This paper proposes an indirect inference (Gourieroux, Monfort and Renault, 1993; Smith, 1993) estimation method for a large class of dynamic equilibrium models. Our approach is based on the observation that the econometric structure of these systems naturally generates auxiliary equilibria that can...

We introduce Indirect Robust Generalized Method of Moments (IRGMM), a new simulation-based estimation methodology, to model short-term interest rate processes. The primary advantage of IRGMM relative to classical estimators of the continuous-time short-rate diffusion processes is that it...

We introduce a tractable class of non-affine price processes with multifrequency stochastic volatility and jumps. The specifi cations require few fixed parameters and deliver fast option pricing. One key ingredient is a tight link between jumps and volatility regimes, as asset pricing theory...

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and...

Les notions de point de référence et d’aversion aux pertes sont deux éléments essentiels de la prospect theory, qui constitue à ce jour la théorie la plus reconnue concernant la représentation de la prise de décision individuelle dans le risque. L’objectif de cet article est de...

In 2009, France will replace its income maintenance scheme, "revenu minimum d'insertion", by a new one, revenu de solidarité active, which will improve the beneficiaries'incentives to work. While some have claimed that the reform should lower the current age limit to get the benefit, i.e., 25...

The interpretations of the Waterloo campaign are numerous, diverse and constantly reworked, so they are part of history no less than the event itself. This article briefly reviews them before considering more carefully two selected interpreters, i.e., Clausewitz and Stendhal. It likens the...

Among the range of practices that bring personal assistance to people in firms, coaching is getting a growing popularity, even if the need for it and the way it is used remain unclear. In such a context, this study aims at understanding the reasons why associates of a leading consulting firm...

It is often stressed that the process of IASC standard setting and its output are very much influenced by the Anglo-American accounting approach. This is considered to be one of the major reasons for the obvious reluctance of countries to adopt the international accounting standards. The...

The aim of this research work is the study of quality information systems in services companies. The first part of the report describes the many definitions of service quality and ways to measure it. <p> Based upon these approaches, the second part suggests a framework designed to ensure quality...</p>