This article focuses on the evolution of the financial structures of the industrial Japanese firms listed between 1990 and 1999. It belongs to the category of Q-investment models, by studying the impact of the affiliation to a financial keiretsu on investment relative sensitivity to cash-flows....

This paper focuses on the mechanisms of collective control, such as in Japanese keiretsu, that are characterized by firms groupings, decentralized decision-makings and cross-shareholdings. We develop a model about these mechanisms based on initial incentive contracts offered by shareholders to...

Since von Neuman and Morgenstern's (1944) contribution to game theory, the expected utility criterion has become the standard functional to evaluate risky prospects. Risky prospects are understood to be lotteries on a set of prizes. In which case a decision maker will receive a precise prize...

Will employment instability be the employment pattern tomorrow? Many studies support this view. This analysis is first discussed. Statistical data don't allow concluding to a general trend of employment instability during the 80's. These data show that different figures of mobility have been...

This paper aims to show how the neo-classical current, which has yet absorbed development as one of its components, is trapped in a deep crisis, and how its domination can be understood in the theoretical field tightly linked to that of neo-liberalism on the policies of development.

This paper proposes a new empirical representation of inflation expectations errors in a Space-State Markov-Switching framework. We explicitly identify the dynamics of inflation expectation errors using the expectations augmented Markov-Switching Phillips curve as a measurement equation. In this...