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The Humble Crumble: What Predictive Analytics Can Tell Us About The Market
No full textInternational audienceThis paper examines how the evolution of a protective algorithm, used in conjunction with a physical speed bump by a certain financial exchange (IEX) to deter high-frequency trading, provides a lens to understand changing market dynamics and fairness in modern financial markets. This system aims to protect regular investors by detecting when stock prices are about to change rapidly: without such protection, ultra-fast traders can profit unfairly by acting on price changes microseconds before other market participants can react. Through the analysis of several versions of this "Crumbling Quote Indicator" (CQI), we track how the defenses of the exchange have evolved from statistical predictions to explicit rules about market behavior. The latest version moving to clear, deterministic rules with dynamic adjustments suggests that certain market scenarios have become reliably predictive of adverse price movements. This architectural evolution offers insights into both the changing nature of modern market microstructure and the industry's growing understanding of how to detect and prevent unfair trading advantages. Our findings contribute to the ongoing discussion about market fairness and how technological innovation, specifically predictive analytics, shapes modern market structure
Market pathways to food systems transformation toward healthy and equitable diets through convergent innovation
No full textInternational audienceAchieving food system transformation requires a deep understanding of the market mechanisms that underpin both the social benefits and the externalities of modern development. We examine how market dynamics affect the production and consumption of healthy and equitable diets in North America. Using causal loop diagramming, we show how three market feedback processes (industry capabilities, consumer category considerations, and systems and institutions) both constrain and enable food system transformation. Through behavioral-dynamic computational modeling, we demonstrate the ineffectiveness of isolated social or commercial interventions to achieve equitable access to nutritious foods across populations of varying socioeconomic statuses. Rather, self-sustaining transformations at scale require convergent innovations that bridge individual and collective action across typically siloed sectors, to achieve alignment between commercial, social, and environmental goals and activities. We discuss how this simulation-based analytical framework can inform policy for food system transformation, whether at the local, national, or global level.<br/
Board effectiveness and internalization benefits : Theory and evidence from value creation in cross-border acquisitions
No full textInternational audienceWe examine how the value created by technological and marketing intangible assets in foreign direct investment (FDI) varies with board effectiveness conditions. Synthesizing internalization and agency theories, we theorize that a firm can better leverage intangibles and create value through acquisitive FDI if its board setup enables effective monitoring and advising. Empirically, we operationalize the “quad” elements of board effectiveness—independence, expertise, bandwidth, and motivation—and account for multiple selectivity related to disclosure decisions and mode choice. Analyzing 675 cross-border acquisitions by U.S. public firms (1998–2016), we quasi-replicate and extend internalization results linking intangibles with abnormal returns upon FDI announcement. Advancing internalization research through corporate governance insights, our findings show that board effectiveness moderates the value-creating effects of intangibles in multinational enterprises' foreign expansion.<br /
Beyond the Landlords : Exploring Perceptual Attributes and Benefits of Science Parks from an Ecosystem Perspective
No full textInternational audienceScience parks (SPs) are expected to boost the growth and capabilities of their tenant companies, most research on their performance focuses on the outcomes or performance of these companies. However, science parks are in social ecosystems with responsibilities to a range of stakeholders, including tenant companies, the community, residents, and employees. This paper explores how different stakeholders evaluate science parks, and the relations between perceptual attributes and benefits from the perspective of stakeholders. We take Zizhu national science park as a case study and found that this relationship is affected by the heterogeneity of various factors, including the type and size of the company, the respondent’s role, and the position of employees etc. We identify top three attributes and three benefits, and explored their relations. This paper provides a detailed and nuanced view of their roles within the broader ecosystem.<br/
Collective risk-taking by couples : Individual vs household risk
No full textInternational audience101 real couples participated in a controlled experimental risk-taking task involving variations in household and individual income risks, while controlling for ex-ante income inequality. Our design disentangles the effects of household risk, intra-household risk inequality, and ex-post payoff inequality. We find that most couples (about 79%) pooled their risk at the household level when risks were borne symmetrically, but a significant proportion of couples (about 36%) failed to do so when individual risks were borne asymmetrically. Additionally, within the scope of the control variables we have utilized, we find that intra-household risk inequality has a larger impact on non-married couples compared to married ones. These results remain robust when the analysis is limited to couples in which both spouses are risk-averse. Lastly, we find that preferences for household efficiency are significantly correlated across both certain and risky situations. However, couples consisting of two income-maximizing spouses do not show greater aversion to risk inequality compared to couples with other compositions.<br /
Notes et souvenirs d’enfance d’André-Pierre Nouvion (né en 1939) qui a habité pendant les annéesd’occupation dans les Pavillons des médecins rue Louis Camate à Champrosay par Draveil, Seine et Oise(Sanatorium Joffre-Dupuytren) à l’orée de la forêt de Sénart
No full textInternational audienceCommunication faite aux Archives de l'Assistance Publique-Hopitaux de Paris par André-Pierre Nouvion, docteur en droit et Jean-Baptiste Nouvion.Durant la Seconde Guerre mondiale, le sanatorium Joffre de Champrosay (fondé en 1931 près de Draveil pour les tuberculeux) a joué un rôle discret mais crucial dans la Résistance locale. Grâce à la crainte de la tuberculose, l’établissement est resté à l’écart des contrôles allemands, devenant un refuge pour résistants, juifs et enfants de résistants, hébergés parmi les malades et le personnel. Les médecins, dont Henri Nouvion et Maurice Blondeau, ont organisé la protection et l’exfiltration de personnes recherchées, parfois au péril de leur vie. En 1945, plusieurs médecins furent arrêtés après une dénonciation, mais relâchés lors de la débâcle allemande. Le Dr Blondeau s’est particulièrement illustré en aidant le lieutenant britannique Patrick Moorhead, rescapé d’un crash, à échapper à la capture et à rejoindre une filière d’évasion.Après la guerre, l’action des médecins fut reconnue et le sanatorium poursuivit son évolution, devenant un hôpital pour personnes âgées dans les années 1960, puis fusionnant avec l’hôpital Dupuytren pour former un pôle gériatrique majeur de la région parisienne
Voter Autrement 2007 - Dataset of the In Situ Experiments
No full textDataset of the In Situ Experiments that took place during the French presidential election in 2007In April 2007, we conducted a voting experiment during the French presidential election. During this experiment, participants were asked to test alternative voting methods to elect the French president, more precisely approval voting and evaluative voting. The experiment took place in situ in polling stations during the first round of the presidential election (using paper ballots). A total of 2 836 participants took part in this experiment. This data was collected thanks to the fundings of the Centre d'Analyse Strategique (CAS), a governmental institution.En avril 2007 a été menée une expérience de vote lors de l'élection présidentielle française. Au cours de cette expérience, les participants ont été invités à tester des méthodes de vote alternatives, plus précisément le vote par approbation et le vote de valeur. L'expérience a eu lieu dans des bureaux de vote pendant le premier tour de l'élection présidentielle (à l'aide de bulletins de vote papier). Un total de 2 836 participants ont pris part à cette expérience. Ces données ont été collectées grâce aux financements du Centre d'Analyse Stratégique (CAS), une institution gouvernementale
Ability emotional intelligence profiles and real-life outcomes : a latent profile analysis of a large adult sample
No full textInternational audienceFew studies have examined emotional intelligence (EI) following a person-centered approach to identify different types of EI profiles and their relationship to everyday life outcomes. Even rarer are those using an “ability” approach of EI (AEI) and related “performance-based” tests, which are considered promising. This study fills this gap by identifying AEI profiles and linking them to everyday outcomes such as health, wellbeing, and decision-making. The QEg (“QE” for Emotional Quotient - Quotient Emotional in French - and “g” for the general population), an ability-based measure of EI, along with other measures, was administered to 2,877 French adults. We then ran latent profile analysis (LPA) and identified three latent profiles within a heterogeneous population. The full emotion processing (FEP) profile outperforms the two others on key domains of life such as stress perception, home-work interaction, gratitude and satisfaction with life, emotional burnout prevention, and decision-making. Our research reveals the need for individualized AEI training programs tailored to three distinct profiles, addressing foundational skills for those with minimal or partial emotional processing while refining existing strengths for those with full emotional processing. Targeting interventions to specific profile characteristics could enhance the effectiveness of AEI training and promote improved wellbeing and life outcomes.<br/
Explaining the involvement and investment of women in business angel groups: The impact of organizational context and investment experience
No full textInternational audienceThis research contributes to the scarce but growing literature on women angel investors. More specifically, leveraging stereotype threat theory, we investigate the role played by the social environment in shaping investing behavior across genders. This study offers a comparison between female angels from a stereotype-threat–free environment and (a) male angels, and (b) female angel investors investing in a strongly male-dominated environment. Using proprietary survey data of 96 business angels, our findings confirm that the social context plays an important role in explaining female investment behavior and involvement in BA-group activities. We find that women in a female-only group do not feature investment behavior that differs significantly from men. Whereas women who invest as a minority in a male-dominated environment tend to behave differently. Investment experience, however, moderates the influence of male-dominated environments on female investment behavior. The study confirms earlier exploratory findings related to the role of stereotype threat in female business angel activity at the individual level. Contributing to stereotype threat theory and gender studies in the business angel literature, our findings suggest that the historically marginal contribution of women is a result of the social construction of their role in the finance industry, in which stereotype threats may be particularly prevalent, rather than of supposedly innate features of gender