INdividual SUrveys in RAllies (INSURA), A new tool for exploring transnational activism?

Prior the middle of the 90', interviewing participants in protest events was quiet rare. INdividual SUrveys in RAllies (INSURA) did enter the social researcher's usual toolkit only in the following decade after Favre, Fillieule and Mayer (1997) conducted such a survey with as a primary ambition to build a solid methodological framework that could be subsequently applied by other researchers. After some years of intensive use of INSURA, one is entitled to wonder whether that technique has fulfilled social researchers' hopes or not. In that paper, results of a collective work on alter-global rallies in Evian and Saint- Denis are used to answer three interrelated questions. Firstly, some basic methodological questions about how to collect data on crowds are adressed. What are the specific constraints of interviewing people at the very moment they are "expressing" a political opinion? What specific constraints result from the morphology of the covered events, that is to say, how to build a valid sampling frame? The authors then turn to a more general point about the questions that can be solved, or not, using that technique. Secondly it is the strenghts and weaknesses of INSURA in exploring the transnational dimension of alter global protests that is adressed. The authors show that INSURA is certainly well suited to explore the demographics of alter-global events, as well as relational networks of individuals and multiple belongings. On the contrary, it is assumed that organization networks and movement's boundaries are far more difficult to explore through that method, a fact that seriously limits international cross comparisons of events and movements based on that tool.

Three essays in Swiss corporate governance

This dissertation is a combination of three relatively independent chapters on the subject of corporate governance. Corporate governance is presently at the epicenter of the global financial crisis. The lack of regulation and the misalignment of objectives have greatly contributed to the major crisis we are now in. Most governance research has been conducted in the United States in a context of widely held corporations and great executive power. It does not reflect the variety of situations around the world and we question the validity of this model in other contexts. The aim of this dissertation is to look at other governance models, in particular the Swiss corporate governance not only from a practical point of view, but also from a multi-theoretical approach. Traditional corporate governance literature has focused on the Anglo-American model that mainly follows the agency theory (Jensen and Meckling, 1976) in a shareholder-manager context, and overlooked other approaches. We focus on three different aspects of corporate governance using three different theories. First, we look at the ownership type of various corporations, using the agency theory in a context where issues between shareholders predominate over the typical shareholder-manager relationship. Second, we explore the adoption process of several governance mechanisms that, due to changes in legislation, has taken place in Switzerland since 2002. We use the institutional theory (DiMaggio and Powell, 1983), in a context where the environmental pressures are particularly high. Finally, we spotlight the board of directors as a key element of the governance of publicly listed corporations. Particularly, we focus on the independence of the board of directors, using a combination of the agency and resource dependence theories (Pfeffer, 1972; Pfeffer and Salancik, 1978).

Anti-impérialisme et nouvelle gauche radicale dans la Suisse des années 68

Cette thèse entend apporter un éclairage sur l'histoire politique et sociale de la Suisse des années 68, en étudiant l'articulation entre les mouvements anti-impérialistes et la nouvelle gauche radicale, alors foisonnante. Il s'agit d'analyser cette période de contestation au prisme de l'anti-impérialisme révolutionnaire, lequel, dans le contexte de l'opposition à la guerre du Vietnam, a fortement imprégné le mouvement protestataire, en assignant notamment au tiers-monde le rôle de sujet de l'émancipation mondiale. Combinant une triple approche - chronologique, thématique et biographique - ce travail est structuré en quatre parties. La première partie esquisse un panorama des mouvements anti-impérialistes des années 1960 et 1970 en Suisse, avec une focalisation sur les «années anti-imp», entre 1968 et 1975. La deuxième interroge le rapport entre anti¬impérialisme et nouvelle gauche radicale, en proposant une typologie des principaux courants. La troisième partie s'attache à examiner le système de représentations du monde et de la Suisse véhiculé par le discours de l'extrême gauche. Prenant pour objet le militantisme, la dernière partie esquisse un portrait de groupe de la « génération anti-imp », fondé sur une enquête prosopographique et sur un corpus d'entretiens réalisés avec des militants de l'époque. L'étude révèle que l'anti-impérialisme a fourni à la contestation soixante-huitarde un cadre conceptuel et analytique, un facteur de structuration, ainsi qu'un vecteur de mobilisation. Il a en particulier permis à la gauche radicale suisse d'inscrire sa lutte anticapitaliste locale dans un horizon global d'émancipation. L'analyse de l'anti-impérialisme révolutionnaire, qui a connu son apogée dans les années 68 avant de connaître un déclin rapide et presque total, invite à appréhender cette « décennie mouvementée » comme la fin d'un long cycle politique. -- This thesis aims to shed light on the social and political history of Switzerland in the 1960s and 1970s by studying the relationship between anti-imperialist movements and the emerging new radical left. It analyses this time of rebellion through the prism of revolutionary anti-imperialism. In the context of opposition to the Vietnam War, anti-imperialism strongly influenced protest movements, notably by assigning to the Third World the role of main actor in the fight for global emancipation. Combining a threefold approach - chronological, thematic and biographical - this work is structured in four parts. The first part provides a panorama of the anti-imperialist movements of the long 1960s in Switzerland with a focus on the « anti-imp years » between 1968 and 1975. The second part questions the relationship between anti-imperialism and the new radical left and proposes a typology of its main currents. The third part examines how the radical left's discourse represented the world, and Switzerland in particular. The last part addresses the question of activism and outlines a group portrait of the « anti-imp generation » based on a prosopographical study and on a body of interviews with former activists. This study reveals that anti-imperialism, besides serving as an agent of mobilization, provided a conceptual and ideological framework, as well as a structuring factor, to the protest movements. In particular, it enabled the Swiss radical left to fit its local anti-capitalist struggle into a global horizon of emancipation. This analysis of revolutionary anti- imperialism, which had its heyday in the 1960s and 1970s before experiencing a rapid and almost total decline, thus invites us to see this « turbulent decade » as the end of a long political cycle.

On Strong Citizens: A Sociological View on Cognitions and Contentious Participation

The present thesis is about cognitions of left-wing activists and the role they play to better understand contentious participation. It compares activists of three post-industrial social movement organizations in Switzerland, i.e. Solidarity across Borders defending migrant's rights, the Society of Threatened People promoting collective human rights and Greenpeace protecting the environment. It makes use of an innovative mixed methods design combining survey and interview data. The main theoretical contribution is to conceptualize an analytical tool enabling to grasp the cognitive map of these activists by putting forward the concept of strong citizen, summing up their relation to society and politics. The relation to society consists of an extensive relation to others and an interconnected vision of society. Consequently, their primary concerns include the handing of common goods and the equal treatment of individuals with regard to common goods. The relation to politics incorporates a critical and vigilant citizen. They are critical towards political authorities and they appreciate political action by organized groups of the civil society. The thesis states that only by having such worldviews activists are able to construct an injustice, agency and identity frame for the claims of their organizations. Thus, the present work delivers a parsimonious answer to the question of where an injustice, agency and identity frame comes from. It does so by a systematic analysis of four specific arguments. First, it empirically demonstrates that these activists have - at the aggregate level - specific cognitive resources compared to the general population. Second, it describes the content of this specific cognitive outlook by evaluating the appropriateness of the strong citizen concept. Third, it looks at variations between activist's communities and shows that activists of more challenging protest issues are stronger citizens than activists of more mainstream protests. Finally, cognitions are not the only part of the story if one looks at contentious participation. Other factors, i.e. social networks and biographical availability, matter too. Therefore, I test if cognitions are able to contribute in explaining differences between activists' communities if one controls for other factors. In sum, this thesis is thus a first step to demonstrate why one should be concerned about activists' cognitions. - Cette thèse s'intéresse aux cognitions des activistes de gauche et à leur rôle dans le phénomène de la participation contestataire. Des activistes de trois organisations post- industrielles en Suisse sont comparé, à savoir Solidarité sans Frontières qui défend les droits des migrants, la Société des Peuples menacés qui promeut les droits des collectivités minoritaires et Greenpeace qui oeuvre pour la protection de l'environnement. Cette recherche utilise un « mixed methods design » en combinant de manière innovant des données de sondage et d'entretiens. Ma principale contribution théorique réside dans la conceptualisation d'un outil analytique qui permet de saisir la « carte cognitive » des activistes, à travers le concept de « strong citizen » qui se réfère à la relation spécifique qu'entretiennent certains individus avec la société et la politique. Ces individus sont caractérisés par une vision inclusive et interconnectée de la société, ainsi que par une conception politique du citoyen comme critique et vigilant. Mon argument principal est celui selon lequel seuls les individus possédant ce type particulier de cognitions sont capable de construire un cadre d'injustice, d'« agency » et d'identité. Cette thèse apporte donc quelques éléments de réponse à la question de l'origine de ces cadres cognitifs qui sont cruciales pour la participation. Pour ce faire, quatre aspects spécifiques sont analysés de manière systématique. Premièrement, je démontre empiriquement, au niveau agrégé, que ces activistes possèdent effectivement des ressources cognitives spécifiques - en comparaison avec la population générale. Deuxièmement, j'analyse le contenu de ces cognitions, ce qui me permet notamment d'évaluer la pertinence et l'adéquation du concept de « strong citizen ». Troisièmement, en m'intéressant cette fois aux variations entre communautés d'activistes, je démontre que ceux réunis autour d'enjeux protestataires très revendicatifs sont, d'un point de vue cognitif, plus proches de la figure du « strong citizen » que ceux mobilisés sur des enjeux plus consensuels. Finalement, d'autres facteurs, à savoir les réseaux sociaux et la disponibilité biographique, sont intégrés à l'analyse afin de mesurer le réel pouvoir explicatif des cognitions dans l'explication des différences observées entre communautés d'activistes. A travers ces analyses, cette thèse met en avant l'importance du rôle des cognitions dans l'étude de la participation contestataire.

Transitions in partnership and parental status, gender, and political and civic participation

Participation research has documented the effect of partner and parenthood status, thereby ignoring the dynamic aspect of status changes. Based on theoretical insights on changes in political resources and interest, this study looks at partnership and parenthood as dynamic characteristics. Using data from the Swiss Household Panel (SHP), it examines to what extent important life-cycle transitions in partnership and parental status influence various forms of political and civic participation and whether they affect men and women's participation differently. Our regression analyses reveal that particularly the entry into separation or divorce is a main key point driving change in political and civic participation. Its effect is also highly gendered. Following separation, women participate less in voting, whereas men's participation rates are not affected in a negative way. Separation even increases men's level of anticipated activism. Children entering or leaving the household do not seem to represent key points of change in political and civic participation of the couple. Yet, the transition to having school-aged children significantly increases some types of participation, at least for women.

Three essays in risk management in financial institutions

The choice to adopt risk-sensitive measurement approaches for operational risks: the case of Advanced Measurement Approach under Basel II New Capital Accord This paper investigates the choice of the operational risk approach under Basel II requirements and whether the adoption of advanced risk measurement approaches allows banks to save capital. Among the three possible approaches for operational risk measurement, the Advanced Measurement Approach (AMA) is the most sophisticated and requires the use of historical loss data, the application of statistical tools, and the engagement of a highly qualified staff. Our results provide evidence that the adoption of AMA is contingent on the availability of bank resources and prior experience in risk-sensitive operational risk measurement practices. Moreover, banks that choose AMA exhibit low requirements for capital and, as a result might gain a competitive advantage compared to banks that opt for less sophisticated approaches. - Internal Risk Controls and their Impact on Bank Solvency Recent cases in financial sector showed the importance of risk management controls on risk taking and firm performance. Despite advances in the design and implementation of risk management mechanisms, there is little research on their impact on behavior and performance of firms. Based on data from a sample of 88 banks covering the period between 2004 and 2010, we provide evidence that internal risk controls impact the solvency of banks. In addition, our results show that the level of internal risk controls leads to a higher degree of solvency in banks with a major shareholder in contrast to widely-held banks. However, the relationship between internal risk controls and bank solvency is negatively affected by BHC growth strategies and external restrictions on bank activities, while the higher regulatory requirements for bank capital moderates positively this relationship. - The Impact of the Sophistication of Risk Measurement Approaches under Basel II on Bank Holding Companies Value Previous research showed the importance of external regulation on banks' behavior. Some inefficient standards may accentuate risk-taking in banks and provoke a financial crisis. Despite the growing literature on the potential effects of Basel II rules, there is little empirical research on the efficiency of risk-sensitive capital measurement approaches and their impact on bank profitability and market valuation. Based on data from a sample of 66 banks covering the period between 2008 and 2010, we provide evidence that prudential ratios computed under Basel II standards predict the value of banks. However, this relation is contingent on the degree of sophistication of risk measurement approaches that banks apply. Capital ratios are effective in predicting bank market valuation when banks adopt the advanced approaches to compute the value of their risk-weighted assets.

Constitution, Diversification and Normalisation of a Health Problem: Organising the Fight against AIDS in Switzerland (1984-2005)

The article traces the formation, diversification and normalization of the AIDS cause in Switzerland. Particular emphasis is placed on interactions between the medical field, public authorities and associative space, the latter being understood as the place where individual and collective actors compete to define the cause. The authors argue that the major phases in the structuring of the struggle, the pace of state intervention and the creation of a multi-organizational field, can only be understood if one adopts a 'configurational perspective' attentive to the manner in which, in a given context and under the effect of particular constraints, key actors strategically interact and contribute to transforming their environment and their chances of reaching their goals. This approach takes into account the changing socio-biological characteristics of those who have committed themselves to the cause. In turn, internal movement divisions about how to respond to the epidemic as well as the changing perceptions of the disease have modified the opportunities for commitment, encouraging certain individual kinds of people and excluding others.

Travail militant, action collective et rapports de genre

In that paper we propose a gendered approach to social movements and political activism, based on a critical review of the litterature in French and English. In social movements and militantism studies, gender lines of division are most of the time ignored. Social movements are perceived as being « gender neutral ». However, that dimension is a determinant factor of collective action at the macro level of political opportunities and contexts, at the meso level of organisations and their modes of functionning, at the micro level of the logics of individual commitment and the division of militant labor.

Three essays in dynamic corporate finance

The three essays constituting this thesis focus on financing and cash management policy. The first essay aims to shed light on why firms issue debt so conservatively. In particular, it examines the effects of shareholder and creditor protection on capital structure choices. It starts by building a contingent claims model where financing policy results from a trade-off between tax benefits, contracting costs and agency costs. In this setup, controlling shareholders can divert part of the firms' cash ows as private benefits at the expense of minority share- holders. In addition, shareholders as a class can behave strategically at the time of default leading to deviations from the absolute priority rule. The analysis demonstrates that investor protection is a first order determinant of firms' financing choices and that conflicts of interests between firm claimholders may help explain the level and cross-sectional variation of observed leverage ratios. The second essay focuses on the practical relevance of agency conflicts. De- spite the theoretical development of the literature on agency conflicts and firm policy choices, the magnitude of manager-shareholder conflicts is still an open question. This essay proposes a methodology for quantifying these agency conflicts. To do so, it examines the impact of managerial entrenchment on corporate financing decisions. It builds a dynamic contingent claims model in which managers do not act in the best interest of shareholders, but rather pursue private benefits at the expense of shareholders. Managers have discretion over financing and dividend policies. However, shareholders can remove the manager at a cost. The analysis demonstrates that entrenched managers restructure less frequently and issue less debt than optimal for shareholders. I take the model to the data and use observed financing choices to provide firm-specific estimates of the degree of managerial entrenchment. Using structural econometrics, I find costs of control challenges of 2-7% on average (.8-5% at median). The estimates of the agency costs vary with variables that one expects to determine managerial incentives. In addition, these costs are sufficient to resolve the low- and zero-leverage puzzles and explain the time series of observed leverage ratios. Finally, the analysis shows that governance mechanisms significantly affect the value of control and firms' financing decisions. The third essay is concerned with the documented time trend in corporate cash holdings by Bates, Kahle and Stulz (BKS,2003). BKS find that firms' cash holdings double from 10% to 20% over the 1980 to 2005 period. This essay provides an explanation of this phenomenon by examining the effects of product market competition on firms' cash holdings in the presence of financial constraints. It develops a real options model in which cash holdings may be used to cover unexpected operating losses and avoid inefficient closure. The model generates new predictions relating cash holdings to firm and industry characteristics such as the intensity of competition, cash flow volatility, or financing constraints. The empirical examination of the model shows strong support of model's predictions. In addition, it shows that the time trend in cash holdings documented by BKS can be at least partly attributed to a competition effect.

Ownership Effects on Unrelated Diversification: An Institutions' Perspective

Purpose To show that differences in the extent to which firms engage in unrelated diversification can be attributed to differences in ownership structure. Methodology/approach We draw on longitudinal data and use a panel analysis specification to test our hypotheses. Findings We find that unrelated diversification destroys value; pressure-sensitive Anglo-American owners in a firm’s equity reduce unrelated diversification, whereas pressure-resistant domestic owners increase unrelated diversification; the greater the firm’s free cash flow, the greater the negative effect of pressure-sensitive Anglo-American owners on unrelated diversification. Research limitations/implications We contribute to corporate governance and strategy research by bringing in owners’ institutional origin as a shaper of owner preferences in particular with regards to unrelated diversification. Future research may expand our investigation to more than one home institutional context, and theorize on institutional origin effects beyond the dichotomy between Anglo-American and non-Anglo-American (not oriented toward shareholder value maximization) owners. Practical implications Policy makers, financial analysts, owners, and managers may want to reflect about the implications of ownership structure, as well as promoting or joining corporations with particular ownership configurations. Social implications A shareholder value-destroying strategy, such as unrelated diversification has adverse consequences for society at large, in terms of opportunity costs, that is, resources could be allocated to value-creating activities instead. Promoting an ownership configuration that creates value should contribute to social welfare. Originality/value Owners may not be exclusively driven by shareholder value maximization, but can be influenced by normative beliefs (biases) stemming from the institutional context they originate from.