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Stambaugh (1983). That is, bid-ask bounce does not bias returns due to volatility. Our 30 calendar-time portfolios diversify away individual stock bid-ask bounce. 31 REFERENCES Admati, Anat R., 1985, A noisy rational expectations equilibrium for multi-asset securities markets. Econometrica 5), 629-658. Barber, Brad M., and John D. Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test statistics, Journal of Financial Economics 43, 341-372

l'output q1+q2 était plus coûteuse que la 13 L'économie de la concurrence imparfaite, 1933, The Economics of Welfare, McMillan, 1920 15 H.Gabrié et J.L.Jacquier, 1994 16 Cette analyse est développée dans un article de N.Kaldor : "The Equilibrium of the Firm", The economic journal, mars 1934) 14 19 DIAL - Développement et insertion internationale production séparée de q1 et q2, une entreprise désirant produire q1+q2 pourrait créer deux divisions indépendantes opérant comme des

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misread other people, send off confusing or off-putting nonverbal signals, and lapse into unhealthy knee-jerk patterns of behavior. Take a moment to calm down before jump back into the conversation is necessary. Once they’ve regained their emotional equilibrium, they’ll be better equipped to deal with the situation in a positive way. - Pay attention to inconsistencies. Nonverbal communication should reinforce what is being said. If someone get the feeling that the interlocutor isn’t being honest or

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"Progès technique, commerce international et emploi", Economie internationale, la revue du Cepiin° 71, pp. 169-181. , Cortes O. et Jean S. (1998), "Does Competition from Emerging Countries Threaten Unskilled Labour in Europe? An Applied General Equilibrium Approach",Global Trade and in European Workers édité par P. Brenton et J. Pelkmans, Macmillan, Londres, pp. , 96-122. Cortes O., Jean S. et Pisani-Ferry J. (1996), "Trade and the Labour Marketthe French : Case", Document de travail n° 96-04, Cepii