Curriculum vitae

Bernard Philippe

Maître de conférences

Philippe.BERNARDping@dauphinepong.fr
Tel : 01 44 05 42 94
Bureau : P 301 ter

Publications

Articles

Kazmi B., Leca B., Naccache P. (2015), Is corporate social responsibility a new spirit of capitalism?, Organization

Our study casts doubt on whether the managerial literature on corporate social responsibility is currently capable of developing a persuasive discourse to bring about change in corporate capitalism. By applying the framework and methodology of the spirit of capitalism, introduced by Boltanski and Chiapello, to a corpus of managerial books, we suggest that corporate social responsibility exhibits the core characteristics that together exemplify the 'spirit of capitalism'. However, corporate social responsibility deals inadequately with the two key characteristics of the spirit of capitalism--security and fairness--by disregarding individual security and tangible rewards for workers who play decisive roles in enacting the spirit. The lack of consideration for workers could weaken the potential of corporate social responsibility to grow into a new spirit of capitalism and to bring about changes envisioned by critical management studies in corporate capitalism.

, Présentation. Consommer, donner, s'adonner. Les ressorts de la consommation, La Revue du MAUSS, 2, 44, p. 5-24

Pras B., Zarlowski P. (2013), Accountability: Effectiveness and legitimacy issues, Revue française de gestion, 8, 237, p. 13-31

Le contexte de crise économique et financière a renforcé les interrogations autour des questions de légitimité et d'efficacité de l'obligation de rendre des comptes ou accountability. Dans le domaine de la gouvernance et des codes de bonne conduite, les mécanismes destinés à renforcer la transparence sur les activités, décisions et performances des entreprises donnent-ils les résultats escomptés en termes de régulation ? Quelles sont les conséquences pour le fonctionnement des organisations et de la société des conflits de légitimité et de l'ambiguïté dans la structuration des responsabilités souvent sous-jacents aux processus d'accountability ? Comment se forment les dynamiques de régulation et d'action autour des dispositifs d'accountability et comment ces dispositifs eux-mêmes prennent-ils forme et évoluent-ils au fil du temps ? Cet article met en perspective les contributions de ce numéro spécial et les éclairages qu'ils peuvent apporter sur ces questions.

In a context of financial and economic crisis, issues of legitimacy and effectiveness of the accountability processes have become salient and three main questions arise. First, in the field of governance and codes of good conduct, do "comply or explain", "pay on say" mechanisms and non-financial reporting produce the expected results in terms of regulation? Do these mechanisms actually increase transparency about firms' activities, decisions and environmental and social impacts? Second, accountability processes are often underlain by legitimacy conflicts and ambiguities in the structuring of responsibilities. What are the consequences for the functioning of society and organizations? Third, what are the dynamics of action and regulation regarding accountability mechanisms and how do these mechanisms evolve and take shape over time? In this article, we put the contributions to this special issue into perspective, and show how they can help respond to these questions.

Blanchard M., Bernard P. (2013), The performance of amateur traders on a public internet site: a case of a stock-exchange contest, Economics Bulletin, 33, 3, p. 1729-1737

This paper studies a very thorough e-trading data base, including all of the bid/ask orders and daily portfolio values of more than 600 on-line amateur traders in the Paris Stock market focusing on the stormy period covering 2007-2009. Traders also participate in a monthly contest and can win significant prizes. Our first result emphasizes the huge average losses of amateur traders. On average, portfolio values fall from an initial value of 100 to a terminal value of 7 in the 29 months covered here. Our final value is 28 including rewards. The second result is more surprising. Despite our splitting context, smart traders don't clearly emerge. There is clearly no performance persistence, neither for winners nor for loser. With a very few exceptions, winners seem to be just lucky not skilled.

Leca B., Cuenca Botey L., Naccache P. (2010), Poverty alleviation and organizational innovation. The case of a cooperatives incubator in Rio, Revue française de gestion, 208/209, p. 83-99

À travers l'étude de l'incubateur technologique de coopératives populaires (ITCP) de l'université de Rio, cet article montre que cette structure favorise la création de coopératives par l'enseignement des principes et des outils des logiques marchande et coopérative, ainsi qu'en accroissant la légitimité de ces projets. L'ITCP a également un rôle d'éducation populaire et utilise la création de coopératives comme un moyen d'action plus globale dans les favelas. Les différences entre ce processus d'incubation et les pratiques habituelles dans ce domaine sont discutées ainsi que les enseignements possibles pour la lutte contre la pauvreté.

Investigating the case of the Technological Incubator for Popular Cooperatives (ITCP) at the University of Rio de Janeiro, this study shows that such an incubator favors the creation of cooperatives through teaching the principles and tools of market and cooperative logics, and increase the legitimacy of those projects. The ITCP also has a mission of popular education, using the creation of cooperatives as way to operate more largely within the favelas. Differences between this specific incubation process and the established practices in new ventures incubation are discussed as well as the potential insights for struggle against poverty.

Kazmi B., Leca B., Naccache P. (2009), Corporate Social Responsibility: The Good, the Bad and the Ugly, Organization Studies, 30, 6, p. 673-676

Wittwer J., Bernard P. (2004), Sustainability and non linear pricing, Annales d'Economie et de Statistique, 73, p. 157-179

SHARKEY & SIBLEY [1993] ont démontré la soutenabilité de tous les optima redistributifs dans un cadre de tarification binôme optionnel. Les résultats présentés dans ce papier montrent que leurs conclusions ne sont pas toujours valides en tarification non linéaire. Après la présentation d'un exemple numérique illustrant ces résultats négatifs, on démontre leurs robustesses au relâchement de la définition de la soutenabilité utilisée par SHARKEY & SIBLEY.

In a partial equilibrium framework, SHARKEY and SIBLEY [1993] show paradoxally that all redistributive optimal two-part pricings are sustainable. They also suggest the extension of their main result to non-linear pricing. In this paper, it is shown that in fact their result doesn't extend generally to non-linear pricing. First, a numerical example yielding negative results is put forward, secondly, the robustness of this negative result to variations of equilibrium solutions is analyzed.

Bich P., Cornet B. (2004), Fixed-point-like theorems on subspaces, Fixed Point Theory and Applications, 2004, 3, p. 159-171

We prove a fixed-point-like theorem for multivalued mappings defined on the finite Cartesian product of Grassmannian manifolds and convex sets. Our result generalizes two different kinds of theorems: the fixed-point-like theorem by Hirsch et al. (1990) or Husseini et al. (1990) and the fixed-point theorem by Gale and Mas-Colell (1975) (which generalizes Kakutani's theorem (1941)).

Bernard P., Wittwer J. (2002), Two-part pricing, public discriminating monopoly and redistribution : a note, Metroeconomica, 53, 2, p. 139-151

This note analyzes some properties of optional two-part pricing in a two-type economy. First, the optimal contracts along the Paretian frontier are described. Then, the duality relation between the Rawlsian program and the discriminating monopoly is demonstrated. Last, this property is used to build a mutualist mechanism implementing the constrained Pareto optima.

Bernard P., Wittwer J. (1999), Discrimination monopoly and redistribution : an interpretation of Edgeworth's views, Revue Economique, 50, 2, p. 197-210

Roy B., Vincke P. (1987), Pseudo-orders: Definition, properties and numerical representation, Mathematical Social Sciences, 14, 3, p. 263-274

The purpose of this paper is to present a structure, called pseudo-order, which could be taken as a model of preference for a decision-maker who hesitates, for cairs of actions, between indefference and preference. We will study its properties, particularly concerning its functional representation: the results obtained generalize the properties of such well-known structures as complete preorders and semi-orders.

Roy B., Vincke P. (1984), Relational Systems of Preference with One or More Pseudo-Criteria: Some New Concepts and Results, Management Science, 30, 11, p. 1323-1335

This paper proposes new concepts and new results which could lead to a more realistic preference modeling than in classical decision theory. Sections 1-3 present four fundamental situations of preferences, their combinations and the concept of relational system of preferences. In §4, a particular case of relational system of preference is studied. It is associated with the concept of pseudo-criterion derived from the classical concept of criterion by adjunction of two thresholds. Some results are given, generalizing the properties of such well-known structures as complete preorders and semiorders. Sections 5 and 6 emphasize the possibilities given by the preceding concepts to take the imprecisions, irresolutions and incomparabilities appearing in every concrete problem where several criteria must be considered into account.

Roy B., Vincke P. (1981), Multicriteria analysis: survey and new directions, European Journal of Operational Research, 8, 3, p. 207-218

Before the advent of multicriteria analysis, decision problems often took the form of the optimization of an objective function or a utility function. This approach has the advantage of resulting in well-defined mathematical problems but is not always representative of reality: in fact the comparison of several possible decisions is rarely made according to a single point of view and the preferences on a point of view are in many cases only modelled with difficulty by a function. The aim of this paper is to survey the different directions in which multicriteria analysis has developed: multiattribute utility theory, outranking relations, interactive methods. The methodology recently proposed by B. Roy is also presented.

Chapitres d'ouvrage

Nussenbaum M., Lacabarats A., Habib L., Guillerme A-M., Grare-Didier C., Cerveau B., Bouhanna P., Molfessis N. (2009), La réparation du préjudice extrapatrimonial,, Les limites de la réparation du préjudice, Paris, Dalloz, p. 395-443

Communications

Danjou P., Colasse B. (2009), La normalisation comptable internationale face à la crise comment répondre aux recommandations du G20, 30e Congrès AFC : La place de la dimension européenne dans la Comptabilité Contrôle Audit, Strasbourg, France

Bernard P., Venet B. (2004), Transformation Risk, Inefficiency of the Legal System and Financial Dualism in Developing Countries, XXIIèmes Journées d'Economie Monétaire et Bancaire, Strasbourg, France

Developing countries economies are well-known for both the inadequacy of the institutional framework (this is particularly relevant for the legal system) and the presence of informal nancing. The former characteristic signi cantly reduces the e¢ ciency of con- tractual mechanisms. As a result, the importance of transformation risk increases. Such a context induces entrepreneurs and lenders to implement some new non-contractual mechanisms. The diversity of monitoring techniques as well as the heterogeneity of borrowers initial endowments and investment projects lead to an endogenous nancial dualism. Borrowers choose formal or informal nancing according to the quality of their investment project, their initial wealth and to the efficiency of the legal system.

Bernard P., El Mekkaoui-De Freitas N., Lavigne A., Mahieu R. (2003), Increase in Life-Expectancy and Saving Behaviour, XXème Journées Internationales d'Economie Monétaire et Bancaire (GDR) - 20 th symposium on banking and monetary economics, Birmingham, UNITED KINGDOM

The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of the elder people may modify the savings behaviour of households. The level of savings, as well as its composition, may be altered by the ageing of the French population. This paper investigates the relationship between an increasing life expectancy and saving behaviour. We set up a life- cycle model in which the increase in life-expectancy is modelled as an increase in the probability of death at older ages. We introduce uncertainty as a consumption shock to stylise the fact that individuals may face an (uncertain) increase in expenditure for long term care (such as Alzheimer disease). We then show that, contrary to the standard life-cycle message, an increase in individual life-expectancy does not imply a decrease in saving or a more risk averse behaviour.

Bernard P., El Mekkaoui-De Freitas N., Lavigne A., Mahieu R. (2002), La détention d'assurance vie selon l'âge : une étude économétrique, XIXème Journées Internationales d'Economie Monétaire et Bancaire (GDR), Lyon, FRANCE

Notre communication se propose d'expliciter les comportements de détention de produits d'assurance vie selon l'âge, à partir d'une exploitation économétrique de l'enquête Patrimoine 1998 de l'Insee. Plus précisément, nous cherchons à identifier les déterminants socio-économiques et financiers significatifs de cette détention (en particulier l'âge, le revenu, le patrimoine, la situation matrimoniale, le statut professionnel et le niveau d'études). En suivant la logique développée dans un article précédent, nous estimons un modèle Probit pour expliquer la probabilité de détention de produits d'assurance, et des moindres carrés ordinaires pour expliquer les montants de richesse détenue en produits d'assurance, en fonction des déterminants identifiés précédemment.

Documents de travail

Bernard P., Blanchard M. (2013), The performance of mutual funds on French stock market:Do star funds' managers exist or do funds have to hire chimpanzees?, MPRA Paper, Munich, University Library of Munich, 18

We test here the kahneman (kahneman 2011) results about fund managers: that is, do managers are really skilled or could any chimpanzee do the job? Moreover, the recent stormy period should enlighten us about the interest to invest in mutual funds: do they over perform the market? Do they smooth the losses? Do they have well managed the alternative bearish and bullish periods of the markets? Few recent studies focus on the French Stock market. In this paper, we investigate the performance, persistence and behavior of mutual funds only investing in the Paris stock exchange market from 2000 to 2012. We find that funds clearly over-perform the market on average but only on a 60 months investment horizon. Average annual excess is close to zero (+0.3%) for funds which were active over all the period. Yet, some have salient good (bad) relative performances. The challenge is then to distinguish skill from luck since funds can have extreme returns by luck. Our approach is to test for persistence in fund returns, that is, whether past winners continue to produce high returns and losers continue to underperform. Then, we apply the Carhart 1997 4-factors model, in order to evaluate the weight of the systematic drivers of the performance.

Ben M'Rad F., Bernard P. (2004), Finance et spécialisation : une note., Cahiers de recherche d'EURISCO, Paris, Université Paris-Dauphine, 20

Venet B., Bernard P. (2003), Gouvernance contractuelle, risque de transformation et dualisme financier, Cahiers de recherche d'EURISCO, Paris, Université Paris-Dauphine, 91

Les économies des pays en développement sont à la fois caractérisée par une faiblesse de l'infrastructure financière, notamment du cadre légal, et un développement important de la finance informelle. L'imperfection du cadre légal limite considérablement l'efficacité des mécanismes contractuels et donc contribue à l'importance du risque de transformation des actifs (Myers & Rajan [1998]). Les entrepreneurs et les investisseurs sont alors incités à rechercher des financements de substitution dont les mécanismes de contrôle ne sont pas contractuels. L'appartenance des débiteurs à des communautés organisés est le point de départ de la modélisation proposée dans ce travail. L'exclusion de la communauté, la sanction ex post pratiquée en cas de défaut du débiteur, permet de viabiliser les relations de crédit sur le secteur informel. Les techniques de contrôle des débiteurs différencie donc les secteurs financiers, le secteur bancaire officiel et le secteur informel. Pour gérer en effet le risque de transformation, le secteur bancaire recourt à des mécanismes de garanties. Leur efficacité dépend de celle du système légal, laquelle est résumée par le coût de la procédure judiciaire et le pouvoir de négociation qu'elle confère aux débiteurs. Cependant même en leur absence, le risque de transformation des actifs est suffisant pour qu'existe le dualisme financier. En effet, la diversité des techniques de contrôle des débiteurs combinée à l'hétérogénéité des projets d'investissement et des niveaux de richesse des entrepreneurs conduisent à l'émergence d'un dualisme endogène. Les emprunteurs se répartissent entre les secteurs financiers essentiellement en fonction de la qualité de leurs projets et des garanties qu'ils sont capables de produire. L'imperfection du cadre légal est cependant un déterminant important de la taille du secteur informel ainsi que de la qualité de sa population nd'emprunteur. Paradoxalement, la qualité moyenne des emprunteurs de l'informel augmente avec l'efficacité du cadre légal.

Bernard P., El Mekkaoui-De Freitas N., Lavigne A., Mahieu R. (2003), Ageing and the Demand for Life Insurance : An Empirical Investigation using French Panel Data, Cahiers de recherche d'EURISCO, Paris, Université Paris-Dauphine, 22

The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of elder people may modify the saving behaviour of French households. The level of saving, as well as its composition, may be altered by ageing of the French population. This paper investigates the relationship between age structure and the demand for life insurance products using an econometric estimation of French survey data (Patrimoine 1998 of the National Institute of Statistics and Economic Studies (INSEE)). More precisely, we try to identify the significant demographic, economic and financial factors influencing this demand (age, income, household wealth, marital status, occupational status and education...). Following a methodology developed in a companion article, this paper begins with a characterisation of household accumulation profile in France. The paper then estimates a Probit model to exhibit the determinants of the probability of life insurance holding, and an ordinary least squares procedure to explain the amount of wealth held in life insurance, according to the previously identified significant variables. The results suggest a robust relationship between demographic structure and the demand for life insurance.

Bernard P., Wittwer J. (2002), Negishi et les fondements de la concurrence, Cahiers de recherche d'EURISCO, Paris, Université Paris-Dauphine, 16

Dans une série d'articles, Negishi est revenu sur les fondements de la concurrence. Sensible à la vision edgeworthienne de l'échange mais profondément influencé par la loi d'indifférence de Jevons, il s'est efforcé de réconcilier ces deux approches. Un des principaux résultats de cette synthèse est l'équivalence entre les équilibres de son mécanisme et les équilibres walrasiens même dans les petites économies. Le présent travail reconsidère ce résultat pour en souligner les limites.

In several papers, Negishi revisted the foundations of competitition. Sensitive to the Edgeworthian views of exchange but strongly influenced by the law of indifference of Jevons, he tried to reconcile both approaches. The main result of this synthesis is the equivalence between the walrasian equilibria and the Negishi mechanism equilibria even in the finite economies. Our work reconsider this result in order to emphasize its limits.

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