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 : Discussion Paper Series
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.
Discussion Paper Series 2017 #04: « Understanding Corporate Responsibility in Japanese Capitalism: Some Comparative Observations »
By Gregory Jackson and Julia Bartosch. This paper discusses cross-country patterns of corporate responsibility with an interface to the discussion of a variety of capitalisms, and how corporate responsibility mirrors or substitutes for institutionalized forms of coordination.
Discussion Paper Series 2017 #03: « Changes in the Corporate Governance System and Presidential Turnover »
By Hideaki Miyajima, Ryo Ogawa and Takuji Saito. The article aims to shed light on how changes in the corporate governance system for Japanese firms since the 1990s have influenced presidential turnover.
By Hugh Whittaker. This paper reviews some of the recent writing on financialization and its effects in developing countries. Acknowledging the positive role of finance in development, it argues that beyond a certain point of ‘financial deepening’ there are negative consequences. Financialization affects the economy, and also the state.
Discussion Paper Series 2017 #01: « Institutional investors, corporate social responsibility, and stock price performance »
The launch of the United Nations Global Compact Principles for Responsible Investment (PRI) in 2006 prompted the Japanese government to emphasize corporate social responsibility (CSR) in investment policies and put pressure on institutional investors to monitor environmental and social performance.
Discussion Paper Series 2016 #06 : «The Evolution of the Ict Start-Up Eco-System in Japan: From Corporate Logic to Venture Logic?»
This paper uses the notion of institutional logics to advance our understanding of institutional change in the ICT start-up eco-system in Japan. We chose to study ICT start-ups because the rates of entry, growth, and exit are faster in this sector than in others, making it easier to observe institutional change.
Discussion Paper Series 2016 #05 : « The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains »
Japanese regulators have undertaken several adjustments to the rules governing the market for corporate control beginning with the 1990 introduction of mandatory bid rules (MBR) for tender offers. However, the adoption of an MBR alone did not initially contribute to an active tender offer market, nor did it adequately protect targets’ minority shareholders.
Discussion Paper Series 2016 #04 : « Toward a Conceptual Framework for Understanding Institutional Change in Japanese Capitalism: Structural Transformations and Organizational Diversity »
By Gregory Jackson. The literature on comparative capitalism sees institutions largely as a set of incentives and constraints on rational behavior of business enterprises. Institutions constrain economic action, but also create new opportunities for economic action.