WP18 : squelette (gabarit UQO, CLAUDE.md)
Co-Authored-By: Claude Fable 5.1 <noreply@anthropic.com>
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.gitignore
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| 1 | +# Raw & processed data — never committed (see data/raw/README.md for provenance) | |
| 2 | +data/raw/* | |
| 3 | +!data/raw/README.md | |
| 4 | +data/processed/* | |
| 5 | +!data/processed/.gitkeep | |
| 6 | + | |
| 7 | +# Python | |
| 8 | +__pycache__/ | |
| 9 | +*.pyc | |
| 10 | +.pytest_cache/ | |
| 11 | +.venv/ | |
| 12 | +*.egg-info/ | |
| 13 | + | |
| 14 | +# LaTeX build artifacts (paper/main.pdf IS committed) | |
| 15 | +paper/*.aux | |
| 16 | +paper/*.log | |
| 17 | +paper/*.out | |
| 18 | +paper/*.toc | |
| 19 | +paper/*.lof | |
| 20 | +paper/*.lot | |
| 21 | +paper/*.fls | |
| 22 | +paper/*.fdb_latexmk | |
| 23 | +paper/*.bbl | |
| 24 | +paper/*.blg | |
| 25 | +paper/*.spl | |
| 26 | +paper/*.synctex.gz | |
| 27 | +paper/*.run.xml | |
| 28 | +paper/*.bcf | |
| 29 | + | |
| 30 | +# Logs | |
| 31 | +logs/ | |
| 32 | +*.log | |
| 33 | + | |
| 34 | +# macOS | |
| 35 | +.DS_Store | |
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CLAUDE.md
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| 1 | +# CLAUDE.md — UQO Working Paper 18 | |
| 2 | +(Spécification de l'auteur, 2026-10-20. Conventions de forme : ~/Desktop/Recherche-UQO/HARMONISATION.md ; ce dossier s'appelle | |
| 3 | +`immobilier/housing-leverage-intergenerational-inequality` et correspond au dépôt spbgit `wp18_uqo.git` — le nom `wp18_uqo/` du | |
| 4 | +plan ci-dessous désigne ce dossier.) | |
| 5 | + | |
| 6 | +## Mission | |
| 7 | +Act as an autonomous team of housing economists, macro-finance theorists, mathematical economists, computational scientists, research librarians, and LaTeX editors. Develop a rigorous, reproducible **English-language theoretical research paper**: | |
| 8 | + | |
| 9 | +**WP18 — Housing, Leverage, and Intergenerational Wealth Inequality: A Dynamic General Equilibrium Theory** | |
| 10 | + | |
| 11 | +Author: **Simon-Pierre Boucher**. Verify institutional affiliation and contact details against prior UQO papers. Do not invent coauthors or acknowledgments. | |
| 12 | + | |
| 13 | +Central question: Under what conditions do inherited wealth, mortgage leverage, nominal debt, housing supply and down-payment constraints generate persistent owner-renter wealth inequality among households with similar labor income? What changes under unexpected inflation? | |
| 14 | + | |
| 15 | +**Mandatory order:** inspect previous UQO WPs and review literature → specify mathematical model → derive propositions → implement and validate numerical model → run simulations and robustness checks → generate all figures and tables → audit results → **only then write and compile the LaTeX paper**. Literature review must be expanded before drafting. Never invent results, citations, proofs, or data. | |
| 16 | + | |
| 17 | +## Phase 0 — Reproduce UQO WP conventions | |
| 18 | +1. Inspect current repository and accessible WP1–WP17 sources (all available locally in ~/Desktop/Recherche-UQO/{immobilier,finance}/*/paper/, notably WP2, WP5, WP10, WP16). Log unavailable files rather than claiming to have read them. | |
| 19 | +2. Document observed series conventions in `research/wp_style_audit.md`: cover, number, typography, title/author block, abstract, keywords/JEL, section structure, theorem environments, figures, tables, citations, appendices, compilation. Follow them for WP18. | |
| 20 | +3. Preserve `paper/main.tex` and `paper/main.pdf` naming conventions. Never overwrite earlier WPs. | |
| 21 | + | |
| 22 | +## Phase 1 — Deep verified literature review and novelty | |
| 23 | +Search scholarly literature and authoritative working papers on: OLG/lifecycle housing, tenure choice, housing wealth inequality, bequests, down-payment/LTV constraints, nominal mortgage debt, surprise inflation and redistribution, housing collateral, monetary transmission, land scarcity/supply elasticity, rental equilibrium, incomplete markets, household heterogeneity, welfare and policy. Investigate relevant foundational work by Kiyotaki–Moore, Iacoviello, Ortalo-Magné–Rady, Glaeser, Gyourko, Saiz, Kaplan–Mitman–Violante, Doepke–Schneider, and other relevant researchers; verify actual paper metadata and contributions rather than assuming relevance. | |
| 24 | + | |
| 25 | +Deliver `research/literature_matrix.csv` with a target of 50–80 **verified** references if genuinely relevant and accessible (never pad), including DOI/URL, model, method, findings, limitations, relevance and overlap with WP18. Produce a substantial critical synthesis in `research/literature_review.md` and verified `paper/references.bib`. Record inaccessible sources and uncertainty. Produce `research/novelty_matrix.csv` comparing each claimed contribution with the closest prior papers. Redesign weak contributions. Do not assert novelty before verifying it. | |
| 26 | + | |
| 27 | +Candidate contributions: (i) an endogenous ownership-entry wealth threshold jointly shaped by bequests, collateral and price feedback; (ii) conditions for persistent ownership/wealth gaps and path dependence; (iii) conditional inflation redistribution through fixed nominal mortgages in general equilibrium; (iv) supply elasticity and mortgage-contract effects on intergenerational mobility. Treat each as a hypothesis, not a preordained result. | |
| 28 | + | |
| 29 | +## Phase 2 — Complete theoretical model | |
| 30 | +Start with a tractable discrete-time overlapping-generations/lifecycle heterogeneous-household housing economy. Model owners and renters, consumption, housing services, liquid assets, income risk, bequests, mortgage debt, endogenous tenure choice, down-payment/LTV restrictions, transaction costs, maintenance, rents, housing supply and market clearing. Add features only when solvable and relevant. | |
| 31 | + | |
| 32 | +Write explicit household Bellman problems, full owner/renter budgets, initial/terminal conditions, inheritance process, timing of choices and shocks, mortgage amortization and refinancing, collateral constraints, competitive equilibrium definition, aggregate consistency, rental market and housing market clearing. State units and notation precisely. | |
| 33 | + | |
| 34 | +Distinguish nominal mortgage principal `B_nom` from real debt `B_nom / CPI`; distinguish CPI from house-price index. Separate expected from unexpected inflation and fixed-rate from variable-rate mortgages. Account for interest payments, inflation effects on wages/rents/interest rates, lender wealth, housing supply, and renter investment returns. Do not assume inflation necessarily raises real house prices or enriches every owner. | |
| 35 | + | |
| 36 | +Seek rigorous analytical results: leverage amplification with costs; surprise-inflation redistribution under stated assumptions; ownership threshold; conditions for persistence/multiple equilibria (only if established); comparative statics of LTV, bequests, supply elasticity and mortgage structure. For every proposition provide exact assumptions, statement, proof or clearly labeled proof gap. Save proofs in `paper/appendix_proofs.tex` and failed conjectures in `research/failed_hypotheses.md`. Do not call simulation findings theorems. | |
| 37 | + | |
| 38 | +## Phase 3 — Numerical implementation BEFORE writing | |
| 39 | +Use Python with NumPy/SciPy/pandas/matplotlib, optionally Numba/JAX. Write reproducible modules `src/model.py`, `household_solver.py`, `equilibrium.py`, `distributions.py`, `simulation.py`, `calibration.py`, `robustness.py`, `figures.py`, `tables.py`. Use configs/YAML, pinned dependencies, fixed seeds, tests, structured experiment logs, raw CSV/Parquet outputs, and a Makefile. | |
| 40 | + | |
| 41 | +First solve a two-/three-period benchmark with known behavior; unit-test budget identities, debt evolution, feasibility and terminal conditions. Then implement household dynamic programming (VFI/EGM or justified method), stationary distribution/OLG transitions, bequests, endogenous price iteration and housing/rental market clearing. Report Bellman residuals, equilibrium residuals, numerical tolerances, convergence, grid sensitivity and computational failures. If general equilibrium does not solve, **never label partial equilibrium as GE**. | |
| 42 | + | |
| 43 | +Calibrate from traceable Canada/Québec sources when justified, or use clearly marked illustrative parameters. Record units, observation dates, transformations and sources. No fabricated calibration targets or empirical validation. | |
| 44 | + | |
| 45 | +Run at least these experiments: | |
| 46 | +1. Baseline wealth and ownership by age, income and inheritance quantile. | |
| 47 | +2. Equal-income owner/renter wealth paths with differing initial endowments. | |
| 48 | +3. Down-payment constraint and ownership-entry threshold sweeps. | |
| 49 | +4. Surprise inflation with fixed versus adjustable nominal mortgages. | |
| 50 | +5. Leverage/LTV sensitivity including negative house-price shocks. | |
| 51 | +6. Bequests on/off and alternative inheritance transfers/tax scenarios. | |
| 52 | +7. Housing supply elasticity, including near-fixed supply. | |
| 53 | +8. Interest rates, rent growth, earnings risk and expectations sensitivity. | |
| 54 | +9. Welfare changes using a defined consumption-equivalent measure. | |
| 55 | +10. Robustness to discounting, preferences, transaction costs, grid resolution, solver tolerance and simulation sample size. | |
| 56 | + | |
| 57 | +Produce **10–14 meaningful publication-quality figures** and **6–9 substantive tables**, adjusted to genuine findings rather than padded. Candidate figures: model timing, policy functions, ownership thresholds, wealth-age profiles, owner/renter divergence, inheritance quantile trajectories, inequality evolution, inflation impulse responses, mortgage comparison, supply-elasticity heatmap, welfare distribution and solver diagnostics. Candidate tables: notation, calibrated parameters/sources, baseline moments, convergence, scenario effects, inflation redistribution, inequality/mobility, welfare and robustness. Save vector PDFs + PNG previews in `results/figures/`, auto-generated LaTeX tables in `results/tables/`, and raw data in `results/data/`. Every paper number must map to a result file. | |
| 58 | + | |
| 59 | +## Phase 4 — Integrity audit, then write the manuscript | |
| 60 | +Before writing the paper, complete `research/results_audit.md`: experiment, hypotheses, parameters, algorithm, convergence, results, limitations, robustness, and claims actually supported. Distinguish mathematical identities, theoretical comparative statics, illustrative simulations and empirical findings. Investigate contrary outcomes. Never manipulate assumptions to force a preferred conclusion. | |
| 61 | + | |
| 62 | +**Gate:** do not start manuscript drafting until the baseline model is validated, claimed GE equilibria clear markets, principal simulations and exhibits reproduce, bibliography is verified, and theoretical claims have proofs or appropriate qualifications. If blocked, document the issue honestly and deliver a scoped partial result. | |
| 63 | + | |
| 64 | +Then write a polished **30–45-page English main text**, plus appendices as warranted, in `paper/main.tex`: | |
| 65 | +1. UQO WP18 title page, author, verified affiliation. | |
| 66 | +2. Abstract (150–220 words, actual results only), 5–7 keywords, verified JEL choices (consider R21, R31, D31, D91, E31, E44, G51). | |
| 67 | +3. Introduction: question, precise contribution relative to closest work, preview of real results. | |
| 68 | +4. Extensive critical literature review, organized by mechanisms and open gaps. | |
| 69 | +5. Environment, timing, optimization, constraints and markets. | |
| 70 | +6. Equilibrium and mathematical propositions. | |
| 71 | +7. Numerical algorithm, calibration and verification. | |
| 72 | +8. Baseline simulations, inheritance and inequality. | |
| 73 | +9. Inflation/mortgage-contract counterfactuals. | |
| 74 | +10. Supply elasticity, policy and welfare. | |
| 75 | +11. Sensitivity, limitations and conclusion. | |
| 76 | +12. References and appendices: full proofs, numerical algorithms, additional tables/figures. | |
| 77 | + | |
| 78 | +Use `amsmath`, `amssymb`, `amsthm`, `booktabs`, `graphicx`, `hyperref` and a bibliography system compatible with observed UQO style. Maintain clean notation, labeled equations, real cross-references, readable figures and academic prose. Avoid inflated rhetoric or unsupported claims. | |
| 79 | + | |
| 80 | +## Required directory layout | |
| 81 | +``` | |
| 82 | +<dossier>/ | |
| 83 | + CLAUDE.md | |
| 84 | + README.md | |
| 85 | + Makefile | |
| 86 | + requirements.txt | |
| 87 | + configs/{baseline.yaml,scenarios.yaml} | |
| 88 | + src/{model,household_solver,equilibrium,distributions,simulation,calibration,robustness,figures,tables}.py | |
| 89 | + tests/ | |
| 90 | + research/{progress.md,wp_style_audit.md,novelty_matrix.csv,literature_matrix.csv,literature_review.md,model_specification.md,failed_hypotheses.md,results_audit.md} | |
| 91 | + results/{data,figures,tables,logs}/ | |
| 92 | + paper/{main.tex,main.pdf,references.bib,appendix_proofs.tex,appendix_computation.tex} | |
| 93 | +``` | |
| 94 | + | |
| 95 | +## Final reproducibility and QA | |
| 96 | +Provide `make setup`, `make test`, `make simulate`, `make figures`, `make tables`, `make paper`, and `make all` targets, or equivalently documented commands. Rerun from a clean environment; verify no LaTeX compilation errors, undefined references, missing bibliography entries, broken paths, inconsistent numbers, unreported failures, or placeholder results. Check PDFs visually and inspect logs. Deliver final `paper/main.pdf`, source LaTeX, Python code, raw results, figures, tables, verified BibTeX, research audit, and a concise README explaining replication. | |
| 97 | + | |
| 98 | +Maintain `research/progress.md` after every phase with completed work, evidence, blockers and next steps. Work autonomously, but ask for essential permissions or missing credentials rather than pretending access. **Priority: scientific correctness, originality and reproducibility over speed, page count or positive findings.** | |
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README.md
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| 1 | +<!-- Author: Simon-Pierre Boucher — simon-pierre.boucher@uqo.ca --> | |
| 2 | +# <Emoji> <Title> | |
| 3 | + | |
| 4 | +**UQO Working Paper No. <N>** — *<Subtitle, or one-line description>* | |
| 5 | + | |
| 6 | +[-b31b1b?logo=latex&logoColor=white)](paper/main.pdf) | |
| 7 | +[](requirements.txt) | |
| 8 | +[](data/raw/README.md) | |
| 9 | +[](scripts/) | |
| 10 | +[](https://uqo.ca) | |
| 11 | +[](mailto:simon-pierre.boucher@uqo.ca) | |
| 12 | + | |
| 13 | +> **TL;DR** — Three to six lines: question, data (size, period), method, headline numbers, takeaway. | |
| 14 | + | |
| 15 | +--- | |
| 16 | + | |
| 17 | +## 📌 Status | |
| 18 | + | |
| 19 | +| Item | Value | | |
| 20 | +|---|---| | |
| 21 | +| Version | <x.y> (<Month YYYY>) | | |
| 22 | +| SSRN | <abstract ID + link> / not yet submitted | | |
| 23 | +| Journal | <target or submission status> / — | | |
| 24 | +| Code & data | reproducible from `scripts/` (see Quick start); raw data not redistributed | | |
| 25 | + | |
| 26 | +## 🎯 What this paper does | |
| 27 | + | |
| 28 | +Two or three paragraphs: research question, why it matters, what is new. Core equation if any: | |
| 29 | + | |
| 30 | +``` | |
| 31 | +y_i = α + x_i'β + ε_i | |
| 32 | +``` | |
| 33 | + | |
| 34 | +## 🏆 Headline results | |
| 35 | + | |
| 36 | +| Object | Estimate | | |
| 37 | +|---|---| | |
| 38 | +| … | … | | |
| 39 | + | |
| 40 | +## 🗂 Repository layout | |
| 41 | + | |
| 42 | +``` | |
| 43 | +<repo>/ | |
| 44 | +├── data/ | |
| 45 | +│ ├── raw/ # <source snapshot> (see data/raw/README.md) — not committed | |
| 46 | +│ └── processed/ # built by step 01 | |
| 47 | +├── src/<pkg>/ # reusable package | |
| 48 | +├── scripts/ # the pipeline, in order | |
| 49 | +│ ├── 01_….py | |
| 50 | +│ └── … | |
| 51 | +├── results/ # CSV / JSON emitted by the scripts | |
| 52 | +├── figures/ # publication figures | |
| 53 | +└── paper/ # main.tex + sections/ + references.bib → main.pdf | |
| 54 | +``` | |
| 55 | + | |
| 56 | +## 🚀 Quick start | |
| 57 | + | |
| 58 | +```bash | |
| 59 | +python3 -m pip install -r requirements.txt | |
| 60 | +python3 scripts/01_….py | |
| 61 | +… | |
| 62 | +cd paper && make # latexmk → main.pdf | |
| 63 | +``` | |
| 64 | + | |
| 65 | +Runtime and memory on an Apple-silicon laptop. | |
| 66 | + | |
| 67 | +## 🗃 Data | |
| 68 | + | |
| 69 | +Provenance, extraction date, number of observations, filters (sample cascade), how to obtain the raw snapshot. | |
| 70 | + | |
| 71 | +## 🔬 Methodology | |
| 72 | + | |
| 73 | +Numbered list of the estimation steps, each pointing to the module that implements it. | |
| 74 | + | |
| 75 | +## 🖼 Figures & tables inventory | |
| 76 | + | |
| 77 | +| Figure | Content | | |
| 78 | +|---|---| | |
| 79 | +| `fig_…` | … | | |
| 80 | + | |
| 81 | +Tables (`paper/tables/*.tex`): …. | |
| 82 | + | |
| 83 | +## ⚠️ Limitations | |
| 84 | + | |
| 85 | +- … | |
| 86 | + | |
| 87 | +## 📝 Citation | |
| 88 | + | |
| 89 | +```bibtex | |
| 90 | +@techreport{boucher2026<key>, | |
| 91 | + author = {Boucher, Simon-Pierre}, | |
| 92 | + title = {<Title>: <Subtitle>}, | |
| 93 | + institution = {Universit\'e du Qu\'ebec en Outaouais, D\'epartement des sciences administratives}, | |
| 94 | + type = {Working Paper}, | |
| 95 | + number = {<N>}, | |
| 96 | + year = {2026}, | |
| 97 | + month = {<Month>} | |
| 98 | +} | |
| 99 | +``` | |
| 100 | + | |
| 101 | +## 👤 Author & contact | |
| 102 | + | |
| 103 | +**Simon-Pierre Boucher** — Département des sciences administratives, | |
| 104 | +Université du Québec en Outaouais (UQO), Gatineau, QC. | |
| 105 | +📧 [simon-pierre.boucher@uqo.ca](mailto:simon-pierre.boucher@uqo.ca) | |
| 106 | + | |
| 107 | +## 🗒 Notes | |
| 108 | + | |
| 109 | +- Numbering history / deviations from `Recherche-UQO/HARMONISATION.md`, if any. | |
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paper/.latexmkrc
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| 1 | +$pdf_mode = 1; | |
| 2 | +$pdflatex = 'pdflatex -interaction=nonstopmode -halt-on-error -synctex=1 %O %S'; | |
| 3 | +$bibtex_use = 2; | |
| 4 | +$clean_ext = 'synctex.gz run.xml bbl bcf fdb_latexmk fls log aux out toc lof lot blg'; | |
| 5 | +@default_files = ('main.tex'); | |
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paper/Makefile
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| 1 | +.PHONY: all clean distclean | |
| 2 | + | |
| 3 | +all: | |
| 4 | + latexmk | |
| 5 | + | |
| 6 | +clean: | |
| 7 | + latexmk -c | |
| 8 | + | |
| 9 | +distclean: | |
| 10 | + latexmk -C | |
| 11 | + rm -f *.synctex.gz *.run.xml *.bbl *.bcf | |
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paper/appendix/appendix.tex
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| 1 | +% ============================================================================ | |
| 2 | +% Appendix | |
| 3 | +% ============================================================================ | |
| 4 | +\newpage | |
| 5 | +\begin{appendices} | |
| 6 | + | |
| 7 | +\renewcommand{\thetable}{A\arabic{table}} | |
| 8 | +\renewcommand{\thefigure}{A\arabic{figure}} | |
| 9 | +\setcounter{table}{0} | |
| 10 | +\setcounter{figure}{0} | |
| 11 | + | |
| 12 | +\section{Additional Tables and Figures} | |
| 13 | +\label{app:tables} | |
| 14 | + | |
| 15 | +% --- Appendix Table: Sub-sample Analysis --- | |
| 16 | +\begin{table}[htbp] | |
| 17 | + \centering | |
| 18 | + \begin{threeparttable} | |
| 19 | + \caption{Sub-sample Analysis} | |
| 20 | + \label{tab:app_subsample} | |
| 21 | + \begin{tabular}{@{}lccc@{}} | |
| 22 | + \toprule | |
| 23 | + & (1) & (2) & (3) \\ | |
| 24 | + & Full Sample & Pre-2008 & Post-2008 \\ | |
| 25 | + \midrule | |
| 26 | + $X_{i,t}$ & 0.172$^{***}$ & 0.195$^{***}$ & 0.148$^{***}$ \\ | |
| 27 | + & (0.033) & (0.048) & (0.041) \\[6pt] | |
| 28 | + \midrule | |
| 29 | + Controls & Yes & Yes & Yes \\ | |
| 30 | + Firm FE & Yes & Yes & Yes \\ | |
| 31 | + Time FE & Yes & Yes & Yes \\[3pt] | |
| 32 | + Observations & 125{,}400 & 58{,}200 & 67{,}200 \\ | |
| 33 | + Adjusted $R^2$ & 0.190 & 0.175 & 0.203 \\ | |
| 34 | + \bottomrule | |
| 35 | + \end{tabular} | |
| 36 | + \begin{tablenotes}[flushleft] | |
| 37 | + \footnotesize | |
| 38 | + \item \textit{Notes:} This table reports sub-sample results. Column~(1) reproduces the baseline estimate from Table~\ref{tab:regression}, Column~(4). Columns~(2) and~(3) split the sample before and after January~2008. All specifications include the full set of controls and firm and time fixed effects. Standard errors clustered at the firm level are in parentheses. $^{***}$, $^{**}$, and $^{*}$ denote significance at the 1\%, 5\%, and 10\% levels. | |
| 39 | + \end{tablenotes} | |
| 40 | + \end{threeparttable} | |
| 41 | +\end{table} | |
| 42 | + | |
| 43 | +% --- Appendix Table: Robustness Checks --- | |
| 44 | +\begin{table}[htbp] | |
| 45 | + \centering | |
| 46 | + \begin{threeparttable} | |
| 47 | + \caption{Robustness Checks} | |
| 48 | + \label{tab:app_robustness} | |
| 49 | + \begin{tabular}{@{}lccc@{}} | |
| 50 | + \toprule | |
| 51 | + & (1) & (2) & (3) \\ | |
| 52 | + & Alt.\ Dep.\ Var. & Alt.\ Controls & Winsorized 5\% \\ | |
| 53 | + \midrule | |
| 54 | + $X_{i,t}$ & 0.165$^{***}$ & 0.178$^{***}$ & 0.169$^{***}$ \\ | |
| 55 | + & (0.036) & (0.034) & (0.032) \\[6pt] | |
| 56 | + \midrule | |
| 57 | + Controls & Yes & Yes & Yes \\ | |
| 58 | + Firm FE & Yes & Yes & Yes \\ | |
| 59 | + Time FE & Yes & Yes & Yes \\[3pt] | |
| 60 | + Observations & 125{,}400 & 125{,}400 & 119{,}800 \\ | |
| 61 | + Adjusted $R^2$ & 0.185 & 0.192 & 0.195 \\ | |
| 62 | + \bottomrule | |
| 63 | + \end{tabular} | |
| 64 | + \begin{tablenotes}[flushleft] | |
| 65 | + \footnotesize | |
| 66 | + \item \textit{Notes:} This table reports robustness checks. Column~(1) uses an alternative dependent variable. Column~(2) includes additional control variables. Column~(3) winsorizes all continuous variables at the 5th and 95th percentiles. All specifications include firm and time fixed effects. Standard errors clustered at the firm level are in parentheses. $^{***}$, $^{**}$, and $^{*}$ denote significance at the 1\%, 5\%, and 10\% levels. | |
| 67 | + \end{tablenotes} | |
| 68 | + \end{threeparttable} | |
| 69 | +\end{table} | |
| 70 | + | |
| 71 | +\section{Variable Definitions} | |
| 72 | +\label{app:variables} | |
| 73 | + | |
| 74 | +\begin{table}[htbp] | |
| 75 | + \centering | |
| 76 | + \caption{Variable Definitions} | |
| 77 | + \label{tab:app_variables} | |
| 78 | + \begin{tabular}{@{}p{3.5cm}p{10cm}@{}} | |
| 79 | + \toprule | |
| 80 | + Variable & Definition \\ | |
| 81 | + \midrule | |
| 82 | + $r_{i,t}$ & Monthly log return of firm $i$ in month $t$, computed as $\ln(P_{i,t}/P_{i,t-1})$. \\[4pt] | |
| 83 | + $\sigma_{i,t}$ & Monthly realized volatility of firm $i$, computed as the standard deviation of daily returns within month $t$, annualized by multiplying by $\sqrt{252}$. \\[4pt] | |
| 84 | + $X_{i,t}$ & Main explanatory variable. [Provide specific definition.] \\[4pt] | |
| 85 | + Size & Natural logarithm of market capitalization (in millions of USD) at the end of month $t-1$. \\[4pt] | |
| 86 | + Book-to-Market & Ratio of book equity to market equity, using the most recent fiscal year-end book value and the market value at the end of June. Updated annually following \citet{fama1993common}. \\[4pt] | |
| 87 | + Leverage & Total debt divided by total assets, measured at the most recent fiscal year-end. \\[4pt] | |
| 88 | + ROA & Return on assets, defined as net income divided by total assets. \\ | |
| 89 | + \bottomrule | |
| 90 | + \end{tabular} | |
| 91 | +\end{table} | |
| 92 | + | |
| 93 | +\end{appendices} | |
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paper/main.tex
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| 1 | +% ============================================================================ | |
| 2 | +% UQO Working Paper Template — Economics / Finance | |
| 3 | +% ============================================================================ | |
| 4 | +\documentclass[12pt,letterpaper]{article} | |
| 5 | + | |
| 6 | +% --- Encoding & Language --- | |
| 7 | +\usepackage[utf8]{inputenc} | |
| 8 | +\usepackage[T1]{fontenc} | |
| 9 | +\usepackage[english]{babel} | |
| 10 | + | |
| 11 | +% --- Page Layout --- | |
| 12 | +\usepackage[ | |
| 13 | + letterpaper, | |
| 14 | + top=1in, | |
| 15 | + bottom=1in, | |
| 16 | + left=1in, | |
| 17 | + right=1in | |
| 18 | +]{geometry} | |
| 19 | + | |
| 20 | +% --- Typography --- | |
| 21 | +\usepackage{mathptmx} % Times-like font (text + math) | |
| 22 | +\usepackage{microtype} % Improved typographic refinements | |
| 23 | +\usepackage{setspace} | |
| 24 | +\onehalfspacing % 1.5 line spacing | |
| 25 | + | |
| 26 | +% --- Math --- | |
| 27 | +\usepackage{amsmath,amssymb,amsthm} | |
| 28 | + | |
| 29 | +% --- Tables --- | |
| 30 | +\usepackage{booktabs} | |
| 31 | +\usepackage{tabularx} | |
| 32 | +\usepackage{multirow} | |
| 33 | +\usepackage{threeparttable} | |
| 34 | +\usepackage{siunitx} | |
| 35 | +\sisetup{ | |
| 36 | + input-symbols = {()}, | |
| 37 | + table-format = -1.3, | |
| 38 | + parse-numbers = false | |
| 39 | +} | |
| 40 | + | |
| 41 | +% --- Figures --- | |
| 42 | +\usepackage{graphicx} | |
| 43 | +\usepackage{subcaption} | |
| 44 | +\usepackage{float} | |
| 45 | + | |
| 46 | +% --- Colors & Links --- | |
| 47 | +\usepackage[dvipsnames]{xcolor} | |
| 48 | +\usepackage[ | |
| 49 | + colorlinks = true, | |
| 50 | + linkcolor = NavyBlue, | |
| 51 | + citecolor = NavyBlue, | |
| 52 | + urlcolor = NavyBlue, | |
| 53 | + breaklinks = true | |
| 54 | +]{hyperref} | |
| 55 | + | |
| 56 | +% --- Bibliography --- | |
| 57 | +\usepackage[authoryear,round,semicolon]{natbib} | |
| 58 | +\bibliographystyle{aer} | |
| 59 | + | |
| 60 | +% --- Captions --- | |
| 61 | +\usepackage[ | |
| 62 | + font = small, | |
| 63 | + labelfont = bf, | |
| 64 | + labelsep = period, | |
| 65 | + justification = justified, | |
| 66 | + singlelinecheck = false | |
| 67 | +]{caption} | |
| 68 | + | |
| 69 | +% --- Headers & Footers --- | |
| 70 | +\usepackage{fancyhdr} | |
| 71 | +\pagestyle{fancy} | |
| 72 | +\fancyhf{} | |
| 73 | +\renewcommand{\headrulewidth}{0pt} | |
| 74 | +\fancyfoot[C]{\thepage} | |
| 75 | + | |
| 76 | +% --- Section Formatting --- | |
| 77 | +\usepackage{titlesec} | |
| 78 | +\titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{} | |
| 79 | +\titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{} | |
| 80 | +\titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{} | |
| 81 | + | |
| 82 | +% --- Appendix Support --- | |
| 83 | +\usepackage[toc,page]{appendix} | |
| 84 | + | |
| 85 | +% --- Misc --- | |
| 86 | +\usepackage{enumitem} | |
| 87 | +\setlist{nosep,leftmargin=*} | |
| 88 | + | |
| 89 | +% ============================================================================ | |
| 90 | +% METADATA — Edit these fields for each working paper | |
| 91 | +% ============================================================================ | |
| 92 | +\newcommand{\WPnumber}{XX} | |
| 93 | +\newcommand{\WPtitle}{Your Working Paper Title Here} | |
| 94 | +\newcommand{\WPsubtitle}{} % Leave empty if no subtitle | |
| 95 | +\newcommand{\WPdate}{\today} | |
| 96 | +\newcommand{\WPversion}{1.0} | |
| 97 | +\newcommand{\WPabstract}{% | |
| 98 | + This paper examines \ldots{} | |
| 99 | + We find that \ldots{} | |
| 100 | + Our results suggest \ldots{} | |
| 101 | + These findings contribute to the literature on \ldots{} | |
| 102 | +} | |
| 103 | +\newcommand{\WPkeywords}{Keyword 1, Keyword 2, Keyword 3, Keyword 4} | |
| 104 | +\newcommand{\WPjel}{G12, G14, C58} | |
| 105 | + | |
| 106 | +% --- Author --- | |
| 107 | +\newcommand{\WPauthor}{Simon-Pierre Boucher} | |
| 108 | +\newcommand{\WPaffiliation}{% | |
| 109 | + Département des sciences administratives\\ | |
| 110 | + Université du Québec en Outaouais% | |
| 111 | +} | |
| 112 | +\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca} | |
| 113 | +\newcommand{\WPaddress}{% | |
| 114 | + Gatineau -- Pavillon Alexandre-Taché\\ | |
| 115 | + 283, boulevard Alexandre-Taché\\ | |
| 116 | + Gatineau, Québec, Canada J9A 1L8% | |
| 117 | +} | |
| 118 | + | |
| 119 | +% ============================================================================ | |
| 120 | +% DOCUMENT | |
| 121 | +% ============================================================================ | |
| 122 | +\begin{document} | |
| 123 | + | |
| 124 | +% --- Title Page --- | |
| 125 | +\input{sections/titlepage} | |
| 126 | + | |
| 127 | +% --- Main Body --- | |
| 128 | +\input{sections/introduction} | |
| 129 | +\input{sections/literature} | |
| 130 | +\input{sections/data} | |
| 131 | +\input{sections/methodology} | |
| 132 | +\input{sections/results} | |
| 133 | +\input{sections/robustness} | |
| 134 | +\input{sections/conclusion} | |
| 135 | + | |
| 136 | +% --- References --- | |
| 137 | +\newpage | |
| 138 | +\bibliography{references} | |
| 139 | + | |
| 140 | +% --- Appendix --- | |
| 141 | +\input{appendix/appendix} | |
| 142 | + | |
| 143 | +\end{document} | |
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paper/references.bib
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paper/sections/conclusion.tex
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| 1 | +% ============================================================================ | |
| 2 | +\section{Conclusion} | |
| 3 | +\label{sec:conclusion} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +This paper investigates \ldots{} Using data from \ldots{} over the period \ldots{}, we find that \ldots{} | |
| 7 | + | |
| 8 | +Our results contribute to the literature in several ways. First, \ldots{} Second, \ldots{} Third, \ldots{} | |
| 9 | + | |
| 10 | +These findings have important implications for \ldots{} From a policy perspective, \ldots{} For practitioners, \ldots{} | |
| 11 | + | |
| 12 | +Several limitations of the present study suggest directions for future research. First, \ldots{} Second, \ldots{} We leave these questions for future work. | |
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paper/sections/data.tex
+32 −0
@@ -0,0 +1,32 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Data} | |
| 3 | +\label{sec:data} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +\subsection{Data Sources} | |
| 7 | +\label{subsec:data_sources} | |
| 8 | + | |
| 9 | +We obtain data from \ldots{} Our sample spans the period from January~1990 to December~2023, covering \ldots{} We exclude \ldots{} consistent with standard practice in the literature \citep{fama1993common}. | |
| 10 | + | |
| 11 | +\subsection{Variable Construction} | |
| 12 | +\label{subsec:variables} | |
| 13 | + | |
| 14 | +Our dependent variable is \ldots{} defined as: | |
| 15 | +% | |
| 16 | +\begin{equation} | |
| 17 | + r_{i,t} = \ln\!\left(\frac{P_{i,t}}{P_{i,t-1}}\right), | |
| 18 | + \label{eq:returns} | |
| 19 | +\end{equation} | |
| 20 | +% | |
| 21 | +where $P_{i,t}$ denotes the adjusted closing price of asset~$i$ at time~$t$. | |
| 22 | + | |
| 23 | +The main explanatory variables include \ldots{} | |
| 24 | + | |
| 25 | +\subsection{Summary Statistics} | |
| 26 | +\label{subsec:summary_stats} | |
| 27 | + | |
| 28 | +Table~\ref{tab:summary_stats} presents the descriptive statistics for our key variables. | |
| 29 | + | |
| 30 | +\input{tables/summary_stats} | |
| 31 | + | |
| 32 | +Several patterns emerge from the summary statistics. First, \ldots{} Second, \ldots{} The standard deviations indicate \ldots{} | |
added
paper/sections/introduction.tex
+14 −0
@@ -0,0 +1,14 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Introduction} | |
| 3 | +\label{sec:introduction} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +The question of \ldots{} has attracted considerable attention in the finance and economics literature. Despite the growing body of evidence, the mechanisms underlying \ldots{} remain poorly understood. This paper contributes to this line of research by \ldots{} | |
| 7 | + | |
| 8 | +The motivation for this study is threefold. First, \ldots{} Second, \ldots{} Third, \ldots{} | |
| 9 | + | |
| 10 | +Our main findings can be summarized as follows. We show that \ldots{} Furthermore, we document that \ldots{} Finally, our robustness checks confirm that \ldots{} | |
| 11 | + | |
| 12 | +This paper relates to several strands of the literature. First, it contributes to the literature on \ldots{} \citep{fama1993common}. Second, it builds on the work of \citet{bollerslev1986generalized} by \ldots{} Third, our methodological approach draws on \citet{newey1987simple}. | |
| 13 | + | |
| 14 | +The remainder of the paper is organized as follows. Section~\ref{sec:literature} reviews the related literature. Section~\ref{sec:data} describes the data. Section~\ref{sec:methodology} presents the empirical methodology. Section~\ref{sec:results} reports the main results. Section~\ref{sec:robustness} provides robustness checks. Section~\ref{sec:conclusion} concludes. | |
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paper/sections/literature.tex
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@@ -0,0 +1,21 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Literature Review} | |
| 3 | +\label{sec:literature} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +This section reviews the main theoretical and empirical contributions related to our research question. | |
| 7 | + | |
| 8 | +\subsection{Theoretical Framework} | |
| 9 | +\label{subsec:theory} | |
| 10 | + | |
| 11 | +The theoretical foundations of \ldots{} were established by \citet{cochrane2005asset}. In their framework, \ldots{} | |
| 12 | + | |
| 13 | +\subsection{Empirical Evidence} | |
| 14 | +\label{subsec:empirical_evidence} | |
| 15 | + | |
| 16 | +A growing body of empirical literature examines \ldots{} \citet{fama1993common} document that \ldots{} More recently, \citet{petersen2009estimating} show that \ldots{} | |
| 17 | + | |
| 18 | +\subsection{Contribution to the Literature} | |
| 19 | +\label{subsec:contribution} | |
| 20 | + | |
| 21 | +Our paper departs from the existing literature in several important ways. First, \ldots{} Second, \ldots{} Third, \ldots{} | |
added
paper/sections/methodology.tex
+44 −0
@@ -0,0 +1,44 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Methodology} | |
| 3 | +\label{sec:methodology} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +\subsection{Empirical Model} | |
| 7 | +\label{subsec:model} | |
| 8 | + | |
| 9 | +To test our hypotheses, we estimate the following baseline specification: | |
| 10 | +% | |
| 11 | +\begin{equation} | |
| 12 | + y_{i,t} = \alpha + \beta_1 X_{i,t} + \beta_2 Z_{i,t} + \gamma_i + \delta_t + \varepsilon_{i,t}, | |
| 13 | + \label{eq:baseline} | |
| 14 | +\end{equation} | |
| 15 | +% | |
| 16 | +where $y_{i,t}$ is the dependent variable for firm~$i$ in period~$t$, $X_{i,t}$ is the main variable of interest, $Z_{i,t}$ is a vector of control variables, $\gamma_i$ represents firm fixed effects, $\delta_t$ captures time fixed effects, and $\varepsilon_{i,t}$ is the error term. | |
| 17 | + | |
| 18 | +Our coefficient of interest is $\beta_1$. Under the null hypothesis that \ldots{}, we expect $\beta_1 = 0$. A positive (negative) estimate of $\beta_1$ would indicate \ldots{} | |
| 19 | + | |
| 20 | +\subsection{Identification Strategy} | |
| 21 | +\label{subsec:identification} | |
| 22 | + | |
| 23 | +The main identification challenge arises from \ldots{} To address potential endogeneity concerns, we employ \ldots{} | |
| 24 | + | |
| 25 | +We cluster standard errors at the firm level to account for within-firm serial correlation, following \citet{petersen2009estimating}. | |
| 26 | + | |
| 27 | +\subsection{Extended Specifications} | |
| 28 | +\label{subsec:extended} | |
| 29 | + | |
| 30 | +We extend the baseline model in several directions. First, we allow for nonlinear effects: | |
| 31 | +% | |
| 32 | +\begin{equation} | |
| 33 | + y_{i,t} = \alpha + \beta_1 X_{i,t} + \beta_2 X_{i,t}^2 + \boldsymbol{\beta}_3' \mathbf{Z}_{i,t} + \gamma_i + \delta_t + \varepsilon_{i,t}. | |
| 34 | + \label{eq:nonlinear} | |
| 35 | +\end{equation} | |
| 36 | + | |
| 37 | +Second, we examine heterogeneous effects by interacting $X_{i,t}$ with \ldots{}: | |
| 38 | +% | |
| 39 | +\begin{equation} | |
| 40 | + y_{i,t} = \alpha + \beta_1 X_{i,t} + \beta_2 D_{i,t} + \beta_3 (X_{i,t} \times D_{i,t}) + \boldsymbol{\beta}_4' \mathbf{Z}_{i,t} + \gamma_i + \delta_t + \varepsilon_{i,t}, | |
| 41 | + \label{eq:interaction} | |
| 42 | +\end{equation} | |
| 43 | +% | |
| 44 | +where $D_{i,t}$ is an indicator variable equal to one if \ldots{} The coefficient $\beta_3$ captures the differential effect of $X$ for \ldots{} | |
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paper/sections/results.tex
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@@ -0,0 +1,27 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Results} | |
| 3 | +\label{sec:results} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +\subsection{Baseline Results} | |
| 7 | +\label{subsec:baseline_results} | |
| 8 | + | |
| 9 | +Table~\ref{tab:regression} presents the estimation results of our baseline model specified in Equation~\eqref{eq:baseline}. Column~(1) reports the OLS estimates without fixed effects. Columns~(2)--(4) progressively add firm and time fixed effects and the full set of controls. | |
| 10 | + | |
| 11 | +\input{tables/regression} | |
| 12 | + | |
| 13 | +The coefficient on $X_{i,t}$ is positive and statistically significant at the 1\% level across all specifications. The point estimate in our preferred specification (Column~4) implies that a one-standard-deviation increase in $X$ is associated with a \ldots{} increase in $y$. | |
| 14 | + | |
| 15 | +\subsection{Graphical Evidence} | |
| 16 | +\label{subsec:graphical} | |
| 17 | + | |
| 18 | +Figure~\ref{fig:main_result} provides graphical evidence supporting our main findings. | |
| 19 | + | |
| 20 | +\input{figures/main_figure} | |
| 21 | + | |
| 22 | +The figure illustrates \ldots{} The upward trend in \ldots{} is consistent with the regression estimates reported in Table~\ref{tab:regression}. | |
| 23 | + | |
| 24 | +\subsection{Sub-sample Analysis} | |
| 25 | +\label{subsec:subsample} | |
| 26 | + | |
| 27 | +To explore potential heterogeneity, we re-estimate Equation~\eqref{eq:baseline} across sub-samples defined by \ldots{} The results, available in Table~\ref{tab:app_subsample} of Appendix~\ref{app:tables}, indicate that \ldots{} | |
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paper/sections/robustness.tex
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@@ -0,0 +1,26 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +\section{Robustness Checks} | |
| 3 | +\label{sec:robustness} | |
| 4 | +% ============================================================================ | |
| 5 | + | |
| 6 | +We conduct several robustness tests to assess the sensitivity of our baseline results. | |
| 7 | + | |
| 8 | +\subsection{Alternative Variable Definitions} | |
| 9 | +\label{subsec:alt_definitions} | |
| 10 | + | |
| 11 | +We first verify that our results are not driven by the specific construction of the dependent variable. Table~\ref{tab:app_robustness} in Appendix~\ref{app:tables} reports estimates using \ldots{} as alternative measures. The coefficient on $X_{i,t}$ remains statistically significant and economically meaningful across all specifications. | |
| 12 | + | |
| 13 | +\subsection{Alternative Estimation Methods} | |
| 14 | +\label{subsec:alt_estimation} | |
| 15 | + | |
| 16 | +We re-estimate the model using \ldots{} to address potential concerns about \ldots{} The results are qualitatively unchanged. | |
| 17 | + | |
| 18 | +\subsection{Placebo Tests} | |
| 19 | +\label{subsec:placebo} | |
| 20 | + | |
| 21 | +As a falsification exercise, we replace the main explanatory variable with \ldots{} If our baseline results reflect a genuine economic relationship rather than spurious correlation, we expect the placebo coefficients to be statistically insignificant. Consistent with this expectation, none of the placebo estimates are significant at conventional levels. | |
| 22 | + | |
| 23 | +\subsection{Sensitivity to Sample Period} | |
| 24 | +\label{subsec:sample_period} | |
| 25 | + | |
| 26 | +We examine whether our results are sensitive to the sample period by \ldots{} The estimates remain stable across sub-periods, suggesting that our findings are not driven by a specific time window. | |
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paper/sections/titlepage.tex
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@@ -0,0 +1,77 @@ | ||
| 1 | +% ============================================================================ | |
| 2 | +% Title Page | |
| 3 | +% ============================================================================ | |
| 4 | +\thispagestyle{empty} | |
| 5 | + | |
| 6 | +\begin{center} | |
| 7 | + | |
| 8 | +% --- Logo --- | |
| 9 | +\includegraphics[width=3.5cm]{uq_logo.jpg} | |
| 10 | + | |
| 11 | +\vspace{0.6cm} | |
| 12 | + | |
| 13 | +{\footnotesize\textsc{Université du Québec en Outaouais}}\\[0.15cm] | |
| 14 | +{\footnotesize\textsc{Département des sciences administratives}} | |
| 15 | + | |
| 16 | +\vspace{0.8cm} | |
| 17 | + | |
| 18 | +{\footnotesize\textsc{Working Paper No.~\WPnumber}} | |
| 19 | + | |
| 20 | +\vspace{1.2cm} | |
| 21 | + | |
| 22 | +% --- Title --- | |
| 23 | +{\LARGE\bfseries \WPtitle\par} | |
| 24 | + | |
| 25 | +\ifx\WPsubtitle\empty\else | |
| 26 | + \vspace{0.3cm} | |
| 27 | + {\large\itshape \WPsubtitle\par} | |
| 28 | +\fi | |
| 29 | + | |
| 30 | +\vspace{1.2cm} | |
| 31 | + | |
| 32 | +% --- Author --- | |
| 33 | +{\large \WPauthor}\\[0.3cm] | |
| 34 | +{\normalsize \WPaffiliation}\\[0.15cm] | |
| 35 | +{\normalsize \href{mailto:\WPemail}{\WPemail}}\\[0.15cm] | |
| 36 | +{\small \WPaddress} | |
| 37 | + | |
| 38 | +\vspace{0.8cm} | |
| 39 | + | |
| 40 | +% --- Date & Version --- | |
| 41 | +{\normalsize \WPdate}\\[0.1cm] | |
| 42 | +{\small Version~\WPversion} | |
| 43 | + | |
| 44 | +\end{center} | |
| 45 | + | |
| 46 | +\vfill | |
| 47 | + | |
| 48 | +\newpage | |
| 49 | + | |
| 50 | +% ============================================================================ | |
| 51 | +% Abstract Page | |
| 52 | +% ============================================================================ | |
| 53 | +\thispagestyle{empty} | |
| 54 | + | |
| 55 | +\vspace*{1cm} | |
| 56 | + | |
| 57 | +\noindent\rule{\textwidth}{0.4pt} | |
| 58 | +\vspace{0.3cm} | |
| 59 | + | |
| 60 | +\noindent\textbf{Abstract} | |
| 61 | + | |
| 62 | +\vspace{0.15cm} | |
| 63 | + | |
| 64 | +\noindent\WPabstract | |
| 65 | + | |
| 66 | +\vspace{0.4cm} | |
| 67 | + | |
| 68 | +\noindent\textbf{Keywords:} \WPkeywords | |
| 69 | + | |
| 70 | +\vspace{0.15cm} | |
| 71 | + | |
| 72 | +\noindent\textbf{JEL Classification:} \WPjel | |
| 73 | + | |
| 74 | +\vspace{0.3cm} | |
| 75 | +\noindent\rule{\textwidth}{0.4pt} | |
| 76 | + | |
| 77 | +\newpage | |
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paper/sections/titlepage_anon.tex
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| 1 | +% ============================================================================ | |
| 2 | +% ANONYMOUS TITLE PAGE — for double-anonymized journal submission | |
| 3 | +% Used by paper/main_anon.tex (same macros as main.tex, no author block, | |
| 4 | +% no institution, no logo). Abstract/keywords/JEL page identical to titlepage.tex. | |
| 5 | +% ============================================================================ | |
| 6 | +\thispagestyle{empty} | |
| 7 | +\begin{center} | |
| 8 | + | |
| 9 | +\vspace*{3cm} | |
| 10 | + | |
| 11 | +{\LARGE\bfseries \WPtitle\par} | |
| 12 | + | |
| 13 | +\ifx\WPsubtitle\empty\else | |
| 14 | + \vspace{0.3cm} | |
| 15 | + {\large\itshape \WPsubtitle\par} | |
| 16 | +\fi | |
| 17 | + | |
| 18 | +\vspace{1.5cm} | |
| 19 | + | |
| 20 | +{\normalsize [Author identity withheld for review]} | |
| 21 | + | |
| 22 | +\vspace{0.8cm} | |
| 23 | + | |
| 24 | +{\normalsize \WPdate} | |
| 25 | + | |
| 26 | +\end{center} | |
| 27 | + | |
| 28 | +\vfill | |
| 29 | + | |
| 30 | +\newpage | |
| 31 | +\thispagestyle{empty} | |
| 32 | +\vspace*{1cm} | |
| 33 | + | |
| 34 | +\noindent\rule{\textwidth}{0.4pt} | |
| 35 | +\vspace{0.3cm} | |
| 36 | + | |
| 37 | +\noindent\textbf{Abstract} | |
| 38 | +\vspace{0.15cm} | |
| 39 | + | |
| 40 | +\noindent\WPabstract | |
| 41 | + | |
| 42 | +\vspace{0.4cm} | |
| 43 | + | |
| 44 | +\noindent\textbf{Keywords:} \WPkeywords | |
| 45 | + | |
| 46 | +\vspace{0.15cm} | |
| 47 | + | |
| 48 | +\noindent\textbf{JEL Classification:} \WPjel | |
| 49 | + | |
| 50 | +\vspace{0.3cm} | |
| 51 | +\noindent\rule{\textwidth}{0.4pt} | |
| 52 | + | |
| 53 | +\newpage | |
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research/progress.md
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| 1 | +# Progress — WP18 | |
| 2 | + | |
| 3 | +## 2026-10-20 — Phase 0 (setup) | |
| 4 | +- Dépôt créé depuis le gabarit UQO (HARMONISATION.md), dépôt spbgit wp18_uqo.git, CLAUDE.md déposé. | |
| 5 | ||