Articles

Being of Two Minds: Switching Mindsets Exhausts Self-Regulatory Resources

R. HAMILTON, K. VOHS, A.-L. SELLIER, T. MEYVIS

Organizational Behavior and Human Decision Processes

mai 2011, vol. 115, n°1, pp.13-24

Départements : Marketing, GREGHEC (CNRS)


Belief-free equilibria in games with incomplete information: characterization and existence

J. Hörner, S. LOVO, T. TOMALA

Journal of Economic Theory

septembre 2011, vol. 146, n°5, pp.1770-1795

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

Mots clés : Repeated game with incomplete information, Harsanyi doctrine, Belief-free equilibria


We generalize the results of Hörner and Lovo (2009) [15] to N-player games with arbitrary information structure. First, we characterize the set of belief-free equilibrium payoffs under low discounting as the set of feasible payoffs that are individually rational, jointly rational, and incentive compatible. Second, we provide necessary and sufficient conditions on the information structure for this set to be non-empty

Better Vision for the Poor

B. GARRETTE, A. Karnani, J. Kassalow, M. Lee

Stanford Social Innovation Review

printemps 2011, pp.66-71

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


Several social enterprises are attempting to provide eyeglasses to the 500 million to 1 billion poor people in the world who need them. Some enterprises see the provision of trained optometrists as the key to solving the problem; others are focused on cost reduction; others still are focused on technological innovations. Why haven't any of these approaches succeeded on a large scale?

Beyond disciplinary enclosures: Management control in the society of control

D. E. MARTINEZ

Critical Perspectives on Accounting

2011, vol. 22, n°2, pp.200-211

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


pas sous affiliation HEC

Can Securitization Work? Economic, Structural, and Policy Considerations

T. RIDDIOUGH

Journal of Portfolio Management

2011, n°Special Issue: SI

Départements : Finance

Mots clés : CREDIT CRISIS; MARKETS


Structured asset securitization is capable of generating a number of economic benefits including liquidity provision, an increased ability to manage risk, and value enhancement through the pooling and partitioning of cash flows. But the recent financial crisis has exposed numerous structural flaws, which has led many observers to question whether asset- and mortgage-backed securities should be classified as financial weapons of mass destruction" that require strict containment and possibly even elimination. In this article, Riddiough considers the fundamental economic trade-offs associated with securitization with an eye toward policy development, concluding that asset securitization can work. Whether it actually will work depends on how policymakers respond to the significant challenges of reregulating the financial system.

Case C-79/09, Gowan Comércio Internacional e Serviços Lda v. Ministero della Salute, Judgment of the Court of Justice of the European Union (Second Chamber) of 22 December 2010, nyr

A. ALEMANNO

Common Market Law Review

août 2011, vol. 48, n°4

Départements : Droit et fiscalité, GREGHEC (CNRS)


accepté le 31/03/2011

Clearing House, Margin Requirements, and Systemic Risk

J. Harris, J. Cruz Lopez, C. PERIGNON

Review of Futures Markets

2011, vol. 19, pp.39-54

Départements : Finance, GREGHEC (CNRS)

Mots clés : Derivatives, Tail risk, Default risk, Extreme dependence, Copulas


Margins are the major safeguards against default risk on a derivatives exchange. When the clearing house sets margin requirements, it does so by only focusing on individual clearing firm positions (e.g., the SPAN system). We depart from this traditional approach and present an alternative method that accounts for interdependencies among clearing members when setting margins. Our method generalizes the SPAN system by allowing individual margins to increase when clearing firms are more likely to be in financial distress simultaneously

Clock Time versus Event Time: Temporal Culture or Self-Regulation?

T. AVNET, A.-L. SELLIER

Journal of Experimental Social Psychology

décembre 2011, vol. 47, n°3, pp.665-667

Départements : Marketing, GREGHEC (CNRS)


Codification commerciale et OHADAC

G. de Rubercy, F. LENGLART

Droit et Affaires

2011, n°9e édition, pp.171-183

Départements : Droit et fiscalité


Contrasting Trends in Firm Volatility

D. THESMAR, M. Thoenig

American Economic Journal: Macroeconomics

octobre 2011, vol. 3, n°4, pp.143-180

Départements : Finance, GREGHEC (CNRS)


Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market participation and integration in international capital markets generate opposite trends in volatility for private and listed firms


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