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Liquidity Supply across Multiple Trading Venues
No full textFinancial markets are increasingly fragmented. How to supply liquidity in this environment? Using an inventory model, we analyze how two strategic intermediaries compete across two venues that can be hit simultaneously by liquidity shocks of equal or opposite signs. Although order flow is fragmented ex-ante, we show that intermediaries might strategically consolidate it ex-post, improving global liquidity. We also find that local spreads co-move together across venues as a result of global inventory management. Using Euronext proprietary data, we uncover new evidence of inventory control across venues and find that local spreads vary in a way uniquely predicted by the model
Traduction d'un outil de contrôle de gestion dans le secteur public : Le cas du BSC dans l'Armée de Terre Française
No full textInternational audienceCet article étudie le cas de la traduction du Balanced Scorecard (BSC) dans l’armée de terre française sous le prisme de la théorie de l’acteur réseau. Cette étude montre que cette traduction a été chaotique, et a nécessité de nombreux retours aux phases initiales de problématisation et d’enrôlement. Elle a été facilitée dès lors que l’outil, au-delà de ses fonctions premières, est devenu un véhicule de l’identité de l’organisation. Par ailleurs, cette traduction n’est pas le résultat des actions d’un seul homme, mais celui d’un processus intrinsèquement social reposant sur la collaboration et l’affrontement de différents acteurs humains et non humains.<br/
Effectiveness of Montelukast on asthma control in infants: methodology of a French claims data study
No full textInternational audienceBackground: This pilot study, conducted on a 1/97th representative sample of French claims data, prepared a project to assess the effectiveness of Montelukast (MTL-4) as add-on therapy for asthma in infants (6–24 months) compared to inhaled corticosteroids (ICS), based on real-world data. Due to the very recent opening of French claims data for effectiveness research, and the complex structure of this data source, we first tested the feasibility of identifying infants with asthma and outcome criteria, and the ability to perform relevant comparisons. Methods: We identified a cohort of infants with uncontrolled asthma and receiving ≥2 consecutive dispensations of any respiratory drug (R03 ATC classification) during a 6-month period. Uncontrolled asthma was identified either from exacerbations or from markers of acute loss of asthma control; date of occurrence of an event (exacerbation and/or acute loss of asthma control) was defined as index date. The study groups comprised infants receiving MTL-4 +/− ICS (MTL-4 group) or ICS without MTL-4 (ICS group) at index date. These two groups were matched on gender, age, quarter of index date, therapy before index date, past asthma-related hospitalization (ever), and were followed for 6 months. The outcome was the rate of infants with uncontrolled asthma, defined as above
Employee Representatives in France. Which are the perceptions and expectations by employers?
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Firm size, ownership, training duration and training evaluation practices
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On some applications of the selective graph coloring problem
No full textInternational audienceIn this paper we present the Selective Graph Coloring Problem, a generalization of the standard graph coloring problem as well as several of its possible applications. Given a graph with a partition of its vertex set into several clusters, we want to select one vertex per cluster such that the chromatic number of the subgraph induced by the selected vertices is minimum. This problem appeared in the literature under different names for specific models and its complexity has recently been studied for different classes of graphs. Here, we describe different models – some already discussed in previous papers and some new ones – in very different contexts under a unified framework based on this graph problem. We point out similarities between these models, offering a new approach to solve them, and show some generic situations where the selective graph coloring problem may be used. We focus on specific graph classes motivated by each model, and we briefly discuss the complexity of the selective graph coloring problem in each one of these graph classes and point out interesting future research directions
A taxonomy of evaluation methods for information systems artifacts
No full textFNEGE 1, ABS 4International audienceArtifacts, such as software systems, pervade organizations and society. In the field of information systems (IS) they form the core of research. The evaluation of IS artifacts thus represents a major issue. Although IS research paradigms are increasingly intertwined, building and evaluating artifacts has traditionally been the purview of design science research (DSR). DSR in IS has not reached maturity yet. This is particularly true of artifact evaluation. This paper investigates the “what” and the “how” of IS artifact evaluation: what are the objects and criteria of evaluation, the methods for evaluating the criteria, and the relationships between the “what” and the “how” of evaluation? To answer these questions, we develop a taxonomy of evaluation methods for IS artifacts. With this taxonomy, we analyze IS artifact evaluation practice, as reflected by ten years of DSR publications in the basket of journals of the Association for Information Systems (AIS). This research brings to light important relationships between the dimensions of IS artifact evaluation, and identifies seven typical evaluation patterns: demonstration; simulation- and metric-based benchmarking of artifacts; practice-based evaluation of effectiveness; simulation- and metric-based absolute evaluation of artifacts; practice-based evaluation of usefulness or ease of use; laboratory, student-based evaluation of usefulness; and algorithmic complexity analysis. This study also reveals a focus of artifact evaluation practice on a few criteria. Beyond immediate usefulness, IS researchers are urged to investigate ways of evaluating the long-term organizational impact and the societal impact of artifacts
Approche comparée des dispositifs anti-OPA en Europe à la lumière de la directive sur les OPA
No full textThe European directive 2004/25/CE on take-over bids imposed the transparency on the structure of the capital and the anti-EPO measures, either obstacles to the access to the capital, or to the exercice of the control at the level of the general asssembly or of the board of directors. The comparative law allows to establish that countries tolerate this outfit o f "poison pill"s in diveres ways according to their tradition of governance. Among European countries, four models can be distinguished, from the most open to thmeo st closed. The European Commission showed its will to harmonize the defenses and to limit the obstacles to buds by establishing in the text a device assuring, besides the transparency (article 10), the neutralization of the leader in case of offer (article 9) and the limitation of the defenses (article 11). But it seems clearly that the article 12 of the directive, added after negotiations with the European Parliament and the States, allosw "arrangements" and limits the "level playing field". Since then, France, through the Florange law of 2013, dedicated among others the double voting right and the relinquishment of the neutrality of the management; but the success with companies is very reserved because the investors and the shareholders have very widely used the vote of resolutions going against the text.La directive européenne 2004/25/CE sur les OPA a imposé la transparence sur la structure du capital et les dispositifs anti-OPA, qu’ils soient des obstacles à l’accès au capital, à l’exercice du contrôle au niveau de l’assemblée générale ou du conseil d’administration. La comparaison en droit permet d’établir que les pays tolèrent ou non cette panoplie de « poison pills » de manière diverse en fonction de leur tradition de gouvernance. Quatre modèles peuvent être ainsi distingués regroupant les Etats membres de l’Union Européenne des plus ouverts au plus fermés. La Commission européenne a montré sa volonté d’harmoniser les défenses et de limiter les obstacles aux offres publiques en instaurant dans le texte un dispositif assurant outre la transparence (article 10), la neutralisation du dirigeant en cas d’offre (article 9) et la limitation des défenses (article 11). Mais il apparait clairement que l’article 12 de la directive ajouté après des négociations avec le Parlement européen et les Etats permet des « arrangements » et limite le « level playing field ». Depuis, la France, au travers de la loi Florange de 2013, a consacré entre autres le droit de vote double et l’abandon de la neutralité de la direction ; mais le succès auprès des entreprises est très mitigé car les investisseurs et actionnaires ont très largement utilisé le vote de résolutions allant à l’encontre du texte
Long Memory Through Marginalization of Large Systems and Hidden Cross-Section Dependence
No full textThis paper shows that large dimensional vector autoregressive (VAR) models of finite order can generate long memory in the marginalized univariate series. We derive high-level assumptions under which the final equation representation of a VAR(1) leads to univariate fractional white noises and verify the validity of these assumptions for two specific models. We consider the implications of our findings for the variances of asset returns where the so-called golden-rule of realized variances states that they tend always to exhibit fractional integration of a degree close to 0:4