Actualités

22 juin 2015
22 Juin 2015

Research seminar: T. Clarke, University of Technology, Sydney “The impact of financialisation on international corporate governance: the role of agency theory and maximizing shareholder value”

Research Seminar

22nd June 2015 at 12:00

Room: Amphi 601, Bâtiment des Bluets

ESCP EUROPE

81 avenue de la République 75011 Paris

Professor Thomas Clarke, University of Technology, Sydney

Will present the paper: “The impact of financialisation on international corporate governance: the role of agency theory and maximizing shareholder value”

 

Organizers: Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex Refi), Prof. Christophe Moussu (ESCP Europe, Labex Refi), Arthur Petit-Romec (ESCP Europe, Labex Refi)

Abstract: The phenomena of financialisation has had a universal and pervasive impact upon economies and societies in recent decades. Global finance is now typified by a more international, integrated and intensive mode of accumulation; a new business imperative of the maximization of shareholder value; and a remarkable capacity to become an intermediary in every aspect of daily life. The finance sector has progressively increased its share of GDP, and even for non-financial corporations the pursuit of interest, dividends and capital gains outweigh any interest in productive investment. As non-financial corporations have become increasingly drawn into a financial paradigm they have less capital available for productive activity. These financial pressures are translated into the operations of corporations through the enveloping regime of maximising shareholder value as the primary objective. Agency theory has provided the rationale for this project, prioritising shareholders above all other participants in the corporation. This article seeks to discover the origins of the financialisation of corporations in the early development of agency theory and shareholder value in Anglo-American corporations. The enduring myths of shareholder primacy are examined. The article concludes with a consideration of how the reform of corporate law might serve to strengthen the recognition and pursuit of the wider purposes of corporations and longer-term investment horizons.

2 juin 2015
02 Juin 2015

Research Seminar Pr A.L. Delatte “Euro area and the rest of the world: A Tale of two international banking integrations”

Research Seminar

Professor Anne-Laure Delatte,  CNRS EconomiX, OFCE and CEPR

 Will present the paper:

“Euro area and the rest of the world: A Tale of two international banking integrations”

Abstract: We propose an original measure of international banking integration based on gravity equations and a spline function on a panel of 14 countries and their 186 partners between 1999 and 2012. Contrary to the conventional wisdom, we uncover that: 1) the international banking integration outside the euro-area has strengthened since the financial crisis. 2) In contrast, the previously documented financial fragmentation inside the euro-area is one side of an ongoing isolation vis-a-vis the rest of the world: euro area banks have reduced their international exposure inside and outside the euro area to a similar extent. 3) This decline is not a correction of previous overshooting but a marked disintegration. Read more

26 mai 2015
26 Mai 2015

Research Seminar, Pr Mark Roe, Harvard Law School : “Three Systems of Bankruptcy -Or Is It Four?”

Research Seminar

Professor Mark J. Roe,  Harvard Law School

 Will present the paper:  “Three Systems of Bankruptcy -Or Is It Four?”

26th May 2015 at 12:00

Room: To be confirmed

ESCP EUROPE

79 avenue de la République 75011 Paris

Abstract: Absent bankruptcy law, creditors would race to the courthouse, as the bankruptcy cliché has it, to sue, to obtain a judgment, and then to levy on the debtor’s property. Such a race would destroy the firm’s remaining organizational value in modern, complex firms, forcing it to close down even if not economically warranted. It would do so to the detriment of the firms’ slower moving creditors, the firms’ owners, and surely their employees, customers, and place in the economy. But in a modern bankruptcy we instead hold the firm together, decide whether it is worth continuing, and, if it is, restructure its ownership. Creditors become shareholders and shareholders take a diminished position or are wiped out. Read more

19 mai 2015
19 Mai 2015

Labex ReFi Conference on Accounting Regulation

Labex ReFi Conference on Accounting Regulation
 will take place
on 22nd of May , 2015
in ESCP Europe room Raymond Martin

PROGRAM

10h00 – 11h20 Accounting Regulation: Global or Local?
Speech by Karthik Ramanna (Harvard University) on the Politics of Accounting Regulation, followed by an open discussion with participants
  • Reference paper: Ramanna, Karthik (2015), “Thin Political Markets: The Soft Underbelly of Capitalism.”
  • California Management Review, 57, no. 2 (Winter 2015). forthcoming

11h20 – 11h30 Coffee break

11h30 – 13h00: Accounting loopholes

Speech by Shyam Sunder (Yale University) on Financial Engineering and the arms race between accounting standard setters and preparers, followed by an open discussion with participants

Reference paper: Dye, Ronald A. and Glover, Jonathan C. and Sunder, Shyam, Financial Engineering and the Arms Race between Accounting Standard Setters and Preparers (September 12, 2014). Available at SSRN: http://dx.doi.org/10.2139/ssrn.2508360

13h – 14h30 Lunch for invited participants and keynote speakers

Additional readings

Ramanna, Karthik (2013), The International Politics of IFRS Harmonization. Accounting, Economics and Law: A Convivium, 3 (2) (April 2013): 146. DOI: http://dx.doi.org/10.1515/ael20130004

Sunder, Shyam (2011), Imagined Worlds of Accounting, Accounting, Economics and Law: A Convivium, 1 (1) (January 2011).DOI: http://dx.doi.org/10.2202/21522820.1014

Organisers: Yuri Biondi (Cnrs – ESCP Europe, Labex ReFi) and Christophe Moussu (ESCP Europe, Labex ReFi)

11 mai 2015
11 Mai 2015

Research Seminar. Pr U Dulleck, QUT Business School, « Imposing Codes of Good Conduct Promotes Social Behaviour »

Research Seminar

11th May 2015 at 12:00

ESCP EUROPE

Professor Uwe Dulleck,  QUT Business School

 Will present the paper:

“Imposing Codes of Good Conduct Promotes Social Behaviour”

 

Abstract: In this article we study experimentally how public statements about future social behaviour, used in oaths and code of conducts, affect individual decisions. While the literature focuses on bilateral interactions, we study a social dilemma situation. We show that in such a context compulsory statements may be more effective than voluntary ones. A large part of human activities rely on the compliance of individuals with certain behavioural standards, especially when material incentives for opportunistic behaviour are prevalent. Good academic conduct or ethical behaviour in positions of political or economic power are examples. Oaths or Codes of conduct have been proposed as an instrument to fight this social dilemma. In this article we test the effect of such statement of intent and distinguish between voluntary and compulsory statements. Three effects are prevalent: a selection effect, i.e. people with a general high propensity to contribute make a statement; a commitment effect, i.e. people making the statement increase their contribution; and a coordination effect, i.e. people increase their contributions due to the assurance that the other players also pledged the statement.

The comparison of voluntary and compulsory statements shows, that the effect is strongest when the statement is imposed on everyone, emphasizing the role the coordination effect plays in social dilemma situations.

 

 

Organizers: Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex Refi), Prof. Christophe Moussu (ESCP Europe, Labex Refi), Arthur Petit-Romec (ESCP Europe, Labex Refi)

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