Toulouse 1 Capitole Publications
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Précisions quant au point de départ de la prescription de l’obligation de l’associé au paiement des dettes de la société civile (note s/s Cass. 3ème Civ. 19 janv. 2022, n° 20-22.205)
No full textThe political economy of financing climate policy – Evidence from the solar PV subsidy programs
No full textWe analyze the political impact of a generous solar panel subsidization program. Subsidies far exceeded their social benefit and were partly financed by new taxes to adopters and by electricity surcharges to all consumers. We use local panel data from Belgium and find a decrease in votes for government parties in municipalities with high adoption rates. This shows that the voters’ punishment for a costly policy exceeded a potential reward by adopters who received the generous subsidies. Further analysis indicates that punishment mainly comes from non-adopters, who change their vote towards anti-establishment parties
L'instauration du principe de l'exécution provisoire de droit ne s'applique qu’aux instances introduites devant les juridictions du premier degré à compter du 1er janvier 2020 (Cass. 2ème civ., 13 janvier 2022, n°20-17.344, 55 F-B)
No full textL’absence de discussion sur l’exécution provisoire en première instance ne peut pas constituer une fin de non-recevoir de l’arrêt de cette exécution devant un premier président si cette instance a été introduite avant le 1er janvier 2020
Personalized Pricing and Distribution Strategies
No full textThis paper examines the effects of personalized pricing on brand distribution. We explore whether a brand manufacturer prefers to sell through its own retail outlet only (mono distribution) or through an independent retailer as well (dual distribution). Personalized pricing allows for higher rent extraction but also leads to more fierce intra-brand competition than does uniform pricing. Due to the latter effect, a brand manufacturer may prefer mono distribution even if the retailer broadens the demand of the manufacturer’s product. By contrast, with uniform pricing, selling through both channels is always optimal. This result holds for wholesale contracts consisting of two-part tariffs as well as for linear wholesale tariffs. We also show that the manufacturer may obtain its largest profit in a hybrid pricing regime, in which only the retailer charges personalized prices. Keywords: personalized pricing, distribution channels, dual distribution, vertical contracting, downstream competition
First Best Implementation with Costly Information Acquisition
No full textWe study a mechanism design model with flexible but costly information acquisition. There is a principal and I ≥ 4 agents. The principal and the agents share a common prior over the set of payoff-relevant states of the world. The principal proposes a mechanism to the agents who can then acquire information about the state of the world by privately designing a signal device. As long as it is costless for each agent to acquire a signal that is pairwise independent from the state of the world, we show that there exists a mecha-nism which allows the principal to implement any social choice rule at zero information acquisition cost to the agents
The Use of Scanner Data for Economics Research
No full textThe adoption of barcode scanning technology in the 1970's gave rise to a new form of data; scanner data. Soon afterwards researchers began using this new resource, and since then a large number of papers have exploited scanner
data. The data provide detailed price, quantity and product characteristic information for completely disaggregate products at high frequency and typically either track a panel of stores and/or consumers. Their availability has led to advances, inter alia, in the study of consumer demand, the mea- surement of market power, rms' strategic interactions and decision-making, the evaluation of policy reforms, and the measurement of price dispersion and in ation. In this article we highlight some of the pro and cons of this data source, and discuss some of the ways its availability to researchers has transformed the economics literature
La libre révocabilité du directeur général délégué et ses enjeux (note s/s Cass. com. 17 mars 2021, n° 19-10.350)
No full textLe principe de la libre révocabilité des mandataires sociaux s'oppose à toute stipulation ayant pour objet ou pour effet d'entraver ou de restreindre l'exercice du droit de révocation, sans préjudice de la nécessité que leur révocation repose sur un juste motif. En conséquence, un pacte d’actionnaires prévoyant que le conseil d'administration (de quatre membres) devait être composé de façon paritaire entre les deux groupes d'actionnaires n’empêche pas que la révocation du directeur général puisse être régulièrement votée par deux personnes contre une
Variation margins, fire-sales and information-constrained optimality
No full textIn order to share risk, protection buyers trade derivatives with protection sellers. Protection sellers’ actions affect the riskiness of their assets, which can create counter-party risk. Because these actions are unobservable, moral hazard limits risk sharing. To mitigate this problem, privately optimal derivative contracts involve variation mar-gins. When margins are called, protection sellers must liquidate some assets, depressing asset prices. This tightens the incentive constraints of other protection sellers and re-duces their ability to provide insurance. Despite this fire-sale externality, equilibrium is information-constrained efficient. Investors, who benefit from buying assets at fire-sale prices, optimally supply insurance against the risk of fire sales
Identification-Robust Nonparametric Inference in a Linear IV Model
No full textFor a linear IV regression, we propose two new inference procedures on parameters of endogenous variables that are robust to any identification pattern, do not rely on a linear first-stage equation, and account for heteroskedasticity of unknown form. Building on Bierens (1982), we first propose an Integrated Conditional Moment (ICM) type statistic constructed by setting the parameters to the value under the null hypothesis. The ICM procedure tests at the same time the value of the coefficient and the specification of the model. We then adopt a conditionality principle to condition on a set of ICM statistics that informs on identification strength. Our two procedures uniformly control size irrespective of identification strength. They are powerful irrespective of the nonlinear form of the link between instruments and endogenous variables and are competitive with existing procedures in simulations and application
Who wants to be a franchisee? Explaining individual intentions to become franchisees
No full textAn important challenge for franchisors is to find individuals with strong intentions to become franchisees that they can actively support in this ambition. We contribute to franchising research by developing and testing a model to explain individual intentions to become franchisees as a specific type of entrepreneurial intention (EI). We combine Achievement Motivation Theory (AMT) with the Theory of Planned Behaviour (TPB) to propose inverted U-shaped associations between individual motivations (i.e. need for achievement and risk-taking propensity), their cognitive assessments of franchising (i.e. attitude towards franchising and perceived behavioural control), and their EI regarding franchising. Our survey of 666 individuals demonstrates that need for achievement impacts attitude towards franchising and perceived behavioural control regarding franchising following respectively inverted U-shaped and declining positive relationships, and they partly mediate the relationships between need for achievement and EI regarding franchising. We find a negative linear association with attitude towards franchising