Articles

De nouvelles injonctions en matière de publication des comptes par les sociétés

N. STOLOWY

La Semaine Juridique

22 février 2006, n°8, pp.351-355

Départements : Droit et fiscalité, GREGHEC (CNRS)


Dans la pratique, en majorité, les sociétés renoncent à publier leurs comptes. Pourtant, des textes clairs ainsi que des décisions de justice réaffirment régulièrement ces obligations. Ainsi, la loi n° 2005-845 du 26 juillet 2005 de sauvegarde des entreprises donne au président du tribunal des pouvoirs accrus à partir du 1er janvier 2006. Le décret d'application du 28 décembre 2005 de la loi de sauvegarde des entreprises fixe les modalités de cette action.Les comptes annuels doivent être déposés au greffe dans le mois qui suit l'approbation des comptes. Cette oligation concerne la plupart des sociétés.Des injonctions de faire, sous astreinte, peuvent être délivrées par le président du tribunal. Il peut encore obtenir des informations et documents chez un tiers. De surcrcroît, le non-dépôt des comptes annuels constitue un indicateur qui est susceptible de déclencher une convocation du dirigeant de l'entreprise par le juge chargé de la prévention des difficultés des entreprises.Le président du tribunal peut désigner un mandataire chargé de publier les comptes. Ses pouvoirs ont été considérablement accrus. L'état de nécessité n'est pas reconnu pour justifier l'absence de publicité des comptes. A l'étranger, de nombreux pays effectuent des relances en cas de non-dépôt des comptes annuels. Enfin, la plupart des Etats prévoient des sanctions à cette absence de dépôt qui prennent des formes assez diverses telles que des amendes ou des sanctions administratives

De nouvelles injonctions en matière de publication des comptes par les sociétés

N. STOLOWY

JCP / La Semaine Juridique - Edition Entreprise et Affaires

16 mars 2006, n°11, pp.524-528

Départements : Droit et fiscalité, GREGHEC (CNRS)


Dans la pratique, en majorité, les sociétés renoncent à publier leurs comptes. Pourtant, des textes clairs ainsi que des décisions de justice réaffirment régulièrement ces obligations. Ainsi, la loi n° 2005-845 du 26 juillet 2005 de sauvegarde des entreprises donne au président du tribunal des pouvoirs accrus à partir du 1er janvier 2006. Le décret d'application du 28 décembre 2005 de la loi de sauvegarde des entreprises fixe les modalités de cette action.Les comptes annuels doivent être déposés au greffe dans le mois qui suit l'approbation des comptes. Cette obligation concerne la plupart des sociétés.Des injonctions de faire, sous astreinte, peuvent être délivrées par le président du tribunal. Il peut encore obtenir des informations et documents chez un tiers. De surcrcroît, le non-dépôt des comptes annuels constitue un indicateur qui est susceptible de déclencher une convocation du dirigeant de l'entreprise par le juge chargé de la prévention des difficultés des entreprises.Le président du tribunal peut désigner un mandataire chargé de publier les comptes. Ses pouvoirs ont été considérablement accrus. L'état de nécessité n'est pas reconnu pour justifier l'absence de publicité des comptes. A l'étranger, de nombreux pays effectuent des relances en cas de non-dépôt des comptes annuels. Enfin, la plupart des Etats prévoient des sanctions à cette absence de dépôt qui prennent des formes assez diverses telles que des amendes ou des sanctions administratives

De nouvelles injonctions en matière de publication des comptes par les sociétés

N. STOLOWY

Droit des sociétés

avril 2006, n°4, pp.9-12

Départements : Droit et fiscalité, GREGHEC (CNRS)


Defeating the Minotaur: the Construction of CEO Charisma on the US Stock Market

N. Grasselli, A. FANELLI

Organization Studies

juin 2006, vol. 27, n°6

Départements : Management et Ressources Humaines


This paper illustrates the construction of CEO charisma within the US stock market. By metaphorically employing the myth of the Minotaur, we discuss three forces underlying the rise of heroic CEO images in the US: Ariadne, or Charismatic Leadership Theory and its formulation of charisma, Theseus, or the CEOs struggling to obtain power over stock market actors, and the Minotaur, or the stock market itself and the securities analyst profession. Building on the literature on organizational symbolism, we present a qualitative study of two CEO successions, focusing on the form and content of the persona and the vision projected by CEOs and elaborated by securities analysts. The results suggest that jointly constructing charisma through discourse, CEOs and analysts enact a form of power that does not lie in top-down coercion, but rather on the emergent, active, involvement and contribution of its very subjects

Deregulating Network Industries: Dealing with Price-Quality Tradeoffs

S. BUEHLER, D. GÄRTNER, D. HALBHEER

Journal of Regulatory Economics

2006, vol. 30, n°1, pp.99-115

Départements : Marketing, GREGHEC (CNRS)


Die Kritik der Künstler am Management

E. CHIAPELLO

Angewandte Sozialforschung

2006, vol. 24, n°1/2, pp.19-24

Départements : Comptabilité et Contrôle de Gestion


The contribution of Eve Chiapello summarizes results of her empirical study "Artistes vs. Managers" (Paris 1998). Furthermore, several conclusions regarding the role of art in society and its autonomy are drawn, elucidating the normative position of one of the authors of "Le nouvel esprit du capitalisme" (Paris, 1999). Eve Chiapello argues, that the traditionally difficult relations between art and management have improved over the last two decades. The basic distinction between social critique and artistic critique is introduced, a distinction, which underpins her much discussed book published in collaboration with Luc Boltanski "The New Spirit of Capitalism" (engl. version, London, 2005). Whereas social critique, which emerged with modem capitalism, addressed misery, exploitation and inequality, artistic critique in the 19 century emphasized creativity and criticised materialism, repression, bourgeois banality and risks deriving from the dominance of utilitarian thinking, industry and technology. Management, which came up later with the blossoming of industrial capitalism, inherited this artistic critique, since each generation of artists and intellectuals repeats this critic of materialist forces of modern society anew. Conflicts and tensions for artists typically revolved around questions of negative autonomy (freedom from restrictions), including monetary aspects. Though such tensions are still widespread they did not hinder the functioning of artistic production, nor did they hamper the growing acceptance of management in artistic circles. The borders between the worlds of art and the economic world opened during the last two decades, logics as well as persons migrated between the two spheres. In these decades also the strength of artistic critique was weakened considerably. There are several reasons for this development, some being more superficial, some rooting in deeper changes of the cultural as well as the economic field: In France the state and cultural policy in the 1980s displayed a so far unknown appreciation of avant-garde art. At the same time it emphasized the industrialisation and the management of culture. In the economic field new forms of organization emerged. They reveal astonishing similarities with projects of avant-garde art. Autonomy and creativity of employees are given room to move. Instead of attacking avant-garde art, the management asks, how innovation might be supported best, also with the help of contemporary art. Part of economic life approached experiences, which were reserved for the artistic field, where they were invented originally. On the other hand the number of artists as well as the size of the public of contemporary art grew considerably. Contemporary art was accepted on a broader social basis, immediately without waiting for the "test of time". With new forms of artistic production, which are more complex regarding number of persons involved, or administrative and management tasks, the necessity of using and accepting management practices or dividing the labour with management expanded. At the same the authority of artists decreased, since the idealist and romantic view of the artist as a genius and an inspired creator was attacked by philosophy and sociology. Not to forget that the targets of critique changed themselves. The was replaced by a new faction of the dominant class, A new faction of the dominant class, the "Bourgeois Bohèmes" described by David Brooks, replaced the rich bourgeois with limited cultural capital

Disclosure and Determinants Studies: An Extension Using the Divisive Clustering Method (DIV)

M. Chavent, Y. DING, L. Fu, H. Wang, H. STOLOWY

European Accounting Review

juillet 2006, vol. 15, n°2, pp.181-218

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

Mots clés : Disclosure, Determinants, Provisions, France, Size, Clustering method

http://ssrn.com/abstract=869924


Past accounting research contains an extensive range of disclosure and determinants studies. But these studies have one major methodological drawback: the disclosure analysis is often restricted to determination of the disclosure index, that is, the sum of disclosed items, weighted or unweighted. The disclosure profile (which reflects the structure of published information) is generally not part of the research design. The objective of this paper is to introduce a divisive (descendant) clustering method, which splits the sample into homogeneous sub-groups corresponding to disclosure patterns (or profiles), for clearer determination of the financial characteristics of each group. This methodology is illustrated by a study of disclosure on provisions by large French firms. The results show that the disclosure pattern is related to provision intensity, size, leverage and market expectation, but not to profit, return and industry. This new research method is a valuable complementary tool for expanding on disclosure and determinants studies, moving from disclosure levels to disclosure patterns

Distribution and growth in an economy with limited needs: Variable markups and 'the end of work'

G. SAINT-PAUL

Economic Journal

avril 2006, vol. 116, n°511, pp.382-407

Départements : Finance


This article studies a model of the distribution of income under bounded needs. Utility derived from any given is bounded from above and demand is therefore not isoelastic. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialise in material goods production or in the knowledge sector, which designs new varieties. As productivity increases, the economy moves from a 'Solovian zone' where wages increase with productivity, to a 'Marxian' zone where they paradoxically decline with productivity

Does past success lead analysts to become overconfident?

G. HILARY, L. Menzly

Management Science

avril 2006, vol. 52, n°4, pp.489-500

Départements : Comptabilité et Contrôle de Gestion


This paper provides evidence that analysts who have predicted earnings more accurately than the median analyst in the previous four quarters tend to be simultaneously less accurate and further from the consensus forecast in their subsequent earnings prediction. This phenomenon is economically and statistically meaningful. The results are robust to different estimation techniques and different control variables. Our findings are consistent with an attribution bias that leads analysts who have experienced a short-lived success to become overconfident in their ability to forecast future earnings. Author Keywords: overconfidence; cognitive biases; analysts; earnings forecasts KeyWords Plus: SECURITY ANALYSTS; EARNINGS FORECASTS; PERFORMANCE; ATTRIBUTIONS; INFORMATION; CONFORMITY; TEACHERS; CASCADES

Dynamic Portfolio Choice with Parameter Uncertainty and the Economic Value of Analysts' Recommendations" (previously entitled "Revisiting Treynor and Black (1973): a Second Step Towards a Theory of Active Portfolio Management ")

J. Cvitanic, A. LAZRAK, F. Zapatero, L. Martellini

Review of Financial Studies

2006, vol. 19, n°4, pp.1113-1156

Départements : Finance



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