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COVID-19 mortality and health expenditures across European countries: the positive correlation puzzle
No full textThe positive correlation between health share expenditures and COVID-19 case fatalities in a cross-section of 31 European countries is puzzling. The positive relationships is also detected in weighted OLS and IV models that control for many usual suspects of the COVID-19 mortality: (1) health indicators (personal risk factors, medical resources), (2) virus ease of circulation, (3) macroeconomic variables related to the economic development and social orientation of the country. COVID-19 case fatalities are lower in countries with significant resources dedicated to health care (hospital beds and medical doctors); the contribution of virus circulation factors is less significant. Policy implications follow
Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk
No full textWe examine whether the joint provision of corporate social responsibility (CSR) assurance services and financial audit by the same audit firm influences auditors’ assessment of going concern risk. We predict that the provision of CSR assurance and financial audit by the same audit firm creates CSR-related knowledge spillovers from the CSR assurance team to the financial audit engagement team, which help in the auditor’s assessment of going concern risk. Using more than 28,000 firm-year observations from 55 countries, we document that, relative to audit firms that provide only the financial audit, audit firms that provide both CSR assurance and financial audit for the same client (1) issue more frequent going concern opinions and have lower Type-II going concern errors, (2) have clients that book larger environmental and litigation provisions, (3) report earnings that are more persistent and value relevant and are less likely to book income-decreasing earnings restatements, and (4) do not charge higher audit fees or total fees. Our results are important especially because of firms’ increasing exposure to CSR risks and the growing number of countries that require assurance of CSR reports
Switching costs in competitive health insurance markets : the role of insurer's pricing strategies
No full textOur article deals with pricing strategies in Swiss health insurance markets and focuses on the relationship between basic and supplementary insurance. We analyzed how firms’ pricing strategies (i.e., pricing of basic and supplementary products) can create switching costs in basic health insurance markets, thereby preventing competition in basic insurance from working properly. More specifically, using unique market and survey data, we investigated whether firms use bundling strategies or supplementary products as low-price products to attract and retain basic insurance consumers. To our knowledge, this is the first paper to analyze these pricing strategies in the context of insurance/health insurance. We found no evidence of bundling in the Swiss setting. We did however observe that firms used low-price supplementary products that contributed to lock in consumers. A majority of firms offered at least one of such product at a low price. None offered low-price products in both basic and supplementary markets. Low-price insurance products differed across firms. When buying a lowprice supplementary product, consumers always bought their basic contract from the same firm. Furthermore, those who opted for low-price supplementary products were less likely to declare an intention to switch basic insurance firms in the near future. This result was true for all risk category levels
Dynamics of biofuel prices on the European market: Impact of the EU environmental policy on the resources markets
No full textThis paper aims at explaining the major drivers of biodiesel market prices by examining agricultural resource prices and gasoil prices for automotive fuels in the context of the EU environmental policy. The EU policy has enhanced biodiesel production since 2006. Biodiesel prices are impacted by the EU policy as well as rapeseed and oil prices which have fluctuated a lot over the last decade. An econometric analysis was performed using monthly data from November 2006 to January 2016. However, tests for structural breaks show several changes in price behavior. This leads us to estimate a regime-switching model which reveals two main regimes for the biodiesel price pattern. When oil prices are high, biodiesel, rapeseed and diesel oil prices are related, mainly driven by oil prices. When oil prices are low, biodiesel prices are mostly related to rapeseed prices according to EU regulations requiring the blending of biodiesel and gasoil
Modes de coordination et performance des relations client-fournisseur : l’effet modérateur des risques collaboratifs
No full textInternational audienceThis article contributes tests the impact of formal and informal modes of coordination on the performance of inter-organizational collaborations by analyzing the moderating effect of collaborative risks related to the extent of collaboration and dependence. The empirical study of 158 client-supplier relationships in the French automotive industry shows that collaborative structures and control practices as formal modes of coordination, and trust as an informal mode are positively associated with performance. The moderating effect of collaboration scope is significant whereas dependence has a significant effect only when firms implement dedicated collaborative structures.Este articulo prueba el impacto de los modos formales e informales de coordinación en el desempeño de las colaboraciones entre organizaciones mediante el análisis del efecto moderador de los riesgos de colaboración (grado de colaboración y dependencia). El estudio empírico de 158 relaciones cliente-proveedor en la industria automotriz francesa muestra que las estructuras de colaboración y las prácticas de control como modos formales de coordinación y confianza como modo informal se asocian positivamente con el desempeño. El efecto moderador del alcance de la colaboración en el desempeño es significativo, mientras que la dependencia tiene un efecto significativo solo cuando la empresa implementa estructuras colaborativas en su lugar.Cet article teste l’impact des modes de coordination formels et informels sur la performance des collaborations inter-organisationnelles en analysant l’effet modérateur des risques collaboratifs (étendue de la collaboration et dépendance). L’étude empirique sur 158 relations client-fournisseur dans l’industrie automobile française montre que les structures collaboratives et les pratiques de contrôle comme modes formels de coordination et la confiance comme mode informel sont positivement associes à la performance. L’effet modérateur de l’étendue de la collaboration sur la performance est significatif alors la dépendance n’a d’effet significatif que lorsque l’entreprise met en place en place des structures collaboratives
Student satisfaction with distance education during the COVID-19 first-wave: A cross-cultural perspective
No full textThis research note reports results of a survey on student satisfaction with distance education in Korea and France as implemented in May 2020 on 510 respondents. At that time, both countries closed the facilities of higher education institutions and imposed the extensive use of on-line education. A majority of French students express a preference for in-class teaching compared with on-line teaching, while preferences of the Korean students are more balanced. On average, Korean students express higher satisfaction with online teaching compared to French students. Women students also report higher satisfaction scores. The COVID-19 stress is negatively related to satisfaction with online teaching in Korea, but not in France
Et l’organisation dans tout ça ?
No full textInternational audienceEn France, la dimension organisationnelle est souvent négligée, complètement absente, voire mal comprise ou méprisée dans les débats publics. On a pu à nouveau le constater lors de la crise récente liée à la pandémie Covid-19. Après avoir illustré concrètement les effets de cette mauvaise intégration des questions d’organisation, les auteurs tels qu’ils évoluent dans cet article quelques causes potentielles profondes, notamment la conception rationaliste de la pensée et de l’action dominante en France, et proposent diverses pistes d’amélioration
Procyclicité des mesures de risque. Quantification empirique et confirmation théorique
No full textThis thesis examines, empirically and theoretically, the pro-cyclicality of risk measurements made on historical data. Namely, the effect that risk measurements overestimate the future risk in times of crisis, while underestimating it in quiet times. As starting point, we lay down a methodology to empirically evaluate the amount of pro-cyclicality when using a sample quantile (Value-at-Risk) process to measure risk. Applying this procedure to 11 stock indices, we identify two factors explaining the pro-cyclical behavior: The clustering and return-to-the-mean of volatility (as modeled by a GARCH(1,1)) and the very way of estimating risk on historical data (even when no volatility dynamics are present). To confirm these claims theoretically, we proceed in two steps. First, we derive bivariate (functional) central limit theorems for quantile estimators with different measure of dispersion estimators. We establish them for sequences of iid random variables as well as for the class of augmented GARCH(p,q) processes. Then, we use these asymptotics to theoretically prove the pro-cyclicality observed empirically. Extending the setting of the empirical study, we show that no matter the choice of risk measure (estimator), measure of dispersion estimator or underlying model considered, pro-cyclicality will always exist.Cette thèse analyse, d’un point de vue empirique et théorique, la procyclicité des mesures de risque sur les données historiques, i.e. l'effet de surestimation du risque futur en temps de crise, et sa sous-estimation en temps normal. Nous développons une méthodologie pour évaluer empiriquement le degré de procyclicité, en introduisant un processus de quantiles (« Value-at-Risk ») historiques pour mesurer le risque. En appliquant cette procédure à 11 indices boursiers, nous identifions deux facteurs expliquant la procyclicité : le « clustering » et le retour à la moyenne de la volatilité (tel que modélisée par un GARCH(1,1)), mais aussi la façon intrinsèque d'estimer le risque sur des données historiques (même en l'absence de dynamique de la volatilité). Pour confirmer théoriquement ces arguments, nous procédons en deux étapes. Premièrement, nous démontrons des théorèmes bivariés (fonctionnels) de limite centrale pour les estimateurs de quantiles avec différents estimateurs de dispersion. Comme modèles de base, nous considérons les suites de variables aléatoires iid, ainsi que la classe des processus GARCH(p,q) augmentés. Enfin, ces résultats asymptotiques permettent de valider théoriquement la procyclicité observée empiriquement. Généralisant cette étude à d’autres mesures de risque et de dispersion, nous concluons que la procyclicité persistera quel que soit le choix de ces mesures