Endettement, accords implicites et capital organisationnel: vers une théorie organisationnelle de la structure financière

L'objectif de cet article est d'appréhender le choix d'une structure financière dans une théorie de la firme reposant sur la formation de capital organisationnel, associé à la relation d'emploi. Après avoir défini la notion de capital organisationnel, une modélisation des liens entre la structure financière et les accords implicites est proposée. La théorie organisationnelle proposée est confrontée aux théories alternatives de la structure financière. Ses implications empiriques sont également énoncées.capital organisationnel;structure financière;théorie de la firme;accords implicites

Impact du cadre légal sur le revenu des actionnaires:preuve par la non-normalité

(VF)Cet article propose un modèle de l’incidence du cadre légal sur la forme du revenu des actionnaires. Le modèle permet de traiter successivement le droit des créanciers, le droit des actionnaires et la réglementation du travail. Le modèle révèle des différences dans l’asymétrie du revenu d’un actionnaire minoritaire, en fonction du degré de réglementation sur chacun des axes légaux retenus. Les prédictions sont testées sur 21 pays de l’OCDE en recourant à une méthodologie empirique qui étudie l’impact des différences de réglementation sur la distribution de la rentabilité des actions. Les résultats des tests empiriques valident le modèle de partage de valeur sous des régimes juridiques différents, mettant en évidence l’importance de l’effet du cadre légal sur le revenu que s'approprient les actionnaires.(VA)We present a model of the effects of legal frameworks on the structure of shareholders’ payoffs. This model takes into account the legal protection of creditors, the legal protection of shareholders and the regulation of the labor market. It reveals differences in the asymmetry of payoffs to minority shareholders, depending on the degree of regulation for each legal dimension. The predictions are tested for a sample of 21 OECD countries using a new empirical approach, looking at the impact of regulation on the distribution function of stock returns. The results of the empirical evidence validate the value sharing model under different legal regimes. This provides new evidence in favour of the importance of the legal factors to understand the value delivered to shareholders.revenu des actionnaires;réglementation du travail;protection des investisseurs;non-normalité;shareholders’ payoffs;labor regulation;investor protection;non normality.

CEO overconfidence: Towards a new measure

International audienc

Does Analyst Coverage Impede Long-Term Investments? Evidence from Health and Safety Programs

International audienc

La volatilité des marchés augmente-elle ?

Accessible en ligne : http://www.aef.asso.fr/parution.jsp?prm=23742National audienc

La volatilité des marchés augmente-t-elle ?

Does market volatility increase ? The French stock exchange has known a deep fall in prices for 3 years with great uncertainties on economic activity and firms' finances. So, this article deals with the size of market' s turbulences, their origins and the measures to take. A proper diagnosis implies a distinction between cyclical or structural trends based on historical analysis and theoretical results. This article presents the basis of volatility as risk measurement and the difficulties to use it. The authors compare the current volatility of prices and its long term trend. They base their analysis on new theoretical or empirical results. JEL classifications : G10, G14Le marché français des actions a connu 3 années consécutives de baisse des cours, avec des incertitudes sur les évolutions de l'activité économique et sur la situation financière des entreprises. Il est naturel dans ce contexte, de s'interroger sur l'importance des turbulences de marchés, sur leurs causes et sur les mesures à prendre. Un diagnostic correct suppose, néanmoins, qu'on dispose d'une analyse historique suffisamment riche et de résultats théoriques suffisamment robustes pour qu'on puisse distinguer entre phénomènes conjoncturels et phénomènes structurels. Aussi rappelle-t-on, dans le présent document, les fondements du concept de la volatilité comme mesure de risque et les difficultés d'utilisation de cette mesure ; on y effectue également une comparaison entre l'évolution récente de la volatilité des cours et son profil de longue période, en s'appuyant sur des résultats académiques récents, tant théoriques qu'empiriques. Classification JEL : G10, G14Chauveau Thierry, Friederich Sylvain, Héricourt Jérôme, Jurczenko Emmanuel, Lubochinsky Catherine, Maillet Bertrand, Moussu Christophe, Négréa Bogdan, Raymond-Feingold Hélène. La volatilité des marchés augmente-t-elle ?. In: Revue d'économie financière, n°74, 2004. La volatilité des marchés financiers. pp. 17-44

Endettement, accords implicites et capital organisationnel Vers une theorie organisationnelle de la structure financiere

SIGLEAvailable from INIST (FR), Document Supply Service, under shelf-number : DO 6601 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueFRFranc

From spatio-temporal morphogenetic gradients to rhythmic patterning at the shoot apex

A key question in developmental biology is how morphogenetic regulators control patterning. Recent findings have raised an important question: do morphogenetic signals carry information not only in space, as originally proposed in the morphogen concept, but also in time? The hormone auxin is an essential plant morphogenetic regulator that drives rhythmic organogenesis at the shoot apical meristem. Here, we used a quantitative imaging approach to map auxin distribution and response. We demonstrate the existence of high-definition spatio-temporal auxin distribution in the meristem. We provide evidence that developing organs are auxin-emitting centers that could allow self-sustained distribution of auxin through a structured auxin transport network converging on the meristem center. We finally demonstrate that regulation of histone acetylation allows cells to measure the duration of the exposition to auxin preceding organ initiation, providing a remarkable example of how both spatial and temporal morphogenetic information generates rhythmic patterning

Is There a Relationship between Hyperventilation Syndrome and History of Acute SARS-CoV-2 Infection? A Cross-Sectional Study

Following COVID-19 infection, many patients suffer from long-lasting symptoms that may greatly impair their quality of life. Persisting dyspnea and other functional respiratory complaints can evoke hyperventilation syndrome (HVS) as a putative contributor to long-COVID presentation in COVID-19 survivors. We aimed to assess the possible relationship between HVS and previous acute COVID-19 infection. We designed a cross-sectional, single-center study, including all patients consecutively referred to our Lung Function and Exercise Testing Department between January and June 2021. Participants completed a systematic Nijmegen Questionnaire, a modified Medical Research Council dyspnea scale assessment, a post-COVID screening questionnaire, and performed a standardized lung function test. The population was divided according to HVS diagnosis, defined as a Nijmegen score of > 23/64. The occurrence of previous COVID-19 infection was compared according to the Nijmegen score after adjustment for potential confounders by multivariate logistic regression. In total, 2846 patients were included: 1472 men (51.7%) with a mean age of 56 (±16.6) years. A total of 455 patients (16%) declared a previous SARS-CoV-2 infection, and 590 patients presented a positive score (>23/64) in the Nijmegen Questionnaire (20.7%). Compared with COVID-19-free patients, there was an increased occurrence of HVS+ in cases of COVID-19 infection that did not require hospitalization (aOR = 1.93 [1.17–3.18]). The results of this large-scale, cross-sectional study suggest an association between HVS diagnosis and a history of COVID-19 disease in patients who were not hospitalized

Imaging of two samples with a single transmit/receive channel using coupled ceramic resonators for MR microscopy at 17.2 T

In this paper we address the possibility to perform imaging of two samples within the same acquisition time using coupled ceramic resonators and one transmit/receive channel. We theoretically and experimentally compare the operation of our ceramic dual‐resonator probe with a wire‐wound solenoid probe, which is the standard probe used in ultrahigh‐field magnetic resonance microscopy. We show that due to the low‐loss ceramics used to fabricate the resonators, and a favorable distribution of the electric field within the conducting sample, a dual probe, which contains two samples, achieves an SNR enhancement by a factor close to the square root of 2 compared with a solenoid optimized for one sample