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"Horizontal Mergers and Incremental Innovation"
No full textWe study the impact of horizontal mergers on the incentives of merging firms to invest in incremental innovation. We provide a decomposition of this impact that clarifies the various forces at work and the differences between demand-enhancing and cost-reducing innovation. Moreover, we derive sufficient conditions for a merger to either reduce or raise the merging firms’ incentives to innovate, and show that the comparison of the price diversion ratio and the innovation diversion ratio can help screen mergers. We also uncover a useful connection between the level of production synergies induced by a merger and its impact on innovation
Invariant Coordinate Selection and Fisher discriminant subspace beyond the case of two group
No full textInvariant Coordinate Selection (ICS) is a multivariate technique that relies on the simultaneous diagonalization of two scatter matrices. It serves various purposes, including its use as a dimension reduction tool prior to clustering or outlier detection. ICS’s theoretical foundation establishes why and when the identified subspace should contain relevant information by demonstrating its connection with the Fisher discriminant subspace (FDS). These general results have been examined in detail primarily for specific scatter combinations within a two-cluster framework. In this study, we expand these investigations to include more clusters and scatter combinations. Our analysis reveals the importance of distinguishing whether the group centers matrix has full rank. In the full-rank case, we establish deeper connections between ICS and FDS. We provide a detailed study of these relationships for three clusters when the group centers matrix has full rank and when it does not. Based on these expanded theoretical insights and supported by numerical studies, we conclude that ICS is indeed suitable for recovering the FDS under very general settings and cases of failure seem rare
Capturing the positive effects of brain drain through return migration policies: An analysis of the 1980-2022 Moroccan experience
No full textThe emigration of highly educated and skilled individuals from low- and middle- to high-income countries has often been synonymous with human capital losses for the countries of origin, a phenomenon known as "brain drain" (Bhagwati and Hamada, 1974). However, under some conditions, these losses can be offset by human capital formation in the source countries precisely due to emigration. In this case, one talks about "beneficial brain drain" and this phenomenon has been coined "brain gain" (Stark et al., 1997, 1998). Using data on the Kingdom of Morocco covering the 1980-2022 period, we investigate the extent to which the government drew economic benefits from an important population of Moroccans living abroad by implementing return migration policies. More specifically, we explore the effects of measures targeting the Moroccan diasporas and their contributions to the Kingdom's economy on (i) the attractiveness of the Kingdom for foreign investors; (ii) the quality and capacity of the country's commercial air and maritime transport infrastructure; and (iii) the level of modernization of its public administration.
The data analysis shows that these measures had a positive impact on each of these key dimensions of development, suggesting that this type of policies can be effective in capturing some of the "brain gain" effects that have been highlighted in the empirical literature on the relationship between emigration and development in developing countries (Beine et al., 2001, 2008; Batista et al., 2025)
Lorentz Tranformation is necessarily mathematically linear
No full textWe show that the Lorentz Transformation, that appears in the Einstein’s Special Relativity Theory, is necessarily linear
Écrire des conclusions en vue d’une décision de principe. Étude à partir de l’imprévision reconnue par l’arrêt Compagnie générale du gaz de Bordeaux, 1916
No full textChronique de répression administrative fiscale (juillet – décembre 2025)
No full textCette chronique a pour ambition de présenter, de manière synthétique, quelques-unes des décisions de jurisprudence, rendues entre le 1er juillet et le 31 décembre 2025, revêtant un intérêt particulier en matière de répression administrative fiscale.
Est notamment abordée la répression du dépôt tardif des actes et déclarations en cas d’altération des facultés mentales du contribuable, de la combinaison des manquements déclaratifs et de la bonne foi, mais également des manquements aux règles de facturation et aux obligations de coopération. Sont aussi abordées la conventionnalité de la majoration de 25 % du 7 de l’article 158 du CGI ainsi que plusieurs décisions, portant sur la modulation des punitions administratives et la rétroactivité in mitius, qui ont renforcé les droits de la personne sanctionnée en matière fiscale