This papers aims at understanding the role of sense when actors improvise during crisis. Literature about improvisation show little explanation of how individual improvisation becomes collective and coherent. The use of the concept of sense as a bridge between crisis and improvisation enable us...

We investigate in this paper a perpetual prepayment option related to a corporate loan. The default intensity of the firm is supposed to follow a CIR process. Two frameworks are discussed: first a constant interest rate and a secondly a multi-regime framework where the interest rate is augmented...

Following the debate on the Conceptual Framework revision undertaken by the IASB and the FASB, this paper discusses three major concerns about the way financial reporting standards should be determined: (1) What is the role a Conceptual Framework?; (2) For whom and for which needs are accounting...

Inflation shocks are one of the pitfalls of developing economies and are usually difficult to hedge. This paper examines the optimal strategic asset allocation for a Brazilian investor seeking to hedge inflation risk at different horizons, ranging from one to 30 years. Using a...

Few empirical studies cover the theme of franchisees' satisfaction. This paper investigates the impact of the nature of relationship between franchisers and franchisees on franchisees' satisfaction. Research data have been collected by surveying 400 French franchisees. Surprisingly, this...