Publications des institutions partenaires
Impact of cross-border mergers and acquisitions on shareholders’ wealth: does idiosyncratic risk matter !
This paper explores the extent to which Idiosyncratic risk of the target increases acquires shareholders wealth in cross-border takeovers. Using a sample on 15,619 cross-border takeovers, we find that cross-border add value to target firms stockholders. Our results show that the well documented superior acquirer gains in cross-border deals do not persist for firms with low...
Institution partenaire
English / 01/10/2017
What relationships exist between environmental CSR, corporate governance, and financial performance?
This paper analyses how news-based scores in environmental CSR may have influence d the monthly stocks’ market return in UD and UK during the 2007–2014 period . By linear regression, we find that. Our models show a positive and significant relationship between the environmental score and the market performance. We also consistently measured the impact of environmental news-based...
Institution partenaire
English / 01/10/2017
Persistent bias in advice-giving
We show that a one-off incentive to bias advice has persistent effects. In an experiment, advisers were paid a bonus to recommend a lottery which only risk-seeking individuals should choose to a less informed client. Afterwards, they had to choose for themselves and make a second recommendation to another client, without any bonus. These advisers choose the risky lottery and...
Institution partenaire
English / 01/10/2017
Ordinal potentials in smooth games
While smooth exact potential games are easily characterized in terms of the cross-derivatives of players' payoff functions, an analogous differentiable characterization of ordinal or generalized ordinal potential games has been elusive for a long time. In this paper, it is shown that the existence of a generalized ordinal potential in a smooth game with multi-dimensional...
Institution partenaire
English / 01/10/2017
Growing and slowing down like China
This article is based on the presidential address delivered at the EEA Annual Congress 2016. It discusses China’s institutional and economic transformation through the lens of the model of growth and convergence developed in Acemoglu, Aghion, and Zilibotti (JEEA 2006), which emphasizes the dichotomy between investment- and innovation-led growth. The economic reforms introduced in the...
Institution partenaire
English / 01/10/2017
Creating an efficient culture of cooperation
Throughout human history, informal sanctions by peers were ubiquitous and played a key role in the enforcement of social norms and the provision of public goods. However, a considerable body of evidence suggests that informal peer sanctions cause large collateral damage and efficiency costs. This raises the question whether peer sanctioning systems exist that avoid these costs and...
Institution partenaire
English / 01/10/2017
Culture, work attitudes, and job search: evidence from the Swiss language border
Unemployment varies across space and in time. Can attitudes toward work explain some of these differences? We study job search durations along the Swiss language border, sharply separating Romance language speakers from German speakers. According to surveys and voting results, the language border separates two social groups with different cultural background and attitudes toward work...
Institution partenaire
English / 01/10/2017
Delegating performance evaluation
We study optimal incentive contracts with multiple agents when performance evaluation is delegated to a reviewer. The reviewer may be biased in favor of the agents, but the degree of the bias is unknown to the principal. We show that a contest, which is a contract in which the principal determines a set of prizes to be allocated to the agents, is optimal. By using a contest, the...
Institution partenaire
English / 01/10/2017
Trading down and the business cycle
We document two facts. First, during the Great Recession, consumers traded down in the quality of the goods and services they consumed. Second, the production of low-quality goods is less labor intensive than that of high-quality goods. When households traded down, labor demand fell, increasing the severity of the recession. We find that the trading-down phenomenon accounts for a...
Institution partenaire
English / 01/10/2017
The Spanish or the German apartment? Study abroad and the acquisition of permanent skills
In Europe, more than 250,0 0 0 university students spend one or two semesters abroad every year. This study explores whether a short time abroad contributes to the acquisition of foreign language proficiency. We use a newly available dataset about almost the totality of Italian graduates and two alternative in- struments to address the endogeneity of studying abroad. Both instruments...
Institution partenaire
English / 01/10/2017
CRM strategy implementation and performance
Customer relationship management (CRM) is one of the most frequently adopted management tools and has received much attention in the literature. This study advances research on CRM by investigating the impact of the relative time according to which interventions are implemented in different areas (customer management, CRM technology, organizational alignment, and CRM strategy) on CRM...
Institution partenaire
English / 25/09/2017
External knowledge sources, green innovation and performance
Theoretically speaking knowledge sharing seems relevant for innovations in general. Yet, there is no adequate understanding of how knowledge sharing can develop green innovation in SMEs. This paper focuses on how internal and external knowledge sharing intercede green innovation and ponders on how it affects the organization performance. First, the empirical results show that all...
Institution partenaire
English / 25/09/2017
Décisions financières, volatilité de cash-flow et valeur de la firme
L’interrogation liée à la manière dont la volatilité de cash-flow affecte la valeur des entreprises a également suscité un intérêt considérable de la part des économistes financiers. Les débats théoriques et les preuves empiriques, ne sont pas concluants. Les débats théoriques et les preuves empiriques mixtes nous ont amené à proposer un éclairage nouveau sur cette question dans le...
Institution partenaire
Français / 25/09/2017
Flexibilité financière, volatilité des cash-flows et valeur des firmes non financières françaises
L’objectif principal de cet article est d’explorer l’impact de la flexibilité financière sur la relation entre la volatilité des cash-flows et la valeur des firmes à partir d’un échantillon de 163 entreprises non financières françaises appartenant à l’indice CAC ALL-Tradable durant la période 2002-2012. Nos résultats révèlent que face à une volatilité accrue des cash-flows, la...
Institution partenaire
Français / 25/09/2017
What drives CVC investments?: an empirical test of social network theory predictions
Using data on corporate venture capital (CVC) investments by US corporations between 2001 and 2013, we analyze their CVC expenditures based on their positions in syndication networks and their financial resources. The generalized-method-of-moments models used show that these companies’ annual CVC expenditures depend on the number of co-financing relationships they have and their cash...
Institution partenaire
English / 25/09/2017
La contribution de l’indice de bonnes pratiques de gouvernance à la maîtrise du risque de l’entreprise
Les effets de la gouvernance sur la performance financière des entreprises font l’objet d’une littérature abondante avec des résultats mitigés, mais les impacts relatifs des différents mécanismes de gouvernance sur la volatilité de la rentabilité financière des entreprises semblent avoir été très peu explorés. Le présent article a donc pour objet d’investiguer le lien postulé par les...
Institution partenaire
Français / 25/09/2017
SME Internationalization and distant emerging economies: exploring the market entry role of asian global cities
This paper suggests a tentative conceptual framework to study the internationalization of foreign/OECD-based SMEs (Small and Medium-sized Enterprises) attracted by fast growing emerging markets, such as China and other Asian economies, and the supportive role of global cities as market gate focal points providing a wide range of financial and non-financial services facilitating...
Institution partenaire
English / 19/09/2017
Regards croisés sur les déterminants de l’intention entrepreneuriale des étudiants
Cette recherche vise à expliquer l’intention entrepreneuriale des étudiants dans deux contexte s ; algérien et français. L’ancrage théo rique se concentre sur les modèles intentionnels et s’appuie sur la t héorie du comportement planifié (Ajzen, 1991) . Les résultats ont permis de montrer certaines ressemblances et dissemblances dans les croyances ainsi qu’une différence dans l’...
Institution partenaire
Français / 18/09/2017
Program understanding models: an historical overview and a classification
During the last three decades several hundred papers have been published on the broad topic of “program comprehension”. The goal was always the same: to develop models and tools to help developers with program understanding during program maintenance. However few authors targeted the more fundamental question: “what is program understanding” or, other words, proposed a model of...
Institution partenaire
English / 18/09/2017
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