The equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule is analyzed in a setting of information asymmetry and future private benefits between the new controlling shareholders and the outside investors. Both parties need to design a new implicit...

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...

The agreement recently signed between Morocco and the United States foresees several modalities in dismantling tariffs. Our simulations show that the various modalities of trade liberalization may have different impacts on the welfare, the rate of growth and the sectoral trade balance of these...

La crise survenue au cours des années 1970 a eu comme conséquence de mettre à mal les différents systèmes de protection sociale. En effet, élaboré pendant une période de forte croissance économique et fondé sur la norme du plein emploi, le modèle d'emploi fordiste français a été...

The paper examines the Bush Administration's climate mitigation proposal.The Bush Administration'swait-and-see policy reflects some fundamental aspects of the U.S. governance of its economy, such as the pressure of specific interest groups, the unilateralism of the country, the reluctance to...

Longtemps négligées et jamais vraiment traitées, les questions budgétaires figurent parmi les dossiers les plus sensibles de la construction européenne. La situation budgétaire actuelle apparaît assez atypique ce qui soulève de nombreuses questions et incertitudes pour l'avenir....

In the literature dedicated to the "health as a luxury good" question, health care expenditure (HCE) is hypothesized to be a function of GDP without considering any other relationships. In this paper, we argue that this could be a bilateral relationship: good health is considered as an input of...

This paper studies the U.S. economy from an original point of view: that of the links existing between crisis and war. The first part analyzes the workings of the current crisis, considered to be a "systemic" one. The second part places the U.S. economy at the very heart of this crisis. The...

The objective of this paper is to illustrate that the change in shareholders' attitude towards firms (from stakeholder model to shareholder model) influences the accounting treatments of goodwill. Our study is based on four countries (Great Britain, the United States, Germany, and France) and...

The American Institute of Contemporary German Studies (AICGS) assembled a group of researchers and policy makers in Germany and the United States to identify research and policy issues posed by the transformation we have come to call the new economy. This paper, which is the product of their...