Abstract We study the causes and the consequences of two regulatory changes affecting the competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the 20th century. First, we provide evidence supporting the interest group theory to explain regulatory changes. By using these changes as natural experiments, we show then that competition widens bid-ask spreads while monopoly makes them narrower. These results are in line with recent literature questioning the effects of “dark” competition: a transparent monopoly could be more effective than competition if the latter involves opaque markets. Authors Pierre-Cyrille Hautcœur (EHESS &...
Catégorie : Publications
Discussion Paper Series 2018 #07: Firm-Level Labor Demand for and Macroeconomic Increases in Non-Regular Workers in Japan
Abstract The purpose of this study is to account for the increase in non-regular workers, namely, part-time and dispatched workers, in the Japanese economy from the early 2000s. Our contribution is that we use a firm-level panel dataset extracted from an administrative survey and distinguish between the short-run and long-run determinants of non-regular labor demand. Using the estimated parameters of the labor demand function, we decompose the rate of increase in the macroeconomic non-regular worker ratio into determinant factor contributions. Our major results can be summarized as follows. First, the firm-level determinants of the demand for part-time and dispatched workers...
Discussion Paper Series 2018 #06: Modes of Insertion into Global Value Chains as a Source of Firms’s Heterogeneity?
While the slowdown of accumulation has been at the center of the financialization literature since the 2000s, not much has been written on the investment behavior of firms beyond the US and Europe neither in the case of non-leading firms.
In this paper, the authors look back at the XIX century France to shed light on effect of competition in the stock exchange industry. During the XIX century the Paris financial centre plays a central role in the French financial markets. Nevertheless, six organized regional exchanges do exist along all the second half of the century.
The paper addresses the crucial question of whether the corresponding organizational capabilities do exist to implement such policies. This article focuses on the case of South Korea, renowned at the same time for the strong capacities of the state and an institutional setting hostile to new ventures.
Discussion Paper Series 2018 #03: Professionals On Corporate Boards In Japan: How Do They Affect The Bottom Line?
Licensed professionals, such as accountants and lawyers, play a variety of roles when they sit on corporate boards. This paper sheds light on what role professional-directors play under what circumstances, and its consequences for corporate performance.
This paper examines the data of listed firms in Japan, and explores the impact of institutional change on organisational diversity in terms of gender diversity on boards. In particular, it focuses on analysing the institutional pressure which Japan has been recently undergoing: financialisation and incremental regulatory reform.
Discussion Paper Series 2018 #01: Organization of Value Creation and Work in the Japanese Wind Power Industry: Studying Organizational Diversity in Face of Institutional Change
By Manuel Nicklich & Jörg Sydow. The Fukushima disaster of 2011 has changed the perspective on renewable energies, not least in Japan.
The dynamics of urban degrowth in Japanese metropolitan areas: what are the outcomes of urban recentralisation strategies?
By Sophie Buhnik.
Japanese authorities have supported compact city-oriented policies since the late 1990s to counter the effects of population decline and lingering economic stagnation. The concentration of renewal projects in well-connected neighbourhoods is meant to sustain the mobilities of an ageing society.
An analysis of 2017 Japanese election by Yves Tiberghien. « On September 25, 2017, Japan’s Prime Minister Shinzo Abe rolled the dice and called a general election on October 22, a full year ahead of schedule. When the results were announced on the night of October 22, they were rife with paradox. Three core outcomes stand out. »
The Duke University GVC center and the KIET, a key Korean public research institute, published in October 2017 a 194-page-long report on Korea’s manufacturing prospects using a Global Value Chain (GVC) framework. This report is relevant for the academic community given the up-to-date statistics and scientific references.
Financialization and industrial policies in Japan and Korea: Evolving institutional complementarities and loss of state capabilities
By Sébastien Lechevalier (EHESS), Pauline Debanes (EHESS) and Wonkyu Shin (Kyung Hee University)
The purpose of this article is to analyze the revival of industrial policies from the late 2000 s in Japan and Korea and their limitations.
Ce dossier, publié dans le numéro 21 de la Revue de la Régulation, est consacré à l’espèce particulière de capitalisme qui se développe aujourd’hui en Chine. Le numéro est dirigé par Robert Boyer, co-fondateur de la Théorie de la Régulation et de la Revue du même nom, et Sébastien Lechevalier (EHESS).
This special issue starts with a short summary of the changing perceptions of Japan’s political economy from its meteoric rise as worldwide leading model in the 1970s and 1980s to its demotion to a problem and reform case since the later 1990s. Based on this overview, it identifies some striking issue and open questions in this conventional view of Japan’s political economy as problem and the high expectations on Abenomics as Japan’s current economic reform programme. Then we discuss the articles of the special issue and their new contributions to a better understanding of the developments at the corporate level as well as institutional change and economic reforms at the macro level in the last two decades.
25th and 26th of May 2017 at St Antony’s College, University of Oxford