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Can Increasing Environmental Policy Stringency Promote Financial Development? Evidence from Panel Cointegration and Granger non-causality
No full textInternational audienceDespite extensive research to explore the channels through which environmental policy stringency can affect economy, to our best knowledge, current literature has not yet studied its impact on financial development in the long term. To fill this void, the current study empirically examines the effect of environmental policy stringency index on financial development index and its components, which are financial institutions development index and financial markets development index, in 27 OECD countries during the period 1990–2015. We find a positive association between environmental policy stringency index and financial development. The results also revealed that the past values of environmental policy stringency index can help to predict financial development index and financial institutions development index. These results imply that financial development is a new channel through which increasing environmental policy stringency could promote economic growth. Moreover, these findings show that environmental policy stringency forms a new positive determinant of financial institutions development in OECD countries
The Role of Humor in Management Response to Positive Consumer Reviews
No full textInternational audienceMarketing managers increasingly monitor their company’s online reputation and respond to online consumer reviews on various digital platforms. The current literature provides valuable insights into effectively initiating management response (MR) to negative reviews. However,research on how companies should respond to positive reviews is limited, despite their prevalence in MR practice. In this study, we postulate that using humor in MR for positive reviews can be an effective response strategy to enhance positive attitudinal and behavioral responses. Drawing on parasocial interaction theory, we conducted a field investigation and twoexperimental studies to demonstrate that humorous (versus humorless) MRs to positive reviews fostered perceived parasocial interaction between prospective consumers and brands, which enhanced brand attitude and purchase intention. Furthermore, the proposed effects werestronger for consumers with communal norms than for those with exchange norms. This research advances the emerging literature on MR to consumer reviews of different valences and suggests important guidelines for effective MRs
Corporate tax avoidance, economic policy uncertainty, and the value of excess cash: International evidence
No full textInternational audienc
Memory Recall Bias of Overconfident and Underconfident Individuals after Feedback
No full textInternational audienceWe experimentally investigate the memory recall bias of overconfident (underconfident) individualsafter receiving feedback on their overconfidence (underconfidence). Our study differs fromthe literature by identifying the recall pattern conditional on subjects’ overconfidence/underconfidence.We obtain the following results. First, overconfident (underconfident) subjects exhibit overconfident(underconfident) recall despite receiving feedback on their overconfidence (underconfidence). Second,awareness of one’s overconfidence or underconfidence does not eliminate memory recall bias. Third,the primacy effect is stronger than the recency effect. Overall, our results suggest that memoryrecall bias is mainly due to motivated beliefs of sophisticated decision makers rather than naïvedecision-making
Le populisme comme phénomène de communication : une comparaison transversale et longitudinale des campagnes politiques sur Facebook
No full textInternational audienceReproducing this article (including by photocopying) is only authorized in accordance with the general terms and conditions of use for the website, or with the general terms and conditions of the license held by your institution, where applicable. Any other reproduction, in full or in part, or storage in a database, in any form and by any means whatsoever is strictly prohibited without the prior written consent of the publisher, except where permitted under French law
20 ans de publications en héritage : Des conversations à poursuivre et de nouvelles à initier
No full textInternational audienc
How does family control affect stock price synchronicity?
No full textInternational audienceThis paper examines the effect of family control on the degree of stock price synchronicity. The results reveal that family control has a negative effect on stock price synchronicity, supporting the socioemotional wealth perspective. The results also show that this negative effect of family control on stock price synchronicity is prevalent only for family firms with high analyst coverage and a large institutional investor stake. These results suggest that families disclose more specific information to enhance their reputation and alleviate minority investors’ fears of being expropriated when the firm has less information asymmetry and is well monitored
Premature listing and post-IPO venture capital refinancing
No full textInternational audienceWe examine why venture capital firms reinvest in portfolio companies also after the IPO. Companies are taken public earlier than optimal, resulting in lower post-IPO returns, and a greater likelihood of, and shorter time to, the first post-IPO VC refinancing
Competitive advantage in algorithmic trading: a behavioral innovation economics approach
No full textInternational audiencePurpose This paper investigates the strategic behavior of algorithmic trading firms from an innovation economics perspective. The authors seek to uncover the sources of competitive advantage these firms develop to make markets inefficient for them and enable their survival. Design/methodology/approach First, the authors review expected capability, a quantitative behavioral model of the sustainable, or reliable, profits that lead to survival. Second, they present qualitative data gathered from semi-structured interviews with industry professionals as well as from the academic and industry literatures. They categorize this data into first-order concepts and themes of opportunity-, advantage- and meta-seeking behaviors. Associating the observed sources of competitive advantages with the components of the expected capability model allows us to describe the economic rationale these firms have for developing those sources and explain how they survive. Findings The data reveals ten sources of competitive advantages, which the authors label according to known ones in the strategic management literature. We find that, due to the dynamically complex environments and their bounded resources, these firms seek heuristic compromise among these ten, which leads to satisficing. Their application of innovation methodology that prescribes iterative ex post hypothesis testing appears to quell internal conflict among groups and promote organizational survival. The authors believe their results shed light on the behavior and motivations of algorithmic market actors, but also of innovative firms more generally. Originality/value Based upon their review of the literature, this is the first paper to provide such a complete explanation of the strategic behavior of algorithmic trading firms
Foreign exchange exposure and analysts’ earnings forecasts
No full textInternational audienceThis study examines how movements in a firm's exposure to foreign exchange (forex) rates affect the properties of analysts' earnings forecasts. Our results suggest that analysts' forecast errors and dispersion increase with an increase in forex exposure within firms. These findings are robust to a wide range of robustness tests, including a quasi-experimental setting based on the sudden unpegging of the U.S. Dollar against the Chinese Yuan. Additional tests reveal that analysts spend more effort forecasting when firms experience an increase in forex exposure. Consistent with an increase in uncertainty of firm outcomes representing the primary channel through which forex exposure affects analysts' forecasts, we find that the effect of forex exposure is heightened in the presence of greater volatility in the U.S. Dollar. However, we also find that more readable annual reports and higher media coverage can help improve the quality of analysts' forecast properties for firms with increasing forex exposure. We also present evidence of some benefits analysts can realize from coverage of high forex exposure firms through generating greater stock trading and securing positions in more prestigious brokerage firms