à Rennes - IGR-IAE

Séminaires en sciences de gestion

  1. Séminaires Finance 2016-2017
  2. Séminaires transversaux 2016-2017
  3. Séminaires Franchise et Commerce en réseau 2016-2017
  4. Années antérieures

Séminaires Finance 2016-2017

  • Lundi 24 avril 2017 - 14h00 - Salle du Conseil - IGR/IAE
Intervenant Isabelle Martinez - LGCO – Toulouse University (Paul Sabatier)
Titre / Title Database providers or managers : who predict best future performance ?
Joint with Thomas Jeanjean (ESSEC Business School) and Grégoire Davrinche (LGCO – Toulouse University (Paul Sabatier))
Lien / Download 17-04-24_Martinez.pdf
Intervenant Messaoud Chibane - ESSEC Business School, France
Titre / Title Asset Pricing with Housing Booms and Disasters
Joint with Abraham Lioui (EDHEC) and Patrice Poncet (ESSEC)
Résumé / Abstract We introduce a new housing consumption-based asset pricing model (Housing CCAPM) that incorporates rare disaster events into the dynamics of non-housing consumption and rare boom/disaster events into housing consumption. Our analytical framework hinges on two key ideas. First, we extend existing Cumulant Generating Function-based pricing formulas to a two-good economy. Second, we develop an exponential affine approximation for the price-dividend ratio. These techniques enable us to derive intuitive closed form solutions for the risk-free rate, risk premia, the volatility of excess returns and the term structure of interest rates. Using monthly U.S. aggregate consumption data and a maximum likelihood estimation approach, we show that, while rare disaster events in non-housing consumption contribute only marginally to explaining the low risk-free rate, the high equity premium and high equity volatility observed in the data, rare boom/disaster events in housing expenditures solve these puzzles for moderate levels of risk aversion and intratemporal elasticity of substitution. Additionally, we show that the Housing CCAPM framework with CRRA utility will consistently produce theoretical upward-sloping real yield curves, and interpret the standard CCAPM risk-free rate as the rate that would prevail during extreme recessions.


  • Vendredi 7 avril 2017 - 12h30 - Amphi 2 - IGR/IAE
Intervenant Olesya Grishchenko - Federal Reserve Board
Titre / Title The joint dynamics of the US and euro area inflation rates : expectations and time-varying uncertainty
Joint with Sarah Mouabbi, Jean-Paul Renne
Résumé / Abstract We propose a dynamic factor model with time-varying uncertainty for the joint estimation of inflation expectations in the United States and the euro area. We exploit information in several U.S. and euro area surveys of professional forecasters to fit the first two moments of future inflation rates. Our model provides closed-form solutions for conditional expectations and variances of inflation at different horizons and is able to closely match their survey-based counterparts. Survey-consistent probabilities of future inflation falling within a given range of inflation outcomes are used to evaluate whether inflation expectations are anchored. We find that since 2010 inflation expectations decreased noticeably in both economies, and that over our sample period the U.S. displayed larger inflation uncertainty relative to the euro area. The correlation between future inflation rates in the two economies increased. This correlation and probability of deflation occurring jointly in both economies are related to economic policy uncertainty indices.
Lien / Download 17-04-07_ Grishchenko.pdf
  • Jeudi 30 mars 2017 - 10h00-12h30 - Salle du Conseil - IGR/IAE
Intervenant Bertrand Tavin - EM Lyon
Titre / Title Measuring Exposure to Dependence Risk with Random Bernstein Copula , scenarios
Résumé / Abstract This paper considers the problem of measuring the exposure to dependence risk carried by a portfolio gathering an arbitrary number of two-asset derivative contracts. We develop a worst-case risk measure computed over a set of dependence scenarios within a divergence restricted region. The set of dependence scenarios corresponds to Bernstein copulas obtained by simulating random doubly stochastic matrices. We then devise a method to compute hedging positions when a limited number of hedging instruments are available for trading. In an empirical study we show how the proposed method can be used to reveal an exposure to dependence risk where usual sensitivity methods fail to reveal it. We also illustrate the ability of the proposed method to generate parsimonious hedging strategies in order to reduce the exposure to dependence risk of a given portfolio.
Mots clés / Keywords Debt renegotiation, Debt pricing, Strategic contingent claim analysis
JEL Code G30, G32, G33, G13
Lien / Download 17-03-30_Tavin.pdf
Intervenant Matthieu Belarouci - Université de Lille
Titre / Title The Valuation Role of Technical Efficiency : Empirical Investigation of the US airlines
Résumé / Abstract The purpose of this article is to investigate the value relevance of technical efficiency, based on the publicly available reports of the US Department of Transportation, within the Linear Information Model (LIM) of Ohlson (1995). Referring to data envelopment analysis (DEA) and stochastic frontier analysis (SFA) we evaluate technical efficiency, which quantifies the productive competitive advantage of the firm. We investigate the value relevance of technical efficiency in tandem with information about technical characteristics of the US carriers’ operations and the accounting variables of the LIM. We provide evidence of a statistical relation between current technical efficiency and stock prices and returns. While the variables of the LIM explain the most part of stock returns, technical efficiency exhibits the highest incremental value relevance. Furthermore, the implementation of an accounting based proxy does not reach the value relevance of technical efficiency. The originality of this article lies in the investigation of theinformation dynamic of technical efficiency. Results indicate that the greatest value relevance of technical efficiency is associated with its greatest persistency relative to accounting numbers. We conclude that technical efficiency is an appropriate complement to accounting information for analysts and professional investors to perform estimates about the future value of the firm, especially when accounting is deteriorated by sector wide shocks.
Mots clés / Keywords Technical efficiency, Productivity, Earnings Surprise, Value relevance, US airline industry, Linear Information Model, Persistency
  • Lundi 16 janvier 2017 - 14h00 - Salle du Conseil - IGR/IAE
Intervenant Sofiane Aboura - Université de Paris XIII, Sorbonne Paris Cité
Titre / Title Should employers pay their employees better ? An asset pricing approach
Résumé / Abstract We uncover a new anomaly in asset pricing that is linked to the remuneration : the more a company spends on salaries and benefits per employee, the better its stock performs, on average. Moreover, the companies adopting similar remuneration policies share a common risk, which is comparable to that of the value premium. For this purpose, we set up an original methodology that uses firm financial characteristics to build factors that are less correlated than in the standard asset pricing methodology. We quantify the importance of these factors from an asset pricing perspective by introducing the factor correlation level as a directly accessible proxy of eigenvalues of the correlation matrix. A rational explanation of the remuneration anomaly involves the positive correlation between pay and employee performance.
Intervenant Michel Magnan - John Molson School of Business, Concordia University, CIRANO
Titre / Title Securities, valuations and closed-end fund discounts
Résumé / Abstract This paper examines the link between financial reporting uncertainty and discounts in closed-end funds. A discount in a closed-end fund exists when its unit share price is at a lower value than its net asset value. Prior research examining this phenomenon has uncovered factors that contribute to a portion of the discount. We use the disclosures required for fair value investments as proxies for different degrees of discretion and uncertainty in underlying valuations for financial reporting purposes. Results indicate that investments with higher discretion in their valuations contribute more to discounts than lower discretion valued investments. However, securities with intermediate discretion cause lower discounts than those with the least discretion in their valuations. Next, to explore this result further, we conduct a detailed examination of the investments to identify how different types of securities affect discounts in closed-end funds. We find that different investments with similar valuation techniques (i.e. similar managerial discretion) affect discounts differently, signifying that uncertainty towards the valuation method is investment specific rather than uniform across all investments. This evidence narrows the gap on the not fully explained phenomenon of closed-end fund discounts.
  • Mercredi 14 décembre 2016 - 14h00 - Salle du Conseil - IGR/IAE
Intervenant Antoine Noel - PhD candidate, HEC Montreal
Titre / Title Sector-specific ETFs and the Reallocation of Informed Trading
Résumé / Abstract This paper decomposes the probability of informed trading (PIN) into a sector-specificic and a firm-specific component. The introduction of tradable indices on financial markets should trigger a decline in stock PINs because investors specializing in trading the sector-specific risk can migrate to index markets. The introduction of tradable indices should also generate an increase in stock PINs because investors specializing in trading the firm-specific risk can use indices as hedging instruments. We find that the first effect dominates the second effect.
  • Mardi 25 octobre 2016 - 14h00 - Salle du Conseil - IGR/IAE
Intervenant Florina Raluca Silaghi - Université de l’Autonoma de Barcelona
Titre / Title The use of equity financing in debt renegotiation
Résumé / Abstract Debt renegotiation is often modeled as pure debt for equity or debt for debt swaps. In this paper we analyze the use of equity financing in addition to debt financing in debt repurchases. Firms with larger volatility, lower cash flow growth rates, or higher recovery rates are more likely to use equity financing in debt renegotiation. Flotation and renegotiation costs, the bargaining power of the creditors, and macroeconomic variables also influence this choice. When equity issuance is a possible source of financing in renegotiation, firms optimally choose larger debt reductions as compared to pure debt for debt swaps. The use of equity financing increases welfare. We provide closed-form solutions for the optimal use of funding and we derive novel testable empirical implications regarding the use of equity financing in debt repurchases.
Mots clés / Keywords Debt renegotiation, Debt pricing, Strategic contingent claim analysis
JEL Code G30, G32, G33, G13


Séminaires transversaux 2016-2017

Séminaires Regards croisés sur un thème de Sciences de Gestion

Animés par Maud Daniel, Karine Picot-Coupey et Céline Schmidt



  • lundi 3 avril 2017 - 15h30 à 17h - Salle du Conseil - IGR/IAE
    Thème : Innovation - contrôle de gestion - audit - Méthode des cas
Intervenant Coskun Cakar - Direction Audit, groupe Areva
Thématique / Thema From the definition of risk to internal audit practices : a Luhmanian perspective
Lien / Link 17-04-03_CPA_2017_Cakar-1.pdf
Intervenant Katia Dangereux - Université de Montpellier
Thématique / Thema Contrôle de gestion et innovation : Quelles influences réciproques ?
Lien / Link 17-04-03_controle-de-gestion-et-innovation_katia Dangereux.pdf
  • Mercredi 29 mars 2017 - 12h30 - Salle du Conseil - IGR/IAE
    Transformations du monde contemporain, épistémologie et continent Africain.
Intervenant Felwine Sarr - Université Gaston Berger, Saint Louis du Sénégal
Thématique / Thema Transformations du monde contemporain, épistémologie et continent Africain.
  • Mardi 21 mars 2017 - 12h30 - Salle du Conseil - IGR/IAE
    Transformations du monde contemporain, épistémologie et continent Africain.

    Organisé par Maud Daniel, Karine Picot-Coupey et Céline Schmidt
Intervenant Aurélien Bargain - Université du Maine
Thématique / Thema L’instrumentation de gestion au service de la mutualisation de services publics communaux : quels enjeux pour quels effets ?
coauteur / Co-author Christophe Maurel (Université d’Angers)
Lien / Link 17-03-21_bargain-maurel.pdf
  • Jeudi 26 janvier 2017 - 12h30 - Salle du Conseil - IGR/IAE
    Le développement durable et le SCM : une approche de la dynamique des systèmes

    Organisé par Thi Le Hoa Vo
Intervenante Lawrence Gottschamer - PhD candidate, College of Civil and Environmental Engineering, University of South Florida
Titre / Title «  The energy transition to renewables : A systems perspective  »
Lien / Link 17-01-26_Gottschamer_abstract.pdf
Intervenante Lan Anh Nguyen - PhD candidate, IGR-IAE de Rennes
Titre / Title «  Corporate Social Responsibility in global supply chains : a system dynamics approach  »
Lien / Link 17-01-26_Nguyen-Thi-Lan-Anh_abstract.pdf
  • Jeudi 5 janvier 2017 - 12h30 à 14h - Salle 320 - IGR/IAE
    Regards croisés sur la marque

    Organisé par Maud Daniel, Karine Picot-Coupey et Céline Schmidt
Intervenante Marie-Catherine Paquier - Novencia Business School
Titre / Title «  Quand le consommateur est le meilleur storyteller - Le cas de l’acheteur de produits monastiques  »
Intervenante Thi Huong Doan - Ecole doctorale Droit, Economie-Gestion, Sociétés, Territoires (Nantes)
Titre / Title «  The impact of customer-perceived brand proximity on the brand equity : the case of Vietnamese food private label  »
Intervenante Caroline Ruiller – Roselyne Crambert – Maud Daniel – Emmanuelle Fromont – Karine Picot-Coupey – Laura Sabbado-Da Rosa - IGR-IAE Rennes CREM UMR CNRS 6211
Titre / Title «  Quelles sont les représentations des dirigeants à l’égard de leur adhésion au réseau Produits en Bretagne ?  »
  • Mercredi 14 décembre 2016 - 13h30 à 15h - Salle 321 - IGR/IAE

    Organisé par Maud Daniel, Karine Picot-Coupey et Céline Schmidt
Intervenante Fabien Durif - Vice doyen recherche de l’Ecole des sciences de la gestion de l’UQAM (Montréal)
Titre / Title «  L’écart intention-comportement dans la consommation responsable : les enjeux de l’information environnementale  »
Lien / Link Observatoire de la consommation responsable

Séminaires Franchise et Commerce en réseau 2016-2017

  • Jeudi 9 mars 2017 - 12h45 - IGR/IAE - Amphi 2
Intervenant Dr Anna Watson - Reader in Marketing at the University of Hertfordshire, United Kingdom et Professeur Invitée à l’IGR-IAE Rennes
Titre / Title « When ‘I’ becomes ‘We’ : Organizational identification and franchise performance »
coauteurs / co-authored with Dr Olufunmilola (Lola) Dada - Lancaster University Management School, Lancaster University, Royaume-Uni
Résumé / Abstract Organizational identification, a central concept in the organizational behavior literature, has been found to result in a number of co-operative behaviors, such as greater motivation towards achieving organizational goals, and intention to remain within the organization (Jones and Volpe, 2011 ; Edwards, 2005). It is argued that employees who identify strongly with an organization, are more likely to be motivated to work hard to help achieve organizational goals (Edwards, 2005). Within the context of franchising, however, there has been little application of organizational identity theory (with Watson et al., 2016 ; Zachary et al., 2011 ; and Lawrence and Kaufmann, 2011 being notable exceptions), despite the importance of ensuring that franchisee’s behaviors are aligned with the interests of the franchisor. Whilst the extant literature on organizational identification outside of franchising suggests a positive relationship between firm performance and organizational identification (Riketta, 2005 ; Riketta and Van Dick, 2005 ; Van Knippenberg and Sleebos, 2006 ; Edwards and Peccei, 2010), it is not known if/how identification impacts franchise performance. This paper therefore seeks to empirically explore the relationship between organizational identification and franchise performance (at both system and unit level). Furthermore, given the potential importance of promoting organizational identification, the paper explores the role of different franchise management structures on organizational identification by franchisees.
Through a survey of 173 franchisees in the United States, we find that organizational identification by franchisees is indeed positively related to franchise system performance. Furthermore, institutional support of entrepreneurial activities was found to be positively associated with organizational identification. The findings highlight the potential benefit to the system of creating and implementing support structures which give provision for autonomy and participative practices, and the potential importance of organizational identification in protecting the system from opportunistic behaviors by franchisees. The findings also highlight that our understanding of franchising has the potential to be enhanced by employing new theoretical perspectives, such as organizational theory.
mots clés / Keywords organizational identification, franchise performance, franchise support


  • Mardi 29 novembre 2016 - 12h45- IGR/IAE - Amphi 2

Intervenant Evelien Croonen - Faculty of Economics and Business, University of Groningen - the Netherlands & professeur invitée à l’IGR-IAE Rennes
Titre / Title « Should I stay or should I go ? Explaining entrepreneurs’ network exits in a franchising context »
coauteurs / co-authored with Dr. Thijs Broekhuizen, Dr. Maryse Brand
Résumé / Abstract Few studies explain why entrepreneurs exit collaborative networks. As different network forms have their specific contingencies and outcomes, this study focuses on one specific network form by examining why and under what conditions franchisee-entrepreneurs exit their franchise networks. Building on Social Exchange Theory, we argue that franchisees’ perceived relational rewards determine exit intentions that, in turn, drive exit behaviors. However, the impact of these rewards is contingent on franchisees’ social (i.e. the franchisor’s assessment of franchise relationship quality) and psychological (i.e. franchisees’ entrepreneurial motivations) contextual conditions. Using data on both sides of 120 franchisor-franchisee dyads within one franchise network and combining them with post-hoc exit data, we find that franchisees’ exit intentions play a crucial role in mediating the impact of franchisees’ relational rewards on their network exit behaviors. Moreover, the franchisor’s assessment of franchise relationship quality and the franchisees’ extrinsic motivations moderate the impact of relational rewards on exit intentions. Our study contributes to a better understanding of franchisee network exit behaviors, and in a broader sense of entrepreneurs’ exits from collaborative networks. Finally, it provides managerial insights for franchisors and other ‘network parents’ to improve acquisition and retention policies.

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