Research Paper Series

  • Title
  • Author(s)


Departments: GREGHEC (CNRS), Finance

Keywords: Litigation Risk, Mergers, Investment Decisions, Corporate Governance


Departments: Accounting & Management Control

Meaning work is a key category of institutional work, which aims at maintaining or changing of field-level meanings. Mobilizing institutional analysis of field level change processes and the social movement framing literature, this study conceptualizes the types of meaning work that actor at the boundary of a social movement and the incumbent field undertake in the process of “mainstreaming”. Mainstreaming in this paper is defined as a process whereby a social movement succeeds in diffusing its norms, values or practices across the wider incumbent field. During the past few decades, socially responsible investment (SRI) has shifted from being a marginal, religious, mostly US-based movement to an influential international movement, which has succeeded in mobilizing a large number of incumbent investors and financial organizations. Based on a multi-stage qualitative analysis of the SRI field during the past 50 years, this study first establishes the structural changes that define a field undergoing mainstreaming. It then introduces propositions regarding links between these field-level changes and the meaning work that actors at the boundary between a social movement and the incumbent field undertake.

Keywords: field, social movements, framing, institutions, socially responsible investment, meaning


Departments: Economics & Decision Sciences, GREGHEC (CNRS)

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations where a costly deferral option is available that captures this source of deferral. Drawing on it, a preliminary behavioural comparison with other accounts of deferral, such as those based on information asymmetry, is undertaken, and a simple multi-factor model of deferral – involving both confidence and information considerations – is formulated. The model suggests that incorporating confidence can account for cases of deferral that traditional accounts have trouble explaining.

Keywords: Confidence, multiple priors, deferral, delegation, information acquisition, value of information, incomplete preferences


Departments: Accounting & Management Control

Transparency is one of the fundamental norms that structure our contemporary individual, organizational and social lives. Its influence can be felt at all levels, and it provides, in particular, the normative foundation for the current explosion of accounting, audit and other visibility-based accountability structures. The emergence and rapid expansion of international organizations – that have played a central role in structuring transnational governance around a plethora of standards and audits – has been fundamental to the theorization and global diffusion of accountability regimes. In this paper, we undertake a conceptual genealogy of the powerful notion of transparency. Starting with its Enlightenment roots, we explore the multiple competing and conflicting mobilizations of the notion of transparency through time to liberate, to deliberate, to legitimize, to control, to structure or to govern. We then trace the transposition of these various historical trajectories into the transnational space. Beginning with the League of Nations, we follow the various mutations of transnational transparency up to its contemporary and profound neoliberal transformation. We show how transnational transparency has shifted from being a norm of emancipatory accountability, “exposing the few to the many”, to one of governing by “exposing the many to the few”.

Keywords: transparency, transnational governance, accountability, genealogy, enlightenment, visibility


Departments: Operations Management & Information Technology, GREGHEC (CNRS)

Confronted by increasingly tight budgets and a broad range of alternative options, policy makers need empirical methods to evaluate the effectiveness of policies aimed at supporting the diffusion of renewable energy sources (RES). Rigorous empirical studies of renewable energy policy effectiveness have typically relied on panel data models to identify the most effective mechanisms. A common characteristic of some of these studies, which has important econometric implications, is that they assume that the contribution of RES to total electricity generation will be stationary around a mean. This paper reviews such assumptions and rigorously tests the time series properties of the contribution of RES in the energy mix for the presence of a unit root. To that end, we use both individual and panel unit root tests to determine whether the series exhibit non-stationary behavior at the country level as well as for the panel as a whole. The analysis, applied to a panel of 19 OECD countries over the period 1990-2012, provides strong evidence that the time series of the renewable share of electricity output are not stationary in 17 of the 19 countries examined. This finding has important implications for energy policy assessment and energy policy making, which are discussed in the paper

Keywords: Unit root, cross-sectional dependence, renewable energy diffusions, renewable energy policies


Departments: Economics & Decision Sciences, GREGHEC (CNRS)

We provide possibility results on the aggregation of beliefs and tastes for Monotone, Bernoullian and Archimedian preferences of Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci, and Siniscalchi (2011). We propose a new axiom, Unambiguous Pareto Dominance, which requires that if the unambiguous part of individuals’ preferences over a pair of acts agree, then society should follow them. We characterize the resulting social preferences and show that it is enough that individuals share a prior to allow non dictatorial aggregation. A further weakening of this axiom on common-taste acts, where cardinal preferences are identical, is also characterized. It gives rise to a set of relevant priors at the social level that can be any subset of the convex hull of the individuals’ sets of relevant priors. We then apply these general results to the Maxmin Expected Utility model, the Choquet Expected Utility model and the Smooth Ambiguity model. We end with a characterization of the aggregation of ambiguity attitudes.

Keywords: Preference Aggregation, Social Choice, Uncertainty

  • SPE-2014-1056
  • Projecting Different Identities: A Longitudinal Study of the 'Whipsaw' Effects of Changing Leadership Discourse About the Triple Bottom Line
  • J. BAYLE-CORDIER, P. MIRVIS, B. MOINGEON

Departments: Strategy & Business Policy, GREGHEC (CNRS)


Departments: Finance, GREGHEC (CNRS)

Aggregate art price patterns mask a lot of underlying variation — both in the time series and in the cross-section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price records between 1701 and 2014. Our newly constructed series also points to the importance of developments in the industrial organization of the art market for long-term price trends.

Keywords: art market, auctions, art prices, records, private values


Departments: Tax & Law, GREGHEC (CNRS)

At a time in which behavioural science has gained increasing attention for the design of population-wide health interventions, this chapter discusses its potential contributions to the prevention and control of Non-Communicable-Diseases (NCDs). Given the largely preventable nature of NCDs, any lifestyle intervention faces the challenge to induce behavioural change. By highlighting the role of social and physical environments in shaping our behaviour, applied behavioural science provides policymakers with a new understanding of human decision-making and, as a result, may support an innovative approach to the promotion of behaviour change leading to healthier lives. While only a combination of policy instruments, such as legislation, regulation, and even financial and fiscal incentives, may induce behaviour change to the scale required to reduce the burden of chronic disease at the population level, a behavioural informed approach may valuably complement the current regulatory mix. In particular, an analysis of the WHO NCD Action Plan and its accompanying strategies suggests an increased awareness of the roles played by environmental and social factors on behaviour change. Although the language employed falls short of operationalizing the major behavioural insights into the NCD agenda, it clearly highlights that their integration into the current regulatory mix appears fundamental today for the design of any lifestyle policy intervention. As behavioural change is progressively becoming the focus of health promotion efforts, the lesson learned is that there is more to behaviour change than merely empowering the targeted individuals, communities and populations with the necessary information.

Keywords: Health law, NCD, WHO, Nudge, Libertarian Paternalism, Behavioral change, Lifestyle, Regulation


Departments: Finance, GREGHEC (CNRS)

Political activism positively affects firm innovation. Firms that support more politicians, politicians on Congressional committees with jurisdictional authority over the firms’ industries and politicians who join those committees innovate more. We employ instrumental variables estimation and a natural experiment to show a causal effect of political activism on innovation. The results are consistent with the hypothesis that political activism is valuable because it helps reduce policy uncertainty, which, in turn, fosters firm innovation. Also consistent with this hypothesis, we show that politically active firms successfully time future legislation and set their innovation strategies in expectation of future legislative changes.

Keywords: political contributions, innovation, investment policy, policy uncertainty