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The Construction of a Trustworthy Investment Opportunity: Insights from the Madoff Fraud

Stolowy, Hervé; Messner, Martin; Jeanjean, Thomas; … - HEC Paris (École des Hautes Études Commerciales) - 2013

In this paper, we use the investment fraud of Bernard Madoff to inquire into the production of trust in the context of financial markets. Drawing upon empirical data related to U.S. individual investors (interviews and letters) as well as documentary material, we investigate the mechanisms...

Persistent link: https://www.econbiz.de/10010832975

Accounting and the Birth of the Notion of Capitalism

Eve, CHIAPELLO - HEC Paris (École des Hautes Études Commerciales) - 2003

invented is an example of the influence of accounting ideas on economic and sociological thinking. …

Persistent link: https://www.econbiz.de/10005011575

Searching for the accounting features of capitalism: an illustration with the economic transition process in China

Chiapello, Eve; Ding, Yuan - HEC Paris (École des Hautes Études Commerciales) - 2005

Sombart argued in his book in 1916. Indeed, the double-entry bookkeeping accounting system was also adopted by anti …-capitalist countries where a new economic system was set up. A study of how accounting has changed with the economic transition in China … helps us identify those "accounting features" required for a capitalist economy that clearly differ from those needed for …

Persistent link: https://www.econbiz.de/10005011578

Control at a distance as self-control: the renewal of the myth of control through technology

Dambrin, Claire - HEC Paris (École des Hautes Études Commerciales) - 2007

This paper draws on socio-institutional research on accounting technology. It underlines the ability of one type of … accounting technology (performance measurement technology) to be a base for control at a distance since this technology links …

Persistent link: https://www.econbiz.de/10005011628

Exporting professional models: the expansion of the multinational audit firm and the transformation of the French accountancy profession since 1970

RAMIREZ, Carlos - HEC Paris (École des Hautes Études Commerciales) - 2007

this paper analyses the transformations induced since 1970 in the French accountancy profession by the globalisation of France's economy.

Persistent link: https://www.econbiz.de/10005011668

News Trading and Speed

Foucault, Thierry; Hombert, Johan; Rosu, Ioanid - HEC Paris (École des Hautes Études Commerciales) - 2013

Speed matters: we show that an investor's optimal trading strategy is significantly different when he observes news faster than others versus when he does not, holding the precision of his signals constant. When the investor has fast access to news, his trades are much more sensitive to news,...

Persistent link: https://www.econbiz.de/10010832933

Market informational inefficiency, risk aversion and quantity grid

LOVO, Stefano; DECAMPS, Jean-Paul - HEC Paris (École des Hautes Études Commerciales) - 2003

In this paper we show that long run market informational inefficiency is perfectly compatible with standard rational sequential trade models. Our inefficiency result is obtained taking into account two features of actual financial markets: tradable quantities belong to a quantity grid and...

Persistent link: https://www.econbiz.de/10005011508

Does it pay to voluntarily disclose private information?

LESHCHINSKII, Dima - HEC Paris (École des Hautes Études Commerciales) - 2001

This paper studies how strategic interaction between players can influence their decisions as to whether to acquire information and whether to reveal their private information to others. We show how a player can increase his utility by disclosing part of his private information, when such...

Persistent link: https://www.econbiz.de/10005011539

Reputation-based pricing and price improvements in dealership markets

DESGRANGES, Gabriel; FOUCAULT, Thierry - HEC Paris (École des Hautes Études Commerciales) - 2000

In many security markets, dealers trade with their regular clients at a discount relative to prevailing bid and ask quotes. In this article we provide an explanation to this phenomenon. We consider a dealer and an investor engaged in a long-term relationship. The dealer assigns a reputational...

Persistent link: https://www.econbiz.de/10005011675

Levels of voluntary disclosure in IPO prospectuses : an empirical analysis

Jeanjean, Thomas; Cazavan-Jeny, Anne - HEC Paris (École des Hautes Études Commerciales) - 2005

This paper focuses on how forecasts information is disclosed in IPO prospectuses. In France, managers report either detailed forecasts or only a brief summary. We investigate the determinants and consequences of the varying levels of detail provided in these forecasts. Based on a sample of 82...

Persistent link: https://www.econbiz.de/10005011603