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La reddition des émissions de gaz à effet de serre par les sociétés cotées françaises : Cohérence et traçabilité méthodologique
No full textInternational audienc
Dark pools et trading haute-fréquence : une évolution utile ?
No full textInternational audienceLes développements technologiques et réglementaires ont favorisé l’essor de deux phénomènes majeurs associés à plus d’opacité : le trading haute fréquence (THF) et les dark pools. Une transaction sur deux est désormais le fait du THF. Les dark pools attirent respectivement 10 % du volume de transactions en Europe et 20 % aux États-Unis, notamment en raison des traders haute fréquence ciblant les ordres non informés qui s’y échangent. Les études académiques montrent que les coûts de transaction n’ont jamais été aussi faibles sous la pression concurrentielle du THF. Ils sont toutefois stables depuis 2009 alors même que la vitesse ne cesse d’augmenter. L’efficience des marchés s’est améliorée grâce à l’activité d’arbitrage du THF. Cependant, plus le volume d’échange se déplace vers les dark pools, plus le risque d’une dégradation de la liquidité et de l’efficience augmente. Si l’on ajoute le risque de distorsion de concurrence et le risque opérationnel et technologique, les régulateurs font face à des enjeux de plus en plus complexes
La fabrication du « médico-éonomique » à l'hôpital français : une analyse de la littérature
No full textInternational audienceDans cet article, nous conduisons une analyse de 67 articles et communications issus de travaux de recherche en gestion qui se sont intéressés à la mise en œuvre des réformes à l'hôpital public depuis 2005. Nous regardons ce qu'ils nous apprennent sur un enjeu clé de ces réformes à savoir l’intégration des dimensions médicales et économiques de l'activité à l'hôpital. Nos résultats montrent que ces travaux de recherche ne traitent pas de la construction du médico-économique lui-même ou des conséquences des réformes sur les pratiques médico-économiques des acteurs, mais plutôt des difficultés de mise en œuvre de ces réformes. Dans les travaux analysés, le médico-économique apparaît donc comme une donnée ou un élément de contexte, plutôt que comme un enjeu ou un objet de recherche en soi. L'étude de notre corpus fait notamment ressortir une place centrale pour l’instrumentation de gestion dans les changements en cours, et une grande variété dans les pratiques des établissements, en dépit du caractère standard des réformes. Au-delà des résultats des travaux de recherche, cette revue de littérature nous conduit à formuler des propositions pour renforcer la structuration de la recherche appliquée sur le management hospitalier, et développer les contributions de la recherche à l'élaboration des politiques
Le risque de sanctions prononcées par les autorités de régulation et la gestion par les entreprises de l’aléa quasi-judiciaire
No full textNational audiencePour les entreprises, une politique de gestion avisée des risques juridiques passe par la prise en compte du risque de se voir infliger une sanction pécuniaire par les autorités de régulation. Nous proposons tout d’abord une définition du risque quasi-pénal en relation avec l’aléa quasi-judiciaire et nous montrons que ce risque peut être singulièrement délimité, lorsque les autorités de régulation font le choix de publier des lignes directrices relatives à la détermination des sanctions. Nous présentons ensuite les attitudes et les stratégies que les entreprises peuvent adopter vis-à-vis du risque quasi-pénal
Field Description in Work Integration: Part 1 of deliverable 7.1 of the project "Impact of the Third Sector as Social Innovation" (ITSSOIN)
No full textIs corporate social responsibility a new spirit of capitalism?
No full textInternational audienceOur study casts doubt on whether the managerial literature on corporate social responsibility is currently capable of developing a persuasive discourse to bring about change in corporate capitalism. By applying the framework and methodology of the spirit of capitalism, introduced by Boltanski and Chiapello, to a corpus of managerial books, we suggest that corporate social responsibility exhibits the core characteristics that together exemplify the ‘spirit of capitalism’. However, corporate social responsibility deals inadequately with the two key characteristics of the spirit of capitalism—security and fairness—by disregarding individual security and tangible rewards for workers who play decisive roles in enacting the spirit. The lack of consideration for workers could weaken the potential of corporate social responsibility to grow into a new spirit of capitalism and to bring about changes envisioned by critical management studies in corporate capitalism
Living in a Stochastic World and Managing Complex Risks
No full textIf there is a concept that has gained awareness during the financial crisis of 2008/2009, it is certainly the concept of risk and its consequence in risk management. The failure of many financial institutions to grasp the risks they were taking appeared so clearly and was so costly that the subject became central both with the regulators and more generally within society. Even though risk is an old concept, its perception has changed over the ages. In this century, the increase of wealth and the advances of scientific techniques may give the illusion to mankind that it has full power over Nature. People are either risk adverse or risk prone, without accepting its possible negative consequences, reactions that could be qualified as extreme and silly. Looking at it in a binary way does not help us cope with it. There is indeed little rational behavior when risk is concerned. Instead we should consider its right definition to be able to manage it. Already in the XVIII th century, philosophers came to realize that risk could contain two aspects as summarized by the French thinker Etienne Bonnot de Condillac (1714-1780) who qualified risk as " The chance of incurring a bad outcome, coupled, with the hope, if we escape it, to achieve a good one. " We see here the birth of a notion that will become prevalent in finance and economics during the XX t
A Security Ontology for Security Requirements Elicitation
No full textInternational audienceSecurity is an important issue that needs to be taken into account at all stages of information system development, including early requirements elicitation. Early analysis of security makes it possible to predict threats and their impacts and define adequate security requirements before the system is in place. Security requirements are difficult to elicit, analyze, and manage. The fact that analysts' knowledge about security is often tacit makes the task of security requirements elicitation even harder. Ontologies are known for being a good way to formalize knowledge. Ontologies, in particular, have been proved useful to support reusability. Requirements engineering based on predefined ontologies can make the job of requirement engineering much easier and faster. However, this very much depends on the quality of the ontology that is used. Some security ontologies for security requirements have been proposed in the literature. None of them stands out as complete. This paper presents a core and generic security ontology for security requirements engineering. Its core and generic status is attained thanks to its coverage of wide and high-level security concepts and relationships. We implemented the ontology and developed an interactive environment to facilitate the use of the ontology during the security requirements engineering process. The proposed security ontology was evaluated by checking its validity and completeness compared to other ontologies. Moreover, a controlled experiment with end-users was performed to evaluate its usability
International evidence on the impact of adopting English as an external reporting language
No full textInternational audienceThis study investigates the economic consequences of non-English-speaking companies adopting English as an external reporting language. We examine a sample of European companies that initiate the voluntary issuance of an annual report in English in addition to the local language annual report. To control for self-selection, we use a difference-in-differences design with a propensity score matched control sample. We find that adoption of English as an external reporting language is associated with increased foreign ownership, decreased information asymmetry, and increased analyst following. We also find that these benefits are not conditional on the use of IFRS for financial reporting. Our findings hold if we run a number of robustness checks to control for correlated events (creation of an investor relations service, provision of conference calls, and/or changes in management). These results are consistent with the language used in the annual report acting as a barrier to investment for some investors and with annual reports issued in English reducing investors’ information processing costs
Revisiting extensions of regularly varying functions
No full textRelationships among the classes M , M ∞ , and M −∞ and the class of O-regularly varying functions are shown. These results are based on two characterizations of M , M ∞ , and M −∞ provided by Cadena and Kratz in [7] and a new one given in this note