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The Law and Governance of the EU Public Ethical System: An Introduction
No full textThis edited volume critically analyses the existing 'EU ethical framework' while contextualising it within the unique transnational setting that characterises the EU public administration and its various institutions. Moving beyond single institutions, the volume adopts an exhaustive approach to analyse common normative and institutional challenges. It explores key questions about the purpose, design, enforcement, and effectiveness of EU ethical rules. The book is structured into four parts, covering the foundations of the EU ethics system, the ethical frameworks of key EU institutions, cross-cutting issues including the new interinstitutional ethics body and government affairs regulation, and the external dimension such as anti-corruption and foreign interference. Ultimately, the volume aims to systematise the EU's ethical infrastructure, identify major shortcomings, and propose potential solutions and reforms, reflecting normatively on how the EU can improve
Investors as a Liquidity Backstop in Corporate Bond Markets
No full textInvestors act as a liquidity back-stop in the corporate bond market. By providing liquidity, investors help ease dealers' balance sheet constraints, especially during market stress. During the March 2020 Dash-for-Cash, in bonds where investors stopped providing liquidity, transaction costs rose by 38%. We find the composition of types of liquidity providers - rather than just their presence - shapes trading costs. Dealers relying on flexible-mandate investors, such as hedge funds, are more resilient to liquidity shocks. Dealers offer discounts to investors for past liquidity services to maintain liquidity provider networks. These discounts represent two-thirds of relationship discounts
The Real Effects of Valuation Mistakes: Estimates from Mergers and Acquisitions
No full textWe explore how biased investors affect the market for real assets and estimate the resulting efficiency losses. Investors subject to non-proportional thinking ask (too) high merger premia to sell low-price targets and offer (too) low merger premia to buy high-price targets. As a result, M&A premia are lower for high-price targets and both low-and high-price firms are less likely to be acquired than firms in the middle of the price distribution. We test these predictions using a large sample of M&A transactions. We also quantify the value lost because positive-synergy deals do not happen due to non-proportional thinking. Our structural estimation suggests that investors' mistakes reduce the frequency of M&A transactions by about 8% and the value created by the M&A market by about 1%
Questioning engagement research to support a transfor mative project : Axiological, teleogical and methodological issues
No full textInternational audienceLa comptabilité est souvent perçue comme une pratique technique calculatoire, aux antipodes d'enjeux sociétaux. Pourtant, elle constitue le langage fondamental des organisations, ainsi que la façon dont elles se représentent le monde et dont elles sont "comptables" de leurs actions ; en cela, la comptabilité questionne le fondement des activités humaines. L'émergence des normes comptables de durabilité pour les entreprises, les débats récurrents autour de la redéfinition du PIB ou la mise à l'agenda de l'IPBES de la comptabilité des écosystèmes illustrent la prégnance actuelle de la question comptable dans les enjeux écologiques. À éviter la comptabilité, il devient impossible de prendre la mesure de son rôle réel et potentiel, et il ne peut en résulter qu'une impasse : un impensé sur le fonctionnement des organisations humaines et sur la façon de recomposer collectivement un monde écologique. Ce colloque sera ainsi l'occasion de revenir sur deux questions : "De quoi la comptabilité est-elle le nom ?" pour en déduire les modalités de problématisation de la "comptabilité" dans le cadre d'une écologisation des organisations et d'une organisation de la préservation des entités écologiques, conduisant à un débat entre histoire, philosophie et gestion. Et "De quoi la comptabilité écologique est-elle le nom ?" : quelles sont les façons de concevoir cette notion, de la mettre en œuvre et d'en juger sa performativité au service d'une ambition écologique. Ce questionnement croisera des regards de plusieurs disciplines (droit, sciences écologiques, théorie des communs, …) et de plusieurs acteurs (chercheurs, artistes, professionnels)
Can startups generate a competitive advantage with open AI tools?
No full textWe examine how open source generative AI adoption affects the venture performance of high-tech software startups. Using a matched sample, we find that startups that use generative AI in open product development raise about 15% less funding, especially in competitive markets with many similar AI adopters. However, startups targeting broad markets raise roughly 30% more funding when adopting generative AI early—within six months of its release—before a dominant design emerges. These findings suggest that while early AI adoption in the open can be beneficial, widespread use may erode differentiation. Overall, these results indicate that generative AI is not a silver bullet and may even hinder fundraising when competitive advantages are easily replicated
GPT Adoption Dilemma and the Impact of Disclosure Policies
No full textGenerative Pre-trained Transformers (GPTs), particularly Large Language Models (LLMs) like ChatGPT, have proven effective in content generation and productivity enhancement. However, legal risks associated with these tools lead to adoption variance and concealment of AI use within organizations. This study examines the impact of disclosure on ChatGPT adoption in legal, audit and advisory roles in consulting firms through the lens of agency theory. We conducted a survey experiment to evaluate agency costs in the context of unregulated corporate use of ChatGPT, with a particular focus on how mandatory disclosure influences information asymmetry and misaligned interests. Our findings indicate that in the absence of corporate regulations, such as an AI policy, firms may incur agency costs, which can hinder the full benefits of GPT adoption. While disclosure policies reduce information asymmetry, they do not significantly lower overall agency costs due to managers undervaluing analysts' contributions with GPT use. Finally, we examine the scope of existing regulations in Europe and the United States regarding disclosure requirements, explore the sharing of risk and responsibility within firms, and analyze how incentive mechanisms promote responsible AI adoption
Friendship Networks and Political Opinions
No full textWe examine how social interactions and friendships shape students' political opinions in a natural experiment at Sciences Po, a leading French university specializing in social and political sciences. The quasi-random assignment of students into short-term integration groups before their academic curriculum reduces political opinion gaps and fosters friendship formation. Using same-group membership as an instrumental variable for friendship, we find that friendship reduces opinion differences by 40% of a standard deviation in the opinion gap. Our evidence supports a homophily-enforced mechanism: friendships form among initially politically similar students, leading them to join political associations together, reinforcing their similarity. However, friendship does not significantly influence politically dissimilar pairs. Instead, it reduces opinion divergence without enforcing ideological convergence
Platform Credit, Advertising, and Customer Capital
No full textAdvertising plays a particularly crucial role in online marketplaces, where thousands of merchants offer similar products and compete for visibility and consumer attention. This study theoretically and empirically demonstrates that merchants on e-commerce platforms often engage in "underadvertising" due to financial constraints. By leveraging quasi-random variation in merchants' access to credit from a major platform lender, we establish that alleviating financial constraints leads to substantial increases in advertising expenditures, enhanced shop visibility among customers, and ultimately, accelerated sales growth. Notably, high-quality merchants with top customer ratings are especially likely to utilize platform credit to invest in advertising
"Asset Pricing and Risk Sharing in Complete Markets: An Experimental Investigation"
No full textWe study asset pricing and risk sharing in experimental financial markets designed to test rational choice and competitive behavior in complete markets. Participants behave competitively but deviate from rationality: approximately 25% of actions are first-order stochastically dominated. We propose a random-choice model predicting that market-clearing prices and average trades converge to the rational-choice competitive equilibrium as market size grows. Our experimental data support this convergence prediction. Structural estimation with CRRA utilities and logit choice probabilities reveals that approximately 20% of participants would have higher expected utility in autarky, suggesting bounded rationality can make market participation welfare-reducing for a significant minority
Spending Allocation under Nominal Uncertainty: A Model of Effective Price Rigidity
No full textHow do swings in inflation affect shopping behavior? We build on the idea that households' price hunting intensifies with surprise inflation. In our model, households observe only local monopolists' prices and must exert effort to see other sellers' prices to eventually buy from them. This friction leads households to doubt that local price changes are idiosyncratic, even when all prices change uniformly in response to a nominal aggregate shock. In such a case, households overestimate the benefits of exerting effort, reallocating more spending toward lower-markup sellers. We show that, through this channel, output can expand significantly with surprise inflation, despite flexible shop pricing and acyclical posted markups. Using U.S. retailer scanner data, we validate our model's distinctive prediction that inflation measured over paid prices moves more slowly than inflation measured over posted prices, both unconditionally and in response to monetary policy shocks