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I Giochi Olimpici e Paralimpici di Barcellona 1992
No full textCahiers n°6International audienceBarcelona i els seus Jocs Olímpics de 1992, un model d'èxit i un ull crític a tenir en compte per a futures Olimpíades. A través d'una vintena d'entrevistes a investigadors, acadèmics, electes i arquitectes urbans, aquest sisè número dels Cahiers de la Chaire Immobilier et Développement Durable de l'ESSEC fa una mirada crítica als efectes urbanístics i immobiliaris dels grans esdeveniments a les ciutats que acollir-los com els Jocs Olímpics i Paralímpics i les Exposicions Universals. Posa en perspectiva aquest patrimoni urbà i immobiliari d'esdeveniments anteriors amb les expectatives de París dels Jocs Olímpics i Paralímpics del 2024, que acollirà, i de l'Exposició Universal del 2025, que hauria pogut acollir si s'hagués mantingut la seva candidatura. En el moment de les sol·licituds, i París ho confirma, aquests impactes esperats en el desenvolupament immobiliari i urbanístic i la planificació són immensos. Anàlisis a posteriori a Europa, Brasil i Japó mostren que difereixen d'un cas a un altre. De vegades són mixtes o fins i tot negatives: els elefants blancs són abandonats; el deute deixat afecta les finances de la ciutat durant diverses dècades. A vegades, al contrari, són molt positius: es crea un barri, una ciutat canvia de mida i de trajectòria, com Barcelona 1992 i la seva estratègia turística (oci i empresa). Davant d'aquestes situacions tan diverses, el Cahier posa llum sobre les condicions per a l'èxit dels megaesdeveniments. El més important és pensar en el llegat aigües amunt, des de la fase d'aplicació. El segon és adoptar una estratègia de promoció de l'esdeveniment: l'esdeveniment no és, des del punt de vista urbà, un fi sinó una gran oportunitat de desenvolupament; més enllà de l'entusiasme mediàtic, reforça i accelera una dinàmica de projecte.Barcelona und seine Olympischen Spiele 1992, ein Erfolgsmodell und ein kritisches Auge, das für zukünftige Olympiaden zu berücksichtigen ist. Anhand von etwa zwanzig Interviews mit Forschern, Akademikern, gewählten Beamten und Stadtarchitekten wirft diese sechste Ausgabe der Cahiers de la Chaire Immobilier et Développement Durable de l'ESSEC einen kritischen Blick auf die Auswirkungen von Großveranstaltungen auf die Städte und Immobilien Gastgeber sie wie die Olympischen und Paralympischen Spiele und die Weltausstellungen. Es relativiert dieses urbane und immobilienwirtschaftliche Erbe früherer Veranstaltungen mit den Erwartungen von Paris an die Olympischen und Paralympischen Spiele 2024, die es ausrichten wird, und an die Weltausstellung 2025, die es hätte ausrichten können, wenn seine Kandidatur aufrechterhalten worden wäre. Zum Zeitpunkt der Antragstellung, und Paris bestätigt dies, sind diese erwarteten Auswirkungen auf die Immobilien- und Stadtentwicklung und -planung immens. A-posteriori-Analysen in Europa, Brasilien und Japan zeigen, dass sie sich von Fall zu Fall unterscheiden. Manchmal sind sie gemischt oder sogar negativ: Weiße Elefanten werden ausgesetzt; Die verbleibenden Schulden wirken sich über mehrere Jahrzehnte auf die Finanzen der Stadt aus. Manchmal sind sie im Gegenteil sehr positiv: Ein Stadtteil entsteht, eine Stadt ändert Größe und Richtung, wie bei Barcelona 1992 und seiner Tourismusstrategie (Freizeit und Geschäft). Angesichts dieser unterschiedlichen Situationen beleuchtet der Cahier die Bedingungen für das Gelingen von Mega-Events. Das Wichtigste ist, bereits in der Anwendungsphase an das Legacy-Upstream zu denken. Die zweite besteht darin, eine Strategie zur Förderung der Veranstaltung zu entwickeln: Die Veranstaltung ist aus städtischer Sicht kein Ende, sondern eine enorme Entwicklungschance; über die Medienbegeisterung hinaus verstärkt und beschleunigt es eine Projektdynamik.Barcelona and its 1992 Olympic Games, a model of success and a critical eye to take into account for future Olympiads. Through some twenty interviews with researchers, academics, elected officials and urban architects, this sixth issue of the Cahiers de la Chaire Immobilier et Développement Durable de l'ESSEC takes a critical look at the urban and real estate effects of major events on the cities that host them such as the Olympic and Paralympic Games and the Universal Exhibitions. It puts this urban and real estate heritage of previous events into perspective with Paris' expectations of the 2024 Olympic and Paralympic Games, which it will host, and the 2025 world expo, which it could have hosted if its candidacy had been maintained. At the time of applications, and Paris confirms this, these expected impacts on real estate and urban development and planning are immense. A posteriori analyzes in Europe, Brazil and Japan show that they differ from one case to another. Sometimes they are mixed or even negative: white elephants are abandoned; the debt left impacts the finances of the city for several decades. Sometimes, on the contrary, they are very positive: a district is created, a city changes dimension and trajectory as for Barcelona 1992 and its tourism strategy (leisure and business). Faced with these diverse situations, the Cahier sheds light on the conditions for the success of mega-events. The most important thing is to think about the legacy upstream, from the application phase. The second is to adopt a strategy for promoting the event: the event is not, from an urban point of view, an end but a tremendous opportunity for development; beyond the media enthusiasm, it reinforces and accelerates a project dynamic.Barcelona y sus Juegos Olímpicos de 1992, modelo de éxito y ojo crítico a tener en cuenta para futuras Olimpiadas. A través de una veintena de entrevistas con investigadores, académicos, funcionarios electos y arquitectos urbanos, este sexto número de los Cahiers de la Chaire Immobilier et Développement Durable de l'ESSEC analiza críticamente los efectos urbanos e inmobiliarios de los grandes acontecimientos en las ciudades que acogerlos como los Juegos Olímpicos y Paralímpicos y las Exposiciones Universales. Pone en perspectiva este patrimonio urbanístico e inmobiliario de eventos anteriores con las expectativas de París de los Juegos Olímpicos y Paralímpicos de 2024, de los que será sede, y de la Exposición Universal de 2025, que podría haber albergado de haberse mantenido su candidatura. En el momento de las solicitudes, y París lo confirma, estos impactos esperados en el desarrollo y la planificación inmobiliarios y urbanos son inmensos. Análisis a posteriori en Europa, Brasil y Japón muestran que difieren de un caso a otro. A veces son mixtos o incluso negativos: se abandonan los elefantes blancos; la deuda que queda impacta las finanzas de la ciudad desde hace varias décadas. A veces, por el contrario, son muy positivas: se crea un distrito, una ciudad cambia de tamaño y de trayectoria, como sucedió con Barcelona 1992 y su estrategia turística (ocio y negocios). Ante estas diversas situaciones, el Cahier arroja luz sobre las condiciones para el éxito de los megaeventos. Lo más importante es pensar en el legado aguas arriba, desde la fase de aplicación. La segunda es adoptar una estrategia de promoción del evento: el evento no es, desde un punto de vista urbano, un fin sino una gran oportunidad de desarrollo; más allá del entusiasmo mediático, refuerza y acelera una dinámica de proyecto.Barcelone et ses jeux Olympiques de 1992, un modèle de réussite et un regard critique à prendre en compte pour les futures olympiades. À travers une vingtaine d’entretiens avec des chercheurs, des universitaires, des élus et des architectes urbanistes, ce sixième numéro des Cahiers de la Chaire Immobilier et Développement Durable de l’ESSEC porte un regard critique sur les effets urbains et immobiliers des grands événements sur les villes qui les accueillent comme les Jeux Olympiques, Paralympiques et les Expositions universelles. Il met en perspective cet héritage urbain et immobilier d’événements antérieurs avec les attentes de Paris envers les Jeux Olympiques et Paralympiques de 2024 qu’elle accueillera et l’Exposition universelle de 2025, qu'elle aurait pu accueillir si sa candidature avait été maintenue. Au moment des candidatures, et Paris le confirme, ces impacts espérés sur le développement et l’aménagement immobiliers et urbains sont immenses. Les analyses a posteriori en Europe, au Brésil et au Japon montrent qu’ils diffèrent d’un cas à l’autre. Parfois, ils sont mitigés voire négatifs : des éléphants blancs sont à l’abandon ; la dette laissée impacte les finances de la ville pour plusieurs décennies. Parfois, au contraire, ils sont très positifs : un quartier est créé, une ville change de dimension et de trajectoire comme pour Barcelone 1992 et sa stratégie touristique (loisirs et affaires). Face à ces situations diverses, le Cahier met en lumière les conditions du succès des mega-events. La plus importante est de penser l’héritage en amont, dès la phase de candidature. La deuxième est de se doter d’une stratégie de valorisation de l’événement : l’événement n’est pas, du point de vue urbain, une finalité mais une occasion formidable de développement ; au-delà de l’engouement médiatique, il conforte et accélère une dynamique de projet.Barcellona e le sue Olimpiadi del 1992, un modello di successo e uno sguardo critico da tenere in considerazione per le future Olimpiadi. Attraverso una ventina di interviste a ricercatori, accademici, funzionari eletti e architetti urbani, questo sesto numero dei Cahiers de la Chaire Immobilier et Développement Durable de l'ESSEC esamina in modo critico gli effetti urbani e immobiliari dei grandi eventi sulle città che ospitarli come i Giochi Olimpici e Paralimpici e le Esposizioni Universali. Mette questo patrimonio urbano e immobiliare degli eventi precedenti in prospettiva con le aspettative di Parigi per i Giochi Olimpici e Paralimpici del 2024, che ospiterà, e l'Esposizione Universale del 2025, che avrebbe potuto ospitare se la sua candidatura fosse stata mantenuta. . Al momento della presentazione delle domande, e Parigi lo conferma, questi impatti attesi sullo sviluppo e sulla pianificazione immobiliare e urbanistica sono immensi. Analisi a posteriori in Europa, Brasile e Giappone mostrano che differiscono da un caso all'altro. A volte sono misti o addirittura negativi: gli elefanti bianchi vengono abbandonati; il debito lasciato ha un impatto sulle finanze della città per diversi decenni. A volte, al contrario, sono molto positivi: si crea un quartiere, una città cambia dimensione e traiettoria, come con Barcellona 1992 e la sua strategia turistica (tempo libero e affari). Di fronte a queste diverse situazioni, il Cahier mette in luce le condizioni per il successo dei mega-eventi. La cosa più importante è pensare all'eredità a monte, dalla fase di applicazione. La seconda è adottare una strategia di promozione dell'evento: l'evento non è, dal punto di vista urbano, un fine ma una formidabile opportunità di sviluppo; al di là dell'entusiasmo dei media, rafforza e accelera una dinamica progettuale
Roundtrip engineering of NoSQL databases
No full textInternational audienceIn this article we present a framework describing a roundtrip engineering process for NoSQLdatabase systems. This framework, based on the Model Driven Engineering approach, is composed of aknowledge base guiding the roundtrip process. Starting from a roundtrip generic scenario, we proposeseveral roundtrip scenarios combining forward and reverse engineering processes. We illustrate ourapproach with an example related to a property graph database. The illustrative scenario consists ofsuccessive steps of model enrichment combined with forward and reverse engineering processes. Futureresearch will consist in designing and implementing the main components of the knowledge base
Tracing the Roots of Innovativeness in Family SMEs: The Effect of Family Functionality and Socioemotional Wealth
No full textInternational audienceBy integrating literature on family functionality, family firms, and socioemotional wealth (SEW), we develop a theoretical model explaining how family functionality and SEW dimensions influence firm innovativeness. Our multigroup structural equation model on two samples of family small and medium‐sized enterprises (SMEs) shows that family functionality is positively linked to SEW, whereas divergences emerge on the effect of different SEW dimensions on innovativeness. Binding social ties, the emotional attachment of family members to the firm, and the renewal of family bonds through intrafamily succession positively affect family SME innovativeness, while identification of family members with the firm has a negative effect. By deepening current understanding of the role and functionality of controlling families as determinants of their propensity to preserve SEW and achieve innovativeness, our findings offer important implications for theory and practice, paving the way for future research on SEW and family firm innovation
Do Investors Pay Sufficient Attention to Banks’ Unrealized Gains and Losses on Available-for-Sale Securities?
No full textUnrealized gains and losses on available-for-sale securities (AFSGL) are included in Other Comprehensive Income (OCI) and directly affect shareholders’ equity but are not included in earnings. We investigate whether unrealized AFSGL help predict future earnings and whether analysts and investors incorporate the information conveyed by unrealized AFSGL in a timely manner. We conduct our investigation on a sample of banks because unrealized AFSGL are material in the banking industry. First, we show that unrealized AFSGL are material and help in predicting next period realized AFSGL and future earnings change. Second, we document that financial analysts are slow to react to unrealized AFSGL and update their forecasts after AFSGL are realized in earnings. Third, we find that investors are also slow to react to unrealized AFSGL and do so only after AFSGL is included (realized) in earnings and after financial analysts update their forecasts. We document an annual difference of 5% in future abnormal returns between banks in the top and bottom quintiles of past unrealized AFSGL. A zero-cost trading strategy that relies on public information about unrealized AFSGL generates a sizeable monthly alpha that ranges between 1.8% and 1.9%
L'impact de l'obsolescence perçue des biens durables sur la décision de remplacement et la destinée de l'objet remplacé
No full textThis research aims to understand, define and measure the perceived obsolescence of durable goods. A qualitative study of 10 people followed by three quantitative studies of 765 people made it possible to i) define the obsolescence of a durable good owned by a consumer as his/her perception that there is a better product on the market; (ii) to measure its technological, social, ecological, market and technological dimensions and (iii) to understand its antecedents and its consequence on the intention to replace a product, as well as the destiny of the replaced product. The theoretical contributions as well as the societal and managerial implications are then discussed.Cette recherche vise à comprendre, définir et mesurer l’obsolescence perçue des objets dans le domaine des biens durables (OPP). Une étude qualitative auprès de 10 personnes suivie de trois études quantitatives auprès de 765 personnes ont permis de i) définir l’OPP comme la perception du consommateur qu’il existe un produit meilleur que le sien sur le marché; ii) mesurer ses dimensions technologique, sociale, écologique, marchande et technologique et iii) comprendre ses antécédents et les conséquences sur l’intention de remplacer un produit, ainsi que sur la destinée de l’objet remplacé. Les résultats sont mis en perspective de la théorie ainsi que des implications sociétales et managériales
On the Dependence between Quantiles and Dispersion Estimators
No full textIn this study, we derive the joint asymptotic distributions of functionals of quantile estimators (the non-parametric sample quantile and the parametric location-scale quantile) and functionals of measure of dispersion estimators (the sample standard deviation, sample mean absolute deviation, sample median absolute deviation) - assuming an underlying identically and independently distributed sample. Additionally, for location-scale distributions, we show that asymptotic correlations of such functionals do not depend on the mean and variance parameter of the distribution. Further, we compare the impact of the choice of the quantile estimator (sample quantile vs. parametric location-scale quantile) in terms of speed of convergence of the asymptotic covariance and correlations respectively. As application, we show in simulations a good finite sample performance of the asymptotics. Further, we show how the theoretical dependence results can be applied to the most well-known risk measures (Value-at-Risk, Expected Shortfall, expectile). Finally, we relate the theoretical results to empirical findings in the literature of the dependence between risk measure prediction (on historical samples) and the estimated volatility
Predicting risk with risk measures : an empirical study
No full textIn this study we consider the risk estimation as a stochastic process based on the Sample Quantile Process (SQP) - which is a generalization of the Value-at-Risk calculated on a rolling sample. Using SQP's, we are able to show and quantify the pro-cyclicality of the current way nancial institutions measure their risk. Analysing 11 stock indices, we show that, if the past volatility is low, the historical computation of the risk measure underestimates the future risk, while in periods of high volatility, the risk measure overestimates the risk.Moreover, using a simple GARCH(1,1) model, we conclude that this pro-cyclical eect is related to the clustering of volatility. We argue that this has important consequences for the regulation in times of crisis
