Publications

La plupart des informations présentées ci-dessous ont été récupérées via RePEc avec l'aimable autorisation de Christian Zimmermann
The economics of crowdfunding platformsJournal articlePaul Belleflamme, Nessrine Omrani et Martin Peitz, Information Economics and Policy, Volume 33, Issue C, pp. 11-28, 2015

This paper provides a description of the crowdfunding sector, considering investment-based crowdfunding platforms as well as platforms in which funders do not obtain monetary payments. It lays out key features of this quickly developing sector and explores the economic forces at play that can explain the design of these platforms. In particular, it elaborates on cross-group and within-group external effects and asymmetric information on crowdfunding platforms.

FDI and the Labor Share in Developing Countries : A Theory and Some EvidenceJournal articleBruno Decreuse et Paul Maarek, Annals of Economics and Statistics, Volume Special issue on health and labour economics, Issue 119-120, pp. 289-319, 2015

We address the effects of FDI on the labor share in developing countries. Our theory relies on the impacts of FDI on wage and labor productivity in a frictional labor market. FDI has two opposite effects on the labor share: a negative force originated by technological advance, and a positive force due to increased labor market competition between .rms. We test this theory on aggregate panel data through fixed effects and IV estimates. We examine the relationship between the labor share in the manufacturing sector and the ratio of FDI stock to GDP. We show that FDI has decreased the labor share in the host countries of our dataset. This impact amounts to between 10% to 20% of the mean labor share in our sample.

Measuring polarization in preferencesJournal articleBurak Can, Ali Ihsan Ozkes et Ton Storcken, Mathematical Social Sciences, Volume 78, Issue C, pp. 76-79, 2015

In this paper, we study the measurement of polarization in collective decision making problems with ordinal preferences over alternatives. We argue that polarization can be measured as an aggregation of antagonisms over pairs of alternatives in the society. We propose a measure of this sort and show that it is the only measure satisfying some normatively appealing conditions.

Population distribution, effective area and economic growthJournal articleRégis Chenavaz et Octavio Escobar, Applied Economics, Volume 47, Issue 53, pp. 5776-5790, 2015

The usual measure for the factor land is the total area. But total area is a flawed measure because land is of unequal quality. To account for land quality, we use an alternative measure called effective area . Effective area is based on spatial population distribution which captures both natural conditions and human activity. Theoretically, effective area explains economic growth better than total area that biases the measure of total factor productivity (TFP) growth. Empirically on the basis of 40 years of panel data for the United States, an increase of 10% in effective area is associated with an economic growth of 5%, and the omission of effective area undervalues the growth of TFP by 8.1%.

Statistical Methods for Distributional AnalysisBook chapterFrank A. Cowell et Emmanuel Flachaire, A.B. Atkinson et F. Bourguignon (Eds.), 2015-11, Volume 2A, Ch.6, pp. 359-465, Elsevier, 2015

This Chapter is about the techniques, formal and informal, that are commonly used to give quantitative answers in the field of distributional analysis - covering subjects including inequality, poverty and the modelling of income distributions. It deals with parametric and non-parametric approaches and the way in which imperfections in data may be handled in practice.

The role of network bridging organisations in compensation payments for agri-environmental services under the EU Common Agricultural PolicyJournal articleTom Dedeurwaerdere, Audrey Polard et Paolo Melindi-Ghidi, Ecological Economics, Volume 119, Issue C, pp. 24-38, 2015

Compensation payments to farmers for the provision of agri-environmental services are a well-established policy scheme under the EU Common Agricultural Policy. However, in spite of the success in most EU countries in the uptake of the programme by farmers, the impact of the scheme on the long term commitment of farmers to change their practices remains poorly documented. To explore this issue, this paper presents the results of structured field interviews and a quantitative survey in the Walloon Region of Belgium. The main finding of this study is that farmers who have periodic contacts with network bridging organisations that foster cooperation and social learning in the agri-environmental landscapes show a higher commitment to change. This effect is observed both for farmers with high and low concern for biodiversity depletion. Support for network bridging organisations is foreseen under the EU Leader programme and the EU regulation 1306/2013, which could open-up interesting opportunities for enhancing the effectiveness of the current payment scheme for agri-environmental services.

Effect of a community-led sanitation intervention on child diarrhoea and child growth in rural Mali: a cluster-randomised controlled trialJournal articleAmy J. Pickering, Habiba Djebbari, Carolina Lopez, Massa Coulibaly et Maria Laura Alzua, The Lancet Global Health, Volume 3, Issue 11, pp. e701-e711, 2015

Community-led total sanitation (CLTS) uses participatory approaches to mobilise communities to build their own toilets and stop open defecation. Our aim was to undertake the first randomised trial of CLTS to assess its effect on child health in Koulikoro, Mali.
We did a cluster-randomised trial to assess a CLTS programme implemented by the Government of Mali. The study population included households in rural villages (clusters) from the Koulikoro district of Mali; every household had to have at least one child aged younger than 10 years. Villages were randomly assigned (1:1) with a computer-generated sequence by a study investigator to receive CLTS or no programme. Health outcomes included diarrhoea (primary outcome), height for age, weight for age, stunting, and underweight. Outcomes were measured 1·5 years after intervention delivery (2 years after enrolment) among children younger than 5 years. Participants were not masked to intervention assignment. The trial is registered with ClinicalTrials.gov, number NCT01900912.
We recruited participants between April 12, and June 23, 2011. We assigned 60 villages (2365 households) to receive the CLTS intervention and 61 villages (2167 households) to the control group. No differences were observed in terms of diarrhoeal prevalence among children in CLTS and control villages (706 [22%] of 3140 CLTS children vs 693 [24%] of 2872 control children; prevalence ratio [PR] 0·93, 95% CI 0·76–1·14). Access to private latrines was almost twice as high in intervention villages (1373 [65%] of 2120 vs 661 [35%] of 1911 households) and reported open defecation was reduced in female (198 [9%] of 2086 vs 608 [33%] of 1869 households) and in male (195 [10%] of 2004 vs 602 [33%] of 1813 households) adults. Children in CLTS villages were taller (0·18 increase in height-for-age Z score, 95% CI 0·03–0·32; 2415 children) and less likely to be stunted (35% vs 41%, PR 0·86, 95% CI 0·74–1·0) than children in control villages. 22% of children were underweight in CLTS compared with 26% in control villages (PR 0·88, 95% CI 0·71–1·08), and the difference in mean weight-for-age Z score was 0·09 (95% CI –0·04 to 0·22) between groups. In CLTS villages, younger children at enrolment (<2 years) showed greater improvements in height and weight than older children.
In villages that received a behavioural sanitation intervention with no monetary subsidies, diarrhoeal prevalence remained similar to control villages. However, access to toilets substantially increased and child growth improved, particularly in children <2 years. CLTS might have prevented growth faltering through pathways other than reducing diarrhoea.

The Risk of Individual Stocks' Tail Dependence with the Market and Its Effect on Stock ReturnsJournal articleGuobin Fan, Eric Girardin, Wong K. Wong et Yong Zeng, Discrete Dynamics in Nature and Society, Volume 2015, pp. 1-17, 2015

Traditional beta is only a linear measure of overall market risk and places equal emphasis on upside and downside risks, but actually the latter is always much stronger probably due to the trading mechanism like short-sale constraints. Therefore, this paper employs the nonlinear measure, tail dependence, to measure the extreme downside risks that individual stocks crash together with the whole market and investigates whether such tail dependence risks will affect stock returns. Our empirical evidence based on Shanghai A shares confirms that most stocks display nonnegligible tail dependence with the whole market, and, more importantly, such tail dependence risks can indeed provide additional information beyond beta and other factors for asset pricing. In cross-sectional regression, it is proved that this tail dependence does help to explain monthly returns on Shanghai A shares, whereas the time-series regression further indicates that mimicking portfolio returns for tail dependence can capture strong common variation of Shanghai A stock returns.

Land prices, lending to companies and job creationsJournal articleLéo Kaas, Patrick A. Pintus et Simon Ray, Rue de la Banque, Issue 14, 2015

The fluctuations of the value of land held by French firms present a very similar pattern to those of both investment and employment. This Rue de la Banque presents a model in which firms face imperfect labour and credits markets. Due to a collateral constraint for credit, the market value of land in firms’ balance sheets plays an important role in determining how much they can borrow, and thus affects their investment levels and hiring decisions. The empirical results confirm the predictions of the theoretical model. Fluctuations in land prices had an impact on the business cycle and on the dynamics of the labour market in France.

Provincial energy intensity in China: The role of urbanizationJournal articleHuijie Yan, Energy Policy, Volume 86, pp. 635-650, 2015

Chinese policymakers have attached great importance to energy intensity reduction. However, the unprecedented urbanization process exercises additional pressure on the realization of energy intensity reduction targets. A better understanding of the impacts of urbanization is necessary for designing effective policies aimed at reaching the next energy intensity reduction targets. This paper empirically investigates the impacts of urbanization on China's aggregate and disaggregated energy intensities using a balanced panel dataset of 30 provinces covering the period from 2000 to 2012 and panel estimation techniques. The results show that urbanization significantly increases aggregate energy intensity, electricity intensity and coal intensity.