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International audience; We characterize negative awards. Their pervasiveness in various domains as well as the objectives of their designers and promoters are documented. We discuss the outcomes generated by negative awards and provide some rationales explaining why individuals and organizations may be interested in getting them. Several issues deserve further exploration.

International audience

International audience; This paper investigates the relationship between Employee Stock Ownership (ESO) and voluntary carbon disclosures. Given that previous research has shown the beneficial effects of ESO on work attitudes and corporate performance, we link ESO and board representation with the attributes of voluntary climate-related disclosures. We use three proxies to capture these attributes: corporate decisions to respond to the Carbon Disclosure Project (CDP) annual questionnaire; corporate decisions to make responses publicly available, and the quality of a firm’s disclosures on climate-change-related risks and strategies to mitigate them. Our results show a positive association between ESO and decisions to both answer the CDP questionnaire, and make responses publicly available. In contrast, ESO does not seem to impact carbon disclosure quality. The findings contribute to the ongoing debate on the determinants of voluntary climate change disclosures, highlighting the importance of ESO to enhance the transparency of voluntary disclosures of climate change business impacts.

Donald Trump's use of Twitter was unprecedented. Despite his erratic communication style, some of Trump's strong statements were made in reference to the U.S. oil & gas industry, in line with his domestic policy agenda aimed at supporting re-industrialization and local investment. Did his Twitter messages actually reach domestic oil producers, refiners and transport operators or rather speculators willing to financially gamble on new information sources? To address this question, we model the WTI-Brent spread, which commonly reflects supply bottlenecks in the U.S. crude oil sector, using a nonlinear approach that reveals the perverse influence of some of Trump's tweets particularly on market speculative dynamics. Finally, we outline policy recommendations to counteract the market consequences of speculative behaviour driven by political noise.

Employee stock ownership (ESO) is often associated with reductions in agency costs because it increases employee satisfaction and attachment to their company and aligns the interests of employees with those of their firm. Another stream of research argues that ESO may have the opposite effect on agency costs because it serves as a management entrenchment tool and leads to divergence between stakeholders. This paper examines the relationship between ESO and agency costs in France, which is a leading European country for ESO. Using a panel database of 125 firms over the period 2002–2016, we find an inverted U-shaped relationship between ESO and agency costs. That evidence highlights that low levels of ESO increase agency costs, which is consistent with managerial entrenchment mechanisms. The findings also suggest that beyond a certain point, ESO reduces agency problems because it links employee wealth to their firm’s success. L'actionnariat salarié (AS) est souvent associé à une diminution des coûts d'agence car il augmente la satisfaction des salariés et leur attachement à leur entreprise et aligne leurs intérêts avec ceux de l'entreprise. Un autre courant de recherche suggère que l'AS peut avoir l'effet inverse sur les coûts d'agence en servant l’enracinement des dirigeants. Il entraînerait une divergence entre les parties prenantes et diminuerait la valeur actionnariale. Cet article étudie la relation entre AS et coûts d'agence en France, un pays leader européen en matière d’AS. Nos analyses sur des données issues de 125 entreprises françaises cotées sur la période 2002-2016 mettent en évidence une relation en U inversé entre l'AS et les coûts d'agence. Nos résultats indiquent que des niveaux faibles ou élevés d’AS sont associés à des coûts d'agence élevés en raison de l’enracinement des dirigeants. Les résultats suggèrent aussi qu’au-delà d’un certain seuil, l'AS réduit les problèmes d'agence en liant le patrimoine des salariés à la performance de leur entreprise.

Industrial economics cannot be solely based on market prices, as this could lead to incorrect academic results and policy recommendations because the prices could provide distorted signals and thus diverge from socially efficient prices. To understand this fundamental principle of price formation in industrial economics, it is necessary to better integrate the social dimension of value and the determination of prices. This paper aims to present the thoughts of an underestimated social scientist from the turn of the nineteenth century, Albion W. Small. Essentially based on Small’s personal archives, our aim is to demonstrate to what extent his vision of the relationship between value, valuation, and price is relevant to industrial economics and to pave the way for new research in this field. Although Small considered that price depends on both the remuneration of factors and the relative scarcity of goods, he also determined that price formation always has a social dimension, which must be considered by economists.; L’économie industrielle ne saurait se baser uniquement sur les prix du marché au risque d’aboutir à des résultats académiques et à des recommandations politiques incorrects. Il en est ainsi car les prix effectifs peuvent fournir des signaux déformés et ainsi diverger des prix socialement efficaces. Pour comprendre les principes fondamentaux de la formation des prix en économie industrielle, il est en effet nécessaire de mieux intégrer la dimension sociale de la valeur. Cet article vise ainsi à présenter les pensées d’un sociologue sous-estimé du début du XIXe siècle, Albion W. Small. Essentiellement basé sur les archives personnelles de Small, notre objectif est de montrer en quoi sa vision de la relation entre valeur, valorisation et prix est pertinente pour l’économie industrielle et d’ouvrir, ce faisant, la voie à de nouvelles recherches dans ce sous-champ disciplinaire de l’économie. Bien que Small ait considéré que le prix dépend à la fois de la rémunération des facteurs et de la rareté relative des biens, il a également proposé une argumentation rationnelle montrant que la formation des prix a toujours une dimension sociale, qui doit être scientifiquement considérée par les économistes.

International audience; Financial institutions, investors, mining companies and related firms need an effective accurate forecasting model to examine gold price fluctuations in order to make correct decisions. This paper proposes an innovative approach to accurately forecast gold price movements and to interpret predictions. First, it compares six machine learning models. These models include two very recent methods: the eXtreme Gradient Boosting (XGBoost) and CatBoost. The empirical findings indicate the superiority of XGBoost over other advanced machine learning models. Second, it proposes Shapley additive explanations (SHAP) in order to help policy makers to interpret the predictions of complex machine learning models and to examine the importance of various features that affect gold prices. Our results illustrate that the utilization of XGBoost along with SHAP approach could provide a significant boost in increasing the gold price forecasting performance.

International audience; Chester Barnard was an American manager and public administrator who greatly influenced economics and the history of economic thought. Oliver Williamson’s early works were published after Barnard’s death, but the intellectual proximity they show to Herbert Simon, along with the significant influence of John Commons on their analysis, brings them closer. This study investigates Barnard legacy (particularly his work in 1938) in Williamson’s “science of organisation” project by analysing the Barnardian origins of his organisational micro-approach from their complementary theories of cooperation.

International audience; Abstract We introduce nudges in order to incite investors to choose Socially Responsible Investment (SRI) funds instead of traditional funds. We have set up two online experiments with a total of 713 US retail investors, using three types of nudges to elicit their effects on investors’ SRI investments level: making SRI the default investment, introducing a SRI explanation message, and priming ethical values by displaying shocking images. Making SRI the default option is the most efficient nudge to influence investors towards SRI. Its effect is twofold. First, around 50% of investors do not opt-out of the default allocation. Second, even investors who opt-out of the default allocation invest more in SRI than those in the control group, an effect that appears driven by anchoring. Although investors subjected to both priming and message content marginally increase their SRI investment, priming or message content in isolation appears to have a non-significant influence. For choice architects who want to steer retail investors towards SRI funds, making them the default option appears to be the most powerful nudge.

International audience; This paper provides an analysis of crude oil, diesel, and gasoline prices for the period from November 1, 2019 to December 31, 2020. We apply Log Periodic Power-Law Singularity (LPPLS) and Discrete Scale LPPLS bubble indicators to explore the dynamic bubbles of oil prices and predict their crash times. The results indicate that West Texas Light crude oil and North Sea Brent crude oil experienced a statistically significant negative financial bubble during the COVID-19 outbreak. In addition, gasoline and diesel prices are mainly driven by fundamentals. Our findings are expected to be useful to oil market investors, policymakers, and energy experts.

International audience; L’opération de spin-off s’apparente à une scission partielle, et s’analyse comme une stratégie à multiples détentes d’un point de vue comptable et financier. La maison mère se sépare de l’une de ses activités, dont les actions vont être introduites sur le marché. C’est l’occasion pour elle de préparer minutieusement l’opération du point de vue de la gestion des résultats comptables de la société scindée. Mais c’est aussi éventuellement pour elle la possibilité d’utiliser le spin-off comme instrument de gestion de sa décote boursière due à sa diversification, et comme outil de création de valeur. En plus d’un point sur la littérature comptable et financière relative aux spin-offs, un modèle général propose une vision intégrée des processus de spin-off qui est nécessaire et manquante actuellement.

International audience; By volume, finance professionals make most financial decisions. However, the experimental literature on risk preferences generally uses students in the lab. If these two groups present systematic differences, the transposition of the experimental results to the real world might be compromised. We investigated whether the risk preferences of wealth advisers differ from those of students in the lab and students in an online experiment. The risk aversion and probability weighting of these groups do not differ significantly. However, male wealth advisers are more loss averse than both samples of male students before considering age. After controlling for age, we find that female wealth advisers are less loss averse than female students. Therefore, we advise some prudence when generalizing experimental results obtained from students to finance professionals for situations in which losses are important. The direct transposition of experimental results from students to finance professionals does not call for such caution when dealing with decisions in the gain domain.

The aim of this paper is to test empirically the conditional liquidity-adjusted capital asset pricing model (L-CAPM) developed by Acharya and Pedersen (2005). Accordingly, we propose to estimate the L-CAPM using unobserved components methodology, which allows us to take into account the main stylized facts characterizing liquidity. Based on a sample of firms listed on the NASDAQ, our empirical analysis reveals several findings. Firstly, we show that liquidity is time-varying and exhibits strong seasonality. Secondly, we highlight the impact of the liquidity level premium on asset prices. Thirdly, we show that the most important liquidity risk is related to the covariance between portfolio illiquidity and market returns. Fourthly, we observe a negative relationship between portfolio returns and market illiquidity. Fifthly, we find that liquidity risk and illiquidity level are not always positively correlated.

International audience; Les conseillers virtuels se sont fortement démocratisés sur les sites marchands. Compte tenu des bénéfices qu’ils offrent aux entreprises pour améliorer la navigation et l’interaction avec le consommateur, chercheurs et praticiens s’accordent sur l’intérêt de les doter de caractéristiques anthropomorphiques. Cette recherche s’intéresse particulièrement à l’effet de la voix du conseiller virtuel. Bien qu’il existe quelques recherches en interaction homme-machine sur la question, il n’existe pas de travaux traitant le sujet d’un point de vue marketing et comparant l’effet d’une voix humaine vs une voix de synthèse. Les résultats montrent que les consommateurs qui ont interagi avec un conseiller virtuel doté d’une voix humaine éprouvent un sentiment de présence sociale plus fort que ceux interagissant avec un conseiller doté d’une voix de synthèse. La voix humaine permet également de susciter plus de confiance envers le conseiller virtuel et de générer de meilleures intentions comportementales.

International audience

International audience; The goal of this paper is to investigate the impact of asymmetric ambiguity on corporate investment and financing strategies. Asymmetric information comes from the fact that insiders know the probability of the growth prospects of the firm while outsiders do not. Also, we assume that there are two types of firms (good and bad types) that differ in the quality of their forecasting of future cash flows. Our numerical simulations reveal that firms with more accurate forecasting of cash flows have an interest in speeding up investment in order to make it more difficult for bad firms to mimic their actions. Moreover, we show that the presence of asymmetric ambiguity leads to costly cash holding. These findings may help firms when making their investment and financing decisions under asymmetric ambiguity.

International audience; This article questions the role of producer organisations and cooperatives in agri-environmental practices adoption, illustrated with the case study of the adoption of recycled plastic films by fruit and vegetables producers in the Nantes region. Through an exploratory survey, we show that cooperatives are a lever for spreading environmental innovation. Indeed, experts within cooperatives are sure of the need to adopt such innovations, unlike many producers. We highlight that the existence of this lever is relative to an important variable: trust.; Cet article questionne le rôle des organisations de producteurs et des coopératives pour l’adoption de pratiques agroenvironnementales, en s’appuyant sur un cas concret d’adoption de films plastiques recyclés par des maraîchers dans la région nantaise. À travers une enquête exploratoire,nous démontrons que les coopératives constituent un levier en matière de diffusion de l’innovation environnementale. En effet, les experts au sein des coopératives sont convaincus de la nécessité d’adopter de telles innovations, contrairement à nombre de maraîchers. Nous mettons en évidence que l’existence de ce levier est soumis à une variable importante : la confiance.

Owners of brands that target children are aware of the influence of packaging. Recently, managers of brands addressed to young consumers had made important decisions about all aspects of their offering, including package design. To attract young consumers, they integrate innovation in their designs: vivid colors, funny, and playful aspects, distinctive package shape and spokes-character. They conceived a new type of packaging called ‘Toy-packaging’. This research aims at investigating the influence of this new packaging on children’s perception.

This paper presents empirical evidence of the impact of the recent global financial crises on Islamic and conventional banks in three GCC countries. Our assumptions are discussed within the framework of Khan (1976), Khan and Mirakhor (2005) and Chapra (2008). A diagonal BEKK model is used to examine the impact of the global crisis on conditional beta of the selected banks. Results show that Islamic and conventional banks have been largely affected by the global crisis, except for few banks. They reveal also that small banks have been less affected than larger banks. These results are in line with the other studies which have found that Islamic banks are not more resilient than conventional ones.; Cet article présente des preuves empiriques sur l'impact de la récente crise financière sur les banques islamiques et conventionnelles dans trois pays membres du CCG. Nos hypothèses se basent sur les travaux de Khan (1976), Khan et Mirakhor (2005) et Chapra (2008). Un modèle BEKK diagonal est utilisé pour examiner l'impact de la crise mondiale sur le bêta conditionnel des banques sélectionnées. Les résultats montrent que les banques islamiques et conventionnelles ont été largement touchées par la crise mondiale, à l'exception de quelques banques. Ils révèlent également que les petites banques ont été moins touchées que les grandes banques. Ces résultats sont en ligne avec les autres études qui ont constaté que les banques islamiques ne sont pas plus résilientes que celles conventionnelles.

JEL classification: G01; C22; E21, This paper examines the effects of wealth on consumption for the US, the UK and the Euro area using a smooth-transition regression (STR) model. We find evidence of an asymmetric and time-varying relationship between consumption and wealth. Additionally, our model tracks consumption patterns reasonably well during periods of economic downturn, financial instability and housing market corrections. While wealth effects are not significant in the Euro area, they are statistically significant and time-varying in the US and the UK. Interestingly, changes in housing wealth are source of switching between regimes in the US., Feder, Compete 2020, Portugal 2020, FCT

International audience; Un peu partout en Europe, le secteur des pharmacies d’officine connait des bouleversements rapides et profonds, qui affectent les conditions d’exercice du métier et exposent les pharmaciens à une concurrence de plus en plus exacerbée. Sans ignorer les enjeux marchands, les stratégies mises en œuvre pour faire face aux défis rencontrés se veulent bien souvent respectueuses d’une certaine « éthique » et d’une « tradition » qui peut puiser ses fondements dans les convictions personnelles du pharmacien, mais aussi dans les valeurs religieuses ou même politiques à partir desquelles certains groupes pharmaceutiques se sont historiquement constitués. Cet article analyse comment ces enjeux influencent aujourd’hui la façon dont les pharmaciens conçoivent et renouvellent leurs pratiques. Outre les éléments de littérature disponibles, notre réflexion est fondée sur les données tirées de 90 entretiens semi-directifs réalisés avec des pharmaciens exerçant en Belgique, France et Italie, dans le cadre d’une vaste enquête menée entre 2016 et 2018. Nos résultats montrent que beaucoup d’entre eux parviennent à fonder une stratégie commerciale efficace en misant sur des outils ou des symboles inscrits dans l’histoire, qui viennent créer une continuité entre le passé et l’avenir de la profession.

International audience; In this paper, we propose an original empirical investigation of the long-run versus short-run impacts of climate change on the Tunisian agricultural sector. Using an original regional database, we apply the panel cointegration tests and estimation of Pedroni (Oxford Bulletin of Economics and Statistics S1 61:653–670, 1999; Review of Economics and Statistics 89:727–731, 2001) to estimate the long-run effects. We find that an increased annual temperature decreases both cereal and date productions, with an exception in highland areas. In addition, the annual rainfall has a positive effect on cereals, but rain shortages in the south affect production negatively in this region. The short-run climate effects are smaller than the long-run effects. The rainfall has a weak positive effect that is counterbalanced by the threat of brutal temperature increases over the last decades. This paper calls for the implementation of a public policy privileging and subsidizing the threatened areas. Adaptation measures should include the implementation of a water demand management system that promotes using scarce water resources more efficiently. Moreover, policy makers should seriously consider encouraging the development of drought-tolerant crops, especially in the south of Tunisia where global warming has caused a severe drought. In the north of Tunisia, adaptation measures may include choosing tree species and forestry practices less vulnerable to storms and fires, especially in Jendouba, the forestry region of Tunisia.

International audience; This paper investigates the relationship between Employee Stock Ownership (ESO) and voluntary carbon disclosures. Given that previous research has shown the beneficial effects of ESO on work attitudes and corporate performance, we link ESO and board representation with the attributes of voluntary climate-related disclosures. We use three proxies to capture these attributes: corporate decisions to respond to the Carbon Disclosure Project (CDP) annual questionnaire; corporate decisions to make responses publicly available, and the quality of a firm’s disclosures on climate-change-related risks and strategies to mitigate them. Our results show a positive association between ESO anddecisions to both answer the CDP questionnaire, and make responses publicly available. In contrast, ESO does not seem to impact carbon disclosure quality. The findings contribute to the ongoing debate on the determinants of voluntary climate change disclosures, highlighting the importance of ESO to enhance the transparency of voluntary disclosures of climate change business impacts.

International audience; In this paper, we explore the influence of the communication about potential risk within annual reports on firm reputation. We use the content analysis to measure the risk reporting; and we consider the Most Admired Companies list published in Fortune magazine as a proxy for reputation. Our findings highlight that risk reporting affects positively compagny reputation. We check the robustness of these results for alternative empirical models (pooled OLS, fixed effects, and random effects) and, in addition, for alternative measurement of reputation. Our results provide support to legitimacy theory, as the disclosure of risk's information is a part of a social contract that should be rewarded with good reputation. Furthermore, we examine the behavior of risk reporting for high and low-risk firms. We show that risk disclosure behavior is sensitive to level of risk.

This paper provides an update on the exchange rate pass-through (ERPT) estimates for 12 euro area (EA) countries. First, based on quarterly data over the 1990-2012 period, our study does not find a significant heterogeneity in the degree of pass-through across the monetary union members, in contrast to previous empirical studies. As we use a longer time span for the post-EA era than existing studies, this is not surprising, since the process of monetary union has entailed some convergence towards more stable macroeconomic conditions across EA member states. Second, when assessing the stability of pass-through elasticities, we find very weak evidence of a decline around the inception of the euro in 1999. However, our results reveal that a downtrend in ERPT estimates became apparent starting from the beginning of the 1990s. This observed decline was synchronous to the shift towards reduced inflation regimes in our sample of countries. Finally, we notice that the distinction between “peripheral” and “core” EA economies in terms of pass-through has significantly decreased over the last two decades.; Dans ce papier, nous étudions le niveau de rapprochement des économies du Maghreb vers les économies de l’Europe de l’Ouest. Nous faisons également une comparaison avec le niveau de convergence des Pays d’Europe Centrale et Orientale PECO-5 vers les pays de la zone euro. Pour ce faire, nous utilisons une modélisation VAR Structurelle pour l’identification des chocs d’offre et des chocs de demande. Nous faisons également appel à l’Analyse en composante Principale ACP dans l’étude de la dynamique de convergence. Nos résultats montrent un niveau différencié de rapprochement des économies des pays du Maghreb vers l’Europe : la Tunisie et le Maroc dans une moindre mesure, sont sur le sentier de la convergence et à un niveau qui se rapproche de celui des PECO-5 ; l’Algérie et la Libye restent très éloignés de la convergence en dépit de leur capacités. Ce résultat confirme le rôle important joué par le commerce bilatéral et plus particulièrement celui des produits manufacturés. La convergence de la Tunisie et du Maroc est également le fruit d’une dé-spécialisation de production des secteurs agroalimentaire et textile vers des secteurs moyennement et hautement technologiques.

International audience; With growing awareness of the importance of establishing good relationships with immediate stakeholder groups the scope of sponsorship broadens. Management objectives concerning sponsorship are now often either commercial or relational in nature. As most studies focus on the assessment of the economic effectiveness of sponsorship activities this research investigates how sponsorship can aid in the achievement of a relational objective, specifically the development of citizen commitment towards a public authority. Questionnaire data from 237 spectators of a publicly sponsored sports event were collected and analysed. The findings suggest a rational model of sponsorship effectiveness and support congruence theoretical considerations. The strongest determinants of commitment towards the sponsor are positive attitudes towards the sponsorship activity, the belief that public sponsorship is seen as beneficial for the region. Further, positive attitudes towards the sponsorship depend on whether citizens perceive the sponsorship activity to be a waste of financial resources. This corroborates the idea that sponsorship activities with relational objectives are elaborated on the normative belief whether tax money should be used to sponsor an event. Public sector bodies should also pay attention to explicitly communicate the reasons and benefits of the sponsorship activity in order to enhance perceived event-sponsor congruence. This study explains the dynamics in the sponsorship model that impact on the achievement of relational objectives and identifies managerial implications on how to manage sponsorship activities in a public sector context.

This paper measures the pass-through of exchange rate changes into domestic inflation within a cointegrated VAR (CVAR) framework. This issue is of particular interest for the euro area (EA) as Member Sates cede their national currencies and no longer have options of using monetary policy to respond to local conditions. In fact, a common exchange rate shock, in the absence of a national monetary policy, may have differential impact on EA countries, leading notably to possible divergence in inflation levels. Using quarterly data for 12 EA covering 1980:1 to 2010:4, we report a large degree of heterogeneity in the rates of pass-through across our sample, especially, between "peripheral" and "core" EA economies. For instance, prices rise by 84% in Portugal following one percent depreciation of exchange rate, while for the German economy the extent of pass-through is not exceeding 0.20%. This outcome would have important implications for the general risk perceived by foreign firms and investors regarding the inflationary environment within each EA country.

International audience; We establish a two-sector model to simulate the potential effects of green fiscal poli- cies and unconventional green monetary policy on the economy during a recovery or in case of a stimulus policy. We find that instruments such as a carbon tax, an implicit tax on brown loans, and a subsidy for the purchase of green goods are all beneficial to the green sector, in contrast to green quantitative easing. A carbon tax imposed directly on firms in the brown sector is the most effective tool to reduce pollution. More importantly, the marginal effects of green instruments on the economy depend on consumer preferences. Namely, the marginal effects are the most prominent when consumers start to purchase more green goods as an increasing part of their consumption basket. Furthermore, the effects of those green policies are more effective when the elasticity of substitution between green and brown goods increases. This finding suggests that raising consumers’ awareness and ability to consume green goods reinforce the effectiveness of public policies designed for low-carbon transition of the economy.

To investigate the main impacts of the recent increase of oil price on oil exporting economies, we estimate a DSGE model for a sample of 16 oil exporting countries (Algeria, Argentina, Ecuador, Gabon, Indonesia, Kuwait, Libya, Malaysia, Mexico, Nigeria, Oman, Russia, Saudi Arabia, United Arab Emirates, and Venezuela) over the period from 1980 to 2010, except for Russia where our sample begins in 1992. In order to distinguish between high-dependent and low-dependent countries, we use two indicators: the ratio of fuel exports to total merchandise export and the ratio of oil exports to GDP. We verify if the first group is more sensitive to the Dutch disease effect. We also assess the role of monetary policy.Our main findings are twofold. First, our results confirm the fact that the Dutch disease occurs mainly in high oil dependent countries. More precisely, we find that the manufacturing production decreases in the aftermath of a positive oil price shock in six countries (on eight) of our first sample while only Mexico suffers from a Dutch disease in the sample of low oil dependent economies. Second, the appropriate monetary policy rule -exchange rate rule versus inflation targeting one-to prevent the Dutch disease differs according to the countries. In other words, the best monetary rule is specific to each country.

International audience; This book discusses market microstructure environment within the context of the global financial crisis. In the first part, the market microstructure theory is recalled and the main microstructure models and hypotheses are discussed. The second part focuses on the main effects of the financial downturn through an examination of market microstructure dynamics. In particular, the effects of market imperfections and the limitations associated with microstructure models are discussed. Finally, the new regulations and recent developments for financial markets that aim to improve the market microstructure are discussed. Well-known experts on the subject contribute to the chapters in the book. A must-read for academic researchers, students and quantitative practitioners.

This paper presents a development accounting framework in order to quantify the determinants of disparities in GDP per hour worked within the EU in 2016. Its originality is twofold insofar as, on the one hand, it theoretically extends the existing framework from 2 factors up to $$n$$ explanatory factors and on the other, it numerically illustrates this same framework in case where $$n=3$$ factors. This illustration is made macro-economically between 19 EU countries—representing 90% of its aggregate GDP—and sectorally between their market, state, and mixed sectors. The calibration data come from the latest EU-KLEMS and PWT versions. Examination of the results by decomposition shows a strong proximity of macroeconomic standard deviations ($ 13.74/h) and the market (13.38) and non-market (12.34) spheres. The differences between countries are fundamentally (around 90% according to each of the three spheres) explained by the disparities in labor quality (and around 10% by the disparities in capital deepening). The profile, however, is not at all the same in real estate activities (mixed sector) whose GDP per hour’ standard deviation reaches $ 570.28/h and is completely explained by the disparities in capital deepening.

International audience; This study investigates the effect of sporting performances on the volatility of listed football clubs. The theoretical background is based on the importance of intangible assets in the football industry and the difficulty in evaluating them. The empirical analysis is based on the family of autoregressive conditional heteroskedasticity (ARCH) models and relates to a sample of football clubs listed on the Alternative Investment Market (AIM) and included in the Dow Jones STOXX Football Index. The findings show that sporting performances have a significant impact on the volatility of listed football clubs. The magnitude of the market reaction depends on the result nature (defeat, draw, or win) and the match venue (home or away). This study fills a gap in the empirical literature by providing a level of analysis unmatched by previous research. Thus, it should be of interest to academics as well as investors in better understanding and evaluating the volatility movements of listed football clubs.

International audience; The goal of this paper is to examine the effect of high liquidity creation on systemic risk. We use a hand-collected dataset on 94 banks from 16 Western European countries over the 2004-2020 period, including the crisis (2008-2009) period and sound periods (2004-2007 and 2010-2020). We assess banks' systemic risk using two different proxies: banks' systemic risk exposure, measured by the marginal expected shortfall (MES), and banks' systemic risk contribution, measured by the delta conditional value at risk (ACoVaR). Based on panel regressions, our results mainly show that, during calm periods, high liquidity creation is associated with high systemic risk exposure. Moreover, we show that the effect of liquidity creation on banks' systemic risk exposure is stronger during turmoil periods. Interestingly, our results show that banks' liquidity creation increases the systemic contribution only during the financial crisis of 2008-2009. Our findings contribute to the literature and the regulatory debate by suggesting that regulators should pay more attention to high liquidity-creating banks as they may cause aggregate financial fragility.

PurposeThis paper aims to study the stock market reaction to sporting results of European listed football clubs. Specifically, it tries to examine the impact of the sporting results on the stock market valuation in terms of abnormal returns and trading volume around the dates of matches.Design/methodology/approachThis paper undertakes an event study around the dates of 745 matches played by European listed football clubs.FindingsThe empirical analysis shows that the sporting results of listed football clubs affect both the abnormal returns and the trading volume around the dates of matches. The movement (positive or negative) and the time when the impact occurs (before or after the match) differ according to the nature of the result (defeat, draw or win) and the match venue (home or away). Findings in this study imply that the success of investments in listed football clubs requires a regular follow‐up of their sporting performances.Originality/valueThis paper is one of the first to take into consideration the nature of sporting results (defeat, draw or win) according to the match venue (home or away) in order to study the market reaction in terms of both abnormal returns and trading volume. Unlike some previous studies, it is not limited to studying a single specific context but considers listed football clubs from all over Europe.

International audience; Le secteur du microcrédit a fait face à plusieurs crises d'impayés ces dernières années. A partir d'enquêtes menées en Inde, au Maroc et en République dominicaine, cet article montre que ces crises n'ont en rien ébranlé l'un des mythes à l'origine de ces crises : la croyance en les capacités autorégulatrices par le marché. L'objectif de croissance reste prioritaire (même si c'est à des degrés divers selon les contextes) et se traduit à la fois par des pratiques actives de démarchage (il ne s'agit plus de répondre à une demande, mais de la créer) et une focalisation sur un segment finalement très restreint de la clientèle, celle qui a déjà fait ses preuves. Une lecture de ces crises en termes d'économie politique permet également de resituer le microcrédit dans l'évolution des politiques dites de « développement » axées sur l'inclusion financière. En normant les comportements des populations, le microcrédit apparaît alors comme révélateur d'un dispositif néolibéral au sens de Michel Foucault.

International audience; In contrast with the increasing green demands from various stakeholders, corporations might prefer green blushing, that is, deliberately avoiding communicating their efforts for sustainable development. Surprisingly, these companies make substantial green achievements, but decide not to communicate their greenness. Using a broad literature review on green blushing and a conceptual reasoning backed up by anecdotal evidence, we expose the likely consequences of under-communicating green achievements and develop several rationales that explain this apparent puzzle. We also propose that silent or timid corporations can make the best of two worlds, by taking advantage from communicating their greenness while avoiding its main pitfalls. We suggest practical ways to do it.

International audience; Concomitant with the exacerbation of globalization, the firm has become a major institutional actor of economic change. However, it must be noted that the economics of the firm has been developed since the 1970s as a disciplinary subfield of economic science without paying any real attention to the concepts and practices of power. The firm is undoubtedly not only an economic but also a social and political entity. One cannot free the firm from the relations of power without missing a very substantial part of the constitutive elements of the firm, notably the struggling games and strategies of actors (firm members) who evolve in open institutional systems. Therefore, it is useful to turn to certain influent sociological and philosophical perspectives to understand power dynamics in the firm from an economic point of view. More precisely, to highlight the individual actors’ games that constitute the evolution of firms’ dynamics as complex and strategic systems, it is essential to pay particular attention to three aspects: (1) dependency; (2) strategy; and (3) resistance.

International audience; This chapter provides an analysis of the environmental consciousness of European citizens. It explores environmental consciousness of Europeans at the individual and cross-national levels, and investigates how environmental consciousness has evolved between 1974 and 2020. The affective dimension is considered as the first dimension of environmental consciousness. It corresponds to environmental concerns and the perceived severity or importance of environmental issues. An assessment of global environmental conditions can be used to measure the affective dimension. Secondary data analysis has many advantages compared to primary data that are collected by a researcher or a public organisation using surveys, experiments or interviews. Flash Eurobarometer surveys aim to explore EU citizens’ perceptions and opinions on a specific topic. Flash Eurobarometer surveys are published irregularly. The last qualitative study is from 2014 and it dealt with public opinion about future innovations, science and technology.

International audience; To date, entrepreneurship researchers have tended to avoid state-of-the-art artificial intelligence techniques; in this paper, we fill that gap. Based on eclectic entrepreneurship theory, we present an original work that uses artificial intelligence to forecast the macrolevel determinants of entrepreneurial opportunity. Modern artificial intelligence could open new areas for future research opportunities in entrepreneurship and help close the gap between theory and practice. Our empirical analysis offers two major results by using a panel dataset of 149 countries covering 2007–2018 and six machine-learning models. First, entrepreneurs prefer to exploit opportunities in countries with stable economic governance that provide high education standards, health, social capital, and a safe, natural environment. Second, CatBoost regression performs better in predicting entrepreneurial opportunity compared to linear regression and more advanced machine-learning models. Recommendations for policy-makers and managers and directions for future studies are also discussed.

International audience; This study focuses on social representations of nature in the case of contaminated brownfield sites in France. Data were collected using an open-ended questionnaire in a French national cross-sectional survey administered to people living in municipalities impacted by contaminated brownfields. We use lexical methods to examine how respondents perceive nature in the case of contaminated brownfields. Three complementary software for text analyses were used (IRaMuTeq, Hyperbase, and Tropes). This strategy allows us to identify and understand, in-depth, different dimensions related to nature in the case of contaminated brownfields. The results show that respondents associate different forms of nature, from wild gardens to more domesticated forms such as vegetable gardens and crop fields, with contaminated brownfields. Knowledge of these types of nature that are distinguished by respondents is important in designing brownfield redevelopment projects and in improving the management of urban green spaces such as brownfields, which are an important source of biodiversity in the city.

International audience; People are willing to engage resources to be above others. The existing evidence suggests that health is a non-positional good: people prefer to be healthy even if others are healthier than them. Using a survey-based study, we explore the positionality of several health-related dimensions in a Choice versus Happiness treatment. Most participants exhibit egalitarian preferences, namely they take into account others’ situations but prefer everybody to receive the same amount of health attributes. Moreover, when health attributes are related to physical appearance, participants express significantly higher levels of positional preferences. We draw several policy implications.

International audience

International audience

International audience; We price options so as to take into account the existence of memory (short or long) characterizing the stochastic processes that generate prices, volatility and interest rates. In particular, we propose a model for Bull Spread options in a Mixed Modified Fractional Hull-White-Vasicek stochastic volatility and stochastic interest rate model. We propose a specific Bull Spread Vulnerable option pricing based on MMFHWV model.

The COVID-19 epidemic has caused the closure of French higher education institutions leading to a series of lockdowns that have affected the mental health of students. We use the POMS (Profile of Mood States) questionnaire developed by McNair et al. (1971) to identify the state of the mental health of students in a French Management School (post-high school level, aged 18+). Our results show that a significant proportion of students show altered mental states and generalized fatigue. 41% of the 1,123 respondents had a worrying mental health condition. We highlight the impact of the absence of social ties and of physical and sports activities. Finally, we suggest that techniques to reduce states such as stress and anxiety be introduced into the curriculum.; L’épidémie de COVID-19 a provoqué la fermeture des Universités et des périodes de confinements affectant la santé mentale des étudiants. Nous utilisons le questionnaire POMS (Profile of Mood States) développé par McNair et al. (1971) pour identifier la santé mentale des étudiants d’une Ecole de management française (école post-bac). Nos résultats montrent qu’une part importante d’étudiants présente une altération des états mentaux et une fatigue généralisée. 41% des 1123 répondants présente un état de santé mentale préoccupant. Nous mettons en évidence les impacts de l’absence de liens sociaux et des activités physiques etsportives. Enfin, nous proposons d’intégrer à la pédagogie des techniques permettant de réduire les états mentaux tels que le stress et l’anxiété.

International audience; Ce dossier thématique de Management international vise à mieux comprendre le rôle que joue aujourd'hui l'économie sociale dans les pays de l'Union euro-péenne (UE) et notamment à saisir la nature et l'ampleur des transformations que le secteur a connues depuis le début de la crise de 2008. Depuis cette date, les États-membres comme les instances européennes ont cherché à développer \guillemotleft l'économie sociale \guillemotright \textemdash d'autres formulations plus adaptées aux différents pays concernés sont possibles \textemdash en considérant qu'elle était un moyen de créer ou de sauvegarder des emplois, en particulier pour des populations vulnérables. Dotée d'une histoire plus ou moins longue et riche selon les contextes nationaux, l'économie sociale ne saurait pourtant être réduite à ce seul objectif, puisqu'elle a aussi vocation à contribuer à un développement économique soutenable, à lutter contre les discriminations, à favoriser l'insertion des personnes handicapées et à intervenir dans des secteurs d'activité aussi différents que la culture, l'éducation, ou encore la santé

International audience

International audience; Drawing on the literature on innovation climate and employee attitudes, we discuss how innovations could impact job satisfaction. Using lagged predictors and relevant control variables, we investigate empirically this relationship on a large sample of French firms. Our estimation results show that employees in companies that engage in innovation activities are more likely to report increased job satisfaction. Moreover, building on previous organizational research arguing that layoffs are likely to create detrimental workplace atmosphere and conditions, we test whether the relationship between innovation and job satisfaction is moderated by downsizing decisions among the examined firms. We draw several theoretical and managerial implications.