While firms regularly reduce workforce following sharp performance decline, diversified may abstain from employment downsizing by transferring capital and labor between segments (the allocative flexibility effect). However, be more likely if a shock leads to efforts inefficiency in resource allocation inefficient internal market Using large cross-country dataset, our results provide strong supp...

The climate change crisis has gained unprecedented urgency in the most recent decade. Overall, already led to and will continuously lead irreversible tipping points lock-ins that degrade common welfare. When taking a closer look at macroeconomic growth prospects as measured Gross Domestic Product (GDP), gains losses be distributed fairly unequally throughout world. A winners losers index genera...

Various problems on integers lead to the class of functions defined on a ring of numbers (or a subset of such a rings) METTRE RING AU SINGULIER and verifying a − b divides f(a) − f(b) for all a, b. We say that such functions are “congruence preserving”. In previous works, we characterized these classes of functions for the cases N → Z, Z→ Z and Z/nZ→ Z/mZ in terms of sums series of rational pol...

Consider the wave equation associated with the Kohn Laplacian on groups of Heisenberg type. We construct parametrices using oscillatory integral representations and use them to prove sharp L and Hardy space regularity results.

This paper applies the mean-variance portfolio optimization (PO) approach and the stochastic dominance (SD) test to examine preferences for international diversification versus domestic diversification from American investors’ viewpoints. Our PO results imply that the domestic diversification strategy dominates the international diversification strategy at a lower risk level and the reverse is ...

This paper investigates the optimality of sharp incentives in contracts where output prices are set at the time of contracting but are random in nature. It shows that when prices are specified with error, schemes involving sharp incentives might result in substantial deviations from first-best output levels. The randomness of prices creates arbitrage opportunities that are exploited by agents p...