{"id":8917,"date":"2019-05-10T08:00:13","date_gmt":"2019-05-10T06:00:13","guid":{"rendered":"https:\/\/droitetcroissance.fr\/?p=8917"},"modified":"2023-12-06T11:32:59","modified_gmt":"2023-12-06T10:32:59","slug":"corporate-law-and-the-myth-of-efficient-market-control","status":"publish","type":"post","link":"https:\/\/droitetcroissance.fr\/en\/2019\/05\/corporate-law-and-the-myth-of-efficient-market-control\/","title":{"rendered":"Corporate Law and the Myth of Efficient Market Control"},"content":{"rendered":"[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;7256&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; link_target=&#8221;_self&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;]\n<p>Il existe aux Etats-Unis un d\u00e9bat entre ceux qui estiment que les dirigeants sont les mieux plac\u00e9s pour prendre les d\u00e9cisions relatives \u00e0 la soci\u00e9t\u00e9, et d\u2019autres, plus nombreux, qui croient aux b\u00e9n\u00e9fices de l\u2019implication des actionnaires dans la gouvernance, et de l\u2019organisation de celle-ci par le march\u00e9.<\/p>\n<p>Le contexte actuel est \u00e0 l\u2019investissement des hedge funds et autres investisseurs dans la gouvernance des entreprises, ce qui fournit l\u2019occasion d\u2019\u00e9tudier et de nuancer l\u2019affirmation selon laquelle le contr\u00f4le par le march\u00e9 est souhaitable.<\/p>\n<p>Nous montrons, au travers d\u2019une analyse \u00e9conomique globale permise par la th\u00e9orie de l\u2019\u00e9quilibre g\u00e9n\u00e9ral, que les fondements \u00e9conomiques de la th\u00e9orie du contr\u00f4le par le march\u00e9 tiennent surtout \u00e0 un probl\u00e8me particulier, \u00e0 savoir la r\u00e9duction des co\u00fbts au sein de la th\u00e9orie de l\u2019agence. N\u00e9anmoins, il appara\u00eet qu\u2019un processus de n\u00e9gociation et d\u2019arbitrage entre actionnaires responsabilis\u00e9s et dirigeants est \u00e9conomiquement plus pertinent pour r\u00e9aliser ce compromis. Ainsi\u00a0:<\/p>\n<ul>\n<li>La pr\u00e9somption selon laquelle les march\u00e9s peuvent efficacement coordonner l\u2019\u00e9conomie semble infond\u00e9e et requ\u00e9rir des hypoth\u00e8ses extr\u00eames (en particulier, celle du march\u00e9 complet d\u2019Arrow-Debreu)\u00a0;<\/li>\n<li>La th\u00e9orie de l\u2019\u00e9quilibre g\u00e9n\u00e9ral montre que les incitations des actionnaires ne sont pas align\u00e9es\u00a0;<\/li>\n<li>Il n\u2019existe pas de m\u00e9thode \u00e9conomiquement fond\u00e9e pour \u00e9tablir le compromis entre r\u00e9duction des co\u00fbts d\u2019agence et l\u2019inefficacit\u00e9 induite au niveau du march\u00e9.<\/li>\n<\/ul>\n<p>Nous \u00e9tudions en particulier l\u2019impact de ces observations en termes de politique juridique, et nous nous attachons \u00e0 faire des propositions qui tiennent compte des consid\u00e9rations \u00e9conomiques \u00e9voqu\u00e9es.<\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3385735\">&gt;&gt;&gt; Lire l&#8217;article sur le site de SSRN<\/a><\/p>\n<p><a href=\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/Corporate-Law-and-the-Myth-of-Efficient-Market-Control.pdf\">&gt;&gt;&gt; Lire l&#8217;article en pdf<\/a><\/p>\n[\/spb_text_block] [\/spb_column]\n","protected":false},"excerpt":{"rendered":"<p>[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;7256&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; link_target=&#8221;_self&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] Il existe aux Etats-Unis un d\u00e9bat entre ceux qui estiment que les dirigeants sont les mieux plac\u00e9s pour prendre les d\u00e9cisions relatives \u00e0 la soci\u00e9t\u00e9, et d\u2019autres, plus nombreux, qui croient aux b\u00e9n\u00e9fices de l\u2019implication des [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_rsvp_to":"","_rsvp_max":"","_rsvp_show_attendees":"","_rsvp_instructions":"","simple_price":"","simple_price_label":"Billets","venue":"","_template_start_hour":"","_template_start_minutes":"","_sked_minutes":"","_sked_stop":"","_sked_duration":"","_payment_gateway":"Cash or Custom","_rsvp_currency":"USD","_sked_hour":"12","_sked_end":"13:00","rsvp_tx_template":0,"_rsvp_start":0,"_rsvp_deadline":0,"_rsvp_deadline_daysbefore":"0","_rsvp_deadline_hours":"0","_rsvp_reg_daysbefore":"0","_rsvp_reg_hours":"0","_rsvp_count_party":"1","_timezone":"Europe\/Paris","_rsvp_on":false,"_add_timezone":false,"_convert_timezone":false,"_calendar_icons":true,"_rsvp_end_display":false,"_rsvp_rsvpmaker_send_confirmation_email":false,"_rsvp_confirmation_after_payment":false,"_rsvp_confirmation_include_event":false,"_rsvp_count":true,"_rsvp_yesno":true,"_rsvp_captcha":false,"_rsvp_login_required":false,"_rsvp_form_show_date":false,"_show_rsvpmaker_options":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[837,839],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate Law and the Myth of Efficient Market Control - Droit &amp; 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