'Shopping Around' for Accounting Practices: the Financial Statement Presentation of French Groups


Academy of Management Executive

février 2003, vol. 39, n°1, pp.42-65

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

This article illustrates the progressive move away from traditional accounting practices through a study of the presentation of financial statements. Based on a sample of one hundred large French industrial and commercial groups over a ten-year period, and applying a logistic regression method, our survey confirms a trend among French companies, which are increasingly turning their backs on traditional national practices as regards the balance sheet format, the income statement format, the voluntary disclosure of a statement of changes in shareholders' equity and the cash flow statement format. This move towards 'alternative' practices is made possible by the flexibility of French regulation, and can probably be explained by the desire of French firms to attract more investment on international capital markets. However, this trend shows no signs of a clear orientation towards any particular accounting model (IAS, U.S. or U.K.). The behaviour of the French firms observed in our study can be considered as a kind of 'shopping around' for accounting

A derivation of expected utility maximization in the context of a game

I. GILBOA, D. Schmeidler

Games and Economic Behavior

juillet 2003, vol. 44, n°1, pp.172-182

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

A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature's strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly represented by expected utility maximization with respect to an almost-unique state-dependent utility, that is, a matrix assigning real numbers to act-state pairs. As opposed to a utility function that is derived in another context, the utility matrix derived in the game will incorporate all psychological or sociological determinants of well-being that result from the very fact that the outcomes are obtained in a given game

An Application of Ramsey Theorem to Stopping Games

E. Shmaya, E. Solan, N. VIEILLE

Games and Economic Behavior

février 2003, vol. 42, n°2, pp.300-306

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

We prove that every two-player nonzero-sum deterministic stopping game with uniformly bounded payoffs admits an e-equilibrium, for every e>0. The proof uses Ramsey Theorem that states that for every coloring of a complete infinite graph by finitely many colors there is a complete infinite subgraph which is monochromatic.

An Exploratory Investigation of the Impact of Culture on Sales Force Management Control Systems in Europe


Journal of Personal Selling & Sales Management

hiver 2003, vol. 23, n°1, pp.61-72

Départements : Marketing, GREGHEC (CNRS)

Globalization, euro-driven transparency, and new sales territory designs are among the numerous indications announcing sales force restructuring in Europe. When confronted by such issues, managers need to reassess the way they monitor, direct, evaluate, and compensate salespeople. Indeed, those sets of procedures may not be consistent across borders and send mixed signals to salespeople. In our exploratory research, we examine the role of culture on sales personnel governance structures. We test a related set of propositions on a sample of 166 European salespeople. Finally, we conclude by proposing potential guidelines for managers willing to expand their sales effort in Europe

Assessing the Commercial Viability of New Ventures


Canadian Investment Review

2003, pp.18-25

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

Auctions vs. Book-building and the Control of Underpricing in Hot IPO Markets

F. DERRIEN, K. Womack

Review of Financial Studies

printemps 2003, vol. 16, n°1, pp.31-61

Départements : Finance, GREGHEC (CNRS)

Market returns before the offer price is set affect the amount and variability of initial public offering (IPO) underpricing. Thus, an important question is 'what IPO procedure is best adapted for controlling underpricing in 'hot' versus 'cold' market conditions?' The French stock market offers a unique arena for empirical research on this topic, since three substantially different issuing mechanisms (auctions, bookbuilding, and fixed price) are used there. Using 1992-1998 data, we find that the auction mechanism is associated with less underpricing and lower variance of underpricing. We show that the auction procedure's ability to incorporate more information from recent market conditions into the IPO price is an important reasonKeywords Plus: INITIAL PUBLIC OFFERINGS; OWNERSHIP; ISSUES; PRICE

Audit financier et contrôle interne - l'apport de la loi Sarbanes-Oxley

E. Pujol, M. Molinari, H. STOLOWY

Revue Française de Gestion

novembre-décembre 2003, vol. 29, n°147, pp.133-143

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

La loi Sarbanes-Oxley a pour objectif d'augmenter la responsabilité des sociétés et de mieux protéger les investisseurs et aux petits épargnants. Cette loi comporte en particulier un volet que nous étudions dans cet article : l'obligation pour les dirigeants des sociétés américaines d'évaluer l'efficacité et la qualité de leur système de contrôle interne. Cette loi américaine va avoir d'importantes conséquences, tant en termes d'organisation des entreprises qu'au plan mondial.

Behavioral heterogeneity and the income effect

L. E. CALVET, E. Comon

Review of Economics and Statistics

août 2003, vol. 85, n°3, pp.653-669

Départements : Finance, GREGHEC (CNRS)

Inspired by the recent literature on aggregation theory, this paper introduces HITS, a semiparametric model of consumer demand that allows for diversity in tastes. The strong variation of budget shares observed across income groups has two possible origins: the individual income effect, and taste differences between poor and rich households. Consumer surveys reporting repeated cross sections do not permit the direct measurement of these two effects. In HITS, linear heterogeneity allows the GMM estimation of structural coefficients on an aggregate series. The joint density of spending and tastes is then recovered from cross sections by a nonparametric procedure involving a deconvolution. We estimate the model on British data (1968-1998) and report that taste heterogeneity explains a large fraction of the variation of budget shares with income.

Bringing Together Strategic Outsourcing and Corporate Strategy: Outsourcing Morives and Risks

B. QUÉLIN, F. Duhamel

European Management Journal

octobre 2003, vol. 21, n°5, pp.467-661

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

Mots clés : Corporate strategy, Strategic outsourcing, Core business, Risk

The authors report the results of a study on the motives of corporate headquarters in large European manufacturing firms for engaging in outsourcing and the risks they perceive to be associated with strategic outsourcing operations. Four main issues can be highlighted: preoccupations about core businesses and reduction of cost of capital are linked; access to external expertise and quality improvements are specific expectations for outsourcing firms; operational cost savings, still a predominant concern, must be balanced with the cost of monitoring suppliers; the ‘increased flexibility’ objective emerges as a distinct issue

British American Tobacco: nuovo capitolo della saga "Union de pequeños agricultores - Jégo Quéré"?


Il Diritto dell'Unione Europea

2003, n°3

Départements : Droit et fiscalité, GREGHEC (CNRS)