment his initial private information with supplemental data from a data seller. His willingness to pay for supplemental data is determined by the quality of his initial private information. The data seller optimally offers a menu of...
Ulrich Hege, Stefano Lovo, Myron B. Slovin, and Marie E. Sushka
vol. 53, December 2018, pp. 21–37
We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in...
Christian Belzil, Michael Bognanno, and François Poinas
vol. 46, 2018, pp. 73–106
This chapter estimates a dynamic reduced-form model of intra-firm promotions using an employer–employee panel of over 300 of the largest corporations in the United States in the period from 1981 to 1988. The estimation conditions on unobserved individual heterogeneity and allows for both an...
Céline Bonnet, Zohra Bouamra-Mechemache, and Timothy J. Richards
vol. 45, n. 3, 2018, pp. 297–331
Bargaining power in vertical channels depends critically on the "disagreement profit" or the opportunity cost to each player should negotiations fail. In a multiproduct context, disagreement profit depends on the degree of substitutability among the products offered by the downstream retailer. Horn...
Mohamed Saleh
Jean-Paul Carvalho, Sriya Iyer, and Jared Rubin (eds.), Palgrave Macmillan, December 2018
Xavier Irz, Pascal Leroy, Vincent Réquillart, and Louis-Georges Soler
vol. 33, n. 4, 2018, pp. 309–330
While the adverse climate and health impacts of the Western diet have been demonstrated, the place of fish/seafood in climate-friendly and healthy diets is unclear. We tackle that question with a model simulating how a rational consumer urged to consume more fish would modify his diet. Those...
Catherine Cazals, Thierry Magnac, and Soterios Soteri
Timothy J. Brennan, Victor Glass, and Pier Luigi Parcu (eds.), 2018
Letter volumes in countries with advanced broadband networks have been in decline since the early to mid-2000s while, more recently, parcel volumes have started to grow quite rapidly. The main drivers of these trends, namely the substitution of physical letters with electronic modes of...
