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The value of a statistical life (VSL) is a very controversial topic, but one which is essential to the optimization of governmental decisions. We see a great variability in the values obtained from different studies. The source of this variability needs to be understood, in order to offer public decision-makers better guidance in choosing a value and to set(More)
The objective of this paper is to investigate the use of tick-by-tick data for market risk measurement. We propose an Intraday Value at Risk (IVaR) at different horizons based on irregularly time-spaced high-frequency data by using an intraday Monte Carlo simulation. An UHF-GARCH model extending the framework of Engle (2000) is used to specify the joint(More)
The rapid growth of off-balance-sheet activities raises a number of interesting issues regarding the relationship between banks capital, securitization and risk. This paper is the first attempt that empirically investigates this relationship. The evidence for Canada over the 1988–1998 period indicates that a) securitization has negative effects on both Tier(More)
The identi…cation of information problems in di¤erent markets is a challenging issue in the economic literature. This paper performs tests of asymmetric information in the French automobile insurance market for the 1995-1997 period. This market is characterized by the presence of a regulated experience-rating scheme (bonus-malus). Contract choices are(More)
This paper presents more empirical evidence on the geographical distribution of physicians. Probit procedure and data for the Province of Quebec were used. The results are consistent with the standard location theory and therefore with those of Newhouse et al. (1982a). They also show that quality of leisure, distance to central city areas, average income(More)
The new NYSE rules for corporate governance require the audit committee to discuss and review the firm's risk assessment and hedging strategies. They also put additional requirements for the composition and the financial knowledge of the directors sitting on the board and on the audit committee. In this paper, we investigate whether these new rules as well(More)
In this study, we address the question of patient mobility by defining three types of mobility and testing them with a Probit model. First, we have forced mobility (shortage of resources), second, physician-induced mobility (hospital affiliations) and finally, the mobility chosen by patients. We isolate explanatory variables for observed patient mobility(More)
Montréal novembre 1995 Ce document est publié dans l'intention de rendre accessibles les résultats préliminaires de la recherche effectuée au CIRANO, afin de susciter des échanges et des suggestions. Les idées et les opinions émises sont sous l'unique responsabilité des auteurs, et ne représentent pas nécessairement les positions du CIRANO ou de ses(More)
Cet article établit une liaison entre la théorie de l'audit optimal et la méthodologie du scoring dans un contexte d'asymétrie d'information. L'application retenue concerne la fraude à l'assurance, mais la même approche peut être appliquée à d'autres activités qui utilisent le scoring. Nous montrons que la stratégie et l'audit optimal consistent à(More)