This paper tests whether adopting the international norm ISO 14001 significantly impacts environmental performance in Quebec's pulp and paper industry. Using monthly data collected from 37 plants between 1997 and 2003, we show that: i) ISO certification does not lead to a reduction in total...

Models use for natural resources prices usually preclude the possibility of large changes (jumps) resulting from discrete, unexpected events. To test for the presence of jumps and ARCH effects, we propose to use bounds and bootstrap test techniques, thus solving the unidentified nuisance...

We propose a model where the benevolent resource planner's management is endogenous. This allows for the analysis of trade models with management régimes other than the polar open access and 1st best régimes. Interestingly, 2nd best, endogenous, management régimes are more realistic than the...

We consider a firm that must undergo a costly and time-consuming regulatory process before making an irreversible, lagged investment whose value varies randomly. We analyze two cases: regulatory approval is valid forever or it expires after some time. We apply our model to Hydro-Québec's...

Empirical research on oil price dynamics for modeling and forecasting purposes has brought forth several unsettled issues. Indeed, statistical support is claimed for various models of price paths, yet many of the competing models differ importantly with respect to their fundamental temporal...

We studied the protectionist character of a minimum quality standard (MQS). We show that in the fixed cost model where two firms, one local and one foreign, compete in a local market, the implementation of a MQS on the local market is a protectionist political only if the local firm supplies the...

L'évolution de la consommation d'énergie entre deux périodes peut être décomposée de manière à souligner les rôles joués par le niveau d'activité économique, le changement structurel à l'intérieur du secteur étudié, les conditions climatiques et l'efficacité énergétique. Nous...

The Porter hypothesis asserts polluting firms can benefit from environmental policies, arguing that well-designed environmental regulations stimulate innovation, which, by increasing either productivity or product value, leads to private benefits. As a consequence, environmental regulations...

In this paper, we analyze cases where consumers are aware of the existence of two qualities but do not know which firm sells the good one. We show that if the production of the high quality requires higher cost, its producer may be severly disadvantaged, even if the additional utility fully...

The 1990s have been a decade of upheaval in international financial markets. Much of the responsibility for financial instability has been placed on speculators, particularly hedge funds. Speculative capital has been characterized as "hot money", with capital flows driven by "herding" and...