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This paper complements the literature on the determinants of tax revenue mobilization by providing an important first step on the impact of women's political empowerment on tax revenue mobilization in developing countries. A sample of 66 countries for the period 1995 to 2019 were used to estimate the results using fixed effects techniques and the generalized method of moments (GMM). The results indicate that women's political empowerment has a positive effect on tax collection in developing countries. This effect is attributed to improved governance and institutional quality, as well as the provision of essential goods and services, which enhance tax compliance and expand the tax base. This finding is robust to several robustness tests, specifically changing the definitions of women's empowerment, disaggregating tax revenues, adding additional control variables, and exploring heterogeneity. Furthermore, the analysis of transmission mechanisms provides evidence that better governance and institutional quality on the one hand and increased public spending, especially on education, on the other, are channeled through which women's political empowerment positively affects tax revenues in developing countries. To meet the 2030 Agenda for Sustainable Development, the inclusion and empowerment of women, particularly in the political arena, is a transition to investing in fiscal capacity, promoting governance and thereby improving tax collection in developing countries.

CNRS 2, FNEGE 2, HCERES A, ABS 3; International audience; We investigate how in the context of Corporate Venture Capital (CVC), the investment decisions affect the likelihood of their subsequent exit strategies. We use OLS and probit regression as well as Weibull distribution of residual values, given its reliability and validityfor studying lifetime analysis. Based on a sample of 8722 VC-backed ventures with the first investment dates between 1999 and 2018 in United States (US) and United Kingdom (UK), the results show that the presence of CVCs positively affects the funding amounts and the duration of the investment. CVC funds are more generous and more patient than Independent Venture Capital (IVC) funds regarding their investments in ventures. Moreover, the findings provide evidence that the exit strategies are directly influenced by the funding amounts and the duration of the investment which are influenced, in turn, by the fund type. Greater funding increases the likelihood of IPO exit which is reduced by longerinvestment duration. Our results are robust to alternative estimation methods, namely twostage treatment-effects regressions. These results help the various stakeholders (VC funds, investors, ventures) make crucial decisions regarding investment amounts and duration,and exit.

International audience; Farm transfer is increasingly seen as fundamental to the development of agriculture. One of the major challenges is to assess farm value in the context of an opaque market for farms. We contribute to the scarce literature on farm valuation by empirically applying three valuation methods to the Farm Accountancy Data Network database for France in 2017 and 2018 and for five types of farming. The three methods—the fundamental method, the patrimonial method, and the financial method—are well known for the valuation of companies, but have yet to be implemented widely for farms in the empirical literature. The results show that wine-growing farms have the highest values on average. Pig and beef farms have high average patrimonial values, reflecting their high capital intensity, but beef farms have the lowest average values calculated with methods based on cash flows, revealing unfavorable market conditions for these farms. The results further reveal that total farm output drives the value upward, but that high farm labor, indebtedness, and age contribute to reducing value. Our findings also highlight that, in practice, the differences in values across methods may be substantial.

What is the optimal form of firm organization during “bad times”? The greater turbulence following macro shocks may benefit decentralized firms because the value of local information increases (the “localist” view). On the other hand, the need to make tough decisions may favor centralized firms (the “centralist” view). Using two large micro datasets on decentralization in firms in ten OECD countries (WMS) and US establishments (MOPS administrative data), we find that firms that delegated more power from the central headquarters to local plant managers prior to the Great Recession outperformed their centralized counterparts in sectors that were hardest hit by the subsequent crisis (as measured by export growth and product durability). Results based on measures of turbulence based on product churn and stock market volatility provide further support to the localist view. This conclusion is robust to alternative explanations such as managerial fears of bankruptcy and changing coordination costs. Although decentralization will be suboptimal in many environments, it does appear to be beneficial for the average firm during bad times. (JEL D22, G12, G32, G34, L23)

International audience; Our results indicate a negative relationship between related‐party transactions (RPT) and earnings management, but a significantly positive relationship between discretionary accruals and the presence of a woman chairing the audit committee. While we observe a positive relationship between RPT volume and earnings quality, we fail to find any relationship between other audit committee characteristics and the latter. One significant result in the article is the positive relation between promoter presence on the audit committee and poor earnings quality. This article documents, for the first time, such a relationship from the perspective of an audit committee, at least in the Indian context.

International audience; This paper provides a theoretical analysis of trade credit within a real options framework. We show that under trade credit the buyer delays the decision to stop production, getting closer to the supply chain optimal stopping decision. Therefore, trade credit may serve as a coordination device. The supplier can optimally choose to offer trade credit for free, since this will guarantee her business for a longer period of time. Optimal trade credit design is analyzed for an integrated supply chain (cooperative solution) and for external procurement (Nash bargaining and Stackelberg solutions). When regulation imposes a limit on trade credit maturity, the wholesale price is reduced, trade credit decreases and internal procurement increases. The model's predictions are in line with recent empirical evidence on the effects of regulation in the retail industry.

International audience

This paper aims to show that there is a great interest for countries to rely on Public-Private Partnerships (PPPs) as a tool for financing the economy, especially in times of debt. First, we conceptualize through game theory a better risk management between the public and private sectors in case of co-investment. Second, building on Iossa & Martimort (2009), we demonstrate that PPPs investments produce greater economic and social gains than pure public investments by providing incentives and transferring risks to the private sector. The implications of the model are diverse: financing the provision of public infrastructure through PPPs allows for sharing the associated risks, improves the quality and reduce the costs of the provision of public goods. The model has been empirically tested on 14 Sub-Saharan African countries over the period 1990 − 2017. The impact of PPP investments is significantly higher than that of pure public investments. The evidence also shows that the positive impact of PPP investments strengthens economic growth as the public debt grows to a point where there is no longer any significant pro-growth impact.

International audience; Socio-political instability remains a threat to development. While concerns are often raised regarding the role foreign investors play in perpetuating this threat, empirical evidence on FDI's internal political effects is scarce and presents mixed results. In line with the literature on the determinants of political risk, this paper posits that by generating economic opportunities, FDI promotes political stability. Unlike the extant literature, which considers overall FDI, I test this hypothesis by focusing on greenfield FDI, given its greater socioeconomic externalities resulting from directly generated new economic activity and jobs. While this literature focuses on armed conflicts, socio-political stability in this paper is approached from an institutional perspective. Based on a large sample of developing countries and instrumental variable techniques, the results show that FDI fosters socio-political stability. Accounting for political repression, the results also highlight that FDIinduced stability is compatible with governmental respect for human rights, thus preserving individual well-being.

This paper seeks to estimate the effect of a European policy that subsidizes innovation investments. By carefully selecting observables, we compare recipients of the program with non-recipient firms to overcome the endogeneity of R&D grants. We conduct a difference-in-differences design on the universe of a unique firm-level dataset of European SMEs between 2008 and 2017. We find a significant effect of proof of concept grants, which implies an increase in the number of patent applications and the probability of patenting. There are positive impacts on credit financing, which suggest a signal effect to investors about the project quality of young firms.

This paper investigates the impact of transition risk on a firm's low-carbon production. As the world is facing global climate changes, the Intergovernmental Panel on Climate Change (IPCC) has set the idealized carbon-neutral scenario around 2050. In the meantime, many carbon reduction scenarios, known as Shared Socioeconomic Pathways (SSPs) have been proposed in the literature for different production sectors in more comprehensive socioeconomic context. In this paper, we consider, on the one hand, a firm that aims to optimize its emission level under the double objectives of maximizing its production profit and respecting the emission mitigation scenarios. Solving the penalized optimization problem provides the optimal emission according to a given SSP benchmark. On the other hand, such transitions affect the firm's credit risk. We model the default time by using the structural default approach. We are particularly concerned with how the adopted strategies by following different SSPs scenarios may influence the firm's default probability.

We show that PE sector specialists outperform generalists at every stage of the investment life cycle. Using granular data for thousands of U.S. hotels over the last two decades, we document that specialists exert a greater positive influence on more margins of hotel operations, earn higher net cash flows over the holding period, and achieve larger capital gains upon exit than do their generalist peers and other, non-PE investors backing ex ante equivalent assets. By contrast, PE generalists’ strongest comparative advantage may be better access to attractively priced acquisition financing. Our results provide novel evidence on the heterogeneity of PE investment strategies and associated performance outcomes.

International audience; Sukuk investments require investors and issuers to adhere to subtle moral and ethical standards beyond following mere profit maximization objectives. Investor trust manifested through the level of societal trust could be vital in the global Sukuk investment surge. This study investigates the relationship between the societal trust level and Sukuk activity. It employs a global sample of Sukuk issuances spanning over 2001–2019 and finds that a country’s societal trust level significantly and positively influences the amount of Sukuk issued. Moreover, this positive effect supersedes the negative effects of higher information asymmetry associated with equity-based Sukuk or Sukuk issued by risky firms. Ultimately, trust is both a deterrent and critical for Islamic finance success.

ABS 1; International audience; In her paper “Corporate Risk Evaluation in the Context of Austrian Business Cycle Theory” recently published in this journal, Joanna Kruk aims to investigate how artificially low interest rates resulting from central bank intervention distort individual investment appraisals and ultimately result in both entrepreneurial misjudgment and resource-wasting malinvestment, fueling the business cycle. She identifies entrepreneurs’ net present value calculations, supposedly unadjusted for risk, as a major issue and suggests adjusting those calculations for risk via both the duration method and the Capital Asset Pricing Model to mitigate the distorting effects. Her argumentation is, however, trapped in neoclassical reasoning and is adversely affected by several misconceptions of the net present value criterion. This comment seeks to reveal those fallacies and explain how to address uncertainty when using net present value calculations to make those calculations part of the solution rather than part of the problem of entrepreneurial misjudgment. The findings are derived from German investment theory rooted in the Austrian school of thought, meaning that they differ compared to those of neoclassical finance theory.

This thesis deals with various issues related to the quantitative management of financial risks. In the first part, we are interested in the models of default time in credit risk within the framework of the theory of enlargement of filtration. We propose models where the default time can coincide with some economic shock times. Our initial focus is the model of Jiao and Li (2018) in sovereign risk, where the default time coincides with predictable shock times. We extend this model in cases where shocks are not predictable by studying the characteristics of the default time. Second, we present the generalized Cox model which is an extension of the one of Lando (see Lando, 1998). We offer a wide range of examples for boiling our construction. The second part deals with the construction of volatility surfaces of financial assets under the condition of no-arbitrage opportunity using kriging methodologies (also called Gaussian process regression). These surfaces allow to estimate from the price of liquid options the value of financial products whose characteristics are non-standard and whose price is not observed on the market. The construction of such surfaces is an important step in some risk management processes. It also allows to evaluate non-liquid assets. Our approach is to learn the prices of European options through kriging while respecting the no-arbitrage conditions. These conditions are characterized by shape constraints on prices, namely monotonicity in the direction of maturities and convexity in the direction of strikes. Since these constraints correspond to a finite number of linear inequalities, we adopt a kriging technique under the constraints of linear inequalities. For this, we use the method developped by Maatouk and Bay (2016) which is based on the finite-dimensional approximation of the Gaussian process. The Monte Carlo Hamiltonien algorithm developed by Pakman and Paninski (2014) will be used to simulate the Gaussian coefficients. We propose a method for computing the Maximum a Posteriori (MAP) of the Gaussian process. We compare our method with those of constrained neural networks and SSVI.; Cette thèse traite différentes questions liées à la gestion quantitative des risques financiers. Nous nous intéressons, dans une première partie, aux modèles de temps de défaut en risque de crédit dans le cadre de la théorie de grossissement de filtrations. Nous proposons des modèles où le temps de défaut peut coïncider avec des instants de chocs économiques. Nous mettons l’accent, dans un premier temps, sur le modèle de Jiao et Li (2018) en risque souverain où le temps de dèfaut coïncide avec des temps de chocs prévisibles. Nous étendons ce modèle dans le cas où les chocs ne sont pas prévisibles en étudiant les caractéristiques du temps de défaut. Dans un second temps, nous présentons le modèle de Cox généralisé qui est une extention de celui de Lando (voir Lando, 1998). Nous proposons une large gamme d’exemples pour ullistrer notre construction. La seconde partie porte sur la construction de surfaces de volatilités des actifs financiers sous la condition d’absence d’opportunité d’arbitrage (AOA) en utilisant les méthodologies de krigeage (où la regression par processus Gaussien). Ces surfaces permettent par exemple d’estimer à partir du prix d’options liquides, la valeur des produits financiers dont les caractéristiques sont non-standard et dont le prix n’est pas observé sur le marché. La construction de telles surfaces est une étape importante dans certains processus de gestion des risques. Elle permet également de tarifer des actifs non-liquides. Notre approche consiste á mettre en œuvre l’apprentissage du krigeage sur les prix d’options européennes en respectant les conditions de non-arbitrage. Ces conditions sont caractérisées par des contraintes de forme sur les prix, à savoir la monotonicité dans la direction des maturités et la convexité dans la direction des strikes. Etant donné que ces contraintes correspondent à un nombre fini d’inégalités linéaires, nous adoptons une technique de krigeage sous contraintes d’inégalités linéaires. Nous utilisons, pour cela, la méthode d’eveloppée par Maatouk et Bay (2016) qui est basée sur l’approximation fini-dimensionnelle du processus Gaussien. L’algorithme de Monte Carlo Hamiltonien de Pakman et Paninski (2014) sera utilisé pour simuler les coefficients Gaussiens. Nous proposons une méthode de calcul du Maximum a Posteriori (MAP) du processus Gaussien. Nous comparons notre méthode avec celles des réseaux de neuronne contraints et des SSVI.

International audience; The Fintech industry has facilitated the development of companies using blockchain technology. The use of this technology inside banking system and industry opens the route to several questions regarding the business activity, legal environment, and insurance devices. In this paper, considering the creation of small companies interested to develop their business with a public blockchain, we analyse from different aspects why a company (in banking or insurance system, and industry) decides that a blockchain protocol is more legitimate than another one for the business which it wants to develop looking at the legal (in case of dispute) points of view. We associate with each blockchain a probative value which permits to assure in case of dispute that a transaction has been really done. We illustrate our proposal using 13 blockchains providing in that case a ranking between these blockchains for their use in business environment. We associate with this probative value some main characteristics of any blockchain as market capitalization and log-return volatilities that the investors need to also take into account with the new probative value for their managerial strategy.

Sciences Po Economics Discussion Papers, n°2021-01; During the onset of the COVID-19 pandemic, conflicting incentives caused most shareholders to adverse corporate social responsibility (CSR) –measured by firms’ charitable donations– since it would further burden firms’ already strained finances. Those shareholders that favored donations, large individual investors, did so to bolster their own images as they are typically synonymous with the donating firms. Image gains do not pass through to institutional shareholders, who instead preferred to donate themselves rather than having the firms they invested in donate. Taken together, our results cast doubts on large corporations’ willingness to demand costly CSR measures across firms in their portfolios.

International audience; Crowdfunding recently emerged as an alternative funding channel for start-ups, creative artists and social endeavors. While it succeeded in establishing itself as a major player in entrepreneurial finance, its rather informal setup sparked concerns about its resilience to exploitative behavior by project creators. In this paper we explore one form of such opportunistic behavior: self pledging and its potential effect on the post-campaign development of crowdfunded projects. If project creators use own funds to reach the funding target in order to collect the crowd’s funds, they end up with less fresh capital than needed, and might hence face problems in delivering on the promises made. Most reward crowdfunding platforms explicitly prohibit self pledges. Startnext, the biggest German platform, allows them. We exploit Startnext data to shed light on effects of self funding on post-campaign performance. We single out 140 substantially self-funded projects, and, by propensity score matching, a corresponding sample of 140 projects that did not receive any self pledges. For each of these projects we collect information about the project development three or more years after their campaigns ended. Projects may have failed to deliver, have run into severe delays, have delivered but then disappeared, or might have given rise to recurring events or led to the founding of a company/organization. Results indicate no structural long-term impact of substantial self funding.

International audience; In this paper, we investigate the impact of ownership structure's characteristics on the probability of initial controlling shareholder's (ICS) control dilution from a firm's listing year to the five-year post-initial public offering (post-IPO) in the French context. We test in particular the effect of private benefits of control and family ownership and control concentration on control dilution. Using a sample of 165 French IPO firms over the period 1999-2010, we provide evidence that: (i) The probability of ICS's control dilution decreases with high private benefits of control. (ii) A family ICS is less likely to experience control dilution than a non-family one. (iii) The probability of control dilution increases when the firm has a concentrated ownership. Therefore, agency problems and diversification are strong motivations for control dilution post-IPO. Our findings are robust even after using alternative control level and after running logit regression.

International audience; We derive a one-sided Vysochanskii-Petunin inequality, providing probability bounds for random variables analogous to those given by Cantelli's inequality under the additional assumption of unimodality, potentially relevant for applied statistical practice across a wide range of disciplines. As a possible application of this inequality in a financial context, we examine refined bounds for the individual risk measure of Value-at-Risk, providing a potentially useful alternative benchmark with interesting regulatory implications for the Basel multiplier.

International audience; This research paper aims to study the level and determinants of the financial performance of family businesses, according to the gender of the board of directors' chairman in the Arab world. Our research approach is based on a sample of 152 listed family-owned businesses and a control sample of 166 listed non-family businesses over the 2011-2018 periods. The research results indicate that the female gender issue has a positive influence on the financial performance of businesses with family ownership. This is explained by the fact that women leaders have a prudent and pragmatic leadership style that limits stereotypical images of women presidents' leadership style in the Arab world. This result is original since it can be considered as the first one to ever clarify the relationship between female leadership in the board of directors, risk-taking, and financial performance in the context of family ownership in the Arab countries.

International audience; The current chapter shows that strategic corporate social responsibility (hereafter CSR) drives more pioneering socially responsible initiatives than responsive CSR based on "imitative" activities introduced to meet stakeholders' basic expectations. We conclude that strategic CSR leads to more sustainable financial performance as well as more socially and environmentally responsible innovation. We show that more diversity in top management positions could be a necessary requirement to shape more strategic CSR strategies. We present a critical survey of the literature structured in the following. First, we discuss the main features of CSR strategies and how they have evolved in the last years. Second, we shed light on the puzzled CSR-financial performance association. Then, we focus on the tools provided by strategic CSR to foster innovation potential of businesses and why we should rethink CSR to drive more sustainable innovations. Finally, the chapter discusses how hiring more diverse profiles in top positions could help to get out of the narrow CSR thinking and to go beyond stakeholders' expectations and reports' standards which could provide valuable opportunities to widen the innovation range in businesses through the implementation of more social, organizational and marketing innovations as well as the introduction of new products and processes.

International audience; Recent developments in the literature on financial architecture suggest that banks and markets not only coexist, but also coevolve in ways that are non-neutral from the viewpoint of optimality. This article aims to analyse the concrete mechanisms of this coevolution by focusing on a very relevant case study: Belgium (the first Continental country to industrialize) at the time of the very first emergence of a modern financial system (the 1830s). The article shows that intermediaries played a crucial role in developing secondary securities markets (as banks acted as securitizers), but market conditions also had a strong feedback on banks’ balance sheets and activities (as banks also acted as market-makers for the securities they had issued). The findings suggest that not only structural, but also cyclical factors can be important determinants of changes in financial architecture.

International audience; This article analyzes the impact of employee share ownership and representation in governance structures on the performance and the payout policy of French listed companies. This empirical work is based on data from a combination of three sources (IODS, Eikon and Thomson Reuters) for a sample of French listed companies listed over the period 2000‑2014. Our results show that employee participation in corporate governance has different impacts. Employee share ownership helps to increase corporate profitability but also to limit dividend payments and share buyback practices. At the same time, employee participation in the Board of Directors (or Supervisory Board) moderates dividend payments to shareholders. These results provide new insights regarding the renewal of corporate governance and the evolution of payout policy.

While firms have obtained outside financing from large numbers of investors on financial markets for centuries, online crowdfunding platforms have only emerged as a major source of funding for start-ups and new projects for a decade. The information available to backers on crowdfunding platforms is generally coarse. This paper surveys the existing literature on the extent to which crowdfunding harnesses the wisdom of crowds. We discuss two broad categories of crowdfunding. Reward-based crowdfunding platforms such as Kickstarter, where backers typically have private and independent valuations, appear to offer environments that may harness the wisdom of crowds. In contrast, initial coin offerings (ICOs) offering services with network externalities and security-based platforms with common values appear to exhibit some results eliciting valuable information, but several results appear to point to informational cascades.

Debt is analyzed in relation to the conflict between three parties, a controlling shareholder, outside investors and creditors. We follow Jensen and Meckling’s (1976) and Myers’ (1977) intuitions that leverage may result in excess value appropriation by creditors while at the same time acting to discipline private benefits appropriation. Creditors’ holdup refers to the appropriation by the incumbent debtholders of a large part of the additional value created by an incentivized controlling shareholder. This paper introduces a negotiation framework between controlling and outside shareholders in which releveraging and private benefits are decided while the process of value creation initiates a transfer of value to the creditors. The admissible contracts of control involve a minimum jump in leverage. This result gives a theoretical foundation for the leveraged recap decisions observed in the market and one-off variations of the capital structure.

We study price formulas suited for empirical research in financial markets in which put–call parity is satisfied. We find a connection between risk and the bid–ask spread. We further study the compatibility of the model with market frictions, and determine market subsets where the Fundamental Theorem of Asset Pricing applies. Finally, we characterize the price formula.

International audience; The correlation between the sovereign credit rating granted by credit rating agencies (CRA) and conditions of access to foreign capital leads Moroccan authorities to pay greater attention to ratings obtained by Morocco. Understanding the determinants of Morocco's sovereign rating is critical given its implications for economic policies and structural reforms. In this perspective, this study examines the extent to which Morocco's sovereign rating reflects the performance recorded by its economic fundamentals and accounts for its sovereign risk. The aim is to identify a limited number of factors that can be the subject of the bulk of public action in order to reduce sovereign risk.The study included the case of the sovereign credit rating granted by Standard & Poor's (S&P). Using an ARDL model and monthly data covering the period 1998-2019, our study suggested that the Moroccan’s sovereign rates, is determined by nine variables, namely: economic growth, depth of the financial system, inflation, accountability, control of corruption, budget balance, total central government debt, central government external debt and net foreign assets. The relationship between the variables is generally a short-term relationship, with the exception of the variables representing public finances. Moving from "speculative grade" to "investment grade" requires greater effort than what is normally required to move just along the path of "speculative grade".Our results can guide economic policy decisions in terms of the choice of sectors and factors that should primarily benefit from government efforts. Thus, given its long-term relationship and its predominance in the S&P’s process of awarding sovereign rating, public finance factors must occupy the central place in economic policy, if Morocco wishes to consolidate its positioning at the Investment Grade, while moving away from the threshold separating it from the speculative grade.To our best knowledge, there are no academic studies that have attempted to examine the determinants of Morocco's sovereign rating. Also, from a methodological point of view, previous empirical studies have not had the opportunity to use an ARDL model to examine this type of relationship, i.e.: financial rating vs its determinants in the case of a specific country. Thus, our study can help demystify sovereign financial rating and its impact on the decision-making process relating to economic policies.; La corrélation existant entre les notes de crédits souverains accordées par les agences de notation de crédits (ANC) et les conditions d’accès aux capitaux étrangers fait que les autorités marocaines prêtent une attention particulière aux notes obtenue par le Maroc. La compréhension des déterminants de la note souveraine du Maroc est critique au vu de ses implications en termes de politiques économiques et de réformes structurelles. Dans cette perspective, cette étude examine dans quelle mesure la note souveraine du Maroc reflète la performance enregistrée par ses fondamentaux économiques et rend compte de son risque souverain. L’objectif est d’identifier un nombre limité de facteurs qui peuvent faire l’objet de l’essentiel de l’action publique afin de réduire le risque souverain.L’étude a retenu le cas de la note financière souveraine accordée par l’agence Standard & Poor’s (S&P). En utilisant un modèle ARDL et des données mensuelles couvrant la période 1998-2019, notre étude a conclu que la note financière souveraine accordée par S&P, variable dépendante, est déterminée par neuf variables : croissance économique, profondeur du système financier, inflation, reddition des comptes et voix des citoyens, contrôle de la corruption, solde budgétaire, dette totale de l’administration centrale, dette extérieure de l’administration centrale et avoirs nets extérieurs. La relation entre les variables est globalement une relation de court terme à l’exception des variables représentant les finances publiques. Passer du « Speculative Grade » à l’« Investment Grade » nécessite des efforts plus importants par rapport à ce qui est normalement exigé pour évoluer juste au niveau de la trajectoire du « Speculative Grade ».Nos résultats peuvent orienter les décisions de politique économique en termes de choix des secteurs et facteurs qui doivent bénéficier en priorité des efforts des pouvoirs publics. Ainsi, le domaine des finances publiques, vu sa relation de long terme et sa prédominance dans le processus d’attribution de la note souveraine par l’agence S&P, doit occuper la place centrale dans la politique économique, si le Maroc souhaite consolider son positionnement au niveau de l’« Investment Grade » tout en s’éloignant du seuil le séparant du « Speculative Grade ».À notre meilleure connaissance, il n’y a pas d’études académiques qui se sont attelées à examiner les déterminants de la note financière souveraine du Maroc. Aussi, de point de vue méthodologique, les études empiriques précédentes n’ont pas eu l’occasion d’utiliser un modèle ARDL pour examiner ce type de relation, c.-à-d. : notation financière et ses déterminants dans le cas d’un pays précis. Notre étude peut ainsi contribuer à démystifier la notation financière souveraine et son impact sur le processus de décision relatif aux politiques économiques.

We propose to estimate the price effects of a positive housing demand shock on French real estate markets. The "Interest Free Loan" system is expected to support housing demand by first-time buyers. From 2009 to mid-2010, the amount of subsidies paid to first-time buyers was increased. We evaluate the effect of this new housing policy on land parcel prices using a new methodological approach of a hybrid of difference-in-difference and matching techniques, and exploiting geographical differences in the policy design to identify possible inflationary effects. We identify significant but transitory inflationary effects suggesting that land supply elasticity is low in France.

Agency issues (the conflicts that arise due to the divergence of stakeholders’ interests within firms) remain a critical challenge faced by companies. Unfortunately, there is hardly any existing solution that can claim to mitigate all agency issues at the same time. In this study, I examine an original governance mechanism, widespread within French firms at the turn of the 20th century, which could do so: a statutory rule of profit allocation. It fixed in corporate statutes the part of profits to be allocated to a pre-determined set of agents. Contrary to other solutions, this rule could indeed be a way to solve several types of agency issues at the same time. Focusing on the allocations to shareholders, I show that this was the case: firms with more severe agency conflicts promised a higher part of profits to shareholders. I also provide evidence of the efficiency of this rule. Firms with more severe agency issues did not deviate too much from it (despite the specific deviations sometimes allowed) and distributed actual dividends close to the promised ones.

International audience; The study investigates the management of risk in E-Commerce and what different barriers are faced by consumers during an uncertain and risky situation. The study utilizes both primary and secondary data in order to get reliable results. There are different risk factors that affect the purchasing behaviour of consumers who shop online. The consumer's perception of risk may be the result of all the emotional processes through which consumers recognize, organize and provide meaning to sensations received, such as the need for product quality, safety online and overall satisfaction. The primary data consists of a survey of online shoppers. The research data and questionnaire was administered to 972 internet users who are classed as experienced and avid users. The secondary data includes an analysis of the various theories of consumer behaviour, models of online adoption, risk factors to marketing and shopping online, models of the adoption of innovation and new ways of marketing and trade. Both techniques are utilized that would examine the relationship between perceived risk strategies and customer satisfaction as well as examined the customer involvement and propensity to take risk on existing relation of online shopping.

International audience; We incorporate structural modelers into the economy they model. Using traditional moment matching, they treat policy changes as zero probability (or exogenous) “counterfactuals.” Bias occurs since real-world agents understand policy changes are positive probability events guided by modelers. Downward, upward, or sign bias occurs. Bias is illustrated by calibrating the Leland model to the 2017 tax cut. The traditional identifying assumption, constant moment partial derivative sign, is incorrect with policy optimization. The correct assumption is constant moment total derivative sign accounting for estimation-policy feedback. Model agent expectations can be updated iteratively until policy advice converges to agent expectations, with bias vanishing.

International audience; This study examines how private equity financing and business angel financing affect innovation. In this study, we propose a strategic definition of theconcept of innovation in line with firms’ financing requirements. In this way, we try to identify whether certain methods of financing have an impact on innovation. To achieve this, we have set up a database bringing together a sample of firms funded by private equity and business angels in seven European countries. Taking the level of R&D expenditure and the number of patent applications as the measure for innovation, we highlight three main elements. The presence of these investors has a positive impact on the number of patent applications (however not significant for private equity) and a negative impact on the level of R&D expenditure (only significant for private equity). These results tend to indicate that there is no significant difference in the effect of private equity financing and business angel financing on innovation.; Cet article vise à étudier les effets d’un financement par Business Angels et par Capital-Investissement sur l’innovation.Dans cette étude,nous proposons une définition stratégique du concept d’innovation en lien avec le besoin en financement des entreprises.De cette manière, nous tentons d’identifier si certains modes de financement ont un impact sur celle-ci.Pour cela, nous avons constitué une base de données regroupant un ensemble d’entreprises financées par Capital-Investissement et par Business Angels dans sept pays européens. En prenant comme mesure de l’innovation le niveau des dépenses de recherche et développement(R&D)et le nombre de dépôt de brevets, nous mettons en évidence trois éléments principaux.La présence de ces investisseurs a un impact positif sur les dépôts de brevets (toutefois non significatif pour les Capital-Investisseurs) et un impact négatif sur le niveau des dépenses de R&D (significatif uniquement pour les Capital-Investisseurs). Ces résultats tendent à montrer qu’il n’existe pas de différence significative entre l’effet du financement des B.A. et C.I. sur l’innovation des entreprises

Media dissemination plays an important role in facilitating price discovery. Political pressure that restricts media dissemination can hinder this function and affect investors’ perceptions. This paper studies the magnitude of newspaper censorship in China and its economic consequences using a setting of “tunneling” scandals. We find significant evidence of censorship of tunneling-related negative news at the national and local level. We further show that news that survives censorship reduces information asymmetry and improves pricing efficiency. We find that censorship blocks informative tunneling news and delays incorporation of tunneling reporting into prices.

International audience

International audience; In a context of a growing management goal, the associative organizations present a growing appetite to understand and develop their own accounting. Therefore, some of them develop an ambition to meet expectations in accounting accountability that would make them some full-fledged enterprise: associative enterprises. Others, on the contrary, captures their accounting only with a view to more effective management in order to measure the social performance of their supplied service. Through an ongoing exploratory analysis in the field of integration through economic, we conduct a critical analysis of associative accounting that would lead to another development of the associative accounting.; Dans un contexte de montée en management, les organisations associatives présentent une appétence croissante à comprendre et à élaborer leur comptabilité. Il en résulte pour certaines une ambition à satisfaire une attente en reddition comptable qui feraient d'elles des « entreprises associatives » à part entière. D'autres appréhendent leur comptabilité dans l'optique d'une gestion plus efficace au service de la mesure de la performance du service rendu. Au moyen d'une analyse exploratoire dans le champ de l'insertion par l'économique, nous conduisons une analyse critique approfondie de la comptabilité associative qui amènerait à un aménagement du plan comptable associatif.

Depuis les années quatre-vingt-dix, l’ensemble des établissements bancaires marocains doivent respecter un arsenal de ratios prudentiels, principalement le ratio de solvabilité. Le respect de ces mesures prudentielles, à aspect réglementaire, s’inscrit dans une logique de recherche d’une stabilité du système financier, essentiellement le système bancaire, et ce en réduisant les risques financiers et opérationnels encourus par les entités bancaires. En parallèle, les autorités de régulation ont exigé des banques un travail de gestion globale de bilan, la mise en place d’un système de contrôle de gestion, afin de gérer le risque opérationnel et un effort en termes d’engagements en fonction des risques encourus. Dans ce sens, les organisations bancaires doivent procéder à une gestion opérationnelle des risques en fonction d’une approche prudentielle, imposée par les législateurs. Ainsi, l’approche prudentielle, à caractère macro-économique, se présente comme un déterminant de l’approche opérationnelle, à caractère micro-économique. Cette approche opérationnelle prend la forme d’une stratégie que chaque entité bancaire doit élaborer pour gérer les différents risques bancaires. Cette étude cherche à analyser le problème de la gestion des risques entre l’approche prudentielle et l’approche opérationnelle.

Family history is usually seen as a significant factor insurance companies look at when applying for a life insurance policy. Where it is used, family history of cardiovascular diseases, death by cancer, or family history of high blood pressure and diabetes could result in higher premiums or no coverage at all. In this article, we use massive (historical) data to study dependencies between life length within families. If joint life contracts (between a husband and a wife) have been long studied in actuarial literature, little is known about child and parents dependencies. We illustrate those dependencies using 19th century family trees in France, and quantify implications in annuities computations. For parents and children, we observe a modest but significant positive association between life lengths. It yields different estimates for remaining life expectancy, present values of annuities, or whole life insurance guarantee, given information about the parents (such as the number of parents alive). A similar but weaker pattern is observed when using information on grandparents.

National audience; Die Festlegung einer angemessenen Abfindung beim aktienrechtlichen Minderheitsausschluss ist ein zentrales Problem der rechtlichen Unternehmensbewertung. Dieser Beitrag möchte die jüngst erneut aufkeimende Diskussion um die Abfindungsbemessung um einige grundsätzliche Überlegungen erweitern: Einerseits bezogen auf das Spannungsfeld von Zweckmäßigkeit und Praktikabilität, andererseits hinsichtlich des Forschungsansatzes der Neuen Politischen Ökonomie der Unternehmensbewertung. Er argumentiert, dass eine primär an der Praktikabilität ausgerichtete Abfindungsbemessung nicht sinnvoll sein kann, solange die Zweckmäßigkeit stiefmütterlich behandelt wird. Ausgangspunkt der Abfindungsbemessung muss Letztere sein; zweifellos notwendige Praktikabilitätsgesichtspunkte sind in einem zweiten Schritt zu bedenken. Darüber hinaus zeigt der Beitrag auf, inwieweit sich Vertreter der Neuen Politischen Ökonomie der Unternehmensbewertung in einen argumentativen Widerspruch verwickeln, indem sie auf materieller Ebene der Unternehmensbewertung neoklassische Modellierungen im Grundsatz ablehnen, sich dieser für eigene, prozessuale Analysen allerdings selbst bedienen.; The determination of an appropriate compensation in the case of the exclusion of minority shareholders under stock corporation law is a central problem of juridical business valuation. This article seeks to extend the recently reemerging discussion on the assessment of the compensation by some fundamental considerations: On the one hand, with regard to the tension between expediency and practicability, on the other hand, with regard to the research approach called New Political Economy of Business Valuation. The paper argues that compensation assessments primarily geared to practicability cannot be meaningful as long as expediency is treated as an orphan. The starting point for such assessments must be the latter; the undoubtedly necessary consideration of practicability aspects follows in a second step. In addition, the article shows to what extent representatives of the New Political Economy of Business Valuation become involved in an argumentative contradiction by widely rejecting neoclassical models on a material level of business valuation, but applying them for their own processual analyses.

International audience; Climate risks, whether physical risks or transition risks, represent an increasingly important issue for companies, bankers and institutional investors. This article provides a review of the recent literature on the relationship between climate risks and finance. It examines institutional investors' perceptions of climate risks and reports findings on the impact of climate risks on the value of real estate, debt and equity.

Using a panel of European banks with a controlling shareholder over the period 2003-2017, we examine whether the presence of directors related to minority shareholders on the board has an impact on bank risk. We find that the inclusion of minority shareholder related directors results in lower risk. Our results depend crucially on whether or not such directors have financial expertise and a decisive position on the board, while the observed decrease in risk does not depend on their political connections. To identify the relationship, we use a dynamic generalized method of moments approach to estimation.

National audience; This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend policy. We postulate that blockholder leverage may impact payout policy, in particular when earnings are hit by a negative shock. We use panel data for France where blockholders have tax incentives to structure their leverage in pyramidal holding companies and study the effect of the financial crisis in 2008/2009. We find no difference in payout policy and financial behavior during the 1999 to 2008 period between firms with levered owners and other firms. However, in the years 2009 to 2011 following the crisis, dividend payouts increase in proportion to pyramidal debt of dominant owners. We inspect pyramidal entities individually and find that on average only 60% of dividends are passed through to the ultimate owners, with the rest predominantly used to meet debt service obligations of the pyramidal entities.

This article focuses on the use of multiple banking relationships by SMEs, a key issue given their strong dependence on bank financing in a context of increasing financial constraints and higher risk of credit rationing since the crisis. We investigate whether the use of multiple banking relationships is explained by firms’ characteristics or by the quality of the banking relationship. We exploit the results of an original survey conducted on a sample of French SMEs in December 2012. According to the traditional theoretical framework of multiple banking, we find that older, bigger, and better-performing firms are more likely to access multiple banking relationships. We further find that innovative firms are more likely to engage in multiple banking relationships. We also highlight the explanatory power of an alternative model based on the quality of banking relationship: when the manager trusts its main bank, or when he is closer to his loan officer, the firm will be less likely to engage in multiple banking relationships.

International audience; In this book, scholars from a range of disciplines argue that the asset—meaning anything that can be controlled, traded, and capitalized as a revenue stream—has become the primary basis of technoscientific capitalism. An asset can be an object or an experience, a sum of money or a life form, a patent or a bodily function. A process of assetization prevails, imposing investment and return as the key rationale, and overtaking commodification and its speculative logic. Although assets can be bought and sold, the point is to get a durable economic rent from them rather than make a killing on the market. Assetization examines how assets are constructed and how a variety of things can be turned into assets, analyzing the interests, activities, skills, organizations, and relations entangled in this process.The contributors consider the assetization of knowledge, including patents, personal data, and biomedical innovation; of infrastructure, including railways and energy; of nature, including mineral deposits, agricultural seeds, and “natural capital”; and of publics, including such public goods as higher education and “monetizable social ills.” Taken together, the chapters show the usefulness of assetization as an analytical tool and as an element in the critique of capitalism.

This paper explores the effects of online customer ratings on debt capacity. Using a large sample of Parisian restaurants, we find a positive and economically significant relation between customer ratings and bank debt. We use the locally exogenous variation in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Customer ratings affect financial policy through a reduction in cash flow risk and higher resilience to demand shocks. Restaurants with good ratings use their extra debt capacity to invest in tangible assets. Finally, favorable online ratings relax credit constraints mostly for moderately constrained restaurants.

International audience; The purpose of the study is to analyze the effectiveness of public policies on the international performance of the small-and medium-sized enterprises (SMEs). Specifically, we investigate the effect of public export promotion programs (EPPs) on two types of organizational capabilities, i.e., export capabilities which have been already used in previous modelization and international risk management practices as an original variable intended to better explain the effectiveness of public policies on the SME's international performance. We use a quantitative methodology based on a structural equation modeling approach applied to a sample of 147 internationalized French SMEs that used EPPs. Our results add value to theoretical and empirical knowledge on the effectiveness of public support programs on the international performance of SMEs, since we demonstrate an indirect effect between EPPs and international performance, through export capabilities and risk management practices. We also show that by strengthening the risk management practices, EPPs stimulate the SME in implementing foreign direct investment strategies.