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Le dirigeant-entrepreneur est l’acteur central dans la trajectoire de financement de l’entreprise. À partir de la théorie du signal, les auteures supposent que le capital humain de celui-ci émet des signaux pouvant affecter la probabilité de faillite de l’entreprise. Par l’étude de données portant sur 277 dirigeants-entrepreneurs financés par equity crowdfunding en France entre 2010 et 2018, elles montrent que les entreprises dirigées par des docteurs ont une probabilité de faire faillite plus faible alors qu’elle est plus élevée pour celles dirigées par d’anciens dirigeants.

Based on signaling theory, we explore the relationship between equity crowdfunding (ECF) financing and firm bankruptcy. We compare data from 317 ECF campaigns carried out by 277 French firms between 2010 and 2018 with 304 investment rounds conducted by 220 French firms financed by venture capitalists (VCs). Compared to firms financed by VCs, there is a positive relationship between ECF-funded firms and their probability of bankruptcy. Nevertheless, the characteristics of ECF campaigns (running several campaigns and the participation of many investors) are negatively correlated with their probability of bankruptcy. Thus, our results show that the characteristics of ECF campaigns are signals that reduce the identified moral hazard problem of ECF-funded firms.1

Fonde sur la theorie du signal et celle de la force des liens faibles, cet article etudie les effets des outils de communication interne mobilises par les plateformes en equity crowdfunding (ECF) ainsi que la presence des entreprises sur les reseaux sociaux sur la reussite des campagnes. A partir de 317 campagnes menees entre 2010 et 2018 par 277 entreprises financees sur Anaxago, SmartAngels, Sowefund et WiSEED, nos resultats montrent que les outils impliquant la communaute des plateformes (e-vote, commentaires et temoignage) aident a la reussite des campagnes, alors que d’autres y nuisent (avis d’experts). La presence de l’entreprise sur les reseaux sociaux, comme Twitter et LinkedIn, contribue grâce a la force des liens faibles a la reussite des campagnes en ECF.

This research study combines the theoretical teachings of revealed preferences, signal theory and weak tie theory to better understand the dynamics at work at the beginning of a campaign and to explain its success. By identifying the revealed preferences of early backers through their common past contributions, we characterize as strong or weak the nature of the complex preference ties between them. We build networks of the contributions made by the individuals identified as early backers to 9,425 campaigns run on the Ulule platform between July 2010 and September 2014. The results of this study underline the importance of the presence of strong preference ties between early backers and other platform users for the success of campaigns. They also corroborate the theory of the strength of weak ties. Later in the campaign, the intervention of backers with less specific preferences, in the position of intermediaries, positively influences the future outcome by accelerating the fundraising speed at the beginning of the campaign.

International audience; Le crowdfunding et les jeunes Vers une connaissance de la « jeune foule » Cette étude vise une meilleure connaissance des pratiques des jeunes afin de saisir leurs connaissances et comportements vis-à-vis du crowdfunding. L'échantillon comprend 435 étudiants (23,5 ans en moyenne). L'étude dévoile trois profils : « les crowdfunders actifs », « les crowdfunders potentiels » et « les non-intéressés ». Les résultats mettent également en avant de fortes singularités selon le genre. Ainsi les étudiants montrent un intérêt plus important pour les projets de type entrepreneuriaux alors que les étudiantes sont plus sensibles au financement d'actions humanitaires et civiles.

Cet article cherche à expliquer les déterminants à la fois de l’attraction des investisseurs et de la probabilité d’échec des levées de fonds en equity crowdfunding. Notre étude est réalisée à partir des 589 profils des entrepreneurs ayant levés des fonds entre 2012 et 2017 sur les quatre plateformes leaders sur le marché français : Anaxago, Wiseed, Smartangels et Sowefund. Nos résultats montrent que les investisseurs sont attirés par des entrepreneurs fortement diplômés, jeunes, relativement novices dans l’entrepreneuriat, mais qui portent des projets innovants et ambitieux. En revanche, leur manque d’expérience professionnelle explique l’échec des levées de fonds, tout autant que le manque de lisibilité du projet, le manque d’ambition et d’attraction des investisseurs. This article seeks to explain the determinants of both investor attraction and the probability of equity crowdfunding failures. Our study is based on the 589 profiles of entrepreneurs who raised funds between 2012 and 2017 on the four leading platforms on the French market: Anaxago, Wiseed, Smartangels and Sowefund. Our results show that investors are attracted by highly graduated entrepreneurs, young, relatively novice in entrepreneurship, but who carry innovative and ambitious projects. However, their lack of professional experience explains the failure of fundraising, as well as the lack of understanding of the project, the lack of ambition and attraction of investors.

Les banques ont connu des mutations profondes au cours des trois dernieres decennies. La deregulation ayant accompagne la mondialisation des echanges a profondement modifie l’industrie bancaire en meme temps que naissaient des risques nouveaux. Intimement liees aux marches financiers dont elles se differencient pourtant quant aux fonctions qu’elles remplissent, les banques constituent un des deux poles d’un systeme financier complexe, instable, mais contributif a la croissance et au developpement. Cet ouvrage presente les elements fondamentaux de comprehension des banques. Il met en evidence leurs specificites et les risques qui leur sont genetiquement associes. En particulier, les risques de liquidite, de marche, et de credit sont definis, mesures, et les modalites de leur gestion sont precisees. Les vagues de fusions et acquisitions issues de la deregulation, de meme que l’extreme imbrication des systemes bancaires ont eu pour consequence l’emergence de banques « too big to fail » et d’un risque systemique. Les autorites internationales et nationales tentent aujourd’hui de contenir ce risque par une reglementation complexe dont la gouvernance et les objectifs sont presentes dans cet ouvrage. Cette nouvelle regulation de l’industrie bancaire doit etre inspiree de considerations ethiques qui ne sont pas absentes de l’ouvrage. Cet ouvrage emprunte aux sciences economiques et de gestion. Les exposes, s’ils sont le fruit d’une profonde impregnation des theories bancaires les plus actuelles, privilegient toujours l’intuition economique et sont illustres d’exemples chiffres.

National audience; In this study, we consider the impact of the way early backers’ preferences interact with those of the platform’s users on reward crowdfunding campaign success. We propose that campaign breakeven more frequently and more widely when they involve first backers with connexions locally dense in the network built based on common past support to crowdfunding project. They are abler to motivate people to back the project than if they first interest backers positioned as intermediation between communities. We provide evidences supporting those hypotheses using data from 9425 campaign launch through the French crowdfunding platform Ulule from July 2010 to September 2014. Furthermore, we also show that this effect is more important if these backers provide more funds at the beginning.; Dans cet article, nous nous intéressons à l’impact de l’articulation des préférences des premiers contributeurs avec celles des autres utilisateurs sur le succès des campagnes de reward crowdfunding. Nous arguons que celles-ci réussissent plus fréquemment et le plus largement lorsque cette articulation prend la forme de connexions localement denses dans le réseau reconstitué à partir des choix de supports passés réalisés. Les porteurs de projet sont à même de mobiliser en présentant un projet attirant au début des individus insérés dans des communautés aux goûts fortement partagés qu’en attirant des individus dont les goûts les placent en situation d’intermédiaires entre communautés. Nous mettons en évidence des éléments empiriques allant dans ce sens à partir de l’étude de 9425 campagnes menées sur la plateforme Ulule entre juillet 2010 et septembre 2014. Nous constatons de plus que l’effet est plus important si l’engagement de ces contributeurs à ce stade de la campagne est lui-même important.

Based on signaling theory, we explore the relationship between equity crowdfunding (ECF) financing and firm bankruptcy. We compare data from 317 ECF campaigns carried out by 277 French firms between 2010 and 2018 with 304 investment rounds conducted by 220 French firms financed by venture capitalists (VCs). Compared to firms financed by VCs, there is a positive relationship between ECF-funded firms and their probability of bankruptcy. Nevertheless, the characteristics of ECF campaigns (running several campaigns and the participation of many investors) are negatively correlated with their probability of bankruptcy. Thus, our results show that the characteristics of ECF campaigns are signals that reduce the identified moral hazard problem of ECF-funded firms.

Purpose – The purpose of this paper was to decipher the contradictions and the ambiguities of crowdfunding as a term and as a practice to reveal the deeper significance of its underlying Zeitgeist. Design/methodology/approach – Three steps were followed. In the first one, the authors underline the ambiguities of crowd as a concept in its traditional meaning as well as in the realities, it may depict when referring to connected people. Thereafter, the many practices of crowdfunding with the apparent univocity of this term were confronted. Findings – These analyses led the authors to consider crowdfunding as ideology: an incantatory use of crowd can conceal an effective profit-making process, as well as a new way to unblock a stalling social elevator. Originality/value – As per the authors’ knowledge, this paper is the first one to try to conceptualize the social roots of crowdfunding and to analyze its deeper significance, as complementary to an already developed “how-to-do-it” literature. It is worth confronting this piece of reflexivity with the emerging literature on the assessment of specific crowdfunding operations.

This article deals with the Basel Committee reform, modifying the Cooke ratio for the new McDonough ratio. The implementation of this reform implies the setting up, within the banks, of news approaches of internal ratings, which have a major impact on the banks internal organization. The consequences of these approaches on the internal structure are studied relying on the organizational architecture theory. The recourse to a case study enables us to analyze the process of implementation of internal ratings’ approaches. It also allows appraising the effects of it upon; the allocation of decision making rights, and the internal system of control of the individuals within the studied French mutual banking company., Cet article s’intéresse à la réforme du Comité de Bâle, modifiant le ratio Cooke au profit du ratio McDonough. La mise en place de cette réforme implique l’instauration, au sein des banques, de modèles de notations internes, qui ont un impact majeur sur leur organisation interne. Les conséquences sur la structure interne des banques de ces modèles sont étudiées à travers la théorie de l’architecture organisationnelle. Le recours à une étude de cas nous permet d’analyser le processus de mise en place de ces modèles de notations internes et d’en apprécier les effets sur l’allocation des droits décisionnels et sur le système de contrôle interne des individus au sein du groupe mutualiste français étudié.

International audience

We thought that, in order to introduce “The International Research Handbook of Crowdfunding”, an overview or, more precisely, a cartography of the academic literature on crowdfunding would help position this highly developing funding mode. Studied data come from the Business source complete database. Data were collected from beginning of 2011 (first appearance of published academic articles on crowdfunding) till end of January 2015.

International audience; The research shows that banking relationships are important to lending. However, few studies focus on the banking relationships in syndicated loans, although these loans have became a major source of financing. The last financial crisis clearly shows the impacts of credit rationing and tightening credit conditions, even in the syndicated loans market. We investigate whether banking relationships help firms to benefit from better terms for syndicated loans in a chaotic financial environment. Using a sample of syndicated loans arranged from 2003 to 2008 in North America and Europe, we find that firms with a previously developed relationship with a lead bank obtained a lower spread and a longer maturity during the financial crisis but did not benefit from larger loan facilities.

The purpose of this paper was to decipher the contradictions and the ambiguities of crowdfunding as a term and as a practice to reveal the deeper significance of its underlying Zeitgeist.Three steps were followed. In the first one, the authors underline the ambiguities of crowd as a concept in its traditional meaning as well as in the realities, it may depict when referring to connected people. Thereafter, the many practices of crowdfunding with the apparent univocity of this term were confronted. These analyses led the authors to consider crowdfunding as ideology: an incantatory use of crowd can conceal an effective profit-making process, as well as a new way to unblock a stalling social elevator. As per the authors’ knowledge, this paper is the first one to try to conceptualize the social roots of crowdfunding and to analyze its deeper significance, as complementary to an already developed “how-to-do-it” literature. It is worth confronting this piece of reflexivity with the emerging literature on the assessment of specific crowdfunding operations.

The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we show that firms that had developed a relationship with an investment bank obtained a lower spread, but did not benefit from greater loan facilities or longer maturities.

International audience; Decisions taken by the manager of a bank are subject to the regulatory discipline of the Basel Committee in conjunction with the supervisory discipline of the Board of Directors, a body that represents shareholders. This research demonstrates that the two types of discipline act in complement to each other, whereas the extant literature shows that regulatory discipline is replacing the internal discipline exercised by the Board of Directors. We also show that these internal and external governance mechanisms are relevant to explain the simultaneous influences between financial performance, risk-taking and the capitalization of French banks from 1998 to 2004.

(VF)Comparée aux firmes classiques, la gouvernance des banques fait preuve de nombreuses spécificités liées aux particularités de ce secteur. En effet, la gouvernance des banques se singularise par l’importance des mécanismes externes (comme la réglementation) aussi bien qu’internes (essentiellement à travers le rôle joué par le conseil d’administration) afin de discipliner le comportement du dirigeant pour qu’il agisse dans les intérêts des actionnaires. S’intéressant uniquement aux mécanismes internes de gouvernance, cet article propose une revue de la littérature des différents travaux s’interrogeant sur les systèmes de contrôle et d’incitation du dirigeant mis en place par le conseil d’administration au sein des banques.(VA)In comparison with industrial firms, bank governance is specific. Bank governance is made up of both external mechanisms such as banking regulation and internal mechanisms such as the board of directors. The objective of these mechanisms of governance is to discipline managers’ behaviour in order to satisfy shareholders’ interests. In this article, we only deal with the internal mechanisms of bank governance. We propose a survey of the incentive and control systems implemented by the board of directors of banks.

Les crises environnementales ont fait l’objet de nombreux travaux academiques cherchant a apprehender leur impact sur la valeur boursiere et la communication des entreprises. Ces travaux prennent en compte des accidents industriels sans s’interroger sur leurs caracteristiques et en considerant a priori qu’ils constituent des crises environnementales. Partant de ce constat, ce papier propose une methode d’evaluation des accidents industriels et des crises environnementales structuree autour de cinq elements que nous illustrons a travers le cas du groupe Total. Les quatre premiers elements reprennent la classification etablie par le Ministere en charge de l’environnement en France. Le cinquieme element veut rendre compte de la pression sociale qui s’exerce sur les entreprises impliquees dans un accident industriel en mobilisant la theorie des parties prenantes. Cette methode d’evaluation ouvre des perspectives pour revisiter les recherches sur les relations entre les crises environnementales, les marches financiers et la communication environnementale des entreprises.

Given the support from academic studies for heuristic (naive) asset allocation strategies, this study compares the performance of seven heuristics, including four new heuristics, in forming a portfolio of six popular cryptocurrencies. As many cryptocurrency traders are retail investors, they are likely to use heuristics, rather than sophisticated optimization procedures. Our empirical analysis shows little difference in the out-of-sample performance of these seven strategies, indicating that it does not matter which heuristic is used by cryptocurrency investors. Therefore retail investors might as well use the simplest heuristic (1/N) strategy, whose performance has been widely studied and found to be comparable with that of portfolio optimization models.

This article shows that, in a loan syndicate, the leading bank determines the syndicate's structure and the contract design to protect participant banks from the risks of asym-metric information. Consequently, firms are not charged a higher spread for lack of transparency. We provide empirical evidence on spreads of syndicated loans in the French market , from 2004 to 2006. Syndicate structure and loan characteristics are shown to depend on the presence of asymmetric information, whereas the spread is essentially explained by default risk, syndicate structure and loan characteristics., Cet article montre que la banque chef de file structure le syn-dicat et le prêt de manière à limiter les incidences négatives des problè-mes informationnels pour les ban-ques, permettant aux firmes les plus opaques de ne pas subir un spread trop élevé. Nous estimons les déter-minants du spread des prêts syndi-qués sur le marché français, de 2004 à 2006. Nous vérifions que les asy-métries d'information déterminent la structure du syndicat et les caractéris-tiques du prêt, alors que le spread est surtout influencé par le risque de défaut de l'emprunteur, par la structure du syndicat et par les caractéristiques du prêt.