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Corporate Governance and Social Impact of Non‐Profits: Evidence from a Randomized Program in Healthcare in the Democratic Republic of Congo
No full textHow can non-profit organizations improve their governance to increase their social impact? This study examines the effectiveness of a bundle of governance mechanisms (consisting of pro-social incentives and auditing) in the context of a randomized governance program conducted in the Democratic Republic of Congo's healthcare sector. Within the program, a set of health centers were randomly assigned to a governance treatment while others were not. We find that the governance treatment leads to i) higher operating efficiency and ii) improvements in social performance (measured by a reduction in the occurrence of stillbirths and neonatal deaths). Furthermore, we find that funding is not a substitute for governance—health centers that only receive funding increase their scale, but do not show improvements in operating efficiency nor social performance. Overall, our results suggest that corporate governance plays an important role in achieving the non-profits' objectives and increasing the social impact of the funds invested
Time for Memorable Consumption
No full textA consumption event is memorable if the memory of it affects well-being at times after the material consumption. We develop an axiomatic model of memorable consumption in a dynamic setting. Preferences are represented by the present value of the sum of utilities derived at each date from the current consumption and from recollecting the past.Our model accommodates well-known phenomena in psychology, such as the peak-end rule, duration neglect, and adaptation trends. We provide foundations for a prominent special case of memory that has the Markovian property. The model is illustrated in application to life-cycle consumption-savings decisions and asset pricing
Humanising Animal Slaughter Need Not Infringe Religious Freedom (Amicus Curiae Brief in C-336/19 Centraal Israëlitisch Consistorie Van België and Others)
No full textStunning animals before slaughter and avoiding unnecessary suffering is mandatory throughout the EU. Although the EU Animal Slaughter Regulation allows for a ‘religious exception’ departing from such a practice, it also expressly enables Member States to adopt “national rules aimed at ensuring more extensive protection of animals at the time of killing”. That’s how Denmark, Sweden and Slovenia were able to, ban slaughter without stunning tout court.The Flemish region falls short of banning un-stunned slaughter, by prescribing instead reversible stunning. This method, by rendering the animal unconscious only for the time it takes to cut its throat, seems to respect the religious requirement of it remaining alive so the blood is pumped out by its still beating heart. According to well-established scientific evidence, this method is not only less traumatizing for the animal, and makes its handling easier for the butcher, but it is also accepted by a growing number of representatives of these religious communities. However, reversible stunning - as prescribed by the Flemish region - now faces a major legal challenge across Europe, having been challenged before the Belgian Constitutional Court, which has in turn referred the matter to the Court of Justice of the EU.This amicus curiae brief argues that a legislation – like the Flemish decree in question – prescribing an alternative stunning procedure for the slaughter carried out in the context of a religious rite is permissible under Union law, not least having regard to the guarantees of religious liberty and freedom contained in the Charter. It presents reversible stunning as a method that successfully balances the apparently competing values of religious freedom expressed in ritual slaughtering on the one hand and the concern for animal welfare on the other under current EU law
Unpacking Smart Law: How Mathematics and Algorithms are Reshaping the Legal Code in the Financial Sector
No full textThe avalanche of new technologies and artificial intelligence have accelerated financial innovation, compelling the law to undergo a technological update. This phenomenon extends to the likes of regtech, suptech, regulatory big data, algorithmic supervision, etc. The study aims to demonstrate how these new instruments are, in fact, part of an overarching movement observable in numerous fields; that is, the emergence of a scientific, mathematical, algorithmic law driven by risk and technologies (classified as “Smart Law”). The authors will examine the aforementioned theoretical model and highlight the practical implications for banking and finance law. They conclude on the necessity for a structural collaboration between lawyers and engineers in order to manage the inevitable hybridization of the rule of law and its technological integration
« Créez le prochain Uber et soyez rentables d’ici la fin de l’année »: Les managers de labs d’innovation face aux contradictions entre mandat et gouvernance
No full textInternational audienceInnovation labs managers are often exposed to contradictory demands: pursuing the exploration mandate of the lab while complying with corporate governance modes generally geared towards exploitation. Based on two case studies, we show how managers facing such contradictions use contrasted tactics articulated around two poles of a dialectic: conformism and promotion. This article sheds light on the necessity to develop governance modes specific to exploration activities in order to avoid recurring organizational contradictions.Les managers de labs d’innovation sont souvent placés face à une demande contradictoire : poursuivre le mandat d’exploration du lab, tout en respectant une gouvernance habituellement orientée vers l’exploitation. Les auteurs montrent, à travers deux études de cas, comment face à cette contradiction les managers recourent à des tactiques contrastées qui mobilisent les deux pôles d’une dialectique : conformisme et promotion. Cet article éclaire la nécessité de construire des modes spécifiques d’évaluation de la performance des labs d’innovation, en vue d’éviter des contradictions organisationnelles récurrentes
Trois essais sur les interventions marketing pour influencer les jugements, les choix et les comportements des consommateurs
No full textThis dissertation consists of three essays that develop marketing interventions to influence consumers judgment, choice, and behaviors. Essay 1 studies whether, how, and when crossmodal correspondences affect downstream judgments. Essay 2 develops a behavioral intervention aimed at reducing consumers’ choices of food portion sizes, which can be easily used in the settings of online food ordering such as food delivery apps. Essay 3 studies whether prosocial incentive scheme can effectively motivate consumers to participate in online referral programs.Cette thèse se compose de trois essais qui développent des interventions marketing pour influencer le jugement, le choix et les comportements des consommateurs. L'essai 1 étudie si, comment et quand les correspondances multimodales affectent les jugements en aval. Essay 2 développe une intervention comportementale visant à réduire le choix des consommateurs quant à la taille des portions de nourriture, qui peut être facilement utilisée dans les paramètres de commande de nourriture en ligne tels que les applications de livraison de nourriture. L'essai 3 étudie si le programme d'incitation prosocial peut motiver efficacement les consommateurs à participer à des programmes de référence en ligne
Risk Managers in Banks
No full textHow do banks remunerate risk managers and what are the implications for risk-taking? Studying 127 German banks during the years 2003 to 2007, we show that risk managers' remuneration is positively aligned with performance-linked pay in front offices (FOs). When bonuses in FOs increase by one Euro, the bonus of a risk manager increases by 13.6 to 33.5 Cents, depending on the risk manager’s seniority. Risk-sharing among employees or labor market competition do not explain this finding. Banks with more aligned incentive pay between risk management and FOs during the years before the crisis of 2008-2009 performed better in the crisis
Price and Leadtime Disclosure Strategies in Inventory Systems
No full textWe consider a firm that faces the following pricing and leadtime disclosure decision. Either, (1) offer the same price to all arriving customers and disclose no leadtime information, in which case customers know only an expected leadtime, or, (2) vary the price dynamically based on the current inventory status, and disclose leadtime information dynamically. The second option allows the firm to offer a price discount for a long leadtime, and to offer a short leadtime when it has a large inventory. In order to determine which pricing and leadtime disclosure policy attains higher maximum profit, we formulate and solve a Markov decision problem for each policy and compare the two solutions. The comparison suggests that, typically, there is a critical inventory level, above which static pricing and no leadtime disclosure yields higher profit, and, below that level, dynamic pricing and leadtime disclosure yields a higher profit. We also identify certain situations where the static policy leads to profits at least as large as those under the dynamic policy, for any state, and we examine the price differences between the two policies. Finally, the structure of the solution is similar to the situation where the system manager can pause the production process, except that now this extra lever partly mitigates the superiority of the static policy
The European Response to COVID19: From Regulatory Emulation to Regulatory Coordination?
No full textCOVID-19 is a matter of common European interest since its very first detection on the continent. Yet this pandemic outbreak has largely been handled as an essentially national matter.This article makes a first attempt at unpacking how such fragmented, uncoordinated national responses to COVID19 came into being under the EU legal order. To do so, it systematizes the European response into separate stages. Phase 1 – the emergency – has been characterized by the adoption of national emergency risk management measures that, albeit country specific, were inspired by a common objective of pandemic suppression, i.e. to reduce disease transmission and thereby diminishing pressure on health services, under the by now well-known ‘flatten the curve’ imperative. Phase 2 – the lifting – is about the attempt at relaxing some of the national risk responses in a coordinated fashion to avoid creating negative spillovers or distortions – be they sanitary and/or financial – across the Union.The article argues that contrary to conventional wisdom the resulting uncoordinated EU response to Covid-19 shouldn’t be seen as the inevitable consequence of the EU’s limited competence in public health. Against this backdrop, it strives to define the regulatory policy framework that might be governing the next phases of the European risk management response to this pandemic as they will emerge from a widely undefined yet unescapable dialectic between the Union and its member states. Ultimately, it predicts that by testing the outer limits of the EU public health competence COVID-19 is set to go down in history as a major catalyst in the advancement of EU health emergency action
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence
No full textDirect real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level financial data for four large U.K. institutional investors—Oxbridge colleges—for the period 1901–1970. Gross income yields initially fluctuate around 5%, but then trend downward (upward) for agricultural and residential (commercial) real estate. Net yields are about one third below gross yields on average. Long-term real income growth rates are close to zero. These findings imply real annualized net total returns of less than 4% across all property types. Moreover, real estate investments are associated with considerable idiosyncratic risks