Given the increasing importance of funds of hedge funds in the development of the hedge fund industry and the cost-intensive nature of multi-manager structures, investors are questioning whether FoHF add value to an extent that justifies the extra layer of fees induced by their activity. To...

This note acknowledges and corrects a programming error in our paper “Inequality of Opportunity in Brazil” (Review of Income and Wealth, 53(4), 585–618, 2007). Once the error is corrected, our bounds approach to the identification of individual model parameters in the presence of omitted...

With the increased availability of high-frequency financial market data in recent years, the extraction of “realized” volatility (from intraday squared returns) has led to numerous theoretical developments and empirical applications for a wide range of equity and commodity markets. This...

This paper shows that utility differences between the self-employed and employees increase with financial development. This effect is not explained by increased profits but by an increased value of non- monetary benefits, in particular job independence. We interpret these findings by building a...

This paper studies the theoretical and empirical implications of monetary policy making by committee under four different voting protocols. The protocols are a consensus model, where a supermajority is required for a policy change; an agenda-setting model, where the chairman controls the agenda; a...

La requérante, qui n'avait plus, en droit interne, la capacité d'agir au nom de la société dont elle avait été la gérante, disposait néanmoins d'un intérêt à agir en son nom propre devant la Cour et a vu son droit d'accès à un tribunal limité de manière excessive.

Évoluer d’un modèle fonctionnel à une forme d’organisation multipolaire impose aux firmes une profonde remise en question de leur management

We study information transmission between informed experts and an uninformed decision-maker who only takes binary decisions. In the single expert case, we show that information transmission can only be relatively poor. Hence, even sophiscated communication games do not yield equilibria which (ex...

Une problématique qui se pose dès lors que certaines activités électriques sont ouvertes à la concurrence est le pouvoir de marché. Le passage des prix régulés à des prix concurrentiels accroît les possibilités de manipulation des prix par les entreprises. Cet article est centré sur...