Articles

The Timing of Resource Development and Sustainable Competitive Advantage

G. PACHECO DE ALMEIDA, P. Zemsky

Management Science

2007, vol. 53, n°4, pp.651-666

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


Transforming Audit Technologies: Business Risk Audit Methodologies and the Audit Field

K. ROBSON, C. HUMPHREY, C. KHALIFA, J. JONES

Accounting Organizations and Society

2007, vol. 32, n°4-5, pp.409-438

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


Truth About Private Equity Performance

O. GOTTSCHALG, L. Phalippou

Harvard Business Review

décembre 2007, vol. 85, n°12, pp.17-20

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


The article reports that calculating the performance of private equity funds with a modified internal rate of return (M-IRR) results in a more accurate performance yield or true return. The problem with the internal rate of return (IRR) method is that IRR overstates the fund's performance and misrepresents its relative ranking, which misleads investors about the reinvestment of cash proceeds and makes it difficult to compare fund managers. An example is given showing how M-IRR better represents the rate of return for private equity funds.*INVESTMENT analysis*EXPECTED returns*INADEQUATE disclosure*EARNINGS trends*HIGH yield investments*REINVESTMENT*FINANCIAL performance*INTERNAL rate of return*RETURN on assetsRANKING & selection (Statistics)PRIVATE equityRANKING

Understanding Subsistence Marketplaces: Exploring the Contributions of Participatory Action Research

J. Ozanne, B. SAATCIOGLU

Advances in International Management

2007, vol. 20, pp.111-132

Départements : Marketing


Abstract: This chapter presents an overview of participatory action research and explores how this approach can inform the study of subsistence marketplaces. The diverse historical roots of action research are traced from Kurt Lewin's research on workplace democracy and Paulo Freire's conceptual ideas forged from working with low-literate peasants. We illustrate the potential of action research approaches by exploring in detail a more contemporary form of action research, participatory rural appraisal, and we show the usefulness of this approach to understanding consumer well-being in resource-poor areas. Special emphasis is given to the discussion of the methodology of this popular form of action research and its various applications.

Une privatisation de la norme inédite: le cas de la politique comptable européenne

E. CHIAPELLO, K. MEDJAD

Sociologie du Travail

janvier-mars 2007, vol. 49, n°1, pp.46-64

Départements : Comptabilité et Contrôle de Gestion, Droit et fiscalité


Les Etats-membres de l'Union Européenne (UE) ont entrepris depuis longtemps un travail d'harmonisation de leurs comptabilités afin de faciliter la comparaison entre entreprises européennes. Ce processus a connu une accélération brutale en 2002, lorsqu'un. règlement a annoncé qu'à compter de 2005 les sociétés cotées européennes devraient adopter pour la production de leurs comptes consolidés les normes comptables élaborées par l'IASB (« International Accounting Standards Board »), organisme de droit privé, dénué jusque là de tout mandat public. Après avoir essayé d'harmoniser elle-même les référentiels nationaux, l'Union Européenne a ainsi décidé de recourir à un sous-traitant privé, décision d'autant plus marquante qu'elle ne dispose d'aucun moyen de contrôle statutaire sur l'IASB. Cet article est consacré à cet épisode particulièrement marquant de privatisation du processus normatif. Nous analysons tout d'abord la structure et la gouvernance de l'IASB ainsi que les modalités d'incorporation au droit européen des normes qui y sont produites. Nous montrons ensuite que ce transfert de compétences au secteur privé va bien au-delà des formes des formes habituelles de délégation. Nous montrons enfin que si cet effacement de la puissance publique a des causes variées, celles-ci doivent être principalement recherchées au sein de l'Union EuropéenneMots clés : Normes comptables ; Union européenne, Soft law ; Privatisation ; Import'export de normes

What Facilitates E-Government Development?: A Cross-Country Analysis

S. C. SRIVASTAVA, T. S. H. TEO

International Journal of Electronic Government Research

2007, vol. 4, n°4, pp.365-378

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

Mots clés : e-government facilitators, Electronic government, Human capital, TOE, Technology, Organisation, Environment, Secondary data, e-government development, Partial least squares, PLS


There are relatively few empirical studies that analyse e-government development from a global perspective. Using secondary data from 115 countries and the Technology–Organisation–Environment (TOE) as the guiding theoretical lens, we examine the facilitators for e-government development. Our research highlights the importance of national technological and organisational (human capital) contexts for e-government development. Our results also show that national environment (institutional and macroeconomic) is not a significant facilitator for e-government development. Further, post hoc analysis reveals the anomalous significant relationship of public institutions with e-government development in the negative direction. Through this research, we make some important contributions that have implications for researchers, practitioners and policymakers

Why Common Factors on International Bond Markets Are Not So Common

C. PERIGNON, D. Smith, C. Villa

Journal of International Money and Finance

mars 2007, vol. 26, n°2, pp.284-304

Départements : Finance, GREGHEC (CNRS)


TERM-STRUCTURE MODELS; ARBITRAGE PRICING THEORY; BATTERY FACTOR-ANALYSIS; EXPECTED RETURNS; MARKETS; DYNAMICS; RATES; RISK This paper analyzes the common factor structure of US, German, and Japanese Government bond returns. Unlike previous studies, we formally take into account the presence of country-specific factors when estimating common factors. We show that the classical approach of running a principal component analysis on a multi-country dataset of bond returns captures both local and common influences and therefore tends to pick too many factors. We conclude that US bond returns share only one common factor with German and Japanese bond returns. This single common factor is associated most notably with changes in the level of domestic term structures. We show that accounting for country-specific factors improves the performance of domestic and international hedging strategies

Yield-Factor Volatility Models

C. PERIGNON, D. Smith

Journal of Banking and Finance

octobre 2007, vol. 31, n°10, pp.3125-3144

Départements : Finance, GREGHEC (CNRS)


pas sous affiliation hecThe term structure of interest rates is often summarized using a handful of yield factors that capture shifts in the shape of the yield curve. In this paper, we develop a comprehensive model for volatility dynamics in the level, slope, and curvature of the yield curve that simultaneously includes level and GARCH effects along with regime shifts. We show that the level of the short rate is useful in modeling the volatility of the three yield factors and that there are significant GARCH effects present even after including a level effect. Further, we find that allowing for regime shifts in the factor volatilities dramatically improves the model's fit and strengthens the level effect. We also show that a regime-switching model with level and GARCH effects provides the best out-of-sample forecasting performance of yield volatility. We argue that the auxiliary models often used to estimate term structure models with simulation-based estimation techniques should be consistent with the main features of the yield curve that are identified by our model. Keywords: Yields; GARCH; Level effect; Regime shifts


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