Transparency and prevention for corporate bankruptcy: a US-France comparison


Journal of Business Law

2009, n°6, pp.525-542

Départements : Droit et fiscalité, GREGHEC (CNRS)

The laws governing insolvency across the world can schematically be divided into two categories: the first encourages continuity of the business while the second favors the creditors. The U.S. and France belong to the first category. However, a recent reform in France tends to move this country from the first to the second category. This article aims at comparing the prevention of business difficulties in the U.S. and France. The first part discusses prevention with disclosure of information (filing financial statements and disclosure of specific information) and the second part discusses the pre-judicial treatment of business difficulties with the warning procedure and the independent receiver.Comparative law; Corporate insolvency; Financial reporting; Financial statements; France; Transparency; United States

Two-period production planning and inventory control

A. Cheaitou, C. VAN DELFT, Y. Dallery, Z. Jemai

International Journal of Production Economics

mars 2009, vol. 118, n°1, pp.118-130

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

Mots clés : Stochastic production and inventory planning, Capacity constraints, Salvage opportunities, Dynamic programming

We study a single product two-period production/inventory model, in which the demands at each period are independent random variables. To optimally satisfy these random demands, quantities can be produced at the beginning of each period using slow or fast production mode, under capacity constraints. In addition to the usual decision variables for such models, we consider that a certain quantity can be salvaged at the beginning of each period. Such salvage processes are useful if the initial inventory of a period is considered to be too high. The unsatisfied demands for each period are backlogged to be satisfied during the next periods. After the end of the second period, a last quantity is produced in order to satisfy remaining orders and to avoid lost sales. The remaining inventory, if any, is salvaged. We formulate this model using a dynamic programming approach. We prove the concavity of the global objective function and we establish the closed-form expression of the second period optimal policy. Then, via a numerical solution approach, we solve the first period problem and exhibit the structure of the corresponding optimal policy. We provide insights, via numerical examples, that characterize the basic properties of our model and the effect of some significant parameters such as costs, demand variabilities or capacity constraints. Keywords:Stochastic production and inventoryplanningCapacity constraintsSalvage opportunitiesDynamic programming

Un mauvais auditeur : manque d'indépendance et/ou de compétence ? Étude exploratoire des motifs de condamnation des commissaires aux comptes sur le marché de l'audit en France

G. Hottegindre, C. LESAGE

Comptabilité Contrôle Audit

décembre 2009, vol. 15, n°2, pp.87-112

Départements : Comptabilité et Contrôle de Gestion

L'auditeur (en France, le commissaire aux comptes) a pour mission le contrôle des états financiers de l'entreprise auditée. La qualité de son travail dépend de sa compétence et de son indépendance (De Angelo, 1981). Cependant la plupart des travaux de recherche sur la qualité de l'audit traite très majoritairement de l'indépendance. De même, les réglementations post Enron s'intéressent prioritairement à l'indépendance. Ce désintérêt pour la compétence est-il justifié ? La compétence est-elle si élevée qu'un mauvais auditeur ne peut être que non indépendant ? Nous nous sommes intéressés aux motifs de condamnation des commissaires aux comptes en France sur une période de 1989 à 2005. Nous avons mis en évidence que si l'incompétence était effectivement moins fréquente que la non-indépendance, le rapport de fréquence n'est que de 1 pour 2. Nous expliquons ce résultat par les caractéristiques du marché de l'audit : la sanction disciplinaire en France jouerait alors le rôle du marché aux États-Unis dans l'élimination des auditeurs incompétents. Des résultats originaux additionnels sont également discutés. AUDITAUDIT MARKETCOMPETENCEDISCIPLINARY ACTIONSINDEPENDENCEAUDITCOMPÉTENCEINDÉPENDANCEMARCHÉ DE L'AUDITSANCTIONS DISCIPLINAIRES

Understanding and using the Implicit Association Test: III. Meta-analysis of predictive validity

A. Greenwald, T. Poehlman, E. L. UHLMANN, M. Banaji

Journal of Personality and Social Psychology

juillet 2009, vol. 97, n°1, pp.17-41

Départements : Management et Ressources Humaines

This review of 122 research reports (184 independent samples, 14,900 subjects) found average r = .274 for prediction of behavioral, judgment, and physiological measures by Implicit Association Test (IAT) measures. Parallel explicit (i.e., self-report) measures, available in 156 of these samples (13,068 subjects), also predicted effectively (average r = .361), but with much greater variability of effect size. Predictive validity of self-report was impaired for socially sensitive topics, for which impression management may distort self-report responses. For 32 samples with criterion measures involving Black-White interracial behavior, predictive validity of IAT measures significantly exceeded that of self-report measures. Both IAT and self-report measures displayed incremental validity, with each measure predicting criterion variance beyond that predicted by the other. The more highly IAT and self-report measures were intercorrelated, the greater was the predictive validity of each.

Understanding Declining Mobility and Inter-household Transfers among East African Pastoralists



avril 2009, vol. 76, n°302, pp.315-336

Départements : Stratégie et Politique d’Entreprise

We model inter-household transfers between nomadic livestock herders as the state-dependent consequence of individuals' strategic interdependence, resulting from the existence of multiple, opposing externalities—more specifically, a public-good security externality among individuals sharing a social (e.g. ethnic) identity in a potentially hostile environment, and a resource appropriation externality related to the use of common property grazing lands. Our model augments the extant literature on transfers, and is more consistent with the limited available empirical evidence on heterogeneous and changing transfers' patterns among east African pastoralists. The core principles of our model possibly apply more broadly, for example to long-distance migrants or even ‘foot soldiers’ in street gangs

Unspanned Stochastic Volatility and the Pricing of Commodity Derivatives


Review of Financial Studies

2009, vol. 22, n°11, pp.4423-4461

Départements : Finance

Commodity derivatives are becoming an increasingly important part of the global derivatives market. Here we develop a tractable stochastic volatility model for pricing commodity derivatives. The model features unspanned stochastic volatility, quasi-analytical prices of options on futures contracts, and dynamics of the futures curve in terms of a low-dimensional affine state vector. We estimate the model on NYMEX crude oil derivatives using an extensive panel data set of 45,517 futures prices and 233,104 option prices, spanning 4082 business days. We find strong evidence for two predominantly unspanned volatility factors

Valuing Time: Moderate Download Times Can Improve Online Goal Pursuit


Journal of Consumer Psychology

avril 2009, vol. 19, n°2, pp.236-245

Départements : Marketing, GREGHEC (CNRS)

Venture Capital Performance: The Disparity Between Europe and the United States / Performances du capital risque : Les disparités entre l'Europe et les États-Unis

U. HEGE, F. Palomino, A. Schwienbacher


2009, vol. 30, n°1, pp.7-50

Départements : Finance

Mots clés : Venture capital, Capitalists & financiers, Syndicated loans, Going public (Securities), Market exit, United States, Europe

Cet article compare les performances des investissements en capital risque aux États-Unis et en Europe au regard de la valeur créée au cours du cycle d'investissement par les entreprises financées par ces fonds en capital risque. Nous montrons que les entreprises financées par des investisseurs américains créent significativement plus de richesse que celles financées par des investisseurs européens. Nous trouvons des différences dans les contrats, notamment sur la fréquence des rounds d'investissement et sur la création de syndicats,et montrons que celles-ci expliquent partiellement les différences de performances. Nous trouvons aussi que les investisseurs américains investissant en Europe n'obtiennent pas de meilleures performances que les investisseurs européens. Les entreprises de pays européens ayant un système juridique de « Common Law » et celles de pays ayant un système juridique codifiè obtiennent des performances similaires. De même,le dêveloppement des marchês financiers et des aides à l'investissement en capital risque n'ont pas d'impact sur les performances. Les richesses cràes par les entreprises dont les investisseurs sont sortis lors d'une introduction en bourse sont identiques des deux cotàs de l'Atlantique. Par contre, concernant les sorties lors de ventes de grà à grà, les entreprises europàennes sous-performent les entreprises amàricaines. De manière globale,la sous-performance des investissements en capital risque en Europe relativement aux États-Unis est attribuÉe au segment des entreprises ayant obtenus des mauvaises performances.

Videography in Consumer Research; Visions for a Method on the Rise

K. DE VALCK, J. Hietanen, J. Rokka

Finanza Marketing e Produzione

2009, vol. 27, n°4, pp.81-101

Départements : Marketing, GREGHEC (CNRS)

Virtual Communities: A Marketing Perspective

K. DE VALCK, G. van Bruggen, B. Wierenga

Decision Support Systems

juin 2009, vol. 47, n°3, pp.185-203

Départements : Marketing, GREGHEC (CNRS)

Mots clés : Consumer decision process, Interpersonal influence, Marketing, Netnography, Virtual communities of consumption, Virtual community members, Virtual community participation word-of-mouth

Increasingly, consumers interact through the Internet to share their knowledge, experiences, and opinions. Consequently, 'word-of-mouse' has become a significant market force that influences consumer decision-making. On the basis of extensive quantitative and qualitative research, the authors sketch how consumers make use of virtual communities as social and information networks, and how this affects their decision-making processes. We present three studies that address (i) determinants and effects of virtual community influence on the consumer decision process; (ii) virtual community participation patterns; and (iii) discussion practices of the most active community members. Key implications for managers, marketers, and market researchers are discussed.Keywords: Consumer decision process; Interpersonal influence; Marketing; Netnography; Virtual communities of consumption; Virtual community members; Virtual community participation; Word-of-mouth