In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of correlation matrices for four asset classes : equities,...

L e capitalisme financier est entré dans une crise profonde en 2007. Cette crise, d’abord bancaire et localisée dans le marché du crédit immobilier américain, est rapidement devenue mondiale, financière et réelle. Elle a remis en cause la forte croissance dont bénéficiait...

Le capitalisme financier est entré dans une crise profonde en 2007. Cette crise, d'abord bancaire et localisée dans le marché du crédit immobilier américain, est rapidement devenu mondiale,financière et réelle. Elle a remis en cause la forte croissance dont bénéficiait l'économie...

Le développement des normes privées est une des manifestations de la banalisation du "soft law". Une fois identifié, concrètement, on constate qu'il s'agit d'un outil qui n'est pas si inhabituel, mais qui demeure incertain quant à son effectivité.

Economic Analysis of Law versus Institutionnalism. A “in situation” comparison This paper compares two approaches of law economics concerning the same empirical object - the United States employees savings schemes – on one hand within the framework of mainstream Law and Economics and on...

Digital Technologies make it possible to decentrally settle institutional frameworks based on self-implementation of exclusive rights of use over information and on the self-regulation of on-line communities. Through a decentralized system of IPRs and collective rules setting of this kind agents...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside...