Recherche avancée

Diego Amaya, Geneviève Gauthier et Thomas-Olivier Léautier

vol. 82, n° 2, juin 2015, p. 359–399

This paper develops a dynamic risk management model to determine a firm's optimal risk management strategy. The risk management strategy has two elements: first, until leverage is very high, the firm fully hedges its operating cash how exposure, due to the convexity in its cost of capital. When...

Christophe Bisière, Jean-Paul Décamps et Stefano Lovo

vol. 61, n° 6, juin 2015, p. 1378–1397

We conduct a series of experiments that simulate trading in financial markets. We find that the information content of the order flow varies with the strength of subjects' prior beliefs about fundamentals. The presence of intrinsic uncertainty about the asset's fundamentals reduces informational...

Miriam Beblo, Denis Beninger, François Cochard, Hélène Couprie et Astrid Hopfensitz

Paris, n° 117-118, juin 2015, p. 233–252

We present the results of an experiment measuring social preferences within couples in a context where intra-household pay-off inequality can be reduced at the cost of diminishing household income. We measure social norms regarding this efficiency-equality trade-off and implement a cross-country...

Philipp Krüger, Augustin Landier et David Thesmar

vol. 70, juin 2015, p. 1253–1285

We document investment distortions induced by the use of a single discount rate within firms. According to textbook capital budgeting, firms should value any project using a discount rate determined by the risk characteristics of the project. If they use a unique company-wide discount rate, they...

Igor Makarov et Guillaume Plantin

vol. 70, n° 3, juin 2015, p. 952–962

This paper develops a model of active asset management in which fund managers may forego alpha-generating strategies, preferring instead to make negative-alpha trades that enable them temporarily to manipulate investors' perceptions of their skills. We show that such trades are optimally generated...

Josh Lerner et Jean Tirole

vol. 123, n° 3, juin 2015, p. 547–586

A major policy issue in standard setting is that patents that are ex-ante not that important may, by being included into a standard, become standard-essential patents (SEPs). In an attempt to curb the monopoly power that they create, most standard-setting organizations require the owners of patents...

Christian Gollier et Jean Tirole

vol. 4, n° 2, juin 2015, p. 5–27

In environmental matters, the free riding generated by the lack of collective action is aggravated by concerns about leakages and by the desire to receive compensation in future negotiations. The dominant “pledge-and-review” approach to mitigation will deliver appealing promises and renewed victory...

Jean Tirole

vol. 105, n° 6, juin 2015, p. 1665–1682

Jean-Pierre Florens et Sébastien Van Bellegem

vol. 186, n° 2, juin 2015, p. 465–476

In an increasing number of empirical studies, the dimensionality measured e.g. as the size of the parameter space of interest, can be very large. Two instances of large dimensional models are the linear regression with a large number of covariates and the estimation of a regression function with...

James K. Hammitt et Lisa A. Robinson

vol. 35, n° 6, juin 2015, p. 963–970

To estimate the effects of a policy change, analysts must often rely on available data as time and resource constraints limit their ability to commission new primary research. Research synthesis methods—including systematic review, meta-analysis, and expert elicitation—play an important role in...