GUERINI , Mattia

We develop a new method to estimate the parameters of threshold distributions for market participation based upon an agent-specific attribute and its decision outcome. This method requires few behavioral assumptions, is not data demanding, and can adapt to various parametric distributions. Monte Carlo simulations show that the algorithm...

We develop a new method to estimate the parameters of threshold distributions for market participation based upon an agent-specific attribute and its decision outcome. This method requires few behavioral assumptions, is not data demanding, and can adapt to various parametric distributions. Monte Carlo simulations show that the algorithm...

We investigate upon the shape and the determinants of the age distribution of business firms. By employing a novel dataset covering the population of French businesses, we highlight that a geometric law provides a reasonable approximation for the age distribution. However, relevant systematic deviations and sectoral heterogeneity appear. We...

We develop a model to study the impact of corporate governance on firm investment decisions and industry competition. In the model, governance structure affects the distribution of shares among short-and long-term oriented investors, the robustness of the management regarding possible stockholder interference, and the managerial remuneration...

National audience

We build a simple dynamic model to study the effects of technological learning, market selection and international competition in the determination of export flows and market shares. The model features two countries populated by firms with heterogeneous productivity levels and sales. Market selection in each country is driven by a finite...

International audience

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National audience

International audience

National audience

This paper evaluates the risk of zombification of the French economy during the sanitary crisis, as a result of the unconditional financial support provided to firms by public authorities. We develop a simple theoretical framework based on a partialequilibrium model to simulate the liquidity and solvency stress faced by a large panel of French...

National audience

We simulate the impact of the Covid-19 crisis on corporate solvency using a sampleof around one million French nonfinancial companies, assuming they minimizetheir production costs in the context of a sharp drop in demand.We find that the lockdown triggers an unprecedented increase in the share ofilliquid and insolvent firms, with the former...

Nous simulons l'impact de la crise Covid-19 sur la solvabilité des entreprises àpartir d'un échantillon d'un million d'entreprises françaises (Données FARE 2017).Par défaillance, nous entendons l'état de cessation de paiement de l'entreprise,c'est-à-dire quand les fonds propres de l'entreprise sont négatifs.Le tissu productif est lourdement...

This paper evaluates the risk of zombification of the French economy during the COVID-19 pandemic crisis, as a result of the unconditional financial support provided to firms by public authorities, to limit the impact of lockdown measures. We develop a simple theoretical framework based on a partial-equilibrium model to simulate the liquidity...

International audience

Nous simulons l'impact de la crise Covid-19 sur la solvabilité des entreprises àpartir d'un échantillon d'un million d'entreprises françaises (Données FARE 2017).Par défaillance, nous entendons l'état de cessation de paiement de l'entreprise,c'est-à-dire quand les fonds propres de l'entreprise sont négatifs.Le tissu productif est lourdement...

International audience

We employ an agent-based model to shed light on the macroeconomic effects of accounting principles, unconventional monetary policies, and of their possible interactions. If mark-to-market accounting standards may entail positive feedbacks which amplify economic or financial shocks, unconventional policies may introduce negative feedbacks that...

Le Projet de loi de finance (PLF) pour 2019 confirme la réforme de l'impôt sur les sociétés (IS) annoncée durant la campagne de l'élection présidentielle de 2017. La réforme poursuit trois objectifs : accroître l'investissement des entreprises, améliorer leur compétitivité et répondre aux changements de l'environnement international relatifs à...