On triangular lattice Boltzmann schemes for scalar problems

We propose to extend the d'Humi\'eres version of the lattice Boltzmann scheme to triangular meshes. We use Bravais lattices or more general lattices with the property that the degree of each internal vertex is supposed to be constant. On such meshes, it is possible to define the lattice Boltzmann scheme as a discrete particle method, without need of finite volume formulation or Delaunay-Voronoi hypothesis for the lattice. We test this idea for the heat equation and perform an asymptotic analysis with the Taylor expansion method for two schemes named D2T4 and D2T7. The results show a convergence up to second order accuracy and set new questions concerning a possible super-convergence.Comment: 23 page

The Long-run Performance of Seasoned Equity Offerings with rights evidence from the Swiss Market

We examine the long-run performance of firms that offer seasoned equity on the Swiss market. Swiss firms use offerings with rights to raise new equity and they can issue three types of securities. Moreover, the tax law has for some firms the effect of increasing the issuing frequency. We find that most SEOs are small as a percentage of the firm’s market capitalisation. The leverage ratios change often (up and down) during a three-period post-SEO horizon. The long-run abnormal returns are insignificant relative to size and book-to-market matching portfolios. These findings are corroborated by the fact that a portfolio of issuing firms do not exhibit a risk adjusted (Fama and French three factor model and Time-varying beta) abnormal performance. These findings are in accordance with the growing literature showing that the US SEOs do no more have abnormal negative performance. Finally, we show that Swiss firms have an incentive to use SEOs as a substitute to stock dividends. This particular feature help to explain the high frequency of SEOs in Switzerland before 1992.

Non Linear Contracting and Endogenous Buyer Power between Manufacturers and Retailers: Empirical Evidence on Food Retailing in France

We present the first empirical estimation of a structural model taking into account explicitly the endogenous buyer power of downstream players facing two part tariffs contracts offered by the upstream level. We consider vertical contracts between manufacturers and retailers where resale price maintenance may be used with two part tariffs and allow retailers to have some endogenous buyer power from the horizontal competition of manufacturers. Our contribution allows to recover price-cost margins at the upstream and downstream levels in these different structural models using the industry structure and estimates of demand parameters. We apply it to the market of bottled water in France, estimating a mixed logit demand model on individual level data. Empirical evidence shows that two part tari¤s contracts are used with no resale price maintenance and that the buyer power of supermarket chains is endogenous to the structure of manufacturers competition.

Nutrition and Risk Sharing within the Household

Using data on individual consumption from farm households in the Philippines, we construct a direct test of risk-sharing within the household. We contrast the efficient outcomes predicted by the unitary household model with the outcomes we might expect if food consumption delivers not only utils, but also nutrients affecting future productivity. The efficiency conditions which characterize the within household allocation of food under the unitary model are violated, as consumption responds to earnings shocks. If productivity depends on nutrition, this explains some but not all of the response, as earnings “surprises” have some effect on the cost and composition of diet.