26 May 2015
26 May 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


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 May 2015
19 May 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


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:

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:

Sunder, Shyam (2011), Imagined Worlds of Accounting, Accounting, Economics and Law: A Convivium, 1 (1) (January 2011).DOI:

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

11 May 2015
11 May 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


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)

11 May 2015
11 May 2015

PhD student seminar

Labex ReFi (Régulation financière)

PhD student seminar

May 12, 2015


The purpose of this seminar is to give advanced PhD students an opportunity to present their research in a friendly academic environment and benefit from constructive criticisms. The seminar is a good opportunity to improve presentation skills, to get feedback from colleagues (Professorsand other PhD students), and to strengthen the Labex Réfi community in an informal meeting. Master students and other academics are welcome to attend the seminar and to contribute to the discussions.

The seminars will be held at the Maison des Sciences Economiques (106-112 Bd de l’hôpital 75013), in the seminar room at the 6th floor.


Program (9am-12am)

Each presentation is around 25 mins, followed by a 15 min Q&A.

  • Federica Salvadè, “Evidence from credit rating withdrawal”
  • Salim Dehmej & Guillaume Arnould, “The ECB Comprehensive Assessment”
  • Arthur Petit Romec, “Bank Capital in the Crisis: It’s not just how much you have but who provides it”

 Break (15 mins)


  • Davide Romelli, “Central Bankers as Supervisors Do Crises Matter?”
  • Peter Addo Martey, “The kiss of information theory that captures systemic risk”

    Lunch buffet (Free sandwiches and soft drinks will be served after the seminar)


Organizers: Gunther Capelle-Blancard, Clément Goulet and Christophe Moussu

Contact: Clément Goulet (



The Labex ReFi Team

21 April 2015
21 Apr 2015

Conférence Labex ReFi-ETH Zurich: Pr Jill Fisch, University of Pennsylvania “Why do Retail Investors Make Costly Mistakes ?”


April 23, 2015 at 18:00

 Professor Jill Fisch, University of Pennsylvania, Will give a talk on:

“Why do Retail Investors Make Costly Mistakes ?”

Salle Raymond Martin – Bâtiment 3 –  3ème étage

ESCP EUROPE, 79 avenue de la République 75011 Paris

Entrée libre

La conférence sera en anglais

Organizers: Gerard Hertig – Professeur  – Ecole Polytechnique Fédérale de Zurich I Alain Pietrancosta – Professeur – Université Paris I  Franck Bancel – Professeur – ESCP Europe

En partenariat avec : ETH Zürich, ESCP Europe, l’Université Paris I Panthéon-Sorbonne, l’ENA, le CNAM

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