In telecommunications some operators have deployed their own networks whereas others have not. The latter firms must purchase wholesale products from the former to be able to compete on the final market. We show that, even when network operators compete in prices and offer homogenous products on...

Since 2003, the French unemployment insurance system provides downside insurance to eligible unemployed workers who decide to start a business. We evaluate how this policy change affects entry into self-employment. The reform significantly increases firm creation without worsening the quality of...

We compare the optimal trading strategy of an informed speculator when he can trade ahead of incoming news (is "fast"), versus when he cannot (is "slow"). We find that speed matters: the fast speculator's trades account for a larger fraction of trading volume, and are more correlated with...

We study whether R&D-intensive firms are more resilient to trade shocks. We correct for the endogeneity of R&D using tax-induced changes to R&D cost. While rising imports from China lead to slower sales growth and lower profitability, these effects are significantly smaller for firms with a...

The issue of how to allocate pollution permits is critical for the political sustainability of any cap-and-trade system. Under the objective of offsetting firms' losses resulting from the environmental regulation, we argue that the criteria for allocating free allowances must account for the...

Longtemps attendue, l'émergence du livre numérique annonce l'arrivée de biens et d'acteurs qui vont ébranler le secteur de l'édition et de la vente de livres. Ce secteur est-il en mesure de réagir à l'implantation d'une nouvelle chaîne du livre numérique qui ne serait pas régie par ce...