infonet-economy

Les travaux de la Journée de droit bancaire et financier du 11 novembre 2009 se sont inscrits dans trois larges débats qui continuent d'occuper les autorités et les acteurs du marché. L'industrie suisse des fonds alternatifs ne sait pas encore à quelles conditions la future directive européenne sur les gestionnaires de fonds d'investissement alternatifs lui permettra d...

Article 3 deals with the notion and definition of intermediated securities. The commentary discusses inter alia the legal characterisation of intermediated securities as a new legal type of asset subject to its own regime.

This article addresses the question whether the provision of the 2009 UNIDROIT Convention on Substantive Rules for Intermediated Securities (or Geneva Securities Convention) interfers in the relationship between an issuer and its shareholders or bondholders. The question is central to many questions of corporate law and corporate governance. The article concludes that, except to the...

We introduce new quantile estimators with adaptive importance sampling. The adaptive estimators are based on weighted samples that are neither independent nor identically distributed. Using a new law of iterated logarithm for martingales, we prove the convergence of the adaptive quantile estimators for general distributions with nonunique quantiles, thereby extending the work of...

This paper develops a method to compute the equilibrium correspondence for exchange economies with semi-algebraic preferences. Given a class of semi-algebraic exchange economies parameterized by individual endowments and possibly other exogenous variables such as preference parameters or asset payoffs, there exists a semi-algebraic correspondence that maps parameters to positive...

The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important...