The theory suggests that decentralized structures are more efficient than hierarchical ones in decisions based on soft information. According to this, small banks that often have a decentralised structure are more attractive when customers are opaque ones. We propose to test this affirmation...

The disposition effect is a well established phenomenon in the empirical and experimental financial literature. It leads to sell winners too early and to hold losers too long. In this paper, we show that the consciousness of the disposition effect by investors lead them to require a greater risk...

Competitive aggressiveness is analyzed in a simple spatial oligopolistic competition model, where each one of two firms supplies two connected market segments, one captive the other contested. To begin with, firms are simply assumed to maximize profit subject to two constraints, one related to...

This paper aims at testing empirically the three major theoretical reasons why banks resort to collateral: reduction of loan loss in the event of default, adverse selection, and moral hazard. This investigation is performed by testing whether the reasons vary according to the type of collateral....

We investigate whether collateral helps to solve adverse selection problems. Theory predicts a negative relationship between presence of collateral and risk premium, as collateral constitutes a signalling instrument for the borrower to be charged with a lower risk premium. However, bankers’...

Une organisation artistique fournit une production de nature qualitative. Le plus souvent, elle est fortement liée au secteur public et son but est non lucratif. En raison de ces spécificités, la théorie de la dépendance à l’égard des ressources (Pfeffer et Salancik, 2003) apparaît...

Lottery-linked deposit accounts are financial assets that provide an interest rate determined by a lottery. The aim of this study is to determine the optimal design of these financial assets (under cumulative prospect theory (CPT) framework). We underline that the weighting functions usually...

The paper deals with the issue of integration and trade of services industries. It argues that the specificities of services producing industries compared to goods producing industries explain several difficulties of the new approach to international trade in services. First, the paper discusses...

This paper deals with a specific institution of the Swiss labour market called the work peace agreement. It notably appeared in 1937 in the machine and metal work industry. First, the paper portrays the characteristics of the agreement and work peace clauses in Switzerland. Second, the paper...

The paper pertains to the recent extension of price and production statistics to health, social assistance services and education. In the first part, it is underlined that using net prices instead of gross prices, as it has been decided for the European harmonised consumer price index, is...