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Christian Gouriéroux, Alain Monfort, Sarah Mouabbi et Jean-Paul Renne

n° 21-1237, juillet 2021

We define a disastrous default as the default of a systemic entity, which has a negative effect on the economy and is contagious. Bringing macroeconomic structure to a no-arbitrage asset pricing framework, we exploit prices of disaster-exposed assets (credit and equity derivatives) to extract...

Manvir Singh, Alberto Acerbi, Christine Caldwell, Etienne Danchin, Guillaume Isabel, Lucas Molleman, Thom Scott-Philips, Monica Tamariz, Pieter Van der Berg, Edwin Van Leeuwen et Maxime Derex

vol. 376, n° 1828, juillet 2021

Cultural evolution requires the social transmission of information. For this reason, scholars have emphasized social learning when explaining how and why culture evolves. Yet cultural evolution results from many mechanisms operating in concert. Here, we argue that the emphasis on social learning...

Doh-Shin Jeon, Bruno Jullien et Mikhail Klimenko

vol. 131, n° 103439, juillet 2021

The dominance of English language content on the Internet raises a question of how consumer bilingualism in a given country a§ects the amount of home language content and the countryís welfare. We address this question by studying two-sided market competition between a foreign and a domestic...

Tim Caro, Haji Hamad, Suleiman Rashid, Ulrike Kloiber, Victoria M. Morgan, Ossi Nokelainen, Barnabas Caro, Ilaria Pretelli, Neil Cumberlidge et Monique Borgerhoff Mulder

vol. 55, n° 4, juillet 2021, p. 556–563

The coconut crab Birgus latro, the largest terrestrial decapod, is under threat in most parts of its geographical range. Its life cycle involves two biomes (restricted terrestrial habitats near the coast, and salt water currents of the tropical Indian and Pacific Oceans). Its dependence on coastal...

Nils Köbis, Jean-François Bonnefon et Iyad Rahwan

vol. 5, n° 6, juin 2021, p. 679–685

Machines powered by Artificial Intelligence (AI) are now influencing the behavior of humans in ways that are both like and unlike the ways humans influence each other. In light of recent research showing that other humans can exert a strong corrupting influence on people’s ethical behavior, worry...

Ulrich Hege, Elaine Hutson et Elaine Laing

n° 101935, juin 2021

Using the Sarbanes-Oxley Act of 2002 as a quasi-natural experiment to identify the impact of corporate governance reform on foreign exchange risk hedging, we find that the substantial improvements in governance standards increased derivatives hedging and reduced foreign exchange exposure. The...

Thibault Laurent, Paula Margaretic et Christine Thomas-Agnan

n° 21-1221, juin 2021

We measure to what extent neighboring countries affect the amount of remittances between a source and a recipient country, controlling for the commonly used macro determinants of remittances(such as, economic activity, inflation, distance and transaction costs). For the study, we rely on bi-...

Margot Dazey

vol. 72, n° 3, juin 2021, p. 580–593

Respectability politics—that is, the process by which privileged members of marginalized groups comply with dominant social norms to advance their group's condition—is the object of a growing body of literature in the fields of race and ethnic studies, social movements, and critical theory. Yet...

Manh-Hung Nguyen, Thi Lan Anh Nguyen, Tuan Nguyen, Arnaud Reynaud, Michel Simioni et Viet-Ngu Hoang

vol. 70, juin 2021, p. 529–543

The paper presents one of the first economic analyses of residents’ choice of different coastal erosion control measures in a developing country — Vietnam. Hoi An, a UNESCO World Heritage Site, was selected given the frequency of coastal erosion events which have caused increasing damages to...

Jean Tirole

vol. 111, n° 6, juin 2021, p. 2007–2048

Autocratic regimes, democratic majorities, private platforms and religious or professional organizations can achieve social control by managing the flow of information about individuals' behavior. Bundling the agents' political, organizational or religious attitudes with information about their...