HAL - Audencia Group
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Reserves Regulation and the Risk-Taking Channel *
No full textInternational audienceWe examine how a policy change by the FDIC, which unexpectedly exempted some banks, affects corporate lending via changes in reserves during the Quantitative Easing (QE) era. To address the endogeneity of reserves, we use a unique hand-collected dataset on the bank's share of exemption from the policy shift, and differentiate between loan demand and loan supply. We find important differences in loan-level outcomes, attributed to the heterogeneous impact of the new regulation on the net return on holding reserves. The effectiveness of the risk-taking channel is significantly weaker for banks with larger exemption shares and this has real effects in terms of borrowers' leverage, growth, and return on assets
Own Your Words to Gain Authority
No full textInternational audienceManagers undermine their credibility when they speak for others too frequently
High-Sensitivity Differential Helmholtz Photoacoustic System Combined with the Herriott Multipass Cell and Its Application in Seed Respiration
No full textInternational audienc
Price responsiveness of solar and wind capacity demands
No full textInternational audienceAccurate estimates of the price responsiveness of residential, commercial, and industrial electricity demands are essential for energy policy modelling, integrated resource planning, and determining a competitive wholesale electricity market’s generation levels, prices, and capacity investments. Hence, we estimate the own-price elasticities of solar and wind capacity demands of a load serving entity (LSE) that provides retail electricity service, thereby answering two interrelated research questions: (1) does solar capacity demand far exceed wind capacity demand? and (2) are solar and wind capacity demands price-elastic? Inspired by the theory of input demand under input price uncertainty, our innovative methodology integrates (a) wholesale spot energy price forecasts by time of day; (b) pseudo data found by minimizing a LSE’s annual risk-adjusted budget for procuring solar and wind capacities; and (c) econometric analysis of (b) to estimate the extent of substitutability between solar and wind capacities and the own-price elasticities of solar and wind capacity demands. Using Texas as an illustrative example, we find that when solar and wind power purchase agreements have similar energy prices, solar capacity demand is approximately four times wind capacity demand. Further, the own-price elasticity estimates are -5.34 for solar capacity demand and -5.65 for wind capacity demand. As a result, solar and wind capacity demands tend to substantially grow (shrink) in response to declining (rising) solar and wind energy prices. This lends support to proposals to raise solar and wind energy prices for mitigating the adverse effects of large-scale variable renewable energy development on an electric grid’s efficient operation and system reliability. However, adopting such proposals also slows the grid’s pace of decarbonization, thus underscoring the policy and regulatory challenges in the quest for a clean and sustainable electricity future. Hence, our policy recommendation of price managing solar and wind capacity demands is a topic of policy debate that deserves the attention of an electric grid’s stakeholders
Are national or regional surveys useful for nowcasting regional jobseekers ?: The case of the French region of Pays‐de‐la‐Loire
No full textInternational audienceIn this paper we develop nowcasting models for the Pays‐de‐la‐Loire's jobseekers, a dynamic French regional economy. We ask whether these regional nowcasts are more accurate by only using the regional data or by combining the national and regional data. For this purpose, we use penalized regressions, random forest, and dynamic factor models as well as dimension reduction approaches. The best nowcasting performance is provided by the DFM estimated on the regional and regional‐national databases as well as the Elastic‐Net model with a prior screening step for which the national data are the most frequently selected data. For the latter, it appears that the Change in foreign orders in the industry sector, the OECD Composite leading indicator, and the BdF Business sentiment indicator are among the major predictors
Toward a sociological explanation of anxiety: Precariousness, class and gender among independent musicians
No full textInternational audienceWhile anxiety is generally explained using an individualistic and biological framework, this article contributes to sociological approaches to emotions, considering anxiety as being triggered by social structural conditions, such as an outcome of precariousness faced by musicians in the music industries. Confronted by unbearable forms of anxiety triggered by an uncertainty encompassing all aspects of life, participants struggle to secure ontological security. Although experienced individually, the article reveals (1) how the disadvantages and exclusions associated with gender and class background are unevenly distributed, ultimately triggering different forms of anxieties and (2) how emotions are differently managed depending on these social variables. Methodologically, the paper presents an original study looking at the working lives of semi-professional musicians aged 25-37, based in Paris (France); Brooklyn, San Francisco, Portland (United States), Stockholm (Sweden) and Reykjavík (Iceland). Often considered as the forefront of precarious working lives in previous literature, cultural workers embody current transformation of the psychosocial impact of contemporary precarity. Ultimately, this paper argues for a repoliticisation of emotions, considering them as cultural realities and not ‘just’ idiosyncrasies
Do investors care about biodiversity?
No full textInternational audienceThis article introduces a new measure of a firm’s negative impact on biodiversity, the corporate biodiversity footprint (CBF), and studies whether it is priced in an international sample of stocks. On average, the CBF does not explain the cross-section of returns between 2019 and 2022. However, a biodiversity footprint premium (higher returns for firms with larger footprints) began emerging in October 2021 after the Kunming Declaration, which capped the first part of the UN Biodiversity Conference (COP15). Consistent with this finding, stocks with large footprints lost value in the days after the Kunming Declaration. The launch of the Taskforce on Nature-related Financial Disclosures (TNFD) in June 2021 had a similar effect. These results indicate that investors have started to require a risk premium upon the prospect of, and uncertainty about, future regulation or litigation to preserve biodiversity
When attention is away, analysts misplay: distraction and analyst forecast performance
No full textInternational audienceWe construct a measure of analyst-level distraction based on analysts’ exposure to exogenous attention-grabbing events affecting firms under coverage. We find that temporarily distracted analysts achieve lower forecast accuracy, revise forecasts less frequently, and publish less informative forecast revisions relative to non-distracted analysts. Further, at the firm level, analyst distraction carries real negative externalities by increasing information asymmetry for stocks that suffer from a larger extent of analyst distraction during a given quarter. Our findings thus augment our understanding of the determinants and effects of analyst effort allocation and broaden the literature on distraction and information spillover in financial markets
Digital transformation: The geopolitical-organizational nexus
No full textInternational audienceThis special issue aimed to attract articles situating digital transformation in the geopolitical-organizational nexus. Unlikeinnovation and change panaceas (or fads) like business process reengineering (BPR) which became popular in the 1990s,digital transformation is a multi-level concept. Extending beyond the redesign of organizational and business processes, theanalytical boundaries of digital transformation include ecosystems, organizational networks, business and operationalprocesses, organizational identities, governance structures, and quality/cost dynamics. However, the extant literature ondigital transformation continues to use the organization as the primary unit of analysis. Definitions of digital transformationvary widely, with some not dissimilar to the BPR era. The papers included in this special issue provide analytical andempirical examples on the pervasive effects from contemporary digital technology for society, organizations, and citizens.Future work which isolates the digital technology artefact would benefit from further refinement of the digital transformationconcept. A starting point is to revisit the digital technology evolution over past decades which reveal theinflection points of technological change, specifically for mainframes, PCs, and the Internet. Such analysis will increase ourunderstanding and contextualization of past panaceas like BPR for generating new insights on how digital technologies arefront and center in debates on digital transformation
Digital media and political consumerism in the United States, United Kingdom, and France
No full textInternational audienceDigital media use can connect citizens across geographic boundaries into coordinated action by distributing political information, enabling the formation of groups, and facilitating political talk. These activities can lead to political consumerism, which is an important and popular form of political participation that translates across geographic borders. This article uses original survey data ( n = 9284) to examine the relationship between digital media use and political consumerism in the United States, United Kingdom, and France. Talking politics online, joining social groups on social media, and searching online for political information increase participation in political consumerism. However, the strength of these positive correlations differs by age, country, and mode of political consumerism. Joining social groups on social media has a much larger effect size on buycotting compared to boycotting. The findings imply that social groups are more salient in the mobilization process for buycotting campaigns compared to boycotting campaigns