This note provides an example of an optimal banking panic. We construct a model in which a banking panic is triggered by the banker, not the depositors. When the banker receives a pessimistic information on the return on the bank's assets, he liquidates them prematurely in order to protect his...

Energy commodity prices have been rising at an unprecedented pace over the last five years. As oil supplies tighten and prices frequently break new highs, major oil companies have recently unveiled a flurry of multi-billion dollar deals for new projects whose target is not oil but natural gas....

Pour l'auteur, les "affaires" qui ont défrayé la chronique du début du siècle sont une occasion de rénovation des enseignements de comptabilité et d'audit; en ce sens, elles sont "bonnes". L'analyse de l'"affaire Enron-Andersen" l'amène à faire un certain nombre de propositions...

Is, or should, healthcare be profitable? Over and above “private” health, does it have an effect on public health? Improved living conditions are sometimes considered to play a more important role in greater life expectancy than medicine. Even though this may have been true in the 19th...

This article analyzes long-term dynamic hedging strategies relying on term structure models of commodity prices and proposes a new way to calibrate the models which takes into account the error associated with the hedge ratios. Different strategies, with maturities up to seven years, are tested...

By applying regression discontinuity designs to a set of household surveys from the 1980–90s, we examine whether Côte d’Ivoire’s aggregate wealth was translated at the borders of neighboring countries. At the border of Ghana and at the end of the 1980s, large discontinuities are detected...