Présentation

Le LabEx ReFi est un laboratoire de recherche pluridisciplinaire dédié à l’évaluation des politiques de régulation. Il vise à (i) faire progresser la connaissance du fonctionnement des systèmes financiers et de leur régulation et à (ii) “conseiller” et “guider” en toute indépendance l’action des pouvoirs publics dans la mise en œuvre des politiques de régulation en apportant une expertise et une rigueur académique. Le LabEx ReFi a été constitué à l’initiative du Cnam, de l’Ena, de l’Université Paris I Panthéon Sorbonne et d’ESCP Europe (« porteur » du projet) dans le cadre du grand emprunt. En savoir plus ici

ÉVÉNEMENTS A VENIR

Avr
26
ven
Research Seminar, ReFi – Elise Payzan-LeNestour – UNSW
Avr 26 @ 12 h 00 min – 13 h 30 min

 

 

Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).

Elise Payzan-LeNestour,

UNSW

(cv & bio)

Tittle : TBA

Abstract :

Tba

« Paper : tba « 

ESCP EUROPE
79 avenue de la République 75011 Paris
Friday, april 26 pm,
12:00am  to  13:30pm, Room 4310 Room 4310
For security reason, please register before the deadline.
Deadline: 25 april 2019

NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at contact@labex-refi.com.
Mai
16
jeu
Research Seminar, Law & Finance – with John C. Coffee, Columbia Law School
Mai 16 @ 18 h 00 min – 19 h 30 min
 
This event is part of the ETH Zurich – Sorbonne Paris 1 – ESCP Europe
 
Labex ReFi – Law & Finance Seminar
 
Organized by Alain Pietrancosta (Sorbonne Law School – University of Paris 1),  Christophe Moussu (ESCP Europe) and Gerard Hertig (ETH Zurich)

John C. Coffee,

(CV & Bio here)

Columbia Law School

will present:

Why Do Auditors Fail?

Abstract :

Auditing failures and scandals have become commonplace. In response, reformers (including the Kingman Review in the U.K and a recent report of the U.K.’s Competition and Market Authority) have proposed a variety of remedies, including prophylactic bans on auditors providing consulting services to their clients in the belief that this will minimize the conflicts of interest that produce auditing failures. Although useful, such reforms are already in place to a considerable degree and may have reached the point of diminishing returns. Moreover, this strategy does not address the deeper problem that clients (or their managements) may not want aggressive auditing, but rather prefer a deferential and perfunctory audit. If so, auditors will realize that they are marketing a “commodity” service and cannot successfully compete based on their quality of services. Rationally, they would respond to such a market by seeking to adopt a cost-minimization strategy, competing by reducing the cost of their services and not investing in new technology or higher-priced personnel.

What could change this pattern? Gatekeepers, including auditors, serve investors, but are hired by corporate management. To induce gatekeepers to better serve investors, one needs to reduce the “agency costs” surrounding this relationship by making gatekeepers more accountable to investors. This might be accomplished through litigation (as happens to some degree in the U.S.), but the U.K. and Europe have rules that discourage collective litigation. Thus, a more feasible approach would be to give investors greater ability to select and remove the auditor. This paper proposes a two part strategy to this end: (1) public “grading” of the auditor by the audit regulator in an easily comparable fashion (and with a mandatory grading curve), and (2) enabling a minority of the shareholders (hypothetically, 10%) to propose a replacement auditor for a shareholder vote. It further argues that both activist shareholders and diversified shareholders might support such a strategy and undertake it under different circumstances. Absent such a focus on agency costs, however, reformers are likely only re-arranging the deck chairs on the Titanic.

Paper

Link 

 
 
ESCP EUROPE
79 avenue de la République 75011 Paris

Thursday, May 16, 2019

18:00-19:30, Room Dalsace – Batiment 3 – étage 1
 
For security reason, please register before the deadline.
 wednesday, may 15
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at
 
Past and coming events of the Law & Finance Seminar
Mai
17
ven
Research Seminar, ReFi – Claire Celerier – University of Toronto (Rotman)
Mai 17 @ 12 h 00 min – 13 h 30 min

 

 

Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).

 Claire Celerier

University of Toronto (Rotman),

(cv & bio)

« TBA »

Abstract :

« TBA »

« Paper »

ESCP EUROPE
79 avenue de la République 75011 Paris
Friday, may 17, 2019

12:00am  to  13:30pm, Room 4310

For security reason, please register before the deadline.
Deadline: 16 may 2019

NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at contact@labex-refi.com.

A LA UNE

 


 

Submission deadline: March 1, 2019

Full detail on the dedicated webpage —> (click here)

 


LABEX ReFi is partner of the

Alliance – Columbia Blockchain Innovation Challenge (BIC)

The Alliance Program is partnering with Columbia Entrepreneurship and the Columbia Venture Competition to launch a Blockchain Innovation Challenge (BIC). The is open to students and recent graduates from Columbia University, Sciences Po, Ecole Polytechnique and Paris 1 – Panthéon Sorbonne.
Teams of students and recent graduates from all four institutions are invited to submit proposals for new or existing ventures using blockchain technology to create innovative solutions in a range of areas, including (but not limited to): crypto protocols, finance, asset management, investment, insurance, supply chain, property, healthcare, online publishing, journalism, entertainment, the Internet of Things, voting and elections.

Awards :

  • First Prize: $30,000
  • Each of the 3 remaining finalists: $5,000

Timeline:

  • December: launch of the call for applications
  • Feb 7th: deadline for applications March
  • 1st: shortlisted teams announced
  • March 7th: Interview of shortlisted teams by each of the 4 institutions
  • April 4th: Finalists pitch their project at the finals of the Columbia Venture Competition
  • April 5th: Finalists invited to attend the Columbia Startup Festival, where the winner will be announced
Applications (including project description, CVs and budget sheet) should be sent by email to: picha@univ-paris1.fr

 

Full detail on the dedicated webpage —> (click here)

Assises de la Recherche de l’Université Paris 1 Panthéon – Sorbonne

« Régulation Financière : Les nouveaux enjeux »

Vendredi 14 décembre de 14h à 17h, Centre Panthéon, Salle 1

(12, Place du Panthéon, Paris 5e)

Conférence plénière sous la présidence de Philippe Raimbourg (Université Paris 1 Panthéon Sorbonne et Labex RéFi)

« D’où viendra la prochaine

crise financière ? » 

Christian de Boissieu, Université Paris 1 Panthéon – Sorbonne, Président du Conseil Scientifique du Labex RéFi.

 Table ronde modérée par Pierre-Charles Pradier (Université Paris 1 Panthéon – Sorbonne, co- directeur académique du Labex RéFi) :

« Le futur de la régulation financière »

Blaise Bourgeois, Chief Risk Officer et Chief Actuarial Officer, Allianz France

Laurent Clerc, Directeur de la Recherche et de l’Analyse des Risques, Autorité de Contrôle Prudentiel et de Résolution

Catherine Lubochinsky, Professeur Université Paris 2 Panthéon – Assas et Labex RéFi

Philippe Touron, Professeur, Université Paris 1 Panthéon – Sorbonne et Labex RéFi

Compte rendu Assises de la recherche 14 dec 2018

Lien sur le site de l’organisateur 

“Financial Regulation and Stability after Brexit“

21 November 2018 (4 pm – 7:30 pm)

In presence of:

Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs and European Affairs

Michel Barnier, European Union Chief Negotiator

 Palais d’Egmont, Brussels

The Brexit negotiations are in a difficult phase and it is hard to predict what relationship the UK will have with the EU in the future. The UK is most likely to exit the Single Market on 29 March 2019 or 31 December 2020. Financial institutions based in the UK will thus lose their passporting rights to the European market. This conference will examine some of the most important issues raised by this profound regime change.

Learn more here

Il y a 10 ans la crise.

La régulation financière et ses nouveaux enjeux

in partnership with

  and   

September 20, 2018, Paris

Program here

Cliquez ici pour suivre l’intégralité de la conférence

 

35th Annual Conference of the French Finance Association (AFFI)

in partnership with

  and   

May 22-24, 2018, Paris

website conference here

International Conference on Public Authority and Finance

The End of Cash: a Challenge to Public Authority?

New York, April 26 & 27, 2018

Location: School of International and Public Affairs (SIPA) Columbia University New York.

in association with final Capstone Workshop Presentation.

Learn more here

 

Économie financière : leçons du passé, questions d’avenir

Conférence en l’honneur de Christian de Boissieu

 

Le 21 septembre 2017

à l’Université Paris 1 Panthéon-Sorbonne

Panthéon, appartement Décanal (le matin) & Péristyle de la Sorbonne (l’après-midi)

Learn more here 

Conference with Benoît Cœuré

Member of the ECB’s Executive Board

 

PRESENTATION

Le jeudi 23 novembre 2017 à 19h

Learn more here 

International Conference on Public Authority and Finance

Paris, September 1 and 2, 2017

The Laboratory of Excellence on Financial Regulation is pleased to announce a call for papers for its International Conference on Public Authority and Finance, to be held in Paris on September 1 and 2, 2017. This conference is being organised by: Labex ReFI (Paris). It is partnered by the Centre on Corporate Governance, Columbia Law School (New York), the Blavatnik School of Government, University of OxfordDIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris).

Learn more here

International Advisory Board Workshop

This workshop is organized in conjunction with the International Advisory Board annual Meeting. Please find here the composition of the IAB.

Organized by

Pr Gerard Hertig and Pr Christophe Moussu

Learn more here

PUBLICATIONS RECENTES

Paper in a Peer Reviewed Journal

Kahalé Nabil (ESCP Europe, Labex Refi) (2017)

Superreplication of Financial Derivatives via Convex Programming.


Management Science

Laern more here

Paper in a Peer Reviewed Journal

Oleg Chuprinin, Sérgio Gaspar (Labex Refi), Massimo Massa, (2017)

Adjusting to the Information Environment: News Tangibility and Mutual Fund Performance.


Management Science

Laern more here

Paper in a Peer Reviewed Journal

Capelle-Blancard G. (Labex Refi) & O. Havrylchyk (Labex Refi), 2017

Incidence of bank levy and market power


Review of finance

21(3), 1023-1046

Laern more here

Paper in a Peer Reviewed Journal

FOUQUAU, J. (Labex Refi), PORTES, R. and A. L. DELATTE (2017)

Regime-Dependent Sovereign Risk Pricing during the Euro Crisis,


Review of finance

21(1), 363-385.

Laern more here

Edited Book

FINANCIAL REGULATION IN THE EU

From Resilience to Growth

Edited by
Raphaël Douady
Clément Goulet
Pierre-Charles Pradier

Learn more here

Paper in a Peer Reviewed Journal

Alexandre Garel (Labex Refi) and Arthur Petit-Romec (Labex Refi) (2017)

Bank capital in the crisis: It’s not just how much you have but who provides it

Journal of Banking & Finance

Volume 75, February 2017, Pages 152-166.

Laern more here

LE LABEX REFI DANS LA PRESSE

France balks at reforms that will standardise banking rules

A one-size-fits-all approach to regulation will affect Europe more than the US

Laern more here

by Catherine Lubochinsky, professor of economics at Université Paris 2 Panthéon-Assas and Labex ReFi member

Il faut faire une politique de relance

Learn more here

by Christian de Boissieu, Président du conseil scientifique du LabEx ReFi

La déferlante actuelle pourrait accroître la multibancarisation

Selon la chercheuse Jézabel Couppey-Soubeyran, l’arrivée d’Orange et d’autres acteurs oblige les établissements historiques à modifier leur activité, dans la banque de détail notamment.

Laern more here

by Jézabel Couppey-Soubeyran, Maître de conférences en économie à Paris-I Panthéon-Sorbonne, Membre du LabEx ReFi

Jézabel Couppey-Soubeyran est l’auteure de Blablabanque

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