Articles

A Comparative Overview of EU and US Legislative and Regulatory Systems: Implications for Domestic Governance & the Transatlantic Trade and Investment Partnership

A. ALEMANNO, R. W. PARKER

Columbia Journal of European Law

hiver 2016, vol. 22, n°1

Départements : Droit et fiscalité, GREGHEC (CNRS)

Mots clés : TTIP, Regulatory Cooperation, Convergence, Divergence, Mutual Recognition, Equivalence, MRA, US-EU, race to the bottom, direct effect, implementation

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2721038


The aim of this report is to inform the EU-US Transatlantic Trade and Investment negotiations on enhanced regulatory coherence and cooperation, by providing negotiators, stakeholders and the public with a comparative overview of the US and EU legislative and regulatory processes in their current form, highlighting differences and similarities

A theorem on aggregating classifications

F. MANIQUET, P. MONGIN

Mathematical Social Sciences

janvier 2016, vol. 79, pp.6-10

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

Mots clés : Aggregation of classifications, Group identification problem, Task assignment problem, Nonbinary evaluations

http://ssrn.com/abstract=2686037


Suppose that a group of individuals must classify objects into three or more categories, and does so by aggregating the individual classifications. We show that if the classifications, both individual and collective, are required to put at least one object in each category, then no aggregation rule can satisfy a unanimity and an independence condition without being dictatorial. This impossibility theorem extends a result that Kasher and Rubinstein (1997) proved for two categories and complements another that Dokow and Holzman (2010) obtained for three or more categories under the condition that classifications put at most one object in each category. The paper discusses an interpretation of its result both in terms of Kasher and Rubinstein’s group identification problem and in terms of Dokow and Holzman’s task assignment problem.

A Two-sided Matching Approach for Partner Selection and Assessing Complementarities in Partners’ Attributes in Inter-firm Alliances

D. MINDRUTA, M. MOEEN, R. AGARWAL

Strategic Management Journal

janvier 2016, vol. 37, n°1, pp.206-231

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

Mots clés : Alliance formation, Partner selection, Matching models, Complementarities, Empirical methods

http://ssrn.com/abstract=2536109


Strategic alliances are undertaken to create value through complementarities of resources and capabilities of the partner firms. We develop a matching framework to study strategic alliances, taking a market perspective that explicitly incorporates key features of transactions in strategic alliances: two sided decision making in voluntary collaboration; quest for complementarities between indivisible and heterogeneous partner attributes; and competition on each side for partners on the other side. We assess the relative performance of matching models and binary choice models when estimating parameters within simulations based on a known functional relationship. Within the context of research alliances in the bio-pharmaceutical industry, we hypothesize and find support using the matching model framework for complementarity in partner size, and in upstream research capabilities

Adaptive use of social networking applications in contemporary organizations: Examining the motivations of Gen Y cohorts

Anuragini SHIRISH, Imed BOUGHZALA, S. C. SRIVASTAVA

International Journal of Information Management

December 2016, vol. 36, n°6, part A, pp.1111–1123

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

Mots clés : Corporate social networking; Adaptive use intention; Technology adoption; Collaboration; Innovation; Generation Y; Motivation

http://www.sciencedirect.com/science/article/pii/S0268401216301918


With the entry of the contemporary generation (Gen Y) into the workforce, organizations are interested in leveraging Gen Y’s technological preferences when designing their information systems. Specifically, motivated by Gen Y’s dependence on Social Networking Applications (SNAs) in their private lives, organizations have initiated the implementation of Corporate Social Networks (CSNs) to facilitate closer collaboration and knowledge sharing within organizations. However, these initiatives have not been received with the expected enthusiasm from Gen Y employees. To better understand this apparent anomaly, the current study explores the Gen Y cohort’s intended adaptive use of SNAs in organizational settings, as CSNs. This study uses an enriched Delphi technique to examine the perceptions and concerns of members of Gen Y regarding use of CSNs. In addition, employing a structured qualitative approach and contextualizing the needs hierarchy theory to the specific case of Gen Y employees, this study identifies six organizational requirements for successfully implementing CSNs. This work extends the literature on adaptive use of Enterprise 2.0 systems and delineates a set of useful implications for managers intending to implement such systems for Gen Y employees.

Ambiguity Aversion and Household Choice Puzzles: Empirical Evidence

S. G. DIMMOCK, R. KOUWENBERG, O. S. MITCHELL, K. PEIJNENBURG

Journal of Financial Economics

mars 2016, vol. 119, pp.559-577

Départements : Finance, GREGHEC (CNRS)

Mots clés : Ambiguity aversion; Stock market participation; Household portfolio puzzles; Home-bias; Own-company stock puzzle; Portfolio under-diversification; Household finance; Financial literacy

http://www.sciencedirect.com/science/article/pii/S0304405X16000040?via%3Dihub


We test the relation between ambiguity aversion and five household portfolio choice puz- zles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market partic- ipation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, am- biguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks

Arbitration as Regulation: Cross-Atlantic Repercussions of the U.S. Supreme Court Judgment in DirecTV v. Imburgia / Arbitrage et droit de la consommation dans une perspective transatlantique: la Cour Suprême des Etats-Unis (ne) montre (pas) la bonne voie

M. M. WINKLER

Revue de Droit des Affaires Internationales (RDAI) / International Business Law Journal (IBLJ)

2016, vol. 5, pp.519-536

Départements : Droit et fiscalité, GREGHEC (CNRS)

https://www.iblj.com/abstract.htm?ref=52016519-536


Dans la dernière décennie, la Cour Suprême des Etats-Unis s’est trouvé au coeur d’une tempête de critiques, déclenchée par ses décisions en matière d’arbitrage obligatoire de consommateur. La dernière de ces décisions en particulier, rendue le 14 décembre 2015 dans l’affaire Direct TV c. Imburgia, a proviqué un débat brûlant concerant certains aspects fondamentaux de l’arbitrage, teel que les limites de l’autonomie des parties, le rôle de l’interprétation contractuelle et la question de la nature de l’arbitrage elle-même. En raison de ces vastes implications, et en dépit de sa dimension presque exclusivement américaine, la décision Direct TV peut être sujette à une analyse transnationale visant à saisir ses profondes répercussions sur la compréhension de l’arbitrage et du contentieux de consommation en Europe par comparaison aux Etats-Unis

Are Criminal Sanctions Always Appropriate in Business Law? The French Example of Combining Civil and Criminal Law

N. STOLOWY

Journal of Business Law

2016, vol. 7, pp.607-623

Départements : Droit et fiscalité, GREGHEC (CNRS)

Mots clés : Commercial law; Corporate liability; Criminal liability; France; Offences; Penalties; White collar crime


Developments in business law have shown a general trend towards autonomy or indeed particularism.French commercial law is not homogeneous in substance, although several laws have been combined and the codification has been unified.1France’s Commercial Code comprises a number of different branches that each claims their own particularism.This codification is an administrative resource. It provides a formal presentation of a discipline, without interfering with its content. In some instances the codification improves the accessibility of information, but the major divisions of commercial law remain, and this does not contribute to overall coherence.The criminal sanctions applicable in business law fall into the scope of a specific criminal law. The groupings have been so artificial that is it sometimes very difficult for these disciplines to display their particularism. For example, different criminal laws have developed in such diverse areas as criminal labour law, criminal consumer law, criminal planning and environment law, criminal tax law which completes criminal company law, and criminal business law which is a counterpart to (and sometimes difficult to distinguish from) criminal economic law.These different branches show up boundaries that are often vague, and relative specificities.3 They are best justified on the level of criminal sociology, since they concern clearly identified actors in the various activities involving exposure to certain risks. General or special classifications have had to be found for those risks.These disciplines have the merit of imposing a constructed coherence on the study of criminal offence classifications relating to the major sectors of economic and corporate activity, in order to secure and moralise those activities.Criminal business law occupies a prominent position owing to the company law logic, to which it claims to be a response, but also owing to the difficulty of clearly determining its legal purpose. Its scope varies depending on the author, and the sociological than a legal reality. It is easier to understand that the aim of criminal sanctions is to bring morality into the world of business when they have a repressive dimension or are imposed by the court to ensure compliance. In this perspective they act as a sword of Damocles, and are more effective than court orders or injunctions, which remain civil law sanctions that have few consequences for the individual, and more importantly can be covered by insurance.Criminal law as applied to business is simply a reflection of the complexity of social relations and the difficulty, not to say impossibility, of finding a dividing line between the human, social and economic activities. The economic activity criterion is doubtless the most relevant. Criminal business law acts as a combined law.After an analysis of the appropriateness or otherwise of the decriminalisation of business law, we study its most typical criminal sanctions.

Are retail traders compensated for providing liquidity?

J.-N. BARROT, R. KANIEL, D. SRAER

Journal of Financial Economics

avril 2016, vol. 120, n°1, pp.146-168

Départements : Finance

Mots clés : Liquidity, Retail investors, Crisis


This paper examines the extent to which individual investors provide liquidity to the stock market and whether they are compensated for doing so. We show that the ability of aggregate retail order imbalances, contrarian in nature, to predict short-term future returns is significantly enhanced during times of market stress, when market liquidity provisions decline. While a weekly rebalanced portfolio long in stocks purchased and short in stocks sold by retail investors delivers 19% annualized excess returns over a four-factor model from 2002 to 2010, it delivers up to 40% annualized returns in periods of high uncertainty. Despite this high aggregate performance, individual investors do not reap the rewards from liquidity provision because they experience a negative return on the day of their trade and they reverse their trades long after the excess returns from liquidity provision are dissipated. During the financial crisis, French active retail stock traders stepped up to the plate,increased stock holdings, and provided liquidity. In contrast, mutual fund investors fled from delegation by selling their mutual funds

At Long Last, Italy Moves to Comply With European Human Rights Imperative to Recognize Same-Sex Partners

M. M. WINKLER

Lesbian/Gay Law Notes

juin 2016, vol. 6/2016, pp.226-228

Départements : Droit et fiscalité, GREGHEC (CNRS)


Balancing free movement and public health the case of Minimum Unit Pricing of alcohol in Scotch Whisky

A. ALEMANNO

Common Market Law Review

aout 2016, vol. 53, n°4, pp.1037–1063

Départements : Droit et fiscalité, GREGHEC (CNRS)

Mots clés : EU law, Proportionality, Tax, Minimum unit pricing, Alcohol, Lifestyle, NCD, Precautionary principle, Risk regulation, Judicial review

http://ssrn.com/abstract=2803165


Scotland is the first jurisdiction in the world to introduce a minimum price per unit of alcohol to reduce consumption. The relevant industry did not hesitate to challenge this new alcohol control policy before courts. The ensuing judgment contains a wealth of insights stemming from regulatory autonomy to proportionality review


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