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Employee Representatives in France: Employers’ Perceptions and Expectations Towards Improved Industrial Relations
No full textInternational audienc
Editorial of the 2015 special issue about Electromobility
No full textInternational audienceElectric vehicles (EVs) are not a 21st century innovation. They first surfaced during the early days of the automotive industry, and continued evolving until the rise of Fordism. During that period, EVs dominated the market but, within a matter of years, they disappeared in favour of internal combustion vehicles (ICV). Throughout the 20th century, researchers, engineers, experts and consultants encouraged manufacturers to launch new EVs, but each attempt led to failure.Today, EVs (full electric, hybrids, plug-in hybrids, as well as hydrogen fuel cell vehicles) are resurfacing through a wide range of projects and in a number of different ways. First, EVs are no longer considered to be experimental concept cars, but rather are incorporated into the production plans of mainstream manufacturers (e.g., Zoé by Renault, Leaf by Nissan, Prius by Toyota, DS by PSA, BMW i by BMW). Second, new entrants to the marketplace like Tesla Motors or BYD are bypassing the barriers that traditionally controlled entry into the automotive industry and are instead positioning themselves within the elite circle of car manufacturers (Donada, 2013). Third, the EVs resurgence does not focus solely on the vehicles themselves but also on a set of associated services such as car-sharing, battery rental, charging infrastructures, and vehicle-to-grid (V2G) systems. Operating these services are many non-automotive companies such as energy and service providers, battery producers, telecoms, and internet companies; all of which are motivated stakeholders in the new ‘electromobility’ industry. Electromobility has much more to offer than simply EVs sold to individuals or fleets. It also refers to the use of electric powertrain technologies, in-vehicle information, vehicle-to-vehicle communication systems and dedicated infrastructures that enable the use of personal or collective EVs. Therefore, the electromobility industry in fact corresponds to the ecosystem of stakeholders contributing to electromobility products and services.Numerous researchers in the fields of management and economics, in engineering sciences, or in political and social sciences, have analysed the development of electromobility in terms of its ‘raison d’être’ and principle consequences. Their studies have been disseminated through books (Ehsani et al., 2009; Calabrese, 2012) and in academic papers published in general or specialised reviews (Aggeri et al., 2009; Sioshansi and Denholm, 2009; San Roman et al., 2011). The authors generally consider electromobilityto be a solution to various mobility issues due to its compliance with fuel efficiency and emission requirements, as well as market demands for lower mobility costs and constraints. Additionally, electromobility can be considered a contributing factor in protecting collective public goods like local public health (via reduced urban air and noise pollution), stabilising the effects of global warming by reducing sulphur dioxide (SO2), nitrogen dioxide (NOx) and carbon dioxide (CO2) emissions, and increasing energy security by creating conditions for energy independence that also serve to reduce the impact of oil price fluctuations
Effect of Impairment-Testing Disclosures on the Cost of Equity Capital
No full textInternational audienceInformation risk – the uncertainty regarding the parameters of the distribution of firms’ future cash flows – generates valuation errors and is costly to investors who require a higher return to compensate for greater information risk. We argue that, on average, through their impairment-testing disclosures, managers convey information that reduces information risk. Using disclosures from firms included in the SBF 250 index of Euronext Paris over the period 2006–2009, we document a negative association between impairment-testing disclosures and implied cost of equity capital. We find that prospective entity-specific impairment-testing disclosures are negatively associated with cost of capital whereas descriptive disclosures exhibit no association with cost of capital. Additionally, we document that firms which avoid booking impairments when low performance indicators suggest a greater likelihood of impairments exhibit no association between impairment-testing disclosures and cost of capital. This suggests that those firms’ disclosures are perceived as less accurate by investors. We also find that prospective impairment-testing disclosures are negatively related to analysts’ forecast errors. Our study adds to the literature on the economic consequences of financial reporting and sheds light on the consequences of one accounting mechanism, namely impairment-testing disclosures, ensuring conservatism of financial reporting
Experimental Evidence on Gender Interaction in Lying Behavior
No full textThe paper reports results from an Ultimatum Game experiment with asymmetric information where Proposers can send to Responders misleading information about their endowment. We allow for all possible gender combinations in the Proposer-Responder pairs. Proposer messages that underestimate the actual amount are quite widespread. The frequency of lying is slightly higher in mixed groups. Conditional on lying, men tend to state bigger lies than women. On the other hand, women tend to tell smaller lies when paired with men, than when paired with women. In general, women present higher acceptance rates than men
A note on Tauberian Theorems of Exponential Type
No full textTauberian Theorems of exponential type provided by Kohlbecker, de Bruijn, and Kasahara are proved in only one Tauberian theorem. To this aim, the structure of those classical tauberian theorems is identified and, using a relationship recently proved by Cadena and Kratz, the relationships among its components are given
Bank funding constraints and the cost of capital of small firms
No full textThis paper analyzes how banks' funding constraints impact the access and cost of capital of small firms. Banks raise external finance from a large number of small investors who face co-ordination problems and invest in small, risky businesses. When investors observe noisy signals about the true implementation cost of real sector projects, the model can be solved for a threshold equilibrium in the classical global games approach. We show that a "socially optimal" interest rate that maximizes the probability of success of the small firm is higher than the risk-free rate, because higher interest rates relax the bank's funding constraint. However, banks will generally set an interest rate higher than this socially optimal one. This gives rise to a built-in inefficiency of banking intermediation activity that can be corrected by various policy measures
"Facta non verba" : an experiment on pledging and giving
No full textLocalisation : Centre de documentation P. Bartoli, UMR LAMETA, Montpellier (BR 1708) 1512This paper builds an experiment to investigate whether asking people to state how much they will donate to a charity (to pledge) can increase their actual donation. Individuals’ endowment is either certain or a random variable. We study different types of pledges, namely private, public and irrevocable ones, which differ in individual cost of not keeping a promise. Public pledges appear to be associated to lower donation levels. Irrevocable pledges ensure an amount of donations equal to donations in absence of pledges. Moreover, a significant number of individuals keep their promises, in presence of either private or public pledges. A higher risk attached to the endowment increases donations
Food for thought: Which organization and governance to boost innovation in the auto-mobility industry? International Journal of Automotive Technology and Management
No full textInternational audienc
Optimal Growth with Polluting Waste and Recycling
No full textWe study an optimal AK-like model of capital accumulation and growth in the presence of a negative environmental externality in the tradition of Stokey (1998). Both production and consumption activities generate polluting waste. The economy exerts a recycling effort to reduce the stock of waste. Recycling also generates income, which is fully devoted to capital accumulation. The whole problem amounts to choosing the optimal control paths for consumption and recycling to maximize a social welfare function that notably includes the waste stock and disutility from the recycling effort. We provide a mathematical analysis of both the asymptotic behavior of the optimal trajectories and the shape of transition dynamics. Numerical exercises are performed to illustrate the analysis and to highlight some of the economic implications of the model