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Multivariate utility maximization with proportional transaction costs and random endowment
No full textIn this paper we deal with a utility maximization problem at finite horizon on a continuous-time market with conical (and time varying) constraints (particularly suited to model a currency market with proportional transaction costs). In particular, we extend the results in Campi and Owen (2011) to the situation where the agent is initially endowed with a random and possibly unbounded quantity of assets. We start by studying some basic properties of the value function (which is now defined on a space of random variables), then we dualize the problem following some convex analysis techniques which have proven very useful in this field of research. We finally prove the existence of a solution to the dual and (under an additional boundedness assumption on the endowment) to the primal problem. The last section of the paper is devoted to an application of our results to utility indifference pricing.ouinonouirechercheInternationa
Guest editorial: special issue on computational social choice
No full textouinonouirechercheInternationa
The Impact of MERCOSUR on Trade of Brazilian States
No full textWe consider the impact of MERCOSUR on trade among Brazilian states and on trade by Brazilian states with MERCOSUR and the rest of the world. We use a theoretically founded gravity model to shed light on MERCOSUR’s possible creation and diversion effects as well as its “preference erosion” effect on trade among Brazilian states. Using data on interstate trade over a 4-year period, including 1 year prior to the MERCOSUR period (1991), we deliver empirical evidence at state level with a focus on the impact of MERCOSUR which can vary across Brazilian regions. We show that MERCOSUR increased Brazilian states’ trade with member countries, but had no effect on either interstate trade or Brazilian states’ trade with third countries. The paper finds that MERCOSUR’s impact varies across Brazilian regions and that Center West region did not benefit from the integration to MERCOSUR. We use an estimation method dealing better with the traditional issue of zero trade values and heteroskedasticity than ordinary least squares does.ouinonouirechercheInternationa
Informal Sector Dynamics in Times of Fragile Growth: the Case of Madagascar
No full textThis article examines the dynamics of the informal sector in Madagascar during the 1995-2004 period, which was characterized by sustained growth that ended due to a major political crisis. As conventionally assumed by simple dualistic models, the informal sector indeed fulfils a labor-absorbing function in times of crisis. However, informal business creation was also a major trend both during macroeconomic growth and during crisis and recovery. Growth in the informal sector was mostly extensive, with little job creation or capital accumulation. Although such a situation would be consistent with the existence of poverty traps, estimated marginal returns to capital are decreasing, which tends to reject this hypothesis.ouinonouirechercheInternationa
Bringing materiality into institutional analysis: The role of artifacts in the institutional entrepreneurs’ strategies and their interplay with discourse
No full textouinonouirechercheInternationa
Labor Intensity and Expected Stock Returns
No full textThis paper analyses the effects of labor intensity on a firm's operating risk and its expected stock returns. We isolate a pure labor intensity effect by using a relative measure with respect to the three-digit industry median level. We show that labor intensity is positively associated with operating leverage, at least in the small and medium-sized firms sub sample. Stock and portfolio returns of small and, to a lesser extent, mid cap firms are positively associated with labor intensity after controlling for traditional risk factors. In particular, the labor-induced operating leverage does not seem to be explained by the book-to-market factor. The relationship between labor intensity and stock returns is stronger in low wage industries and at medium levels of financial leverage.ouinonouirechercheInternationa
Agrégation de jugements fondée sur la minimisation
No full textLa plupart des règles de vote sont fondées sur un principede minimisation. De manière similaire, dans la thématiquede recherche de la représentation des connaissanceset du raisonnement, de nombreux opérateurs dechangement des croyances ou de traitement de l’incohérencesont fondées sur un principe de minimisation. Or,de façon surprenante, la minimisation n’a pas joué de rôlemajeur dans la thématique de l’agrégation de jugements,en dépit de sa proximité avec la théorie du vote et avecles approches logiques de la représentation des connaissanceset du raisonnement. Nous faisons un premier pasdans cette direction et étudions six règles d’agrégation dejugements ; deux d’entre elles, fondées sur des distances,ont déjà été étudiées ; les quatre autres sont nouvelles, etsont toutes inspirées à la fois de la théorie du vote et de lareprésentation des connaissances. Nous étudions les relationsque ces règles entretiennent entre elles, et donnonsquelques-unes de leurs propriétés.ouinonouirechercheNationa
Using information of an informal network to evaluate business process robustness
No full textWe consider the evaluation of a business process quality, in particular the evaluation of its robustness. Byrobustness, we mean robustness w.r.t. the risk of loosing knowledge of persons implied in the businessprocess. We define metrics taking tacit knowledge into account. These metrics are based on the analysis of asocial network underlying the process execution. We illustrate these metrics on a –real– application case:the evaluation of an IS project management business process.ouinonouirechercheInternationa
L’intégration de la dimension conflictuelle dans le processus d’aménagement des espaces urbains. Une étude appliquée au cas de l’Ile de France
No full textouinonouirechercheNationa
Corporate social disclosure in the franchising sector: insights from french franchisors' websites
No full textThis paper explores corporate social responsibility (CSR) within the franchising sector. More specifically, using regulation theory, stakeholder-agency theory, transaction cost analysis, and literature on plural form, along with an empirical study conducted on the franchising sector in the French market, we find significant and positive relationships between chain size and the extent of corporate social disclosure (CSD) on franchisors' websites and between the percentage of company-owned units within the chain and the extent of CSD on franchisors' websites. Moreover, though findings reveal that 86.03 percent of the 136 sampled franchisors communicate about at least one of their CSR activities on their websites, differences in terms of highlighted categories (e.g., environment, human resources, and products) and the extent of available CSR information exist.nonouirechercheInternationa