We propose an extension of the incomplete markets general equilibrium model with production to situations in which firms can default (bankruptcy). In model, are owned by a single individual whose roles as entrepreneur and consumer anonymous. Assets exogenously collateralised seized together future output case default. Default is thus endogenous determines deliveries from assets issued. turn, re...

This paper introduces a financial hedging model for global environment risks. Our approach is based on portfolio insurance under hedging constraints. Investors are assumed to maximize their expected utilities defined on financial and environmental asset values. The optimal investment is determined for quite general utility functions and hedging constraints. In particular, our results suggest ho...

Digital financial inclusion through the use of big data, artificial intelligence and other emerging technologies is becoming increasingly sophisticated in China. Using a sample 843 SMEs Shenzhen Stock Exchange from 2012-2021, this paper investigates impact digital on SMEs’ financing constraints its mechanism action using fixed effects model. It found that can significantly alleviate SMEs. Furth...

This paper investigates the constraints for companies to innovate in order to be competitive in the knowledge society. Using a large and original data set of Catalan firms, the authors have conducted a micro econometric analysis following Henry et al.’s (1999) investment model and von Kalckreuth (2004) methodology empirically contrasting the relationship between firms’ investment spread over ti...