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« Substitution par tout tiers ou reprise de l’acte, il faut choisir », note ss. Cass. com., 12 févr. 2025, n° 23-22.414
No full textUn acte indiquant qu'une personne puisse se faire substituer tout tiers de son choix révèle que la commune intention des parties était qu'il ne fût pas conclu au nom d'une société en formation. Il en résulte qu'il ne peut être repris par la société dans le cadre posé par la Cour de cassation depuis ses arrêts du 29 novembre 2023
Écrire la règle pénale sous la dictée du législateur de l’Union européenne
No full textQue dicte concrètement le législateur de l’Union en matière pénale et qu’en est-il de la transposition de la dictée dans les États membres
CV@R penalized portfolio optimization with biased stochastic mirror descent
Get PDFThis article studies and solves the problem of optimal portfolio allocation with CV@R penalty when dealing with imperfectly simulated financial assets. We use a Stochastic biased Mirror Descent to find optimal resource allocation for a portfolio whose underlying assets cannot be generated exactly and may only be approximated with a numerical scheme that satisfies suitable error bounds, under a risk management constraint. We establish almost sure asymptotic properties as well as the rate of convergence for the averaged algorithm. We then focus on the optimal tuning of the overall procedure to obtain an optimized numerical cost. Our results are then illustrated numerically on simulated as well as real data set
Platform liability and innovation
Get PDFWe study a platform’s incentives to delist IP-infringing products and the effects of holding the platform liable for the presence of such products on innovation and consumer welfare. For a given number of buyers on the platform, platform liability increases innovation by reducing the competitive pressure that innovative products face from IP-infringing products. However, platform liability can have unintended consequences, which can overturn this intended effect on innovation. Moreover, there can be a misalignment of interests between innovators and buyers as platform liability reduces consumer surplus for a given number of innovators. We also analyze how different types of cross-group network effects liability on innovation and consumer welfare
The role of endogeneity in the relationship between board gender diversity and corporate social performance : evidence from a control function method
No full textDue to a contrasting empirical literature, we revisit the influence of board gender diversity (BGD) on corporate social performance (CSP) by carefully considering the thorny issue of endogeneity, which plagues this matter. Building on stakeholder theory (Freeman, Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.; Freeman et al., Freeman et al., Organization Science 15:364–369, 2004), we used a correlated random effects (CRE) Chamberlain-Mundlak approach and Wooldridge’s (Wooldridge, Journal of Human Resources 50:420–445, 2015) control function (CF) method to take into account the classical endogeneity issue (unobserved heterogeneity and reverse causality) (Adams, Adams, The Leadership Quarterly 27:371–386, 2016) and dynamic endogeneity (Wintoki et al., Wintoki et al., Journal of Financial Economics 105:581–606, 2012) in panel data setting. Using a sample from the 2020 Fortune 1000 list during the 2004–2020 period, we find that the impact of BGD is positive and significant on CSP. Additionally, we clearly show that the BGD-CSP relationship is endogenous and dynamic by nature. Consequently, this study sheds new light by highlighting (1) the importance of endogeneity, (2) the dynamic relationship between BGD and CSP, and (3) how combined FC-CRE approaches can alleviate these issue
Data and competition : a simple framework
No full textDoes enhanced access to data foster or hinder competition among firms? Using
a competition-in-utility framework that encompasses many situations where firms use data, we model data as a revenue-shifter and identify two opposite effects: a mark-up effect according to which data induces firms to compete harder, and a surplus-extraction effect. We provide conditions for data to be pro- or anti- competitive, requiring neither knowledge of demand nor computation of equilibrium. We apply our results to situations where data is used to recommend products, monitor insuree behavior, price-discriminate, or target advertising. We also revisit the issue of data and market structure
Un ecclésiastique peut-il être élu président d’une Université publique en France ?
No full textSi le Conseil d’État a confirmé qu'un ecclésiastique peut être élu président d'une université publique en France, en pratique, il est difficile de concilier ses fonctions avec son sacerdoce
