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Dynamic Delegation with Reputation Feedback
No full textWe study dynamic delegation with reputation feedback: a long-lived expert advises a sequence of implementers whose effort responds to current reputation, altering outcome informativeness and belief updates. We solve for a recursive, belief-based equilibrium and show that advice is a reputation-dependent cutoff in the expert’s signal. A diagnosticity condition—failures at least as informative as successes—implies reputational conservatism: the cutoff (weakly) rises with reputation. Comparative statics are transparent: greater private precision or a higher good-state prior lowers the cutoff, whereas patience (value curvature) raises it. Reputation is a submartingale under competent types and a supermartingale under less competent types; we separate boundary hitting into learning (news generated infinitely often) versus no-news absorption. A success-contingent bonus implements any target experimentation rate with a plug-in calibration in a Gaussian benchmark. The framework yields testable predictions and a measurement map for surgery (operate vs. conservative care)
Three Essays in CSR and Risk Disclosures
No full textThis study examines whether financially endorsed corporate social responsibility (CSR) commitments improved the stock market performance of China’s listed firms during exposure to the SARS-CoV-2 virus in 2020. I find that CSR itself did not result in higher stock returns during the crisis period of the pandemic, suggesting that the moral (social) capital from CSR could not solely provide an “insurance-like” buffer against the shock. In contrast, my results show that CSR commitments lead to higher stock returns when firms are more financially flexible, suggesting that financial flexibility endorses
implicit CSR commitments to stakeholders during a crisis. My results are robust to a difference-in�differences specification, alternative CSR measures and the inclusion of additional controls
Linking anger and disgust to motives and anticipations of aggression in the East: testing a socio-functional account of moral emotions in Japan
No full textAnger and disgust often underlie responses to social transgressions, yet their links to aggressive punishments have been primarily studied in Western populations. Across two studies sampling from Japan, we tested a socio-functional account of these two other-condemning moral emotions, which predicts differential associations of anger and disgust with direct versus indirect aggression. Study 1 (N = 1,231) revealed that anger relates to motives to aggress both directly and indirectly, whereas disgust relates only to motives to aggress indirectly. Study 2 (N = 930) extended these findings by showing that people infer greater direct aggression from anger expressions and greater indirect aggression from disgust expressions. These results are largely the same as those previously observed in Western samples. Overall, findings suggest that across culturally distinct populations, anger and disgust play similar functional roles in regulating aggressive punishments
L’époux associé d’une société civile peut demander à s’en retirer sans l’accord de son épouse (CA Dijon, 11 sept. 2025, n° 22/01053)
No full textNash Equilibria for Dividend Distribution with Competition
No full textWe construct Nash equilibria in feedback form for a class of two-person stochastic games of singular control with absorption, arising from a stylized model for corporate finance. More precisely, the paper focusses on a strategic dynamic game in which two financially-constrained firms operate in the same market. The firms distribute dividends and are faced with default risk. The strategic interaction arises from the fact that if one firm defaults, the other one becomes a monopolist and increases its profitability. The firms choose their dividend distribution policies from a class of randomised strategies and we identify two types of equilibria, depending on the firms’ initial endowments. In both situations the optimal strategies and the equilibrium payoffs are found explicitly
Détection des difficultés : recommandations du Médiateur du crédit et du Médiateur des entreprises (Rapport remis le 23 avr. 2025)
No full textRethinking Inequality: Consumption versus Income and Wealth
No full textThis article examines the evolution of inequality since 1920, highlighting the need to rebalance research and public debate toward the forms of inequality that matter most for social welfare. While income and wealth disparities have received overwhelming attention in academia and public policy circles, consumption inequality, a more relevant indicator, has declined over the last two and a half decades.
The main characteristics of developments in income and wealth inequality over time (since 1920) are presented: the share of the top 1% of earners followed a downward trend until the 1970-79 decade, and an upward trend thereafter, returning to levels comparable to those of the 1920s. The share of the top 10% of earners followed a similar movement. Despite the prominence of distributional issues in contemporary debates, comprehensive measures of consumption inequality remain underdeveloped. Yet the need for such metrics is urgent. Progress over the past 25 years—led in part by initiatives at Statistics Canada—offers a promising foundation for more accurate and policy-relevant assessments of economic well-being. One important factor has been the development of social transfers in kind ( STiK), which add significant resources and benefits to households in the lowest income quintile to a greater extent than to those in the highest quintile
Abandon de famille (Obs. Cass. crim. 9 avril 2025, n° 24-85.079)
No full textAbandon de famille. Non-paiement de prestation compensatoire
Mise en œuvre du droit humain à l’eau potable : quels enjeux en France et dans le monde ?
No full textCet ouvrage rassemble les contributions des intervenants et intervenantes du colloque organisé par l’Agence de l’eau Adour-Garonne, la Coalition Eau et le Partenariat Français pour l’Eau, intitulé "Mise en œuvre du droit humain à l’eau potable : quels enjeux en France et dans le monde ?", tenu à Toulouse en juillet 2025.
Initié à l’occasion des 15 ans de la résolution de l’Assemblée générale de l’Organisation des Nations Unies du 28 juillet 2010, ce colloque a permis non seulement de dresser un état des lieux du droit humain à l’eau potable en France et dans le monde, mais également de proposer des solutions pour faire avancer ce droit.
Par exemple : reconnaître formellement en France le droit à l’eau au moins dans la loi, ce qui n’est toujours pas le cas ; bien définir la notion de précarité hydrique et ses implications afin de disposer d’un diagnostic exhaustif et fiable des situations existantes et du nombre de personnes qui la subissent ; développer une approche fondée sur les droits humains pour élaborer et appliquer une politique efficace en matière d’accès universel à l’eau potable et à l’assainissement ; ou bien enfin, mettre en oeuvre des mesures pour rendre effectif le droit à l’eau avec des exemples et des pistes d’action apportés au fil des contributions
