Mardi | 2012-11-06 B103 Victoria STODDEN xx

Mardi | 2012-10-23 B103 Franck MORAUX – Florina SILAGHI – Sébastien GALANTI This paper develops a new model of debt renegotiation in a structural framework that accounts for both taxes and bankruptcy costs. Renegotiation consists of a permanent coupon reduction that occurs at an endogenous renegotiation threshold and that does not decrease the debt value, ensuring creditors to be at worse indifferent. We investigate the size of the optimal coupon reduction and show that the new coupon has to lie […]

Thèses soutenues en 2012 HDR soutenue en 2012

Mercredi | 2012-07-11 Noukpo HOMEGNON

Mercredi | 2012-07-04 B103 Arslan Tariq RANA There is considerable debate whether the domestic political institutions specifically, the country’s level of democracy) of the host developing country toward foreign investors are effective in establishing the credibility of commitments are still underway, researchers have also analyzed the effect of international institutions such as (GATT/WTO) membership and Bilateral Investment treaties (BITs) in their role of establishing the credibility of commitment to attract foreign investments. In addition, most recent studies have examined the […]

Mardi | 2012-07-03 B103 Delia CORNEA-TATU – Gunther CAPELLE-BLANCARD The stock market reaction to layoff announcements depends on investors’ perception regarding the information contained in these announcements. In this paper, we examine this reaction using a new sample of restructuring announcements occurred in different European countries, over the period 2002-2010. The results reveal an overall negative, but not significant, market reaction of –0.177% for a three days event window. However, extending the analysis to specific layoff characteristics and to other […]

Mercredi | 2012-06-26 B103 Samouel Beji – Aram BELHADJ Most of the works related to monetary policy transmission mechanisms did not take into account the special case of developing countries. In these countries, given their features (exchange rate rigidity, financial fragility, banking prominence, etc.), it seems that the most reliable monetary transmission mechanism is the lending channel. The purpose of this paper is to focus specifically on this channel in 18 MENA Countries by using a GMM system on dynamic […]

Mercredi | 2012-06-20 B103 Oana TOADER

Mardi | 2012-06-19 B103 Elena-Ivona DUMITRESCU – Peter Reinhard HANSEN We discuss parameter estimation in a situation where the objective is good out-of-sample performance. A discrepancy between the out-of-sample objective and the criterion used for in-sample estimation can seriously degrade the performance. Using the same criterion for estimation and evaluation typically ensures that the estimator is consistent for the ideal parameter value, however this approach need not be optimal. In this paper, we show that the optimal out-of-sample performance is […]

Mercredi | 2012-06-06 B103 Cristina JUDE