Is Sustainability Attractive for Corporate Real Estate Decisions ?

This paper provides an analysis of the impact of sustainable principles on corporate property decisions and attractiveness for business districts in the French context. It is based on a behavioural survey conducted across a large sample of corporate property managers and a MCA approach which highlights key factors about the influence of sustainable principles among traditional determinants of territorial attractiveness. This approach allows us to draw up a typology of actors regarding the diffusion of sustainability issues. It emphasizes a general improvement of sustainability on location choice especially for listed companies, owners of their head office and companies located into the main business districts of the Paris metropolitan area.Sustainable City ; Corporate Real Estate Management ; Territorial Attractiveness ; Office Business Districts

European agri-environmental policy and local institutions: A case study on French Regional Nature Parks

Translating the European agro-environmental policy at a local scale implies costs of implementation, especially when a local cohesion is required. In the case of agro-environmental schemes (AES), farmers are supposed to contract individually and voluntarily but a territorial effect is expected. Then, the effectiveness of the policy depends on the coordination of the individuals' plans. In this paper, we assume that local institutions such as french 'Parcs Naturels Régionaux' can have a key role in this coordination. We suppose that their knowledge of the territory and their proximity with the local population allow them to adapt pertinently the policy. To address this issue empirically, we questioned 120 farmers about (i) the cost due to the contract and (ii) their perception of AES, both within and outside of three French 'Parcs Naturels Régionaux' (Morvan, Livradois-Forez et Volcans d'Auvergne). Then, using concepts from new institutional economics, we model the farmers' transaction costs and analyze how parks influence them, considering control variables. We also discuss how parks can restore farmers' confidence in the European policy

Risk attitude, beliefs updating and the information content of trades: an experiment

In this paper, the authors conduct a series of experiments that simulate trading in financial markets and which allows them to identify the different effects that subjects’ risk attitudes and belief updating rules have on the information content of the order flow. They find that there are very few risk-neutral subjects and that subjects displaying risk aversion or risk-loving tend to ignore private information when their prior beliefs on the asset fundamentals are strong. Consequently, private information struggles penetrating trading prices. The authors find evidence of non-Bayesian belief updating (confirmation bias and under-confidence). This reduces (improves) market efficiency when subjects’ prior beliefs are weak (strong).risk attitude; financial market; information; belief; risk-neutral information

Risk Attitude, Beliefs Updating and the Information Content of Trades: An Experiment

We conduct a series of experiments that simulate trading in financial markets and which allows us to identify the different effects that subjects’ risk attitudes and belief updating rules have on the information content of the order flow. We find that there are very few risk-neutral subjects and that subjects displaying risk aversion or risk-loving tend to ignore private information when their prior beliefs on the asset fundamentals are strong. Consequently, private information struggles penetrating trading prices. We find evidence of non-Bayesian belief updating (confirmation bias and under-confidence). This reduces (improves) market efficiency when subjects’ prior beliefs are weak (strong).

Risk Attitude, Beliefs Updating and the Information Content of Trades: An Experiment

We conduct a series of experiments that simulate trading in financial markets and which allows us to identify the different effects that subjects’ risk attitudes and belief updating rules have on the information content of the order flow. We find that there are very few risk-neutral subjects and that subjects displaying risk aversion or risk-loving tend to ignore private information when their prior beliefs on the asset fundamentals are strong. Consequently, private information struggles penetrating trading prices. We find evidence of non-Bayesian belief updating (confirmation bias and under-confidence). This reduces (improves) market efficiency when subjects’ prior beliefs are weak (strong).