This paper analyzes the possibility and the consequences of asset price overvaluation in a dynamic economy where financially constrained firms…

The recent crisis was characterized by massive illiquidity. This paper reviews what we know and don't know about illiquidity and…

We find evidence for significant price manipulation at the stock level by hedge funds at critical report dates. We document…

Dans l’économie moderne, réguler c’est rassembler de l’information, puis la diffuser le plus largement possible. La crise financière de 2008…

Le but de cette contribution est de croiser les travaux récents d’économie des incitations (théorie des contrats) et d’économie financière (performance…

present value implies a term structure of discount rates that is decreasing to the smallest possible interest rate. On the…

We formalize the taxpayer burden implied by various bank restructuring plans. Even assuming minimal frictions, in spirit of Modigliani and…

This paper considers strengths and weaknesses of reinsurance and securitization in managing insurable risks. Traditional reinsurance operates efficiently in managing…

In the course of the recent financial crisis, the issue of asset valuation has regularly moved to center stage, due…

A modern reinsurance company needs to manage its capital efficiently. The problem is that there are many views on capital,…

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All the countries in Western Europe have all launched reforms of their retirement systems with a view to providing their…

Using various techniques, authors have shown that in one-dimensional markets, complex (pathdependent) contracts are generally not optimal for rational consumers.…

Using firm-specific variables that proxy for the motivations of life insurers’ decision to participate in derivative transactions, we examine existing…

Some firms utilize one or more tranches of warrant issues to supplement their capital base. Unlike exchange-traded options, the exercise…

In 2009, in the aftermath of the Global Financial Crisis, 140 American banks failed–and hundreds of other banks were classified…