[eng] Economic challenges in the integration of post-trading industries in Europe . The European Commission decided in May 2006 the clearing and settlement industry, i. e. the industries that provide post-trading services, would comply with a Code of Conduct. This Code aims to address two main...

The aim of this paper is to examine Granger linear and non-linear causality between CAC 40 index and European CAC 40 index options for 1997 and 1998. Our results indicate overall that cash index leads index options by 20 to 30 minutes. Market microstructure differences induce relatively...

Under which condition does the set of desirable uncertain prospects expand when wealth increases? We show that the decreasing concavity (DC) of the utility function u is necessary and sufficient in the α-maxmin expected utility model. In the smooth ambiguity aversion model with the ambiguity...

Abstract This paper is aimed at evaluating the net gains and trade-offs at stake in implementing the competition of the rail mode in the long distance passenger market either by means of franchise or by an open access mechanism. We simulate the outcomes of competition in and for the market using...