Agenda du séminaire
Programme Juin 2012
Dernier séminaire de la saison 2011-2012
8 juin 2012 reporté au mardi 19 juin (11H-12H30, bibliotheque RDC)
Annelies DEUSS (Carnegie Mellon University)
Ce séminaire aura un horaire décalé et commencera à 11 heures.
"The Economic Growth Impacts of Sugarcane Expansion in Brazil: An Inter-regional Analysis"
Abstract: Since 2001, Brazil has experienced a sharp increase in sugarcane production due to the upsurge in demand for sugar and ethanol, two products derived from sugarcane. This study analyzes the impacts of these sugarcane expansions on economic growth. The effects are examined at the municipality level in Brazil as a whole and in the main sugarcane producing regions, the North-Northeast (NE) and Center-South (CS). In this latter region, an additional distinction is made between the state of Sao Paulo (SP) and the Center-South region excluding Sao Paulo (CSex) since the bulk of the recent expansion took place in SP while most of the future expansions are planned in CSex. Estimators based on the propensity score are used to construct two types of counterfactual scenarios.
The estimations in the first scenario show that municipalities in NE and CSex that expanded sugarcane production experienced as a result economic growth. No significant effect was found in SP. The second scenario focuses on CSex and establishes that sugarcane non-expanding municipalities in this region would have had higher economic growth if they had increased sugarcane production. The results of this study suggest that future sugarcane plantations should indeed be located in CSex because they contribute to economic growth.
15 Juin 2012
Vanina FORGET (Ecole Polytechnique, Département d'Economie)
10h30-12h00 Bibliothèque RDC
"Valuing Non- Financial Performance: An Experiment with Professional Private Equity Investors"
Coécrit avec Patricia Crifo (Paris Ouest Nanterre / Polytechnique) et Sabrina Teyssier (INRA ALISS)
Abstract: Private Equity investors have been identified as experts on firm valuation and highly efficient at maximizing shareholders value. We use this expertise to set up a unique field experiment with professional private equity investors that enables us to quantify the value of non-financial performance with respect to environmental, social and governance (ESG) factors. Our experimental design is based on firm case studies and closed auctions to acquire them, ensuring credence, salience and price revelation. Our results highlight asymmetry between good and bad ESG news, the latter resulting in stronger firm devaluations. Governance appears as having a significant impact on the investment decision. Consequences for investors and firm managers are discussed.
Programme Mai 2012
25 mai 2012
10h30-12h00 Bibliothèque RDC
Antoine D'AUTUME (Paris School of Economics, Université Paris 1 Panthéon-Sorbonne)
"The user cost of natural resources and the optimal exploitation of two non-renewable polluting resources"
Abstract: We study the optimal extraction of two non-renewable resources when extraction costs depend on cumulative previous extraction. Defining a complete user cost of natural resources, including environmental damages, allows us to greatly simplify the resolution. It allows us to describe, in a first stage, potential optimal extraction paths of the two resources. It also reduces the problem to one with a unique stock variable, which can easily be solved through time elimination. We also caracterize the evolution of the carbon-price and firm rents. This framework is applied to a study of oil and coal optimal extraction. The extraction cost of oil is initially lower than the one of coal, but it increases more rapidly with extraction. In a business as usual scenario, without taking into account environmental costs, the optimal path is to use only oil in a first time phase, before using simultaneously the two resources in a second phase, until the backstop becomes profitable. As coal becomes cheaper to extract, it provides for the largest part of extraction in the second time phase. When the carbon price is taken into account, through a tax or emission permits, the optimal path relies much less on the more polluting coal, prices are higher and the backstop is reached much earlier. If the backstop price is very high, extraction lasts much longer and it is possible that it becomes optimal to revert to the less polluting oil only in a third time phase.
4 mai 2012
10h30-12h00 Bibliothèque RDC
Alain AYONG LE KAMA (Paris Ouest Nanterre / CNRS)
"Preservation and Endogenous Uncertain Future Preferences"
Abstract: We extend the Beltratti, Chichilnisky and Heal’s (1993) and (1998) continuous-time stochastic dynamic framework to analyze the optimal depletion of an environmental asset whose consumption is irreversible, in the face of an exogenous uncertainty about future preferences. We introduce an endogenous uncertainty about future preferences. The idea is that the ability of the future generations to change their preferences will depend on the state of the asset. More precisely, we assume that future generations may have a probability to change their preferences all the higher since the stock of the resource becomes low. We describe within this model more clearly the behavior of the central planner facing this type of uncertainty.
Programme Avril 2012
20 avril 2012
10h30-12h00 Bibliothèque RDC
Jean-Philippe NICOLAI (Ecole Polytechnique, Departement d'Economie, Collège de France)
"Profitable environmental regulations and abatement technologies"
Joint work with Guy Meunier (Ecole Polytechnique, Departement d'Economie)
Abstract : This note stresses the role of abatement technologies on the profit-altering effect of an environmental regulation. The implementation of an environmental regulation, regardless of the instrument used by the regulator and the nature of competition, induces an effect on profits due to the abatement technology that we will call "technology effect". In fact, when abatement technology is available, the environmental regulation makes the production technology endogenous. The "technology effect" depends on the characteritics of the induced technology. We consider either a Cournot oligopoly, or a perfect competition and we analyze the effect on profits of the implementation of either a tax on emissions or a standard. We find the conditions on the abatement technologies, on the demand and on the market structures that lead to the increase of the profits. We describe and classify several abatement technologies according to the sign of the "technology effect".
6 avril 2012
10h30-12h00 Bibliothèque RDC
Agustin PEREZ-BARAHONA (Ecole Polytechnique, Departement d'Economie - INRA)
"Land use dynamics and the environment"
Joint work with Carmen Camacho (Paris I)
Abstract: We build a benchmark framework to study optimal land use, encompassing land use activities and environmental degradation. We focus on the spatial externalities of land use as drivers of spatial patterns: even if land is immobile by nature, location's actions affect the whole space through pollution, which flows across locations resulting in both local and global damages. In contrast to the previous literature on spatial dynamics, we prove that the social optimum problem is well-posed, i.e., the solution exists and is unique. Taking advantage of this result, we illustrate the richness of our model by means of a numerical analysis. Considering a global dynamic algorithm, we fi nd that our model reproduces a great variety of spatial patterns related to the interaction between land use activities and the environment. In particular, we identify the central role of abatement technology as pollution stabilizer, allowing the economy to achieve stable steady states that are spatially heterogeneous.
Programme Mars 2012
16 mars 2012
10h30-12h00 Bibliothèque RDC
Henri WAISSMAN (CIRED)
"A Computable General Equilibrium analysis of the interplay between long-term oil markets, climate constraints and the macroeconomy"
Abstract: This presentation analyses the long-term interaction between oil markets, climate constraints and the macroeconomy. To do so, we adopt a Computable General Equilibrium model of the world economy, which represents explicitly the geological, technical, macroeconomic and geopolitical determinants of oil supply and demand. In this framework, the time profiles of oil prices and quantities as well as growth trends endogenously emerge from market inteactions under non-perfect expectations. This frawework is used to carry out two types of scenario analysis over the period 2010-2050. On the one hand, in absence of climate policy, we analyze the macroeconomic effects of Peak Oil and we demonstrate in particular that Peak Oil dates that differ only slightly may lead to very different time profiles of oil prices, exportation flows and economic activity. We investigate Middle-East’s trade-off between different pricing trajectories in function of two alternative objectives (maximisation of oil revenues or households’ welfare) and assess its impact on OECD growth trajectories. A sensitivity analysis highlights the respective roles of the amount of resources, inertia on the deployment of non conventional oil and short-term oil price dynamics on Peak Oil dates and long-term oil prices. On the other hand, we revisit an important issue in climate negotiations, namely the debate about the monetary compensations that major oil exporters may claim for in exchange for their compliance to an international climate agreement. We consider two types of such compensations to test both their efficiency in reducing Middle-East’ losses due to the climate policy and their political acceptability regarding the additional burden they impose on contributing countries (assumed to be OECD for the sake of simplicity). We demonstrate in particular a close interplay between oil and climate geopolitical issues since it hepls to clarify under what conditions it may be profitable for OECD countries to accept monetary transfers towards Middle-East countries instead of riskying that they withdraw from the climate agreement.
24 février 2012
10h30-12h00, bibliothèque RDC
Daniela LAUREL ( HEC Paris/Politecnico di Milano)
"Towards a Theory of Positive Governance: The Effects of Non-financial Voluntary Disclosure, Shareholder Activism, and Research on Performance in Socially Responsible Mutual Funds".
Joint work with Enguerran Petit ( Financial Analyst, Air Liquide)
Abstract: We broaden the usual characterization of corporate governance embedded in agency theory whose underlying assumption implies a view toward controlling otherwise negative managerial behavior to include what we call ‘positive governance’. We define positive governance as voluntary actions performed by organizations relating to non-financial yet potentially value-relevant issues. This includes non-financial voluntary disclosure, shareholder activism, and research related to environmental, social, and governance (ESG) issues. We examine the effects of these mechanisms on performance in the context of European socially responsible mutual funds. We find that ‘general’ non-financial voluntary disclosure is positively related to fund performance; however, the disclosure of ‘specific’ information jeopardizes the fund’s competitive position and is thus negatively related to performance. We find that shareholder activism is positively related to performance only up to a certain extent. A high level of activism requires high engagement costs and implies higher fund fees which lead to negative performance after a threshold. Finally, having an internal ESG research team rather than outsourcing is positively related to performance. We extend our analysis to include risk parameters. Our results lend empirical support for the theory and practice of positive governance.
13 janvier 2012
10h30-12h00, bibliothèque RDC
Jean-Pierre HUIBAN (INRA - Aliss)
"Investissements anti-pollution et performance des firmes: quelques résultats préliminaires".
Abstract: We investigate the impact of pollution abatement effort on the performance of a panel composed of French food industry firms, observed for the 1993-2007 period. Our data provides us some measurement of the investment engaged by the firm at the plant level to reduce pollution emission. We estimate a Cobb-Douglas production function using different estimation methods, including non-parametric ones.
We first observe that the so-called Porter assumption cannot be rejected: a positive and significant (though rather small) contribution of the anti-pollution investment to the firm productivity can be observed. Then, we introduce some other inputs, namely Research and Development expenditures, and consider a more restrictive sample of (potentially) innovative firms. Henceforth, the contribution of anti-pollution investment becomes non significant in regard to the RD’s one. One should infer from this that the innovation channel, which is sometimes invoked in order to explain the positive contribution of anti-pollution effort to the firm performance, is not the right answer.
jeudi 15 décembre à 14h30
Dans le cadre d'un partenariat avec l'université d'Harbin, Chine, nous organisons un séminaire, nous aurons le plaisir de recevoir
le professeur Hélène, Xiangyang XU (China University of Mining and Technology (Beijing)) qui nous présentera :
Green Economy in China
lieu : fondation de l'Ecole Polytechnique, 7 rue Saint Dominique, 75007 PARIS.
L'année 2011 du séminaire s'achèvera par les soutenances de :
9 décembre à 10 heures - Collège de France
Titre : "Market Design of Pollution Permits: The issues of permits allocation and abatements technologies
16 décembre à 10 heures - Caisse des Dépôts
Titre : "L'investissement socialement responsable, les investisseurs de lng terme et le financement de la croissance verte"
Contacter directement (Nous contacter" href="mailto:Nous contacter">Nous contacter) si vous souhaitez y assister.
Program December 2011
Vendredi 2 décembre 10h30-12h00, bibliothèque RDC
Philippe Quirion (CIRED)
présentera son rapport: "Modelling the allowance allocation method of the EU ETS" et ses sous-jacents techniques.
Program November 2011
Vendredi 18 novembre 10h30-12h00, bibliothèque RDC
Rodolphe Vidal (ESSEC IIES Research officer; REEDS UVSQ PhD candidate)
"Crafting markets for sustainability at the Base of the Pyramid: the Grameen Veolia Water Ltd case".
Abstract: Base of the Pyramid (BoP) as a practical field for corporations and other actors (NGOs, local entrepreneurs) as well as a research field, proposes two main forward looking features along with markets creation: market innovations aimed at improving living conditions of poor peoples and communities; and sustainability, ecological, social and economic sustainability altogether, as procedural guidelines and objective of social change. These two features are to be combined in an integrated management approach involving corporations, consumers, NGOs and other business partner's capacities, in a kind of open innovation process. Low tech (usually), social innovations, user centred innovation, poverty, vulnerability, development, non-western anthropological and social contexts, plurality of interests and values, different kind of resources, and sustainability goals, in addition with the lack of basis for market institutions, lead to brand new and complex situations for firms. Furthermore, in many cases knowledge is at stake, not only about consumer's behaviour and ex post BoP market impact, but also about the technical devices the market implies and their uses. After a short analysis of the BoP field, this paper will explore these two key issues, innovation and sustainability. It shows that BoP market creation can fruitfully be analysed using Actor Network Theory and that sustainability oriented theoretical materials coming from socioeconomics and ecological economics allow deepening BoP market creation understanding. This framework will be applied to the Grameen Veolia Water Social Business case exemplifying both the need of innovation for sustainability and the difficulties due to the context and the complexity of the process of social changes towards sustainability. This analysis results with the ideas of institutional diversity (linking BoP and Social Business with Veolia's classic business) and adaptative resilience. The paper finally makes some comments at three levels: BoP initiatives; BoP literature; and further, regarding the whole thesis dissertation and research program this paper is part of, BoP as a laboratory for transition towards sustainability in a market oriented manner.
Program October 2011
Annulé : Vendredi 28 octobre 10h30-12h00, bibliothèque RDC
Vanina Forget (Ecole Polytechnique - Département d'Economie)
"Think global, invest responsible: Why the private equity industry goes green"
Abstract: While publicly traded Socially Responsible Investments are acknowledged as a growing niche market, little is known about their counterpart in the Private Equity industry. However, this paper highlights that Environment, Social and Governance (ESG) criteria are spreading among Private Equity investors and set up to tackle why and how this dissemination occurs. An analytic framework is proposed to identify drivers of responsible investment practices in this industry and tested on a unique database gathering public and survey data on 317 French Private Equity funds management companies. Support is brought to the coexistence of both responsive and strategic CSR policies depending on company size, scope and activity. In particular, differentiation through ESG integration appears key in raising funds at a time of liquidity dearth.
Vendredi 14 octobre 10h30-12h00, bibliothèque RDC
Aurélien Petit (Université Paris 1 Panthéon-Sorbonne)
"Every Little Helps? ESG news disclosure and stock market reaction"
co-écrit avec Gunther Capelle-Blancard
Abstract: In this paper, we investigate the extent and the determinants of the stock market's reaction subsequent to ordinary news disclosure on environmental, social and governance issues - the so-called ESG factors. To that purpose, we use an original database provided by Covalence EthicalQuote, containing 79215 events concerning 100 listed firms on the period 2002-2010. On average, firms facing negative events experience a drop in their market value of 0.1% on a window of three days around the day of the announcement, whereas companies facing positive events do not experience a significant change in their market value. Our results suggest also that market participants only react to information disclosed by the media. We then point out that some features of an event influence the extent of the firms' changes in market value.
Program September 2011
Vendredi 30 septembre 10h30-12h00, bibliothèque RDC
Pierre Fleckinger (Paris School of Economics (PSE))
"Cheer the leader or Boo the Laggard?"
co écrit avec Matthieu Glachant et Gabrielle Moineville
Abstract: "How do auditors affect firms' incentive to self regulate? Today, firms evolve in an environment where different auditing institutions - NGOs, labeling organizations, rating agencies, specialized governmental bodies - investigate their actions and reveal information to their stakeholders. In this paper, we study how this type of informational environment induces firms to adopt environmental or social practices beyond what is required by law. We develop a simple model where a firm decides to self regulate or not and faces a stakeholder who is ready to reward such an effort, but unable to directly monitor the firm. We consider an environment with heterogeneous auditors: there are good cops that cheer the self regulating firms and bad cops that boo the firms that carry on with business as usual. We find that firms incentives to self regulate are very different depending on the relative share of good and bad cops."
Vendredi 23 septembre, 10h30-12h00, bibliothèque RDC
(Aalto University School of Economics, Finland)
"Financial and societal impacts of different corporate responsibility types"
This research continues through an on-going EU-funded project The societal impacts of CSR ( http://www.csr-impact.eu/. )
Abstract : This article argues that previous research on the outcomes of corporate responsibility should be refined in two ways. First, although there is abundant research that addresses the link between corporate responsibility (CR) and financial performance, hardly any studies scrutinize whether the type of corporate responsibility makes a difference to this link. Second, while the majority of CR research conducted within business studies concentrates on the financial outcomes for the firm, the societal outcomes of CR are left largely unexplored. To tackle these two deficiencies, this article extends the different conceptualizations of corporate responsibility and elaborates both the financial and the societal outcomes of different types of CR.
Séminaire exceptionnel de rentrée
mercredi 21 septembre, 10h30-12h00, bibliothèque RDC
(The Australian National University, College of Business and Economics)
"The many faces of socially responsible investing - does the screening mechanism affect the risk and return of mutual funds?"
joint work with David Tan.
Abstract: We investigate whether positive or negative screening impacts the performance and risk of socially responsible mutual funds. We mimic the characteristics of mutual funds and bootstrap firm returns to form portfolios which reflect actual mutual fund holdings. We find positive screening results in increased returns, but also increased total risk and beta. We do not find support for the conjecture that positively screened firms have lower unsystematic risk. Return results from negative screening are not as clear, but we do find that increasing the number of stocks excluded from a portfolio may impede the ability to fully diversify.