10 research outputs found

    Essays in Corporate Finance

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    This dissertation presents two essays in Corporate Finance. In the first essay, I study how political institutions affect corporate investment through the policy uncertainty channel. I examine investment response to changes in the ability of the governing party to implement its political agenda due to checks and balances. I use US gubernatorial elections from 1978 to 2010 and a regression discontinuity design to estimate the causal effects of giving a single party full versus split control over a state government. I find that shifts from a divided to a unified government depress investment and job creation. Investment drops by an average of 3 to 5 percent in the year after the election giving a single party control of the government. The effect is not limited to public firms, is stronger for firms operating in a single state and firms with more irreversible investment. The findings support the hypothesis that moving from divided to unified government translates into policy uncertainty, which in turn affects the investment and employment cycles. The second essay is joint with William Mullins and Christophe Cahn. How to support private lending to SMEs during aggregate contractions is a crucial but still open policy question. This paper exploits an unexpected drop in 2012 in the cost of funding bank loans to some firms but not others in France to uncover how banks adjust their SME lending portfolios in a crisis. The cost reduction causes bank debt to rise and payment defaults with suppliers to fall, providing evidence that funding cost can be an effective policy lever. The effect is driven by firms with only one bank relationship, a numerous but understudied group. The size of the effect varies, with additional credit flowing to firms with stronger observables, to high growth firms, to firms with high demand, and to firms with a deeper banking relationship. Further, a richer relationship appears to substitute for stronger observables in the lending decision. Finally, we provide suggestive evidence that, compared to multi-bank firms, single bank firms are particularly credit constrained in crisis periods

    The Real Effects of Checks and Balances: Policy Uncertainty and Corporate Investment

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    Un examen au microscope de l’impact de la crise sanitaire et des mesures de soutien public sur la situation financiùre des entreprises en France / A Granular Examination of the Impact of the Health Crisis and the Public Support Measures on French Companies’ Financial Situation

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    We develop a microsimulation model fed by a particularly rich set of individual data in order to assess the impact of the health crisis on the financial situation of more than 645,000 French companies in 2020. We show that the relative stability in net debt at the macroeconomic level is concealing major disparities on an individual level. Heterogeneity is particularly significant between sectors (before and after public support measures) but is also present within each sector. Our simulations confirm the need for public intervention during the crisis : a mere adjustment in company behaviour is insufficient to absorb the shock. These support measures brought the share of firms with a negative cash flow shock in line with normal years, although “ extrem” cash flow shocks occur more frequently than usual. One important lesson learned from this exercise is that sector and size cannot be the only criteria taken into account when drawing up crisis recovery policies.Nous dĂ©veloppons un modĂšle de microsimulation s’appuyant sur un jeu de donnĂ©es individuelles particuliĂšrement riche pour Ă©valuer l’impact de la crise sanitaire sur la situation financiĂšre de plus de 645 000 entreprises françaises en 2020. Nous montrons que la quasi‑stabilitĂ© de la dette nette au niveau macroĂ©conomique masque de fortes disparitĂ©s au niveau individuel. L’hĂ©tĂ©rogĂ©nĂ©itĂ© est particuliĂšrement marquĂ©e entre secteurs (avant et aprĂšs dispositifs de soutien public) mais Ă©galement au sein de chaque secteur. Les simulations confirment le besoin d’une intervention publique pendant la crise : le seul ajustement du comportement des entreprises ne suffit pas Ă  absorber le choc. Les mesures de soutien ramĂšnent la proportion des chocs de trĂ©sorerie nĂ©gatifs Ă  celle d’une annĂ©e normale, mĂȘme si les chocs trĂšs importants sont plus frĂ©quents qu’habituellement. Un enseignement important de cet exercice est que le secteur ou la taille ne peuvent ĂȘtre les seuls critĂšres pour la dĂ©finition des politiques de sortie de crise.Bureau Benjamin, Duquerroy Anne, Giorgi Julien, LĂ© Mathias, Scott Suzanne, Vinas FrĂ©dĂ©ric. Un examen au microscope de l’impact de la crise sanitaire et des mesures de soutien public sur la situation financiĂšre des entreprises en France / A Granular Examination of the Impact of the Health Crisis and the Public Support Measures on French Companies’ Financial Situation. In: Economie et Statistique / Economics and Statistics, n°532-33, 2022. pp. 25-46

    Un an de crise Covid : comment Ă©valuer l’impact de la pandĂ©mie sur l’activitĂ© Ă©conomique des entreprises françaises ? Construction de contrefactuels individuels et diagnostics de l’annĂ©e 2020 / One Year of COVID: What Impact Did the Pandemic Have on the Economic Activity of French Companies? Construction of Individual Counterfactuals and Diagnoses for 2020

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    We study the impact of the health crisis on the activity of more than 645,000 French companies using individual data to estimate their monthly turnover. Our microsimulation model is innovative in three ways. First, we quantify the loss of activity compared with a non-crisis counterfactual situation to rethink the consequences of the crisis taking into account companies’ growth trajectories before the pandemic. Second, we estimate this shock at the individual level to study the heterogeneity of loss of business. We highlight the disparities of the shock both between and within sectors. The sector explains up to 48% of the variance of the monthly activity shocks observed in 2020, a much larger proportion than in a normal year. Finally, we identify four profiles of business trajectories in 2020. The industry is the primary determinant of belonging to these profiles. Conditionally to the sector, these profiles also correlate with the organisational adaptation of companies.Nous Ă©tudions l’impact de la crise sanitaire sur l’activitĂ© de plus de 645 000 entreprises françaises, Ă  partir de donnĂ©es individuelles permettant d’estimer leur chiffre d’affaires mensuellement. Notre modĂšle de microsimulation est triplement innovant. PremiĂšrement, nous quantifions la perte d’activitĂ© par rapport Ă  une situation contrefactuelle sans crise afin de repenser les consĂ©quences de la crise en tenant compte des trajectoires de dĂ©veloppement que suivaient les entreprises avant la pandĂ©mie. DeuxiĂšmement, nous estimons ce choc au niveau individuel, afin d’étudier l’hĂ©tĂ©rogĂ©nĂ©itĂ© des pertes d’activitĂ©. Nous mettons en lumiĂšre la dispersion du choc Ă  la fois entre secteurs et au sein des secteurs. Le secteur explique jusqu’à 48 % de la variance des chocs d’activitĂ© mensuels observĂ©s en 2020, une part beaucoup plus importante que lors d’une annĂ©e normale. Enfin, nous identifions quatre profils de trajectoires d’activitĂ© en 2020. Le secteur est le principal dĂ©terminant d’appartenance Ă  ces profils. Conditionnellement au secteur, ces profils‑types sont Ă©galement corrĂ©lĂ©s Ă  l’adaptation organisationnelle des entreprises.Bureau Benjamin, Duquerroy Anne, Giorgi Julien, LĂ© Mathias, Scott Suzanne, Vinas FrĂ©dĂ©ric. Un an de crise Covid : comment Ă©valuer l’impact de la pandĂ©mie sur l’activitĂ© Ă©conomique des entreprises françaises ? Construction de contrefactuels individuels et diagnostics de l’annĂ©e 2020 / One Year of COVID: What Impact Did the Pandemic Have on the Economic Activity of French Companies? Construction of Individual Counterfactuals and Diagnoses for 2020. In: Economie et Statistique / Economics and Statistics, n°532-33, 2022. pp. 3-23

    Fictions et frictions culturelles

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    Fluctuante et protĂ©iforme, la culture peut ĂȘtre source de conflit autant que d’identification, riche de ses influences ou bien porteuse d’une mĂ©moire difficile Ă  rĂ©vĂ©ler. Ce volume, au travers de huit textes pluridisciplinaires, porte un regard sur cet espace de jonction et d’articulation entre art et patrimoine qui compose la culture. Les croisements ne se font jamais sans heurts ni frictions ; ils sont Ă©galement le creuset de nouvelles narrations, qui rendent singuliĂšre chaque histoire. Par le biais des deux entitĂ©s que sont les processus de patrimonialisation et les pratiques de la crĂ©ation artistique, le prĂ©sent ouvrage traite des questions de mondialisation, d’adoption ou de rejet des influences ainsi que des rapports de domination Nord-Sud. Il montre Ă©galement comment certains territoires dĂ©semparĂ©s, par le prisme des arts et des actions collectives, sont rĂ©-imaginĂ©s et patrimonialisĂ©s. Tout cela ne va pas sans opĂ©rer des choix destinĂ©s Ă  constituer et Ă  colporter une histoire, une mĂ©moire. Cette conservation des sources mĂ©morielles ne pourrait exister sans les institutions ni les musĂ©es qui, pour servir un discours, sĂ©lectionnent, exposent ou, au contraire, occultent. Mais que penser de la constitution de patrimoines quand ils sont le fruit d’une amnĂ©sie sĂ©lective

    Genome Microevolution of Chikungunya Viruses Causing the Indian Ocean Outbreak

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    Article Number: e263International audienceA chikungunya virus outbreak of unprecedented magnitude is currently ongoing in Indian Ocean territories. In RĂ©union Island, this alphavirus has already infected about one-third of the human population. The main clinical symptom of the disease is a painful and invalidating poly-arthralgia. Besides the arthralgic form, 123 patients with a confirmed chikungunya infection have developed severe clinical signs, i.e., neurological signs or fulminant hepatitis

    Localization of the E1 Changes on the 3D Structure Modelled from the Crystal Structure of SFV E1

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    <div><p>(A) Ribbon diagram of E1, with domain I coloured red, domain II yellow, and domain III blue. Green tubes mark the disulfide bonds. The fusion peptide, at the tip of the molecule (in domain II) is coloured orange and labelled. The N-terminus and the C-terminus observed in the crystal (which is 30 aa upstream of the trans-membrane region) are also labelled. The two unique changes observed in the Indian Ocean isolates are indicated by stars and labelled: positions 226 (white) and 284 (magenta).</p> <p>(B) Partial representation (one octant, slightly extended) of the icosahedral E1 scaffold at the surface of the virion, viewed down a 5-fold symmetry axis. One E1 protomer is highlighted in colours, as in (A); all the others are represented in grey. The location of the some of the icosahedral symmetry axes are drawn as solid black symbols: pentagon for 5-fold axis, triangle for 3-fold axes, ellipse for 2-fold axes (which in the T = 4 lattice of alphaviruses are coincident with quasi 6-fold axes). Open triangles indicate roughly the location of the E2 trimers that interact tightly with E1, covering domain II and the fusion peptide, and presenting the main antigenic sites. The open triangles mark also quasi 3-fold symmetry axes of the T = 4 surface icosahedral lattice. A magenta ball marks the location of Glu 284, at an inter-E1 protomer contact site. This contact is propagated 240 times at the surface lattice (note all pink balls drawn on the grey protomers). Note that the fusion peptide, in orange, is pointing up and away from contacts with other E1 protomers. This is more easily seen at the periphery of the virion, where one of them is labelled (FP). In the virion, this region of E1 is not accessible, covered underneath the E2 molecule [<a href="http://www.plosmedicine.org/article/info:doi/10.1371/journal.pmed.0030263#pmed-0030263-b020" target="_blank">20</a>]. </p></div

    Proposed Evolutionary Scenario of CHIKV Isolates from the Indian Ocean Outbreak

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    <div><p>The scenario is based on six genome sequences determined by direct sequencing of RT-PCR products obtained using RNA extracts as templates; the sequences (Seq.) thus correspond to consensus sequences of the possible mixture of coexisting genomes (quasispecies).</p> <p>Inset: number of cases of E1-226A and E1-226V at different time intervals in RĂ©union Island, based on partial E1 sequences. E1-226V was observed in consensus sequences 2, 3, and 4, and therefore most E1-226V isolates genotyped based on partial E1 sequences are likely related to these genotypes. However, the independent appearance of E1-226V in other genotypes cannot be excluded. The location, size, and relative position of the islands and the African border are indicative. Consensus sequence 1 was obtained from a RĂ©union patient who travelled back from Comoros in March 2005, and from a RĂ©union Island patient. Sequences 2–4 were sampled in RĂ©union Island; sequence 5 was sampled in the Seychelles. The strain codes are given under the corresponding sequences. The question mark in Comoros Archipelago indicates that Sequence 1 possibly originates from Comoros. The dotted link between Sequence 1 and Sequence 5 indicates that the transmission route is hypothetical.</p> <p>CSF, cerebrospinal fluid; Int., deduced intermediate sequence, which was not sampled.</p></div
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