Three Essays on the Formation and Impact of Economic Policy

Introduction In my thesis I argue that economic policy is all about economics and politics. Consequently, analysing and understanding economic policy ideally has at least two parts. The economics part, which is centered around the expected impact of a specific policy on the real economy both in terms of efficiency and equity. The insights of this part point into which direction the fine-tuning of economic policies should go. However, fine-tuning of economic policies will be most likely subject to political constraints. That is why, in the politics part, a much better understanding can be gained by taking into account how the incentives of politicians and special interest groups as well as the role played by different institutional features affect the formation of economic policies. The first part and chapter of my thesis concentrates on the efficiency-related impact of economic policies: how does corporate income taxation in general, and corporate income tax progressivity in specific, affect the creation of new firms? Reduced progressivity and flat-rate taxes are in vogue. By 2009, 22 countries are operating flat-rate income tax systems, as do 7 US states and 14 Swiss cantons (for corporate income only). Tax reform proposals in the spirit of the "flat tax" model typically aim to reduce three parameters: the average tax burden, the progressivity of the tax schedule, and the complexity of the tax code. In joint work, Marius Brülhart and I explore the implications of changes in these three parameters on entrepreneurial activity, measured by counts of firm births in a panel of Swiss municipalities. Our results show that lower average tax rates and reduced complexity of the tax code promote firm births. Controlling for these effects, reduced progressivity inhibits firm births. Our reading of these results is that tax progressivity has an insurance effect that facilitates entrepreneurial risk taking. The positive effects of lower tax levels and reduced complexity are estimated to be significantly stronger than the negative effect of reduced progressivity. To the extent that firm births reflect desirable entrepreneurial dynamism, it is not the flattening of tax schedules that is key to successful tax reforms, but the lowering of average tax burdens and the simplification of tax codes. Flatness per se is of secondary importance and even appears to be detrimental to firm births. The second part of my thesis, which corresponds to the second and third chapter, concentrates on how economic policies are formed. By the nature of the analysis, these two chapters draw on a broader literature than the first chapter. Both economists and political scientists have done extensive research on how economic policies are formed. Thereby, researchers in both disciplines have recognised the importance of special interest groups trying to influence policy-making through various channels. In general, economists base their analysis on a formal and microeconomically founded approach, while abstracting from institutional details. In contrast, political scientists' frameworks are generally richer in terms of institutional features but lack the theoretical rigour of economists' approaches. I start from the economist's point of view. However, I try to borrow as much as possible from the findings of political science to gain a better understanding of how economic policies are formed in reality. In the second chapter, I take a theoretical approach and focus on the institutional policy framework to explore how interactions between different political institutions affect the outcome of trade policy in presence of special interest groups' lobbying. Standard political economy theory treats the government as a single institutional actor which sets tariffs by trading off social welfare against contributions from special interest groups seeking industry-specific protection from imports. However, these models lack important (institutional) features of reality. That is why, in my model, I split up the government into a legislative and executive branch which can both be lobbied by special interest groups. Furthermore, the legislative has the option to delegate its trade policy authority to the executive. I allow the executive to compensate the legislative in exchange for delegation. Despite ample anecdotal evidence, bargaining over delegation of trade policy authority has not yet been formally modelled in the literature. I show that delegation has an impact on policy formation in that it leads to lower equilibrium tariffs compared to a standard model without delegation. I also show that delegation will only take place if the lobby is not strong enough to prevent it. Furthermore, the option to delegate increases the bargaining power of the legislative at the expense of the lobbies. Therefore, the findings of this model can shed a light on why the U.S. Congress often practices delegation to the executive. In the final chapter of my thesis, my coauthor, Antonio Fidalgo, and I take a narrower approach and focus on the individual politician level of policy-making to explore how connections to private firms and networks within parliament affect individual politicians' decision-making. Theories in the spirit of the model of the second chapter show how campaign contributions from lobbies to politicians can influence economic policies. There exists an abundant empirical literature that analyses ties between firms and politicians based on campaign contributions. However, the evidence on the impact of campaign contributions is mixed, at best. In our paper, we analyse an alternative channel of influence in the shape of personal connections between politicians and firms through board membership. We identify a direct effect of board membership on individual politicians' voting behaviour and an indirect leverage effect when politicians with board connections influence non-connected peers. We assess the importance of these two effects using a vote in the Swiss parliament on a government bailout of the national airline, Swissair, in 2001, which serves as a natural experiment. We find that both the direct effect of connections to firms and the indirect leverage effect had a strong and positive impact on the probability that a politician supported the government bailout.

Three essays on leadership

ABSTRACT Samuel Bendahan, John Antonakis, Christian Zehnder, and François Pralong The relationship between power and immoral decisions has been discussed extensively by scientists and philosophers alike. Although the exercise of power is ubiquitous in social hierarchies, direct evidence on the impact of power on decision making is scarce. We use laboratory experiments to study whether more power leads to corruption. We manipulate power in the context of leader decision-making authority involving monetary stakes. Prior to the experiment, we also gathered extensive data on psychological and endocrinological individual differences. We find that an increase of power caused leaders to be more likely to engage in destructive, selfish behaviour, although the same subjects did not behave in this manner before their level of power was increased. We also show how individual differences affect the initial level of destructive behaviour and the corruption process. WHAT'S RIGHT FOR THE LEFT MAY NOT BE RIGHT FOR THE RIGHT: VALUE CONGRUENCE AND CHARISMA IN POLITICAL LEADERSHIP Samuel Bendahan ABSTRACT Value congruence between leaders and followers is important not only for follower commitment but also as part of the attributions followers make of leaders. I theorized that transformational leadership, which often is referred to as being value driven and having strong moral foundations, has differential effects depending on the values of the follower and whether these values are congruent with what the leader espouses. I designed an experiment to analyze how the political values of followers and leaders can influence followers' attributions regarding leaders. Within the context of political leadership, I found that transformational leaders were seen as more prototypical. Value congruence predicted prototypicality, which was strongly related to follower intentions to vote for the leader. Furthermore, followers with left-wing political values were more influenced by prototypical leaders than were followers with right-wing political values, presumably because of moral overtones of both left-wing ideology and transformational leadership. JUDGING LEADERSHIP POTENTIAL IN AN INTERVIEW: MODERATING EFFECT OF INTERVIEWER INTELLIGENCE ON INTERVIEWER COGNITIVE BUSYNESS, CANDIDATE PERFORMANCE-CUES EFFECTS, AND CANDIDATE ETHNICITY Samuel Bendahan, Philippe Jacquart, and John Antonakis ABSTRACT A large body of literature suggests that interviewers do not accurately rate candidates when using unstructured interviews and evaluation procedures that affect pre-interview expectations; however, the process by which these biases are produced is not well understood. We theorized several reasons for the sub-par performance of the unstructured interview. These factors, which we manipulated in the context of a videotaped interview of a candidate applying for a leadership position, include evaluator cognitive load, pre-interview performance cues regarding the candidate, and the ethnicity of the candidate. We also controlled for the intelligence of the evaluator. We found a significant four-way interaction between the manipulated factors and evaluators' cognitive abilities. The effects of the manipulated factors were all significantly less for evaluators who were high on general intelligence.

Présentation de l'adaptation française de « l'échelle de coparentage » de McHale pour familles avec jeunes enfants [Presentation of the french adaptation of McHale's coparenting scale for families with young children.]

The aim of this paper is to present McHale's coparenting scale,a self-administered questionnaire enabling assessment of the quality of coparenting, and first steps in structural and construct validation of the French version. A total of 41 French speaking Swiss families and 84 US families completed this questionnaire and the Dyadic Adjustment Scale, a measure of marital satisfaction. The results of the Swiss families correspond to those of US families: first, items distributed into four factors (family integrity, conflict, affection and disparagement) and second, a partial link was found between quality of coparenting and marital adjustment. This finding supports the construct validity of the questionnaire, reflecting the established link between these two family sub-systems. Given that coparenting quality has a major influence on children's socio-affective development, the questionnaire will find great use in assessing not just negative features of coparenting, such as conflicts and disparagement, but also positive components such as warmth and support. This will be an important asset for research as well as clinical purposes.

Diagnostic interview for genetic studies (DIGS): inter-rater and test-retest reliability of the French version.

The National Institute of Mental Health developed the semi-structured Diagnostic Interview for Genetic Studies (DIGS) for the assessment of major mood and psychotic disorders and their spectrum conditions. The DIGS was translated into French in a collaborative effort of investigators from sites in France and Switzerland. Inter-rater and test-retest reliability of the French version have been established in a clinical sample in Lausanne. Excellent inter-rater reliability was found for schizophrenia, bipolar disorder, major depression, and unipolar schizoaffective disorder while fair inter-rater reliability was demonstrated for bipolar schizoaffective disorder. Using a six-week test-retest interval, reliability for all diagnoses was found to be fair to good with the exception of bipolar schizoaffective disorder. The lower test-retest reliability was the result of a relatively long test-retest interval that favored incomplete symptom recall. In order to increase reliability for lifetime diagnoses in persons not currently affected, best-estimate procedures using additional sources of diagnostic information such as medical records and reports from relatives should supplement DIGS information in family-genetic studies. Within such a procedure, the DIGS appears to be a useful part of data collection for genetic studies on major mood disorders and schizophrenia in French-speaking populations.

Substance use among sportive adolescents in the French-speaking part of Switzerland

CONTEXTE: Pour diverses raisons, les adultes et en particulier les parents croient que la pratique sportive à l'adolescence est un facteur de protection contre les comportements à risque tels que la consommation de substances. Les preuves présentes à l'intérieur de la littérature ne sont toutefois pas concluantes à ce sujet. Le principal objectif de notre étude était donc de comparer la prévalence de la consommation de substances psychoactives (licites et illicites) et de substances ergogéniques et dopantes entre les jeunes de Suisse Romande pratiquant un sport et ceux n'en pratiquant pas.METHODES: À l'aide de plusieurs méthodes de recrutement, des adolescents sportifs et non sportifs âgés de 16 à 20 ans furent invités à répondre à un questionnaire anonyme en ligne sur leur consommation de substances. Les substances psychoactives étudiées furent principalement le tabac, l'alcool, et le cannabis. Le dopage a été limité à la volonté d'améliorer les performances tout en utilisant des produits interdits selon l'Agence Mondiale Antidopage (liste 2009). Plusieurs produits légaux liés à la pratique sportive ont également été étudiés. Sur une période de 10 mois, un total de 1303 questionnaires ont été complétés. De l'échantillon final pondéré, les réponses de 1247 sujets éligibles ont été analysées.RESULTATS ET CONCLUSIONS: Dans l'ensemble, l'effet protecteur d'une pratique sportive contre l'utilisation de substances psychoactives semble dépendre de la substance à l'étude.Les jeunes non-sportifs sont plus susceptibles de fumer que les sportifs, et, parmi ces derniers, ceux évoluant dans un contexte de loisir sont plus susceptibles de fumer que ceux en pratique compétitive. Au contraire, aucune différence concernant l'abus d'alcool n'a été observée entre les adolescents sportifs et non-sportifs, indiquant que la pratique sportive ne représente pas une protection contre l'abus d'alcool. Bien que les jeunes non-sportifs soient deux fois plus susceptibles d'être utilisateurs actuels de cannabis, un jeune sportif sur neuf en a néanmoins consommé dans le dernier mois.Les trois quarts des jeunes sportifs interrogés indiquent utiliser activement des produits pour améliorer leurs performances, confirmant la tendance actuellement perçue. Parmi les substances utilisées pour améliorer les performances sportives, les produits contenant de la caféine, les boissons sportives et les suppléments alimentaires sont les trois plus souvent signalés.Peu de jeunes sportifs en Suisse Romande semblent utiliser des substances bannies par l'Agence Mondiale Antidopage, le cannabis étant celui le plus fréquemment cité.Parmi les jeunes sportifs, ceux en pratique compétitive semblent plus susceptibles d'utiliser des produits pour améliorer leurs performances que ceux évoluant dans un contexte de loisir. En outre, Un lien entre les substances psychoactives et celles prises pour améliorer les performances sportives semblent exister: tous les jeunes sportifs signalant soit fumer, avoir abusé de l'alcool récemment ou consommer actuellement du cannabis ont démontré une consommation plus élevée de produits dopants. L'usage du cannabis comme un moyen d'améliorer les performances sportives semble assez fréquent chez les consommateurs récréatifs de cette substance.Les jeunes sportifs évoluant au niveau international ont montré des taux plus bas d'abus d'alcool et de cannabis.

Psychometric properties of the French version of the Zuckerman-Kuhlman Personality Questionnaire

This instrumental study was designed to investigate the psychometric properties of the French version and the cross-language replicability of the Zuckerman-Kuhlman Personality Questionnaire (ZKPQ) at the factor- and at the facet-level. The ZKPQ is an instrument aimed at assessing the five basic factors of Zuckerman's Alternative Five-Factor Model (AFFM). Subjects were 843 French-speaking Swiss, mainly students. At the factor-level, the reliability ranged from .73 to .87 and at the facet level, the reliability ranged from .57 to .77. Differences between genders are congruent with those found in the American sample. Women scored higher on N-Anx, and lower on ImpSS, and Act. A series of exploratory factor analyses supported the overall five-factor structure and the structure at the facet-level. The correlations among the scales support that the five basic factors of the AFFM are orthogonal. Targeted factor analyses and congruence coefficients show high cross-language replicability at the factor- and at the facet-level. The adequacy of the model at the factor- and facet-level was tested using confirmatory factor analyses. The results show that the French version of the ZKPQ is a reliable and valid instrument and has a high cross-language replicability.

French version of the addiction severity index (5th Edition): validity and reliability among Swiss opiate-dependent patients. French validation of the Addiction Severity Index.

OBJECTIVE: The aim of the study was to validate a French adaptation of the 5th version of the Addiction Severity Index (ASI) instrument in a Swiss sample of illicit drug users. PARTICIPANTS AND SETTING: The participants in the study were 54 French-speaking dependent patients, most of them with opiates as the drug of first choice. Procedure: Analyses of internal consistency (convergent and discriminant validity) and reliability, including measures of test-retest and inter-observer correlations, were conducted. RESULTS: Besides good applicability of the test, the results on composite scores (CSs) indicate comparable results to those obtained in a sample of American opiate-dependent patients. Across the seven dimensions of the ASI, Cronbach's alpha ranged from 0.42 to 0.76, test-retest correlations coefficients ranged from 0.48 to 0.98, while for CSs, inter-observer correlations ranged from 0.76 to 0.99. CONCLUSIONS: Despite several limitations, the French version of the ASI presents acceptable criteria of applicability, validity and reliability in a sample of drug-dependent patients.

Orthogonal higher order structure and confirmatory factor analysis of the French Wechsler Adult Intelligence Scale (WAIS-III).

According to the most widely accepted Cattell-Horn-Carroll (CHC) model of intelligence measurement, each subtest score of the Wechsler Intelligence Scale for Adults (3rd ed.; WAIS-III) should reflect both 1st- and 2nd-order factors (i.e., 4 or 5 broad abilities and 1 general factor). To disentangle the contribution of each factor, we applied a Schmid-Leiman orthogonalization transformation (SLT) to the standardization data published in the French technical manual for the WAIS-III. Results showed that the general factor accounted for 63% of the common variance and that the specific contributions of the 1st-order factors were weak (4.7%-15.9%). We also addressed this issue by using confirmatory factor analysis. Results indicated that the bifactor model (with 1st-order group and general factors) better fit the data than did the traditional higher order structure. Models based on the CHC framework were also tested. Results indicated that a higher order CHC model showed a better fit than did the classical 4-factor model; however, the WAIS bifactor structure was the most adequate. We recommend that users do not discount the Full Scale IQ when interpreting the index scores of the WAIS-III because the general factor accounts for the bulk of the common variance in the French WAIS-III. The 4 index scores cannot be considered to reflect only broad ability because they include a strong contribution of the general factor.

Youth of the Eighties, Parents of 2000, Sociological Observations

(Résumé de l'ouvrage) This book is meant to honour the Belgian religious educationalist Herman Lombaerts reflecting on his legacy. He is internationally renowned as a scholar with a strong commitment to and a conceptual analysis of the social and cultural context in which people live and learn. This series of essays is build upon a thought provoking, streamlined design on the relationship between theology and education, relying on Lombaerts' societal and cultural analysis of contemporary religious education. Three key elements are at stake: the self-agency of the learner, the hermeneutic and communitive interpretation of religious traditions in the teaching of religion, and the radical re-imagination of Christian theology relying on this new model of religious educational praxis. For Lombaerts, the search processes of religious people have their own dynamic and dignity. Practical theology should listen carefully and empathetically to this quest. But he is also convinced of the need of solid fundamental research to understand critically its ambiguities and perspectives. Scholars from Europe, the United States and Australia lead the way in this process of "conceptual stretching". Issues such as happiness of children, identity formation of youth, educational and religious insecurity of parents, multi-faith education, tradition crisis of churches, theological education of lay ministers, narrativity and modern art in religious education, etc. are examined from a practical theological point of view, with a strong commitment to the philosophical, psychological, sociological, educational and political dimensions of three issues. With this book the editors hope to commemorate Lombaerts' international radiation, by building a collegial bridge between the different theoretical approaches in the German, Dutch, French, Italian and Anglo-Saxon religious educational research.

A cross-cultural study of the higher-order structures underlying personality disorders in French-speaking Africa and Switzerland

Most studies about the higher-order dimensions to be considered in order to parsimoniously describe Personality Disorders (PDs) have identified between two and four factors but there is still no consensus about their exact number. In this context, the cultural stability of these structures might be a criterion to be considered. The aim of this study was to identify stable higher-order structures of PD traits in a French-speaking African and Swiss sample (N = 2,711). All subject completed the IPDE screening questionnaire. Using Everett's criterion and conducting a series of principal component analyses, a cross-culturally stable two- and four-factor structure were identified, associated with a total congruence coefficient of respectively .98 and .94 after Procrustes rotation. Moreover, these two structures were also highly replicable across the four African regions considered, North Africa, West Africa, Central Africa, and Mauritius, with a mean total congruence coefficient of respectively .97 and .87. The four-factor structure presented the advantage of being similar to Livesely's four components and of describing the ten PDs more accurately.

Food allergy: Validation of the French version of the FAQLQ-PF Quality of Life Questionnaire

Background: It has been previously shown with English speaking children that food allergy clearly affects their quality of life. The first allergy quality of life questionnaire has been validated in English in 2008, however to date no questionnaire was available in French. Objectives: To validate the French version of the Food Allergy Quality of Life Questionnaire- Parent Form (FAQLQ-PF) already existing version developed and validated in English by DunnGalvin et al. Methods: The questionnaire was translated from English to French by two independent French-speaking translators and retranslated by an independent English-speaking translator. We then recruited 30 patients between 0 and 12 years with a food allergy. Parents of these children answered the questionnaire during a clinic visit. The results obtained were then analysed and compared with the results provided by DunnGalvin's study and the Food Allergy independent Measure (FAIM). Results: 27 questionnaires were fully completed and available for analysis. Median age was 6 years with a range from 18 months to 12 years. We had a girl/boy ratio of 1:1.14. A Cronbach's a correlation index of 0.748 was found. Validity was demonstrated by significant correlations between FAQLQ-PF and the FAIM. Conclusion: The French version of the FAQLQ was validated and will permit to assess degree of Quality of Life for French-speaking children with food allergy. It will be an important tool for clinical research and will allow research collaboration between French and English speaking research teams.

Validation of the French version of the Hierarchical Personality Inventory for Children (HiPIC): Influence of gender and age on personality traits from 8 to 12 years

The study was designed to investigate the psychometric properties of the French version and the cross-language replicability of the Hierarchical Personality Inventory for Children (HiPIC). The HiPIC is an instrument aimed at assessing the five dimensions of the Five-Factor Model for Children. Subjects were 552 children aged between 8 and 12 years, rated by one or both parents. At the domain level, reliability ranged from .83 to .93 and at the facet level, reliability ranged from .69 to .89. Differences between genders were congruent with those found in the Dutch sample. Girls scored higher on Benevolence and Conscientiousness. Age was negatively correlated with Extraversion and Imagination. For girls, we also observed a decrease of Emotional Stability. A series of exploratory factor analyses confirmed the overall five-factor structure for girls and boys. Targeted factor analyses and congruence coefficients revealed high cross-language replicability at the domain and at the facet levels. The results showed that the French version of the HiPIC is a reliable and valid instrument for assessing personality with children and has a particularly high cross-language replicability.

Essays in higher moment asset pricing and liquidity risk

This thesis focuses on theoretical asset pricing models and their empirical applications. I aim to investigate the following noteworthy problems: i) if the relationship between asset prices and investors' propensities to gamble and to fear disaster is time varying, ii) if the conflicting evidence for the firm and market level skewness can be explained by downside risk, Hi) if costly learning drives liquidity risk. Moreover, empirical tests support the above assumptions and provide novel findings in asset pricing, investment decisions, and firms' funding liquidity. The first chapter considers a partial equilibrium model where investors have heterogeneous propensities to gamble and fear disaster. Skewness preference represents the desire to gamble, while kurtosis aversion represents fear of extreme returns. Using US data from 1988 to 2012, my model demonstrates that in bad times, risk aversion is higher, more people fear disaster, and fewer people gamble, in contrast to good times. This leads to a new empirical finding: gambling preference has a greater impact on asset prices during market downturns than during booms. The second chapter consists of two essays. The first essay introduces a foramula based on conditional CAPM for decomposing the market skewness. We find that the major market upward and downward movements can be well preadicted by the asymmetric comovement of betas, which is characterized by an indicator called "Systematic Downside Risk" (SDR). We find that SDR can efafectively forecast future stock market movements and we obtain out-of-sample R-squares (compared with a strategy using historical mean) of more than 2.27% with monthly data. The second essay reconciles a well-known empirical fact: aggregating positively skewed firm returns leads to negatively skewed market return. We reconcile this fact through firms' greater response to negative maraket news than positive market news. We also propose several market return predictors, such as downside idiosyncratic skewness. The third chapter studies the funding liquidity risk based on a general equialibrium model which features two agents: one entrepreneur and one external investor. Only the investor needs to acquire information to estimate the unobservable fundamentals driving the economic outputs. The novelty is that information acquisition is more costly in bad times than in good times, i.e. counter-cyclical information cost, as supported by previous empirical evidence. Later we show that liquidity risks are principally driven by costly learning. Résumé Cette thèse présente des modèles théoriques dévaluation des actifs et leurs applications empiriques. Mon objectif est d'étudier les problèmes suivants: la relation entre l'évaluation des actifs et les tendances des investisseurs à parier et à crainadre le désastre varie selon le temps ; les indications contraires pour l'entreprise et l'asymétrie des niveaux de marché peuvent être expliquées par les risques de perte en cas de baisse; l'apprentissage coûteux augmente le risque de liquidité. En outre, des tests empiriques confirment les suppositions ci-dessus et fournissent de nouvelles découvertes en ce qui concerne l'évaluation des actifs, les décisions relatives aux investissements et la liquidité de financement des entreprises. Le premier chapitre examine un modèle d'équilibre où les investisseurs ont des tendances hétérogènes à parier et à craindre le désastre. La préférence asymétrique représente le désir de parier, alors que le kurtosis d'aversion représente la crainte du désastre. En utilisant les données des Etats-Unis de 1988 à 2012, mon modèle démontre que dans les mauvaises périodes, l'aversion du risque est plus grande, plus de gens craignent le désastre et moins de gens parient, conatrairement aux bonnes périodes. Ceci mène à une nouvelle découverte empirique: la préférence relative au pari a un plus grand impact sur les évaluations des actifs durant les ralentissements de marché que durant les booms économiques. Exploitant uniquement cette relation générera un revenu excédentaire annuel de 7,74% qui n'est pas expliqué par les modèles factoriels populaires. Le second chapitre comprend deux essais. Le premier essai introduit une foramule base sur le CAPM conditionnel pour décomposer l'asymétrie du marché. Nous avons découvert que les mouvements de hausses et de baisses majeures du marché peuvent être prédits par les mouvements communs des bêtas. Un inadicateur appelé Systematic Downside Risk, SDR (risque de ralentissement systématique) est créé pour caractériser cette asymétrie dans les mouvements communs des bêtas. Nous avons découvert que le risque de ralentissement systématique peut prévoir les prochains mouvements des marchés boursiers de manière efficace, et nous obtenons des carrés R hors échantillon (comparés avec une stratégie utilisant des moyens historiques) de plus de 2,272% avec des données mensuelles. Un investisseur qui évalue le marché en utilisant le risque de ralentissement systématique aurait obtenu une forte hausse du ratio de 0,206. Le second essai fait cadrer un fait empirique bien connu dans l'asymétrie des niveaux de march et d'entreprise, le total des revenus des entreprises positiveament asymétriques conduit à un revenu de marché négativement asymétrique. Nous décomposons l'asymétrie des revenus du marché au niveau de l'entreprise et faisons cadrer ce fait par une plus grande réaction des entreprises aux nouvelles négatives du marché qu'aux nouvelles positives du marché. Cette décomposition révélé plusieurs variables de revenus de marché efficaces tels que l'asymétrie caractéristique pondérée par la volatilité ainsi que l'asymétrie caractéristique de ralentissement. Le troisième chapitre fournit une nouvelle base théorique pour les problèmes de liquidité qui varient selon le temps au sein d'un environnement de marché incomplet. Nous proposons un modèle d'équilibre général avec deux agents: un entrepreneur et un investisseur externe. Seul l'investisseur a besoin de connaitre le véritable état de l'entreprise, par conséquent, les informations de paiement coutent de l'argent. La nouveauté est que l'acquisition de l'information coute plus cher durant les mauvaises périodes que durant les bonnes périodes, comme cela a été confirmé par de précédentes expériences. Lorsque la récession comamence, l'apprentissage coûteux fait augmenter les primes de liquidité causant un problème d'évaporation de liquidité, comme cela a été aussi confirmé par de précédentes expériences.