À la recherche d'un juste équilibre entre libertés fondamentales et droits fondamentaux dans le marché intérieur - Quelques réflexions à propos des arrêts Schmidberger et Omega


Revue du Droit de l'Union Européenne

2004, n°4

Départements : Droit et fiscalité, GREGHEC (CNRS)

A Practical Implementation of Stochastic Programming: an Application to the Evaluation of Option Contracts in Supply Chains



mai 2004, vol. 40, n°5, pp.743-756

Départements : Informations Systems and Operations Management, GREGHEC (CNRS)

Stochastic programming is a powerful analytical method in order to solve sequential decision-making problems under uncertainty. We describe an approach to build such stochastic linear programming models. We show that algebraic modeling languages make it possible for non-specialist users to formulate complex problems and have solved them by powerful commercial solvers. We illustrate our point in the case of option contracts in supply chain management and propose a numerical analysis of performance. We propose easy-to-implement discretization procedures of the stochastic process in order to limit the size of the event tree in a multi-period environment.

Accounts Manipulation: A Literature Review and Proposed Conceptual Framework

G. Breton, H. STOLOWY

Review of Accounting & Finance

2004, vol. 3, n°1, pp.5-66

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Accounts manipulation has been the subject of research, discussion and even controversy in several countries including the USA, Canada, the U.K., Australia, Finland and France. The objective of this paper is to provide a comprehensive review of the literature and propose a conceptual framework for accounts manipulation. This framework is based on the possibility of wealth transfer between the different stake- holders, and in practice, the target of the manipulation appears generally to be the earnings per share and the debt/equity ratio. The paper also describes the different actors involved and their potential gains and losses. We review the literature on the various techniques of accounts manipulation: earnings management, income smoothing, big bath accounting, creative accounting, and window-dressing. The various definitions of ail these, the main motivations behind their application and the research methodologies used are ail examined. This study reveals that ail the above techniques have common elements, but there are also important differences between them.

Approximating a Sequence of Observations by a Simple Process


Annals of Statistics

2004, vol. 32, n°6, pp.2742-2775

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Given an arbitrary long but finite sequence of observations from a finite set, we construct a simple process that approximates the sequence, in the sense that with high probability the empirical frequency, as well as the empirical one-step transitions along a realization from the approximating process, are close to that of the given sequence.We generalize the result to the case where the one-step transitions are required to be in given polyhedra

Asymmetric Performance: The Market Share Impact of Scale and Link Alliances in the Global Auto Industry


Strategic Management Journal

juillet 2004, vol. 25, n°7, pp.701-711

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

This study investigates how participating in strategic alliances with rivals affects the relative competitive positions of the partner firms. The paper builds on studies that show significant differences in the outcomes of scale and link alliances. The study argues that the more asymmetric outcomes of link alliances translate into greater changes in the relative market shares of the partner firms, due to unbalanced opportunities for inter-partner learning and learning by doing. We find support for this argument by examining 135 alliances among competing firms in the global automobile industry, from 1966 to 1995

Changes in the Functional Structure of Firms and the Demand for Skill

E. Maurin, D. THESMAR

Journal of Labor Economics

juillet 2004, vol. 22, n°3

Départements : Finance, GREGHEC (CNRS)

We analyze recent changes in the occupational structure of French manufacturing firms. Firms employ a greater proportion of engineers working on the design and marketing of new products and a lower proportion of high-skill experts working in administration-related activities. Firms have also reduced the share of production-related activities at both the levels of high-skill and low-skill workers. We develop a labor demand model that shows the role played by technological change. New technologies make it possible to allocate more human resources to the activities that are the most difficult to program in advance

Communication equilibrium payoffs in repeated games with complete information and imperfect monitoring

J. Renault, T. TOMALA

Games and Economic Behavior

novembre 2004, vol. 49, n°2, pp.313-344

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Keywords Plus: 2-PLAYER REPEATED GAMES; PLAYER REPEATED GAMES; NASH EQUILIBRIA; INFORMATION Abstract: We characterize the set of communication equilibrium payoffs of any undiscounted repeated matrix-game with imperfect monitoring and complete information. For two-player games, a characterization is provided by Mertens, Sorin, and Zamir (Repeated games, Part A (1994) CORE DP 9420), mainly using Lehrer's (Math. Operations Res. (1992) 175) result for correlated equilibria. The main result of this paper is to extend this characterization to the n-player case. The proof of the characterization relies on an analogy with an auxiliary 2-player repeated game with incomplete information and imperfect monitoring. We use Kohlberg's (Int. J. Game Theory (1975) 7) result to construct explicitly a canonical communication device for each communication equilibrium payoff

Competition for Listings

T. FOUCAULT, C. Parlour

RAND Journal of Economics

été 2004, vol. 35, n°2, pp.329-355

Départements : Finance, GREGHEC (CNRS)

We develop a model in which stock exchanges compete for IPO listings. They choose the listing fees paid by entrepreneurs wishing to go public and control the trading costs incurred by investors. All entrepreneurs prefer lower trading costs but differ in how much they value a decrease in trading costs. Hence, in equilibrium, competing exchanges can obtain positive expected profits by choosing different trading costs and different listing fees. The model has testable implications on the cross-sectional characteristics of IPOs on different-quality exchanges and the relationship between the level of trading costs and listing fees.

Conception d'un projet de service dans une bureaucratie professionnelle : Le cas d'un projet immobilier et de soin


Sciences de Gestion

2004, n°45, pp.17-49

Départements : Informations Systems and Operations Management, GREGHEC (CNRS)

De l'impact de la microstructure d'un marché de permis de polluer sur la politique environnementale

S. LOVO, V. van Steenberghe, M. Germain

Annales d'Economie et de Statistiques

2004, n°74, pp.177-208

Départements : Finance, GREGHEC (CNRS)

Cet article discute de l'effet de la présence d'une microstructure de type "marché gouverné par les prix" sur un marché de permis de polluer. On montre qu'une telle microstructure a un impact sur le fonctionnement du marché et sur le nombre total de permis à allouer par l'agence environnementale lorsque (i) un seul teneur de marché est présent et (ii) l'agence et le(s) teneur(s) de marché ne connaissent la fonction de production des pollueurs qu'avec incertitude