Articles

A la recherche d'une culture européenne en comptabilité et contrôle de gestion

H. LONING

Comptabilité - Contrôle - Audit

March 1995, pp.81-97

Departments: Accounting & Management Control


A Note on Affine Aggregation

P. MONGIN

Economics Letters

1995, vol. 47, pp.177-183

Departments: Economics & Decision Sciences, GREGHEC (CNRS)


If a vector-valued function has convex range and one of its components is related to the others by a Pareto-like condition, that component must be affine w.r.t. the others; sign restrictions on the coefficients follow from suitably strengthening the unanimity condition. The theorem is applied to social choice and decision theories

Accounting in Time: Organizational Time-Reckoning and Accounting Research

M. EZZAMEL, K. ROBSON

Critical Perspectives on Accounting

1995, vol. 6, pp.149-170

Departments: Accounting & Management Control, GREGHEC (CNRS)


Aggregation of Semi-Orders: Intransitive Indifference Makes a Difference

I. GILBOA, R. Lapson

Economic Theory

1995, vol. 5, pp.109-126

Departments: Economics & Decision Sciences, GREGHEC (CNRS)


An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse

B. BIAIS, P. HILLION, C. SPATT

The Journal of Finance

December 1995, vol. 50, n°5, pp.1655-1689

Departments: Finance


As a centralized, computerized, limit order market, the Paris Bourse is particularly appropriate for studying the interaction between the order book and order flow. Descriptive methods capture the richness of the data and distinctive aspects of the market structure. Order flow is concentrated near the quote, while the depth of the book is somewhat larger at nearby valuations. We analyze the supply and demand of liquidity. For example, thin books elicit orders and thick books result in trades. To gain price and time priority, investors quickly place orders within the quotes when the depth at the quotes or the spread is large. Consistent with information effects, downward (upward) shifts in both bid and ask quotes occur after large sales (purchases)


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