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Ownership structure and open market stock repurchases in France
No full textThis paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement only appear for a company with a low likelihood of being taken over, and with a low risk of minority shareholder expropriation. Specifically,stock repurchase programs are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms, when the firm has a second large shareholder,which guarantees an effective balance of power for the controlling shareholders.ouinonouirechercheInternationa
Pour une approche alternative de la diffusion d'information sociétale
No full textCet article propose une nouvelle orientation pourl’étude de la diffusion d’information sociétale.Une revue de littérature concernant la description etl’explication des pratiques de diffusiond'information sociétale est menée et souligne lafaiblesse des résultats des études. La pertinence del’instrument d’analyse de la diffusion d’informationsociétale est discutée.Afin d’améliorer la description des pratiques etpour établir un lien systématique entre diffusiond’information sociétale et performance sociétale,une méthode qualitative est proposée. A partir d’unéchantillon de quinze entreprises françaises, uneanalyse exploratoire de la diffusion d’informationsociétale est menée, soulignant l’intérêt del’approche alternative que nous proposons.This paper proposes an alternative approach tocorporate social disclosure analysis. A survey ofthe literature dealing with description andexplanation of corporate social disclosure practicesunderlines the inconsistency of the findings. Wediscuss the relevance of this instrument. In order toimprove the description of corporate socialpractices as well as the explanation of the linkbetween these disclosures and corporate socialperformance, we propose a qualitative approach.An exploratory study on fifteen French companies,outlines the interest of this alternative method.ouinonouirechercheNationa
Compiling the Votes of a Subelectorate
No full textIn many practical contexts where a number ofagents have to find a common decision, the votes donot come all together at the same time. In such situations, we may want to preprocess the informationgiven by the subelectorate (consisting of the voterswho have expressed their votes) so as to “compile”the known votes for the time when the latecomershave expressed their votes. We study the amount ofspace necessary for such a compilation, as a function of the voting rule, the number of candidates,and the number of votes already known. We relateour results to existing work, especially on communication complexity.ouinonouirechercheInternationa
A Dichotomy Theorem on the Existence of Efficient or Neutral Sequential Voting Correspondences
No full textSequential voting rules and correspondences provide a way for agents to make group decisionswhen the set of available options has a multi-issuestructure. One important question about sequentialvoting rules (correspondences) is whether they satisfy two crucial criteria, namely neutrality and efficiency. Recently, Benoit and Kornhauser estab-lished an important result about seat-by-seat votingrules (which are a special case of sequential votingrules): they proved that if the multi-issue domainsatisfies some properties, then the only seat-by-seatrules being either efficient or neutral are dictatorships. However, there are still some cases not covered by their results, including a very importantand interesting case—voting correspondences. Inthis paper, we extend the impossibility theorems byBenoit and Kornhauser to voting correspondences,and obtain a dichotomy theoremon the existence ofefficient or neutral sequential (seat-by-seat) votingrules and correspondences. Therefore, the questionof whether sequential (seat-by-seat) voting rules(correspondences) can be efficient or neutral is nowcompletely answered.ouinonouirechercheInternationa
Singular constant control trajectories and transition degeneracies in a closed 4-level quantum system
No full textWe analyze in this paper controllability aspects for a 4-dimensional quantum system. The ”strong regularity” (cf. [1]) has been proven to be sufficient condition for global controllability. A conjecture in the literature asks whether this condition (up to the introduction of an additive constant in the control field) is also necessary. We prove here a negative result. The result also applies to the study of singularity of trajectories associated to constant control field.ouinonouirechercheInternationa
Learning various classes of models of lexicographic orderings
No full textWe consider the problem of learning a user’s ordinal preferences onmultiattribute domains, assuming that the user’s preferences may be modelled asa kind of lexicographic ordering. We introduce a general graphical representationcalled LP-structures which captures various natural classes of such ordering inwhich both the order of importance between attributes and the local preferencesover each attributemay or may not be conditional on the values of other attributes.For each class we determine the Vapnik-Chernovenkis dimension, the communication complexity of learning preferences, and the complexity of identifying amodel in the class consistent with some given user-provided examples.ouinonouirechercheInternationa
A microeconometric analysis of households saving determinants in Morocco
No full textEconomic fluctuations, climate risk and a number of individual specific shocks leave households vulnerable to severe hardship in developing countries. Moreover, the credit and insurance markets are limited and the social coverage is weak. In this context, households saving is crucial to provide an insurance against the economic and social shocks. Additionally, a better knowledge of households saving behaviour could develop the potential to finance investments. This article provides an analysis of microeconomic factors which explain the household savings behaviour in Morocco by using a new survey. Household saving functions are estimated in order to test households' responses to income, monetary or non-monetary wealth and socio-demographic variables in urban and rural areas. Our results confirm that current income strongly affects the saving level whatever the home place. Surprisingly, the household’s size is significant only in the urban case : an additional person reduces the household saving. For the life cycle hypothesis, the results are not significant. Finally, we find that Moroccan women save more than men when we take into account the interaction between gender and income. Nevertheless, for highest income levels, we observe the opposite results. In the case of rural households, there is no statistically significant effect on saving behaviour from the ownership indicators of household’s lands or other real estate. The results suggest that the self financing of rural household activities may be due to the lack of access to formal financial intermediaries.ouinonouirechercheInternationa
Career Interruptions : How Do They Impact Pension Rights ?
No full textThe aim of this article is to analyze the question of career interruptions and to evaluate their impact on pension retirement for French private sector workers. Using the last French survey on households‟ wealth (2003-2004), we first study the career setbacks for individuals born between 1937 and 1949. We highlight the new trends in professional paths. The risk of unemployment and job flexibility has sharply risen. As a consequence, some cohorts appear to be more exposed to career interruptions. Second, we determine how pension rights for French employees are affected by different career accidents. We consider unemployment, part-time employment and inactivity periods. Our results show how, by compensating for some career accidents, the French legislation allows individuals to receive, in some cases, the same level of social security pension that they would have received with a smooth professional path.ouinonouirechercheInternationa
« Si je diffère de toi, loin de te léser, je t'augmente »
No full textLa cohérence organisationnelle et les leviers susceptibles de l'atteindre suscitent incontestablement l'intérêt des scientifiques. Néanmoins, les études cherchant à expliquer l'impact des affinités sur la cohérence sont peu nombreuses. C'est la raison pour laquelle, au travers d'une recherche-action réalisée auprès d'une équipe de direction, ce présent travail cherche à identifier les attributs d'une cohésion, dite socio-affective, et de comprendre la manière dont ils agissent sur un processus de mise en cohérence.nonouirechercheInternationa
Marché européen des quotas de CO2 : Les enjeux du passage à la phase 3
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