Portail HAL HEC
Not a member yet
4784 research outputs found
Sort by
Vladivostok: Capitale de la Russie en 2050?
No full textInternational audienceProspective analysis of Eastern Siberia that places Vladivostok at the center of the geopolitical chessboard in 2050. The stakes are high, natural resources, demographic imbalances, historical perspectives and neighborhood with China.Dossier: "Russia and the world" in the ENA review.Analyse prospective de la Sibérie orientale qui place Vladivostok au centre de l'échiquier géopolitique en 2050. Les enjeux sont important, ressources naturelles, déséquilibres démographiques, perspectives historiques et voisinage avec la Chine. Dossier: "La Russie et le monde" dans la revue de l'ENA
The Impact of the French Doctrine of Significant Imbalance on International Business Transactions
No full textInternational audienceThis article examines the concept of “significant imbalance” (SI) under French law and its impact on international business transactions. “Significant imbalance” is a legal standard meant to assess whether a contractual clause is unfair (abusive). Although initially restricted to consumer law, it has been extended to general contract law with the implementation of a reform entered into force on 1st October 2016. Previously, the Commercial Court of Paris in the ruling Ministry of Economy et al. v. Expedia, Inc. et al. (2015) had qualified SI as an “overriding mandatory provision” (loi de police) under EU Regulation No. 593/2008 on the applicable law to contractual obligations (Rome I). As a consequence, SI became operative in respect of international contracts despite an express choice of a foreign governing law made by the parties to the transaction. This article argues that, as a result of Expedia and the 2016 reform, French courts can interfere with international business transactions by striking down contractual terms that they deem unfair according to the SI standard. The analysis focuses on two key issues. On the one hand, notwithstanding recent judicial precedents, SI still fails to provide a reliable test for predicting which clauses or contracts are at risk of being deemed unfair. On the other hand, the legal arsenal supporting French legislator’s disapproval of SI allocates great power to French courts and the French government to pursue tort lawsuits against foreign companies allegedly oppressing their commercial partners with SI clauses. Empirical evidence shows that these actions are highly successful compared to those commenced by private actors. The article concludes that all these aspects, together with SI’s turbulent case-law throughout the years, will sprout uncertainty in international business transactions and may eventually disparage France in the global competition in such a field
Is Liquidity Risk Priced in Partially Segmented Markets?
No full textWe develop an asset pricing model to analyze the joint impact of liquidity costs and market segmentation. The freely traded securities command a premium for liquidity level and global market and liquidity risk premiums whereas securities that can only be held by a subset of investors additionally command a local market and liquidity risk premiums. Based on a new methodology, we find that the liquidity level premium dominates the liquidity risk premiums for our sample of 24 emerging markets. Whereas the local liquidity risk premium is empirically small, the global market liquidity risk premium dramatically increases during crises and market corrections
LES ORIGINES DE LA DISTINCTION ENTRE POSITIF ET NORMATIF EN ECONOMIE (The Origin of the Positive-normative Distinction in Economics)
No full textEconomists are accustomed to distinguishing between a positive and a normative component of their work, a distinction that is peculiar to their field, having no exact counterpart in the other social sciences. The distinction has substantially changed over time, and the different ways of understanding it today are reflective of its history. Our objective is to trace the origins and initial forms of the distinction, from the English classical political economy of the first half of the 19th century to the emergence of welfare economics in the first half of the 20th century. This sequential account will also serve to identify the main representative positions along with the arguments used to support them, and it thus prepares the ground for a discussion that will be less historical and more strictly conceptual.Les économistes ont coutume de distinguer entre une composante positive et une composante normative de leurs travaux, ce qui est une singularité de leur discipline, car cette distinction n'a pas de répondant exact dans les autres sciences sociales. Elle a fortement évolué au cours du temps et les différentes manières de la concevoir aujourd'hui en reflètent l'histoire. On se propose ici d'en retracer les origines et les premières formes, de l'économie politique classique anglaise de la première moitié du XIXe siècle jusqu'à l'apparition de l'économie du bien-être dans la première moitié du XXe siècle. Ce parcours séquentiel vise aussi à identifier les positions les plus représentatives et les arguments invoqués pour les soutenir, en préparant ainsi une discussion qui serait moins historique et plus strictement conceptuelle
Essais en finance d'entreprise empirique
No full textThe first chapter studies how the introduction of a futures market for steel affects steel producers and their customers. The second chapter asks how import tariffs in upstream industries affect downstream firms’ incentives to invest. The third chapter studies how managerial ownership affects performance in the mutual fund industry.Le premier chapitre étudie comment l'introduction d'un marché à terme de l'acier affecte les producteurs d'acier et leurs clients. Le deuxième chapitre demande comment les tarifs d'importation dans les industries en amont affectent les incitations à investir des entreprises en aval. Le troisième chapitre étudie comment la propriété managériale affecte la performance dans le secteur des fonds communs de placement
Bank Bonus Pay as a Risk Sharing Contract
No full texthttps://ssrn.com/abstract=3202916We show that banker bonuses cannot be understood exclusively as incentive contracts, but also incorporate a significant risk sharing dimension between bank shareholders and bank employees. This contrasts with the conventional view whereby diversified shareholders fully insure risk averse employees. However, financial frictions imply that shareholder value is concave in a bank's cash reserves---making shareholders effectively risk averse. The optimal contract between shareholders and employees then involves some degree of risk sharing. Using extensive payroll data on 1.26 million bank employee years in the Austrian, German, and Swiss banking sectors, we show that the structure of bonus pay within and across banks is compatible with an economically significant risk sharing motive, but difficult to rationalize based on incentive theories of bonus pay only
Repeated games with public deterministic monitoring
No full textInternational audienceWe consider repeated games with compact actions sets and pure strategies in which players commonly observe a public signal which reveals imperfectly the action profile. We characterize the set of payoffs profiles that can be sustained by a perfect equilibrium, as players become increasingly patient. There are two conditions: admissibility and joint rationality. An admissibly feasible payoff can be achieved by an action profile that offers no unilateral deviation which is both undetectable and profitable. It is jointly rational if for all weights on players, the weighted average payoff is greater than or equal to the minmax level of the weighted average payoff function. This characterization is alternative to the one provided by the “score method” of Fudenberg and Levine (1994). We provide a simple construction of equilibrium strategies based on cooperation, punishments and rewards. Punishments rely on Blackwell's approachability algorithm
La créativité au travail
No full textInternational audienceTravailler n’est pas exécuter. Dans le décalage irréductible entre ce qui est défini comme étant à faire et ce qui est fait, se loge la créativité, cette puissance inventive engagée dans le travail vivant. S’y jouent à la fois la question de l’efficacité mais aussi, et fondamentalement, celle de la santé.La créativité n’est donc pas l’apanage des grands créateurs : elle se loge aussi dans les arts de faire, le bricolage, l’intelligence pratique, les processus de renormalisation qui permettent de se dégager de la soumission à l’environnement et à ses contraintes. Son éloge, remis aujourd’hui à l’ordre du jour dans le monde de l’entreprise, n’est pourtant pas exempt d’ambiguïté.Dans la perspective retenue ici, la créativité n’est pas seulement instrumentale (nécessité d’inventer pour faire), elle nécessite et manifeste une invention de soi. Elle se révèle dans un mouvement où l’on se surprend soi-même.Mettre la créativité au travail pour en explorer les ressorts, modalités et enjeux requiert de mobiliser des approches disciplinaires, théoriques et méthodologiques complémentaires
VizieR Online Data Catalog: Kepler asteroseismic LEGACY sample. II. (Silva Aguirre+, 2017)
No full textKepler Legacy survey dataThe 66 stars comprising the LEGACY sample were chosen from more than 500 main-sequence and subgiant targets in which Kepler detected oscillations (Chaplin+ 2014, J/ApJS/210/1). We selected all targets that had more than one year of short-cadence observations, and where inspection of the power spectrum did not reveal any clear signature of bumped l=1 modes. (3 data files)