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The Competitive Effects of Vertical Integration in Platform Markets
No full textWe analyze vertical integration in a setting where, first, platforms compete to provide an operating system to manufacturers of devices and attract developers of applications, and, second, there are indirect network effects between buyers of devices and developers of applications. Vertical integration creates market power over developers, and over non-integrated manufacturers but only under certain circumstances. That market power enables to coordinate pricing decisions across both sides of the market, which leads to a better internalization of network effects. Vertical integration does not systematically lead to foreclosure and can benefit all parties, even in the absence of efficiency gains. Its competitive impact depends on the strength and the structure of indirect network effects
EFFICIENT ESTIMATION IN EXTREME VALUE REGRESSION MODELS OF HEDGE FUND TAIL RISKS
No full textWe introduce a method to estimate simultaneously the tail and the threshold parameters of an extreme value regression model. This standard model finds its use in finance to assess the effect of market variables on extreme loss distributions of investment vehicles such as hedge funds. However, a major limitation is the need to select ex ante a threshold below which data are discarded, leading to estimation inefficiencies. To solve these issues, we extend the tail regression model to non-tail observations with an auxiliary splicing density, enabling the threshold to be selected automatically. We then apply an artificial censoring mechanism of the likelihood contributions in the bulk of the data to decrease specification issues at the estimation stage. We illustrate the superiority of our approach for inference over classical peaks-over-threshold methods in a simulation study. Empirically, we investigate the determinants of hedge fund tail risks over time, using pooled returns of 1,484 hedge funds. We find a significant link between tail risks and factors such as equity momentum, financial stability index, and credit spreads. Moreover, sorting funds along exposure to our tail risk measure discriminates between high and low alpha funds, supporting the existence of a fear premium
Fragmentation and strategic market-making
No full textNational audienceHow does trading in one venue affect the quoting strategies of market makers in other venues? We develop a two-venue imperfect competition model in which market makers face quadratic costs when absorbing shocks. Nonconstant marginal costs imply that absorbing a shock in one venue simultaneously changes marginal costs in all other venues. Moreover, market makers strategically choose which shock(s) to absorb. These two forces may intensify competition, leading to enhanced liquidity. Using Euronext proprietary data, we track individual best bid and ask quotes of intermediaries in each venue. We uncover evidence of strategic cross-venue market-making behavior which is uniquely predicted by our model
LE PAS DE COTE DE FEMMES DIRIGEANTES - ETUDE QUALITATIVE: Interviews menés en complément du Working Paper 2208
No full textThis study, based on an original survey conducted among the alumni of the Women Board Ready - ESSEC program*, aims to clarify the demands that women managers in France are now expressing, even though public policies, including the Ioi Rixain of December 24, 2021, are strongly encouraging companies to increase the gender mix in positions of power. Do they still aspire to build a career in the traditional sense of the term? The survey revealed the following elements: their way of conceiving the exercise of "power", of carrying out their professional mission and of balancing professional and personal success leads them to make choices, to set conditions or even to take a "side step": to refuse an appointment, or even to leave altogether etc. If they are asking for support from the company on issues that were previously considered to be private, they are above all expressing a strong expectation of respect for values and are asking for real and concrete changes that go beyond a simple corporate discourse of good taste. These "whistleblowers" are raising their voices. *These women with high-level professional backgrounds and in various sectors, in companies or as independents, constitute a representative sample of the potential expectations of women in leadership positions in France. The study consisted in comparing this survey with articles, studies and books on this little-known subject in order to consolidate the diagnosis. Between 2022 and 2023, it is striking to note that this rather inaudible subject becomes key and is covered by press articles and reports from consulting firms. The fact remains that academic research is still rare, even though companies are challenged by this phenomenon of active and resolute speaking out by women who are offered positions at the highest level. Dig again the subject therefore seemed relevant.L’étude publiée en février 2022 comme working paper du CERESSEC a été réalisée à partir d’une enquête originale menée auprès des Alumnae du programme Women Board Ready – ESSEC*. Elle avait comme objectif de clarifier les demandes des femmes dirigeantes en France, alors même que les politiques publiques dont la Ioi Rixain du 24 décembre 2021 incitent fortement les entreprises à plus de mixité des espaces de pouvoir. La question posée était celle-ci : Les femmes ambitionnent-elles encore de construire une carrière au sens traditionnel du terme ? De l’enquête ressortait les éléments suivants : leur manière de concevoir l’exercice du «pouvoir», de mener à bien leur mission professionnelle et d’équilibrer réussite professionnelle et personnelle les conduit à faire des choix, poser des conditions voire faire un «pas de côté» : refuser une nomination, voire carrément partir. Si elles sont en demande d’un accompagnement de l’entreprise sur des sujets jusqu’ici considérés comme relevant de la sphère privée, elles expriment surtout une attente forte sur le respect des valeurs et demandent des changements réels et concrets allant au-delà d’un simple discours corporate de bon ton. Ces femmes en « lanceuses d’alerte » haussent le ton. *Ces femmes dotées de parcours professionnels de haut niveau et dans divers secteurs, en entreprise ou comme indépendantes constituent un échantillon représentatif des attentes potentielles des femmes en position de dirigeantes en France.L’étude a ensuite consisté à frotter les résultats de l’enquête aux articles, études et ouvrages approchant ce sujet, au demeurant encore peu émergé pour consolider un diagnostic. Entre 2022 et 2023, il est frappant de constater que ce sujet assez inaudible est abordé par des articles de presse et des rapports de consultants. Il n’en reste pas moins que la recherche académique est encore rare, alors même que les entreprises sont interpellées par cette prise de parole plus assertive de femmes à qui l’on propose les postes au plus haut niveau. Creusez encore le sujet à des lors paru pertinent
Should Crypto-Asset Regulation Be Technology-Neutral?
No full textInternational audienceAlmost every legislative project on crypto assets defends the principle of technological neutrality. This principle is based on three arguments. Future-proofing protects against the risk of change or obsolescence. Impartiality protects against the risk of discrimination between economic actors making different technical choices. Functional equivalence means that the same business leads to the same rules, even when that business is served by different technologies and processes. But bringing the principle to the fore may also hide some unease with the technicality of the subject.Implementing the technology-neutrality principle into legislation is proving tricky. National legislators are tempted to adopt vague or clumsy legal definitions, or to rely on industry regulators to sort out the details. The lack of clear definitions complicates the writing of operational rules. Some lawmakers use the legacy legal framework as the basis for amendments with the result that the new one is rather skewed toward legacy technologies than actually neutral.Applied too literally, the technology-neutrality principle may leave some issues unaddressed with too much discretionary power on supervisors or judges. Legal uncertainty may be just shifted rather than reduced. Investors may not see technology-neutrality as an end in itself if it compromises the very profitability of a DLT-specific investment. Finally, with respect to Private International Law, applying technological neutrality within national law while seeking harmonisation of crypto-asset regulation with that of other jurisdictions looks like squaring the circle
Public management and crisis : lessons for neoliberalism drawn from a city-state
No full textInternational audienc
Practice, Profession, Place and Power: The development of a new practice and the dynamics of change in the field
No full textInternational audienc
