infonet-economy

On oppression: Animals, the absent referent

We conduct an empirical investigation of the exposure of U.S. REIT returns to commonality in liquidity. Taking advantage of the specific characteristics of REITs, we study three types of commonality in liquidity: within-asset commonality, cross-asset commonality (with the stock market), and commonality with the underlying property market. We find evidence that the three types of...

We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41 countries with heterogeneous debt enforcement characteristics. Consistent with our model, we...

Since the 2000s, facing the increasing globalization and commodification of common-pool resources, community-based organizations managing water and forests at the local scale started to create transnational networks. Their main goal is to get a direct representation in international decision-making arenas, as to promote their model of community-based governance and transform existing...

Many studies have found that countries with union-administered unemployment insurance have higher rates of unionization than countries with state-administered unemployment insurance. With data going further back in history, this paper demonstrates that the introduction of so-called “Ghent systems” had no effect on unionization rates. We argue that the Ghent effect identified by the...

We use the database leak of Mt. Gox exchange to analyze the dynamics of the price of bitcoin from June 2011 to November 2013. This gives us a rare opportunity to study an emerging retail-focused, highly speculative and unregulated market with trader identifiers at a tick transaction level. Jumps are frequent events and they cluster in time. The order flow imbalance and the...

Using data from the European Social Survey (2002-14), this paper explores the effect of union membership on support for redistribution. We hypothesize that the wage-bargaining practices of unions promote egalitarian distributive norms, which lead union members to support redistribution, and that this effect is strongest among high-wage workers. Consistent with our expectations, the...

Cette thèse aborde principalement le phénomène de l'allocation des déchets entre filières de traitement des déchets. Les connaissances obtenues d'une étude de cas exploratoire sur la gestion du déchet de bois en Suisse et d'une revue de la littérature scientifique ont conduit à développer la méthode analytique du processus d'allocation des déchets. Cette méthode...