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Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms is ...
Lausanne2024
Classical theory asserts that the formation of prices is the result of aggregated decisions ofeconomics agent such as households or corporation. However central banks are very importantagents that have often been neglected in asset pricing models. Central ...
This paper analyses the effects of quantitative easing (QE) on households' income and consumption inequality in the Euro Area. Using a SVAR with high frequency identification, I show that an identified QE shock is redistributive and expansionary. To ration ...
We study a canonical model of decentralized exchange for a durable good or asset, where agents are assumed to have time-varying, heterogeneous utility types. Whereas the existing literature has focused on the special case of two types, we allow agents' uti ...
In recent decades, European cultural policies have become inseparable from urban policies, with culture becoming both the new promotional tool for cities aiming to be ‘creative’ (Vanolo, 2008; Vivant, 2009) and the source of unprecedented real estate profi ...
This thesis examines how banks choose their optimal capital structure and cash reserves in the presence of regulatory measures. The first chapter, titled Bank Capital Structure and Tail Risk, presents a bank capital structure model in which bank assets a ...
Non-fungible tokens (NFTs) are becoming very popular in a large number of applications ranging from copyright protection to monetization of both physical and digital assets. It is however a fact that NFTs suffer from a large number of security issues that ...
SPIE-INT SOC OPTICAL ENGINEERING2022
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Following decades of massive digitization, an unprecedented amount of historical document facsimiles can now be retrieved and accessed via cultural heritage online portals. If this represents a huge step forward in terms of preservation and accessibility, ...
European Language Resources Association2020
We extend Duffie et al.'s (2005) search-theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers' valuations (or, equivalently, inventory costs). We develop a solution ...
As of today, to cope with traditional maintenance policies such as reactive and preventive maintenance, the manufacturing companies need the deployment of adaptive and responsive maintenance strategies. Meanwhile, the advent of Industry 4.0 leads the maint ...
