RIGOT Sandra

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

This thesis analyzes the process of production, reproduction, and change of the state from an institutionalist and regulatory perspective on the basis of a long-term economic history. It focuses on the establishment of the tax system in France from the 12th to the 17th century, through the study of one of the central organizations of the state structures of the period: the offices. The research protocol of abduction structures this work and makes it possible to reveal the social relationships that run through the socio-historical formations. The first part of the thesis inscribes its analytical framework in the Parisian school of regulation: by crossing the neo-realist approach with the concept of the fiscal-financial regime, the foundations of the modern state can be examined through the prism of taxation and finance. Original data collected through archival work allows us to highlight the process of appropriation of the offices and the inscription of this state organization in a legal framework of private property. The latter leads to a phenomenon of commodification of offices, which allows officers to bequeath them, but also to sell them in order to make monetary profits, while the royal power, through various tax measures, increases its revenues through this phenomenon. By mobilizing concepts of market socio-economics and notions of the Marxist school of derivation, the third part consolidates the analysis of the formation of market relations by inserting it into the problematic of state power. The power relations that constitute the state are then updated and defined as relational, asymmetrical, and part of an institutional architecture. Finally, on the one hand, the development of the modern State is achieved through its commodification. On the other hand, its regulation is based on relations of domination and indirect and collective exploitation.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

In the context of mitigation actions to reduce greenhouse gas emissions related to energy consumption, renewable energy sources (RE) appear as a relevant solution. They can be used for the production of electricity, heat and cold and in the transport sector. However, these energy sources have been slow to develop and there are significant differences between countries. In this thesis, I first study the empirical determinants of RE deployment. To do so, I conduct a systematic review of the existing quantitative literature that focuses on this topic at the country level. I find that this literature is quite fragmented and analyze the authors' results based on the specifications considered to study the existence of a consensus on the possible determinants of RE development at the national level. To complete this multi-country analysis, I focus on two barriers that are considered as important hindrances to the widespread use of RE: financing and acceptability. More specifically, I focus on the sector of participatory financing of RE. Indeed, crowdfunding is an innovative way of financing that allows citizens to participate in the financing of RE projects and therefore involves them in the process of energy transition to low-carbon sources. More specifically, I have chosen to study participatory financing of RE in the case of France because the sector has experienced strong growth in a favorable regulatory context. I carry out a case study of a participatory financing platform specialized in RE projects in order to present its economic model and the associated risks. Then, in order to better understand the characteristics of this sector, I give an overview of the different actors involved in the RE participatory financing sector in France: platforms, project holders and contributors. Finally, I conduct an empirical analysis of survey data concerning the decision-making process of citizens who have invested in RE participatory financing projects in France.

How to think about the economy differently? For thirty years, researchers from different disciplines have been participating in the development of an economics of conventions that constructs a new representation of the economy. The 75 authors in this book provide an exceptional insight into this approach, based on the work of one of its main architects, Olivier Favereau. More than any other economist, he has worked throughout his career on interdisciplinary exchanges to renew our understanding of economic phenomena. The various entries in this non-standard dictionary discuss, use or extend this work. The reader thus has an unparalleled introduction to contemporary debates on the evolution of economic knowledge: the new representations of the firm, work, finance and more generally of economic behavior and its political dimension.

No summary available.

No summary available.

Climate change is introducing greater risk and uncertainty into the economy and financial system. Despite wide acceptance of the need to reduce emissions, information failures limit understanding of the financial risks. As a result, the Financial Stability Board is pushing for greater disclosure via an international initiative: the Task Force on Climate-related Financial Disclosures (TCFD). Based on content analysis of firms' reference documents over 2015-2017, this article examines CAC 40 firms' compliance with the recommendations of TCFD by building a new index (Comprehensive Compliance Index-CCI) to measure the disclosure of environmental information. Our results highlight a gradual improvement in environmental disclosure by CAC 40 companies over the three years. CCI levels were relatively satisfactory in 2015 and 2016 to the extent that the TCFD report had not yet been published, but it masks discrepancies. Sectors with high environmental impact have higher index scores than low impact sectors. In 2017, CAC 40 companies communicated the most in the areas of risk management, metrics and governance, far ahead of strategy, and there was an improvement in the environmental disclosure in each area. Finally, our content analysis allows us to develop a matrix of climate risks and opportunities per sector. JEL: M40, M14.

In this article, we examine the determinants of CAC 40 companies' compliance with the recommendations of the FSB Task Force on Climate Financial Reporting (TCFD). We use in this analysis a new index measuring the level of compliance of firms with TCFD's recommendations, the Comprehensive Compliance Index (CCI). Using a panel Tobit model, we find that environmentally friendly companies are more compliant with TCFD's recommendations, especially when operating in an industry with high environmental stakes. In addition, media environmental exposure increases the level of compliance of firms with TCFD's recommendations. We also find a strong influence of ownership structure on the CCI as a high shareholder concentration and a high proportion of foreign shareholders decrease the level of compliance with TCFD's recommendations. Overall, our results shed new light on the company's voluntary environmental reporting for regulators seeking to improve financial transparency in relation with climate risks. JEL Classification : G38. Q51. M41. Q56.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

This thesis is articulated around two central questions aimed at explaining why and how complementarity between banks and specialized microfinance institutions (MFIs) should be organized in order to effectively finance development in the countries of the West African Economic and Monetary Union (WAEMU). The banking aspects of Gerschenkron's theory of economic catch-up are adapted to the context of the preponderance of the informal economy in the WAEMU. The empirical analysis shows that the banking and microfinance sectors in WAEMU are respectively resistant and underperforming - in terms of profitability and social impact - in empowering the MBC process. With respect to the implementation of MBC, the neoinstitutionalist framework of the hybridity of the firm is mobilized in order to integrate and clarify the role of the public authority with respect to private financial actors, including mobile banking. Furthermore, international "best practices" in microfinance also serve as empirical and typological references for WAEMU countries, with a view to indirect or direct public coordination of MBC.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

No summary available.

In thirty years, finance has become all-powerful. Not a day goes by without knowing the movements of the CAC or the NASDAQ, not a week without an analysis of the exchange rate, not a month without a factory closure, not a year without concern about the public debt, not a decade without a financial crisis. The macroeconomic record of our Western economies is not very good: sluggish growth, sluggish investment, endemic unemployment, growing inequality. The evidence is clear: liberal policies have deregulated finance, and the white man, who once accompanied industry in its long-term investments, is now an obstacle. The creativity of financiers has replaced that of entrepreneurs. For the new generation of French economists, it is urgent to put finance back in its place: it is not the economy that should obey finance, but finance that should serve the economy. This book deciphers thirty years of financialization of the economy, offers a detailed examination of the relationship between business and finance, and puts forward proposals - analyzed and commented on by Michel Aglietta - for better thinking about the real economy.

This chapter deals with intermediaries in the financial sector such as banks and institutional investors. These actors are expected to play a central role in economic growth via the funding of investment because they are supposed to match creditors' desires (households) with borrowers' needs (firms) at a macroeconomic level. It aims to reassess the theoretical role of financial intermediation related to the allocation of savings in a context of a structural decline in overall investment for thirty years. To achieve this goal, it studies the evolution of financial intermediaries' behaviour in their capacity to finance investment and identifies the weaknesses of our current financial system which does not allocate optimally savings to firms' productive projects. Then it suggests some policy implications defining new forms of financial intermediation in which public financial intermediaries would have to play a greater role.

No summary available.

No summary available.

No summary available.

Fund investment in the equity of unlisted companies has become a major institution of 21st century capitalism. This thesis constitutes an in-depth study of the developments and characteristics of investment funds operating in China. It is applied within the framework of institutional analysis and follows the logic of the variety of capitalisms while using a multidisciplinary method. We develop a comparative study between Chinese, French and English funds based on the institutional differences among the business models of the three countries. Our analysis shows that the specificity of China's economic development is mainly linked to the role of the Chinese state, the importance of guanxi in the business sphere and the great complexity of the market created by the "dependency path". As a result, for investment funds in China we notice a stronger influence of the Chinese state, the extensive impact of guanxi, the more diversified use of information sources, the more limited choice of financial tools, and the preference of Chinese entrepreneurs to keep control of their firms. Our econometric analysis indicates that labor market rigidity, economic openness, and taxation on profits have the greatest impact on fund activity and that, compared to France, England, and the United States, China has larger coefficients on GDP growth, consumption growth per household, political stability, and infrastructure.

No summary available.

No summary available.

No summary available.

The Middle East and North Africa (MENA) region has witnessed institutional and financial reforms aimed at promoting economic development. While traditional theories focus on capital accumulation and technical progress as fundamental explanatory factors of economic growth, the work giving rise to the "new institutional economics" has emphasized the major contribution of institutional development to economic growth. The objective of this thesis is to understand the role of institutional quality and banking regulation in explaining financial development and economic growth in MENA countries since the 1980s. Using appropriate econometric modeling, the thesis seeks to answer the following three main questions: What role do institutional quality and banking regulation play in explaining variations in capital, risk and banking efficiency in the MENA banking system? Is there a significant effect of institutional development on banking and economic development? To what extent can cross-country differences in economic performance be explained by institutional factors? The main findings of the thesis are that: (i) institutional quality has a significant effect on capital, risk taking and efficiency of banks operating in the MENA region. (ii) banking regulation has a positive and significant effect on banking development, and there is a positive and significant interdependence between economic development and banking development. (iii) the effect of institutional quality on countries with low economic growth on average is stronger than the effect on countries with high economic growth.

No summary available.

No summary available.

When we ask ourselves if "the company is ours", we have to define which group is hiding behind the "us"... This same slogan can indeed be chanted by workers or shareholders. Behind this struggle to claim a right of ownership over the company, we find the conflict between labor and capital. However, it is clear that, in recent decades, the shareholder viewpoint has dominated that of workers (Favereau, 2014).

This article aims to investigate the potential effects of the application of IFRS 9 (2014 version) on long-term investment, in particular on the role of insurers and banks in financing long-term investment.

This article aims to propose a new definition of long-term investment as a major determinant of economic growth and to identify short-termist accounting biases, with the aim of developing avenues of reform that do not disadvantage long-term investment.

We pursue to analyse the contributions related to the definition of long term financing, in order to identify a consensual position of European stakeholders. Subsequently, we question the regulatory constraints of both prudential and accounting regulations in order to appreciate the stances of the banking and insurance sectors. We form and test a series of hypotheses and identify the impacts of the current institutional and regulatory framework on investment choices of insurance companies and banks. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks and insurance compani.

No summary available.

This paper investigates to what extent IFRS standards may cause incentives or constraints on long-term investment strategies of French insurance companies, based on 43 semi-structured interviews of insurance companies' managers, regulators and professional organizations in France. Our results show that practitioners highlight some issues related to the capacity of current IFRS accounting rules to give a fair representation of their activities related to their specific profile. First, they underline an artificial mismatch between assets and liabilities measurement related to IAS 39 and IFRS 4 phase 1. Second, they point out effects on their asset allocation strategies due to the increased short-term volatility introduced by fair value measurement. After investigating solutions to recognising the long-term horizon in asset category, we discuss the necessary consistency of accounting standard for representing long-term business.

In this paper, we investigate the relative importance of drivers to pension funds’ asset allocation choices. We specifically test if the contrast between regulatory approaches of public and private Defined Benefits (DB) pension funds in the US, Canada and the Netherlands have an impact on the riskiness and procyclicality of their asset allocation. Derived from panel data analysis of a unique database comprising of more than 800 pension funds’ detailed asset allocations, our results underscore the economic importance of regulation in the funds’ asset allocation choices, relative to institutional and individual funds’ characteristics. In particular, quantitative risk-based capital requirements, and to a lesser extent valuation and funding requirements (i.e., the choice of the liability discount rate) or the presence of quantitative investment restrictions, induce pension funds to significantly decrease their asset allocation to risky assets, especially to equities. Allocation to alternatives, which are comparatively treated quite favorably by solvency standards, is higher in the presence of risk-based capital requirements. Contrary to popular conviction that regulatory mechanisms encourage procyclical asset allocation, we find that funds subject to risk-based capital requirements were likely to be less procyclical during the last crisis – an outcome possibly tempered by temporary regulatory slackening in response to the crisis.

No summary available.

No summary available.

No summary available.

The aim of this thesis is to identify, both theoretically and empirically, the financial strategies and governance methods of institutional investors that are specific to their long-term investment behavior. These investors have a decisive advantage in strategic asset allocation: a long time horizon and more or less defined commitments. To this end, he confines his investigations and analyses to pension funds, observing what is likely to bring them closer or further away from long-term investor behavior. The deliberate choice to focus on pension funds is due to the fact that they have contractual commitments to their principals in terms of long-term pension liabilities. This paper focuses on one aspect of pension funds' behavior - namely their investments in hedge funds - in order to analyze the different proposals for regulating pension funds and hedge funds.