Employing Finance in Pursuit of the Sustainable Development Goals: The Promise and Perils of Catastrophe Bonds

The UN sustainable development goals (SDGs) present a formidable funding challenge. Financial innovation is one way through which resources can be secured, while also providing business opportunities for market actors. The insurance sector, in particular, has been at the forefront of such innovation, developing financial instruments to manage the flooding, fire, and storm risks that characterize an increasingly unstable world. We examine one such financial instrument—the catastrophe bond—which transfers extreme risk from insurers and reinsurers to capital markets. Using a comprehensive database of all catastrophe bonds issued through March 2016, we find that the modeling which underlies catastrophe bonds is not demonstrably better than guesswork at predicting the financial consequences of extreme events. Moreover, secondary data reveal that market actors are under no illusions about the level of precision and accuracy provided by the models. Our analysis suggests that catastrophe bonds do not lend themselves to analysis through conventional sociological theories of financial markets. Drawing on theories of ignorance, we reflect on the social arrangements that sustain financial markets in contexts of extreme uncertainty. We conclude with some cautionary notes for harnessing financial tools in support of the SDGs

La| décision en situation de crise

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Le processus de révision de RAM: une comparaison internationale

International audienceCet article compare le processus de révision de Recherche et Applications en Marketing à celui d'autres revues internationales, comme International Journal of Research in Marketing, Journal of Consumer Research, Journal of Marketing, Journal of Marketing Research, Marketing Science. Il précise par ailleurs les évolutions des rubriques de Recherche et Applications en Marketing depuis l'origine de la revue jusqu'à maintenant

Internet: un outil transnational au service du commerce »

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Detection of H6 influenza antibody by blocking enzyme-linked immunosorbent assay.

International audienceLe développement rapide d'Internet amène a penser que ce réseau pourrait devenir un outil important pour les entreprises. Afin d'évaluer ce potentiel, nous analysons Internet sous deux angles : celui de l'industrie, et celui de l'utilisateur. Ces observations conduisent à quelques éléments de détermination des facteurs clés de succès présents et à venir sur ce secteur.<br/

Multinationales : les dirigeants face à la gestion des compétences

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Dynamics of Institutional Logics in a Technological Field

Drawing from an in-depth analysis of archival data on the early commercial aviation industry, we analyze the dynamics of institutional logics in this technological field. Specifically, we observe the "socially constructed, historical patterns of material practices, assumptions, values, beliefs, and rules" (Thornton and Ocasio, 1999: 804) by which individuals shape the field over time. We aim at complementing extant research by documenting a case where competing logics did not replace one another but rather complemented each other until one disappeared. In evolutionary terms, what we observe would be a case of mutualism turning into competition. In addition, we reflect on why some institutional logics are able to sustain themselves through sequences of consequential historical events

Intérêt de la simulation pour les sciences de gestion

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Avantage concurrentiel durable : Imitation et ambiguïté causale

International audienceIn this article, we study the impact of the imitability on the persistence of competing advantage. The empirical studies being difficult on this subject, we must find recourse to a simulation by algorithm. Even if the model is voluntarily simple for ends of illustration, it shows that the nonimitable companies become leaders of their industry and remain it.<br/