Publications

Last update:

May 02, 2022

• Articles and Papers
• Books
• Chapters in Books

Articles and Papers

• 2022 Cornée S., M. Jegers, A. Szafarz, “Feasible Institutions of Social Finance: A Taxonomy,” Journal of Institutional and Theoretical Economics, forthcoming.
• 2022 Cozarenco, A., V. Hartarska, A. Szafarz, “Subsidies to microfinance institutions: How do they affect cost efficiency and mission drift?” Applied Economics, forthcoming. The Working Paper @RePEc

• 2022 Brière, M., J. Poterba, A. Szafarz, “Precautionary Liquidity and Retirement Saving,” American Economic Review P&P, forthcoming.

• 2022 Périlleux, A., A. Szafarz, “Women in the Boardroom: A Bottom-up Approach to the Trickle-down Effect,” Small Business Economics, 58, 4, 1783–1800.                                        The Working Paper@RePEc

• 2021  Reichert, P., M. Hudon, A. Szafarz, R.K. Christensen, “Crowding-In or Crowding-Out? How Subsidies Signal the Path to Financial Independence of Social Enterprises,” Perspectives on Public Management and Governance, 4, 3, 291-308. The Working Paper @ RePEc

• 2021   Brière, M., A. Szafarz, “When it Rains, it Pours: Multifactor Asset Management in Good and Bad Times,” Journal of Financial Research, 44,3, 641-669. The Working Paper @ RePEc

• 2020 Cozarenco, A., A. Szafarz, "The Regulation of Prosocial Lending: Are Loan Ceilings Effective?" Journal of Banking and Finance, 121, 105979. The Working Paper @ RePEc

• 2020 Varendh Mansson, C., T. Wry, A. Szafarz, “Anchors Aweigh? Then Time to go Upstream. Why we Need to Theorize ‘Mission’ before ‘Drift’” Academy of Management Review, 45, 1, 230-234. The Working Paper @ RePEc
• 2020 Cornée, S., P. Kalmi, A. Szafarz, “The Business Model of Social Banks,” Kyklos, 73, 2, 196-226. The Working Paper @ RePEc
• 2020 Brière, M., A. Szafarz, “Good Diversification is Never Wasted: How to Tilt Factor Portfolios with Sectors,” Finance Research Letters, 33,101197, 1-5
  The Working Paper @ RePEc
   
• 2019 Mersland, R., S.A. Nyarko, A. Szafarz, "Mission Drift in Social Enterprises: Do Microfinance Organizations Walk the Talk?" Journal of Business Venturing Insights, forthcoming
  The Working Paper @ RePEc
   
• 2018 Cornée, S., P. Kalmi, A. Szafarz, “How Costly is Social Screening? Evidence from the Banking Industry,” Economics Bulletin, 38, 1, 532-540
  The Working Paper @ RePEc
   
• 2018 Cozarenco, A., A. Szafarz, “Gender Biases in Bank Lending: Lessons from Microcredit in France,” Journal of Business Ethics, 147, 3, 631–650
  The Working Paper @ RePEc
   
• 2017 Levy, M., A. Szafarz, "Cross-Ownership: A Device for Management Entrenchment?", Review of Finance, 21,4,1675-1699
  The Working Paper @ RePEc

• 2017 Labie, M., C. Laureti, A. Szafarz, "Discipline and Flexibility: A Behavioral Perspective on Microfinance Product Design", Oxford Development Studies, 45,3, 321-337
  The Working Paper @ RePEc

• 2017 Garikipati, S., I. Guérin, S. Johnson, A. Szafarz, "Microfinance and Gender: Issues, Challenges and the Road Ahead", Journal of Development Studies, 53, 5, 641–648

• 2017 Garikipati S., I. Agier, I. Guérin, A. Szafarz, "The Cost of Empowerment: Multiple Sources of Women’s Debt in Rural India", Journal of Development Studies, 53, 5, 700–722
  The Working Paper @ RePEc

• 2017 D’Espallier, B., M. Hudon, A. Szafarz, "Aid Volatility and Social Performance in Microfinance", Nonprofit and Voluntary Sector Quarterly, 46,1,116-140
  The Working Paper @ RePEc

• 2016 Laureti, C., A. Szafarz, "The Price of Deposit Liquidity: Banks versus Microfinance Institutions", Applied Economics Letters, 23, 1244-1249
  The Working Paper @ RePEc

• 2016 Cornée, S., P. Kalmi, A. Szafarz, "Selectivity and Transparency in Social Banking: Evidence from Europe", Journal of Economic Issues, 50, 494-502
  The Working Paper @ RePEc

• 2016 Brière,   M.,   V.   Mignon,   K.   Oosterlinck,   A.   Szafarz,  "Towards  Greater Diversification  in  Central  Bank  Reserves", Journal   of   Asset   Management, 17, 295–312

• The Working Paper @ RePEc

• 2016 Cozarenco, A., M. Hudon, A. Szafarz, "What Type of Microfinance Institutions Supply Savings Products?", Economics Letters, 140, 57–59
  The Working Paper @ RePEc

• 2015 Sekkat K.,  A.  Szafarz,  I. Tojerow, "Women  at  the  Top  in  Developing  Countries: Evidence from Firm Data". Working Paper CEB n°15-048 and Working Paper on SSRN

• 2015 Labie M., P-G Méon, R. Mersland, A. Szafarz, "Discrimination by Microcredit Officers: Theory and Evidence on Disability in Uganda", Quarterly Review of Economics and Finance, 58, 44- 55.
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2015 Szafarz A., "Market Efficiency and Crises: Don’t Throw the Baby out with the Bathwater", Bankers, Markets, and Investors, 139, 20 - 26.
  The Working Paper @ RePEc

• 2015 Brière M., K. Oosterlinck, A. Szafarz, "Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin", Journal of Asset Management, invited editorial, 16, 6, 365 - 373.
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2015 Périlleux A., A. Szafarz, "Women Leaders and Social Performance: Evidence from Financial Cooperatives in Senegal", World Development, 74, 437–452.
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2015 De Scheemaekere X., K. Oosterlinck, A. Szafarz, "Issues in Identifying Economic Crises: Insights from History", Financial History Review, The Past Mirror: Notes, Surveys, Debates, May, 1-18.
  The Working Paper @ RePEc

• 2015 Brière M., A. Szafarz, "Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market", World Development, 67, 110-125.
  The Working Paper @ RePEc

• 2015 Brière M., A. Szafarz, "Factor-Based v. Industry-Based Asset Allocation: The Contest", 
  Working Paper CEB n°15-035 
  The Working Paper @ SSRN

• 2015 Labie M., C. Laureti, A. Szafarz, "Discipline and Flexibility: A Behavioral Perspective on Product Design in Microfinance"
  The Working Paper @ RePEc

• 2014 Cornée S., A. Szafarz, "Vive la Différence: Social Banks and Reciprocity in the Credit Market", Journal of Business Ethics, 125, 361-380 (lead article)
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2014 Bernal, O., A. Herinckx, A. Szafarz, "Which Short Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe", International Review of Law and Economics, 37, 244–256.
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2014 Laureti C., A. Szafarz, "Having it Both Ways: A Theory of the Banking Firm with Time-Consistent and Time-Inconsistent Depositors", 
  Working Paper CEB n°14-011
  The Working Paper @ SSRN
  (a previous version was entitled "The Time-Inconsistency Factor: How Banks Adapt to their Mix of Savers")

• 2014 Cozarenco A., A. Szafarz, "Microcredit in Developed Countries: Unexpected Consequences of Loan-Size Ceilings",
  Working Paper CEB n°14-015
  The Working Paper @ SSRN

• 2013 David G., K. Oosterlinck, A. Szafarz, "Art Market Inefficiency", Economics Letters, 121, 1, 23–25
  The Working Paper @ RePEc

• 2013 Agier I., A. Szafarz, "Subjectivity in Credit Allocation to Micro-Entrepreneurs: Evidence from Brazil", Small Business Economics, 41,1, 263-275
  The Working Paper @ RePEc

• 2013 Brière, M., B. Drut, V. Mignon, K. Oosterlinck, A. Szafarz,"Is the Market Portfolio Efficient? A New Test of Mean-Variance Efficiency when all Assets are Risky", Finance, 34, 1, 7-41 (lead article)
  The Working Paper @ RePEc

• 2013 D'Espallier B., M. Hudon, A. Szafarz, "Unsubsidized Microfinance Institutions", Economics Letters, 120, 2, 174-176
  The Working Paper @ RePEc

• 2013 Agier I., A. Szafarz, "Microfinance and Gender: Is There a Glass Ceiling on Loan Size?", World Development, 42, 165–181
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2012 Brière M., A. Chapelle, A. Szafarz, "No Contagion, only Globalization and Flight to Quality", Journal of International Money and Finance, 31, 6, 1729-1744
  The Working Paper @ RePEc

• 2012 Agier I., I. Guérin, A. Szafarz, "Child Gender and Parental Borrowing: Evidence from India", Economics Letters, 115, 3, 363-365
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2012 Szafarz A., "Financial Crises in Efficient Markets: How Fundamentalists Fuel Volatility", Journal of Banking and Finance, 36, 1, 105-111
  a. This paper was mentioned among the five JBF Editors’ Choices.
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2011 Sekkat K., A. Szafarz, "Valuing Homeownership", Journal of Real Estate Finance and Economics, 43, 4, 491-504
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2011 Méon P.-G., A. Szafarz, "The Modern Corporation as a Safe Haven for Taste-Based Discrimination: An Agency Model of Hiring Decisions", Labour Economics, 18, 4, 487–497
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2011 Agier I., A. Szafarz, "Credit to Women Entrepreneurs in Urban Brazil: The Curse of the Trustworthier Sex",
  Working Paper CEB n°11-005
  The Working Paper @ SSRN

• 2011 De Scheemaekere X., A. Szafarz, "The Inference Fallacy from Bernoulli to Kolmogorov", Working Paper CEB n°11-006

• 2010 Bernal O., K. Oosterlinck, A. Szafarz, "Observing Bailout Expectations during a Total Eclipse of the Sun", Journal of International Money and Finance, 29, 7, 1193-1205 (lead article)
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2010 Vermorken M., A. Szafarz, H. Pirotte, "Sector Classification through non-Gaussian Similarity", Applied Financial Economics, 20, 11, 861-878
  The Working Paper @ RePEc

• 2009 De Scheemaekere X., A. Szafarz, "The Special Status of Mathematical Probability: A Historical Sketch", Epistemologia, 32, 1, 91-110
  The Working Paper @ RePEc

• 2008 Brière M., A. Szafarz, "Crisis-Robust Bond Portfolios", Journal of Fixed Income, Fall, 57-70
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2008 Szafarz A., "An Alternative to Statistical Discrimination", Economics Bulletin, 10, 5, 1-6
  The Working Paper @ RePEc

• 2007 Chapelle A., A. Szafarz, "Control Consolidation with a Threshold: An Algorithm", IMA Journal of Management Mathematics, 18, 3, 235-243
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2007 Farber, A., R. Gillet, A. Szafarz, "A General Formula for the WACC: A Reply", International Journal of Business, 12, 3, 405-411
  The Working Paper @ RePEc

• 2006 Farber A., R. Gillet, A. Szafarz, "A General Formula for the WACC", International Journal of Business, 11, 2, 211-218
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2006 Beine M., P.-Y. Preumont, A. Szafarz, "Sector Diversification during Crises: A European Perspective",
  Working Paper DULBEA n°06-07

• 2006 Beine M., A. Szafarz, "Size Matters: Central Bank Interventions on the Yen/Dollar Exchange Rate", Brussels Economic Review, 49, 1, 5-20
  The Working Paper @ RePEc

• 2005 Chapelle A., A. Szafarz, "Controlling Firms through the Majority Voting Rule", Physica A, 355, 509-529
  The Working Paper @ RePEc
  The Working Paper @ SSRN

• 2004 Biebuyck T., A. Chapelle, A. Szafarz, "Les leviers de contrôle des actionnaires majoritaires", Revue Gouvernance, 1, 2, 52-70
  The Working Paper @ RePEc

• 2004 Gillet R., A. Szafarz, "Marchés financiers et anticipations rationnelles", Reflets et Perspectives de la Vie Economique, XLIII, 2, 7-17
  The Working Paper @ RePEc

• 2003 Chapelle A., M.-P. Laurent, A. Szafarz, "L'effet de l'âge de l'investisseur sur le niveau de risque de son portefeuille", La Revue du Financier, 142, 20-32
  The Working Paper @ RePEc

• 2002 Preumont P.Y., A. Szafarz, "Les indices DJ Stoxx reflètent-ils le marché des actions européennes", Revue Bancaire et Financière, 1,  63-71

• 1999 Flôres R., P. Jorion, P.Y. Preumont, A. Szafarz, "Multivariate Unit Root Tests of the PPP Hypothesis", Journal of Empirical Finance, 6, 4, 335-353

• 1998 Renault E., K. Sekkat, A. Szafarz, "Testing for Spurious Causality in Exchange Rates", Journal of Empirical Finance, 5, 1, 47-66

• 1997 Flôres R., A. Szafarz, "Testing the Information Structure of Eastern European Markets: The Warsaw Stock Exchange", Economics of Planning, 30, 91-105
  The Working Paper @ RePEc

• 1996 Flôres R., A. Szafarz, "An Enlarged Definition of Cointegration", Economics Letters, 50, 2, 193-196

• 1995 Adam M.C., A. Szafarz, "Bulles spéculatives: de la théorie à la réalité", Revue de la Banque, 2, 79-83

• 1995 Broze L., C. Gouriéroux, A. Szafarz, "Solutions of Multivariate Rational Expectations Models", Econometric Theory, 11, 229-257
  The Working Paper @ RePEc

• 1995 Adam M.C., A. Farber, A. Szafarz, "Volatilité des marchés financiers: chaos, irrationalité ou illusion d'optique?", Gestion 2000, 5, 161-176

• 1994 Flôres R., M. de B. Monteiro, A. Szafarz, "Exchange Rate Volatility in High-Inflation Economies: An Econometric Study of Poland and Brazil", Economics of Planning, 27, 277-292

• 1994 Flôres R., A. Szafarz, "Agents, Econometricians, and the Identification of Conditional Systems", Revista de Econometria, 14, 1, 71-87

• 1994 Flôres R., A. Szafarz, "Efficient Markets Do Not Cointegrate", Cahiers du CERO, 36, 143-151

• 1992 Adam M.C, A. Szafarz, "Speculative Bubbles and Financial Markets", Oxford Economic Papers, 44, 4, 626-640

• 1992 Flôres R., A. Szafarz, "Minimal Identification of Dynamic Rational Expectations Systems", Revista Brasileira de Economia, 46, 3, 399-412

• 1990 Roland G., A. Szafarz, "The Ratchet Effect and the Planner's Expectations", European Economic Review, 34, 5, 1079-1098

• 1989 Adam M.C., A. Szafarz, "Crises boursières, bulles spéculatives et rationalité économique", Etudes Internationales, XX, 4, 781-790

• 1986 Broze L., C. Gouriéroux, A. Szafarz, "Bulles spéculatives et transmission d'information sur le marché d'un bien stockable", L'Actualité Economique, 62, 166-183
  The Working Paper @ RePEc

• 1985 Broze L., A. Szafarz, "Solutions des modèles linéaires à anticipations rationnelles", Annales de l'INSEE, 57, 99-118

• 1985 Broze, L., A. Szafarz, "Forme réduite d'un modèle général à anticipations rationnelles", Cahiers du CERO, 27, 175-205

• 1985 Broze L., C. Gouriéroux, A. Szafarz, "Solutions of Dynamic Linear Rational Expectations Models", Econometric Theory, 1, 341-368

• 1985 Szafarz A., "L'évolution du concept de probabilité de Pascal à Laplace", Technologia, 8, 67-75
  The Working Paper @ RePEc

• 1984 Broze L., A. Szafarz, "On Linear Models with Rational Expectations which Admit a Unique solution", European Economic Review, 24, 103-111

• 1984 Szafarz A., "Richard von Mises: l'échec d'une axiomatique", Dialectica, 38, 311-317
  The Working Paper @ RePEc

 

 

Books

• 2019 Hudon, M., M. Labie, A. Szafarz (Eds.), A Research Agenda for Financial Inclusion and Microfinance, Cheltenham: Edward Elgar Publishing.

• 2009 Colmant B., R. Gillet, A. Szafarz, Efficience des marchés: concepts, bulles spéculatives et image comptable, Second Edition, Brussels: Larcier

• 2005 Oosterlinck K., A. Szafarz, Obligations souveraines: situation du marché, évaluation du risque-pays et gestion des défauts, Brussels: Larcier

• 2004 Dussart J., N. Joukoff, A. Loulit, A. Szafarz, Mathématiques appliquées à la gestion, Paris: Pearson Education France

• 2003 Colmant B., R. Gillet, A. Szafarz, Efficience des marchés: concepts, bulles spéculatives et image comptable, Brussels: Larcier

• 1997 Gouriéroux C., O. Scaillet, A. Szafarz, Econométrie de la Finance: approches historiques, Paris: Economica

• 1991 Broze L., A. Szafarz, The Econometric Analysis of Non-Uniqueness in Rational Expectations Models, Amsterdam: North-Holland

• 1990 Broze L., C. Gouriéroux, A. Szafarz, Reduced Forms of Rational Expectations Models, Harwood Academic Publishers

 

Chapters in books

 

• 2020  Abramowicz, M., A. Szafarz, "Ethics of Randomized Controlled Trials: Should Economists Care about Equipoise?,"  in Bédécarrats, F., Guérin, I., & Roubaud, F. (Eds.) Randomized Control Trials in the Field of Development: A Critical Perspective, Oxford University Press, pp. 280-292. 
• 2019 Hudon, M., M. Labie, A. Szafarz, “The Microfinance Alphabet” in O'Connor, M., J. Silva Afonso (Eds.), Emerging Challenges and Innovations in Micro?nance and Financial Inclusion, London: Palgrave Macmillan, 1-11.
• 2019 Hudon, M., M. Labie, A. Szafarz (2019), “A Long Time Ago in a Galaxy Far, Far Away… How Microfinance Evolved and How Research Followed” in Hudon, M. M. Labie, A. Szafarz (Eds.) Research Agenda for Financial Inclusion and Microfinance, Cheltenham: Edward Elgar Publishing, 1-10.
• 2019 Cozarenco, A., A. Szafarz, “Microfinance in the North: Where Do We Stand?” in Hudon, M. M. Labie, A. Szafarz (Eds.) Research Agenda for Financial Inclusion and Microfinance, Cheltenham: Edward Elgar Publishing, 125-137.
• 2018 Brière, M, A. Szafarz, “Factors and Sectors in Asset Allocation: Stronger Together?" in N. Bulusu, J. Coche, A. Reveiz, F. Rivadeneyra, V. Sahakyan, and G. Yanou (Eds.), Advances in the Practice of Public Investment Management: Portfolio Modelling, Performance Attribution and Governance, Palgrave Macmillan, 291-309.
• 2017 Brière, M, A. Szafarz, “Factor Investing: The Rocky Road from Long-Only to Long-Short,” in E. Jurczenko (Ed.), Factor Investing: From Traditional to Alternative Risk Premia, Elsevier, 25-45  The Working Paper @ RePEc

• 2014 Postelnicu L., N. Hermes, A. Szafarz, "Defining Social Collateral in Microfinance Group Lending", in R. Mersland and Ø. Strøm (Eds.), Microfinance Institutions: Financial and Social Performance, Hampshire, UK: Palgrave Macmillan, 187-207
  The Working Paper @ RePEc

• 2011 Armendariz B., A. Szafarz, "On Mission Drift in Microfinance Institutions", in: B. Armendariz and M. Labie (Eds), The Handbook of Microfinance, London-Singapore: World Scientific Publishing, 341-366
  The Working Paper @ RePEc

• 2005 Gillet R., A. Szafarz, "L’efficience informationnelle des marchés. Une hypothèse, et au-delà ?", in: D. Bourghelle, O. Brandouy, R. Gillet, A. Orléan (Eds) Croyances, représentations collectives et conventions en finance, Economica (Collection "Recherche en gestion"), 43-58
  The Working Paper @ RePEc
  a. A discussion of this paper appears on the blog Captain Economics, 28 June 2012

• 1996 Adam M.C., A. Farber, R. Flôres, C. Leclercq, A. Szafarz, "European R&D at the Crossroads", in: R.M. Mason, L.L. Lefebvre, T.M. Khalil (Eds.), Proceedings of the Fifth International Conference for Management of Technology, Elsevier, 767-768

• 1993 Adam M.C., A. Szafarz, "Speculative Bubbles and Financial Markets", in: Anthony Courakis (Ed.), Financial Markets, Institutions and Policy (reprint from Oxford Economic Papers), Oxford University Press

• 1989 Broze L., C. Gouriéroux, A. Szafarz, "Speculative Bubbles and Exchange of Information on the Market of a Storable Good", in: W.A. Barnett, J. Geweke, K. Shell (Eds), Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity, Cambridge University Press, 101-118

• 1987 Broze L., A. Szafarz, "On Econometric Models with Rational Expectations", in: T.F. Bewley (Ed.), Advances in Econometrics, Fifth World Congress, Vol. I, Cambridge University Press, 171-205

• 1984 Broze L., J. Janssen, A. Szafarz, "On Solutions of Linear Models with Rational Expectations", in: J.P. Florens, M. Mouchart, L. Simar (Eds), Alternative Approaches to Time Series Analysis, Proceedings of the 3rd Franco-Belgian Meeting of Statisticians, Publications des Facultés Universitaires Saint-Louis, 211-217

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Also view

• Ariane Szafarz's page on RePEc
• Ariane Szafarz's page on DI-fusion (Dépôt institutionnel de l'Université libre de Bruxelles)
• The list of publications of Centre Emile Bernheim (SBS-EM, ULB)
• Arianz Szafarz's page on the Solvay Brussels School of Economics and Management website