Agenda

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
10
ven
Research Seminar, ReFi – Bradshaw Mark – Boston College
Mai 10 @ 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).

Bradshaw Mark,

Boston College

(cv & bio)

« TBA »

Abstract :

« TBA »

« Paper »

ESCP EUROPE
79 avenue de la République 75011 Paris
Friday, may  10, 2019

12:00am  to  13:30pm, Room 4310

For security reason, please register before the deadline.
Deadline: 9 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.
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

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