In this paper, we raise the following two questions: (1) do Belgian holding companies operate an internal capital market to transfer financial resources in between their subsidiaries? And if yes, (2) is the internal capital market efficient? To answer the first question, we check if the group...

Gautier Ariette.- Slave families in the French Antilles, 1635-1848 It has long been thought that there were few slave couples in the French Antilles because there were few married slaves. But marriage is a poor indicator of the existence of families since both owners and slaves - men and women -...

In a repeated interaction between a principal and two agents with inter-agents externalities and asymmetric information, we show that optimal decentralization within the organization is limited to the …first period and across agents.

In the postal sector, the net cost of universal service depends on the content of the service, the postal market characteristics and the country s geographical configuration. These three groups of factors affect both the direct cost of providing the service and the extent of competition on the...

In this paper we explain the apparent diversification discount of conglomerates without assuming inefficent-cross subsidisation through internal capital markets. Instead we assume that an internal capital market efficiently redistributes scare resources across a conglomerates divisions between...

In a fully liberalized postal market, two business models will be possible for a new postal operator: (1) access: where the firm performs the upstream operations and uses the incumbent's network for final delivery and (2) bypass where the competing firm controls the entire supply chain and...