10h30 - 10h55
Cheating or delighting customers on product quality?
In this paper, we claim that, though based on different tradeoffs, cheating and delighting policies are the two faces of the same coin. Cheating relies on inflated goodwill and provides a cheating rent as long as the cheating is not disclosed, while delighting benefits from enhanced goodwill and yields a delighting rent as soon as the delighting is awarded. The conditions that allow for rent equalization between the two policy options are identified. We also characterize the conditions under which either cheating or delighting customers on quality is beneficial.
10h55 - 11h20
The impact of central clearing on the market of single-name credit default swaps
In this paper, we examine the impact of the voluntary central clearing scheme on the CDS market of North American firms during the period spanning 2009 to 2015. In order to address the endogeneity problem arising from the fact that central clearing is not mandatory for CDS single names, we use a methodology that relies on propensity score matching combined with generalized difference-in-differences. Our empirical findings show that the initiation of central clearing results in an increase in CDS spreads while there is no evidence of an associated improvement in market liquidity or in trading activity. These results suggest that the increase in CDS spreads of centrally-cleared entities can be mainly attributed to the reduction in counterparty risk, and that the magnitude of this price increase could be used as an assessment of counterparty risk in the non-cleared CDS market.
11h20 - 11h45
L'optimisation du bien-être des touristes par la co-création
La co-création a pour vocation majeure de générer des bénéfices pour l’ensemble des acteurs de l’écosystème de service. L’objectif de cette communication est d’analyser en profondeur les enjeux et les bénéfices de l’activité de co-création. Plus précisément,elle étudie le rôle de la co-création comme vecteur d’optimisation du bien-être des touristes.