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Andrea Attar, Eloisa Campioni et Gwenaël Piaser
février 2011
We consider multiple-principal multiple-agent games of incomplete information in which each agent can at most participate with one principal. In such contexts, we show that the restriction to direct truthful mechanisms involves a loss of generality, even if one only focuses on pure strategy...
Itzhak Ben-David, Francesco Franzoni, Augustin Landier et Rabih Moussawi
n° 11-221, février 2011
We find evidence of significant price manipulation at the stock level by hedge funds on critical reporting dates. Stocks in the top quartile by hedge fund holdings exhibit abnormal returns of 30 basis points in the last day of the month and a reversal of 25 basis points in the following day. Using...
Philipp Krüger, Augustin Landier et David Thesmar
n° 11-222, février 2011
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...
Patrick Rey et Michael Whinston
n° 11-227, février 2011
This paper examines whether retailer bargaining power and upfront slotting allowances prevent small manufacturers (who have no bargaining power) from obtaining adequate distribution. In contrast to the findings of Marx and Shaffer (2007), who showed that all equilibria involve limited distribution...
Farid Gasmi, Alexis Maingard, Paul Noumba Um et Laura Recuero Virto
n° 11-241, février 2011
The aim of this paper is to highlight empirically some important worldwide differences in the impact of privatization of the fixed-line telecommunications operator on network expansion, tariffs, and efficiency during the 1985-2007 period for a large panel of countries. Our work suggests that the...
David Bardey, Helmuth Cremer et Jean-Marie Lozachmeur
n° 11-250, février 2011, révision juillet 2011
This paper uses a two-sided market model of hospital competition to study the implications of different remunerations schemes on the physicians’ side. The two-sided market approach is characterized by the concept of common network externality (CNE) introduced by Bardey et al. (2010). This type of...
Xue-Zhong He et Nicolas Treich
We consider a binary-event prediction market in which traders have heterogeneous prior beliefs. We derive conditions so that the prediction market is accurate in the sense that the equilibrium price equals the mean of traders’ beliefs. We show that the prediction market is accurate i) for all...
Jean Dallongeville, Luc Dauchet, Olivier de Mouzon, Vincent Réquillart et Louis-Georges Soler
vol. 21, n° 1, février 2011, p. 69–73
Antoine Bommier, Marie-Louise Leroux et Jean-Marie Lozachmeur
Toronto, vol. 44, n° 1, février 2011, p. 273–289
Helmuth Cremer et Pierre Pestieau
vol. 55, n° 2, février 2011, p. 165–175
