Le nouvel article 14a-8(i)(8) du Securities Exchange Act de 1934 ou l’angoisse contemporaine de la démocratie actionnariale dans les entreprises nord-américaines

La Securities and Exchange Commission vient d’étendre la possibilité pour les sociétés américaines cotées de refuser d’inclure dans les sollicitations de procuration les propositions des actionnaires concernant l’élection des administrateurs. Alors que ce thème fait débat et que l’autorité américaine ne s’était que peu prononcée, celle-ci propose une rédaction nouvelle de l’article 14a-8(i)(8) applicable depuis le 10 janvier 2008. Cette prise de position de la Securities and Exchange Commission offre l’opportunité d’analyser l’état de la gouvernance des entreprises américaines en matière d’élection de la direction et de constater que le pouvoir des actionnaires, bien que restreint par cette modification règlementaire, est revigoré en parallèle par le développement du « majority vote system ». La confrontation de ces deux orientations fait apparaître leur complémentarité sous-jacente et le fait que les actionnaires sont, au final, loin d’être dépourvus de moyens efficaces pour mettre en œuvre un activisme. C’est autour des mutations profondes que subit le paysage juridique entourant le pouvoir des actionnaires au moment de l’élection du conseil d’administration que cet écrit est orienté.

Essais en économie avec frictions financières

Les trois essais dans cette thèse étudient les implications des frictions financières, telles que les contraintes de collatérale ou de crédit, pour les décisions économiques des agents et leur impact sur les variables macro-économiques agrégées. Dans le premier chapitre "Financial Contracts and the Political Economy of Investor Protection" nous proposons une théorie du niveau de protection des investisseurs. Une faible protection des investisseurs implique un coût de financement externe plus élevé à cause des problèmes d'agence plus aigus entre les investisseurs et les entrepreneurs. À l'équilibre, ceci exclut les agents plus dépendants sur le financement externe de l'entrepreneuriat, ce qui augmente les profits des entrepreneurs qui restent actifs. Quand le niveau de la protection des investisseurs est choisi par un vote majoritaire, la théorie génère (i) une protection des investisseurs plus faible dans les économies avec plus grande inégalité dans les besoins de financement externe parmi les entrepreneurs, (ii) une dynamique non-monotone de l'output, (iii) améliorations (détériorations) de la protection des investisseurs suite à des ralentissements (accélérations) de l'output agrégé. L'évidence empirique donne un support à ces prédictions de la théorie. Dans le deuxième chapitre "Financial Frictions, Internal Capital Markets, and the Organization of Production", nous examinons comment la présence des frictions financières peut mener à la formation des conglomérats et des "business groups" diversifiées. Particulièrement, nous construisons un modèle d'équilibre général d'entrepreneuriat dans lequel les conglomérats émergent de façon endogène et substituent partiellement le marché du crédit imparfait. Nous montrons que ce modèle est capable d'expliquer quantitativement plusieurs faits stylisés concernant l'organisation de la production, les différences de productivité entre les firmes et les différences en présence des conglomérats entre les pays. Le troisième chapitre "Size and Productivity of Single-segment and Diversified Firms: Evidence from Canadian Manufacturing" étudie empiriquement la relation entre la taille, la productivité, et la structure organisationnelle d'une firme. Utilisant les micro-données sur les établissements manufacturiers canadiens, nous documentons plusieurs faits stylisés concernant la taille et la productivité totale des facteurs des établissements dans les conglomérats et dans les firmes non-diversifiées. Nous trouvons que les établissements dans les conglomérats sont en moyenne plus larges que leurs contreparties dans les firmes non-diversifiées, les petits établissements dans les conglomérats sont moins productifs que les établissements de taille similaire dans les firmes non-diversifiées, mais les larges établissements dans les conglomérats sont plus productifs que ceux de taille similaire dans les firmes non-diversifiées. Cette évidence est consistante avec réallocation interne efficiente des ressources au sein des conglomérats.

The non-binding vote on executive pay : a review of the CLERP 9 reform

Directors’ and executives’ remuneration, including levels of pay, accountability and transparency, is controversial. Section 250R of the CLERP (Audit Reform & Disclosure) Act 2004 that was not greatly anticipated, requires the holding of a non-binding resolution on board remuneration at companies’ annual general meetings. The reform has been criticised on the basis that, inter alia, it blurs the respective roles of shareholders and directors. This article identifies possible motivations for the imposition of the non-binding resolution in Australia. These are evaluated with reference to sources of corporate governance policy and the current state of Australia’s relevant corporate governance structures. We speculate that the non-binding vote will not amount to a substantive addition to the corporate governance regime.

Vote with your feet : hyperlocal polling for urban screens

Vote with Your Feet is a hyperlocal polling tool for urban screens that lets users express their opinion on current affairs. Similar to vox populi interviews on TV, it is meant to reflect the mindset of the community and its diversity. It shows one Yes/No question at a time and lets the user vote by stepping with their foot on one of two physical buttons. By not only displaying the local but also national results (taken from newspaper polls or TV news), it creates a sense of place and can spark offline conversations as well as making people think about their own opinion. As a tangible media installation that bridges physical and digital urban layers, the project empowers citizens and facilitates a bottom-up approach in terms of stimulating opinions and decision making (rather than broadcasting or automating). In a second iteration of the design, we want to encourage users to submit their own questions.

Vote with your feet : hyperlocal public polling for urban screens

Technological advances have led to an ongoing spread of public displays in urban areas. However, they still mostly show passive content such as commercials and digital signage. Researchers took notice of their potential to spark situated civic discourse in public space and have begun working on interactive public display applications. Attracting people’s attention and providing a low barrier for user participation have been identified as major challenges in their design. This thesis presents Vote With Your Feet, a hyperlocal public polling tool for urban screens allowing users to express their opinions. Similar to vox populi interviews on TV or polls on news websites, the tool is meant to reflect the mindset of the community on topics such as current affairs, cultural identity and local matters. It shows one Yes/No question at a time and enables users to vote by stepping on one of two tangible buttons on the ground. This user interface was introduced to attract people’s attention and to lower participation barriers. Vote With Your Feet was informed by a user-centred design approach that included a focus group, expert interviews and extensive preliminary user studies in the wild. Deployed at a bus stop, Vote With Your Feet was evaluated in a field study over the course of several days. Observations of people and interviews with 30 participants revealed that the novel interaction technology was perceived as inviting and that Vote With Your Feet can spark discussions among co-located people.

Vote with your feet : local community polling on urban screens

Falling prices have led to an ongoing spread of public displays in urban areas. Still, they mostly show passive content such as commercials and digital signage. At the same time, technological advances have enabled the creation of interactive displays potentially increasing their attractiveness for the audience, e.g. through providing a platform for civic discourse. This poses considerable challenges, since displays need to communicate the opportunity to engage, motivate the audience to do so, and be easy to use. In this paper we present Vote With Your Feet, a hyperlocal public polling tool for urban screens allowing users to express their opinions. Similar to vox populi interviews on TV or polls on news websites, the tool is meant to reflect the mindset of the community on topics such as current affairs, cultural identity and local matters. It is novel in that it focuses on a situated civic discourse and provides a tangible user interface, tackling the mentioned challenges. It shows one Yes/No question at a time and enables users to vote by stepping on one of two tangible buttons on the ground. This user interface was introduced to attract people’s attention and to lower participation barriers. Our field study showed that Vote With Your Feet is perceived as inviting and that it can spark discussions among co-located people.

Vote as you go : Blending interfaces for community engagement into the urban space

This paper presents a series of studies on situated interfaces for community engagement. Firstly, we identify five recurring design challenges as well as four common strategies used to overcome them. We then assess the effectiveness of these strategies through field studies with public polling interfaces. We developed two very different polling interfaces in the form of (1) a web application running on an iPad mounted on a stand, allowing one vote at a time, and (2) a playful full-body interaction application for a large urban screen allowing concurrent participation. We deployed both interfaces in an urban precinct with high pedestrian traffic and equipped with a large urban screen. Analysing discoverability and learnability of each scenario, we derive insights regarding effective ways of blending community engagement interfaces into the built environment, while attracting the attention of passers-by and communicating the results of civic participation.

Scale-invariant vote-based 3D recognition and registration from point clouds

This chapter presents a method for vote-based 3D shape recognition and registration, in particular using mean shift on 3D pose votes in the space of direct similarity transformations for the first time. We introduce a new distance between poses in this spacethe SRT distance. It is left-invariant, unlike Euclidean distance, and has a unique, closed-form mean, in contrast to Riemannian distance, so is fast to compute. We demonstrate improved performance over the state of the art in both recognition and registration on a (real and) challenging dataset, by comparing our distance with others in a mean shift framework, as well as with the commonly used Hough voting approach. © 2013 Springer-Verlag Berlin Heidelberg.

What’s in a (Party) Name?: Examining preferences, discipline, and social identity in a parliamentary free vote

In trying to understand the effects of political parties on shaping the voting behaviour of legislators, research has attempted the difficult task of separating the effects of preferences from rules used by party leaders to enforce discipline. However, little research has explored the prospect that party labels also reflect a social identity that is independent of legislators’ preferences and the rules used by party leaders to enforce discipline. In this study we examine that possibility, employing a data set that permits us to control both for leadership-based effects and legislator preferences on a 2000 free vote dealing with stem cell research. Using the British Representation Studies 1997 – which interviewed Members of Parliament regarding their preferences on several key issues related to the bill – we find significant evidence that party-as-identification plays a role in shaping how legislators vote, even after preferences and discipline are accounted for.

Consociationalism, regional integration and vote choice

Consociational institutional arrangements in deeply divided societies are often criticised for cementing the underlying conflict cleavage, encouraging the continued dominance of conflict-based party competition and voter behaviour and prohibiting the emergence of 'normal' (that is, non-conflict-based) dimensions of political competition. However, drawing on evidence from a post-election survey at the 2009 Northern Ireland election to the European Parliament, I find that EU issues determined intra-bloc vote choice (at least in the nationalist community). This suggests that there is potential for regional integration projects, such as the EU, to contribute to the normalisation of politics in a consociational system by acting as the source of an externally generated dimension of political competition. © 2012 Macmillan Publishers Ltd.

Le vote des femmes / Hubertine Auclert

Mécénat texte imprimé : Cet ouvrage a été numérisé grâce à la société "DECALOG"