This study tests an international extension of the Asset Pricing Model (CAPM) based on the coexistence of two risk causes. The first cause is linked to the market portfolio and the second one is required by expectations about the variation of exchange rates. Through an application to various...

This contribution attempts to shed light on the rise of direct investment flows from ‘thirdworld’ to ‘first-world’ countries and aims to explain why and how third world companies are currently investing in advanced economies. To analyze this trend, we chose to focus on China as it has...

Board of directors independence has been a focus for a large series of studies in finance. The overall evidence suggests that independence has no or negative effect on firm performance. Director accountability constitutes a second topic of research, in law and economics. Two distinctive models...

This review presents the main tools and results of the research between finance and macroeconomics. The ambition of this literature is to provide a joint analysis of the business cycle and financial asset returns. This paper adopts this perspective and suggests a critical analysis of the...

The properties of WS-PS model are modified when trade activity is explicitly modelled. We introduce transaction costs on the output market to capture multiplicity whatever the degree of returns to scale. The price setting curve can become downward-sloping in the unemployment rate-real wage...

In this paper, we use the segmented conditional ICAPM (International Capital Asset Pricing Model) to study the emerging stock markets integration. To address this issue, we apply the asymmetric multivariate version of GARCH-BEKK with structural break of the variance. It allows to specify the...

Malgré le nombre relativement important d'études sur les impacts des subventions sur le prix mondial du coton, il n’existe pas de consensus concernant la quantification de ces effets. L'objectif de cet article est, par le biais de la méta-analyse, d'expliquer la source de...