Facteur de production

Les facteurs de production sont les ressources mises en œuvre dans la production de biens et de services, par exemple les machines et travailleurs. Concept Chez les physiocrates L'école physiocratique se fonde sur une analyse des facteurs de production. Elle considère que la terre est la ressource naturelle fondamentale, et donc le facteur de production principal. C'est, selon elle, la seule source de la croissance économique. Le point de vue physiocrate est d'autant plus facile à défendre par ses tenants de l'époque que la France, où naît ce courant de pensée, est à l'époque très majoritairement agraire. Le travail de la terre est valorisé. Le capital l'est moins et n'est pas rangé dans la catégorie des facteurs de production ; les auteurs physiocrates reconnaissent toutefois l'importance de l'investissement en ce qu'il influe sur la productivité du sol. Chez les classiques Les économistes de l'école classique retenaient deux facteurs de production,

'Peak Oil' As Classical Economic Process

François Meynard

Forecasts about 'peak oil', the limits of oil production, are the subject of controversies. 'Peak oil' forecasts are based on extrapolations of a priori chosen mathematical models fitted to field data. Scientifically that is not very sound. To clarify this point, in this paper 'peak oil' is modelled in a generic reductionist, approach, in which the conflicting dynamic between economic forces and physical laws are well identified. This model finds a natural interpretation just supress in a classical economic analysis frame. The 'peak oil' controversy is thus brought into the field of economic thought as a debate between classical and mainstream economics, in particular between an objective and a faith based appraisal about this historical event. The goal is not to improve forecasts about 'peak oil', which is very likely not a predictable event, but to propose an objective framework for the analysis of its systemic effects on economic production.

Multi-Science Publ Co Ltd2014

Julia Katharina Binder, Emmanuelle Fauchart Foray

In this study, we move beyond the predominant focus entrepreneurship researchers have put on the acquisition of financial capital from professional investors by exploring how, and with what effects, entrepreneurs can mobilize all required resources?financial, human, physical, and social?from local communities. Our temporal analysis of the resource mobilization processes of seven cases of community-based enterprises (CBEs) reveals four sets of activities with distinct goals and effects, which explain how entrepreneurs can meet or even exceed their resource mobilization goals by mobilizing a greater variety of resources from a broader base of resource providers. Importantly, the findings show how entrepreneurs can achieve a multiplier effect meaning that they can perpetuate the inflow of significant amounts of unsolicited resources by continuously engaging in activities targeted at creating a sense of identification and ownership, which require comparatively little extra effort and resource inputs. We synthesize our findings in a framework of community resourcefulness in new venture creation. This framework adds a new perspective of resourcefulness as ?getting more from many,? and demonstrates that resourceful behavior is not necessarily about individuals? ability to respond to situational constraints but also about their ability to recognize and seize situational resource potentials. Our findings have important implications for our understanding of resourcefulness in entrepreneurship and the nascent body of literature on community-based enterprises.

ELSEVIER2021

Essays in Financial Economics

Marc André Frattaroli

This thesis consists of three chapters that study separate subjects in the area of corporate governance and financial intermediation. In the first chapter, I study a protectionist anti-takeover law introduced in 2014 in France that covers a subset of all firms in the economy. The law decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder value. There is no evidence that management of those firms subsequently altered firm policies in its interest. Investment, employment, wages, profitability, and capital structure remain unchanged. The share of annual CEO compensation consisting of equity instruments increased by 8.4 percentage points, suggesting that boards reacted to the loss in monitoring by the takeover market by increasing the pay-for-performance sensitivity. In the second chapter, which is co-authored work with Rüdiger Fahlenbrach, we conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4,700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early stage financing. Nevertheless, returns nine months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency. In the third chapter, which is joint work with Christoph Herpfer, we investigate how bankers use information from lending relationships to help borrowers combine resources in strategic alliances. Firms that have borrowed from the same banker or share an indirect connection through a network of bankers are significantly more likely to enter an alliance. Consistent with bankers overcoming informational frictions, their ability to facilitate alliances decreases with network distance, and is stronger for opaque borrowers. Firms connected to more potential partners via banker networks enter more alliances. These alliances are associated with positive announcement returns and brokering banks are more likely to receive future underwriting mandates.

EPFL2020

Essays in Financial Economics

Marc André Frattaroli

EPFL2020

'Peak Oil' As Classical Economic Process

Getting more from many & mdash;A framework of community resourcefulness in new venture creation

Essays in Financial Economics

Getting more from many & mdash;A framework of community resourcefulness in new venture creation

'Peak Oil' As Classical Economic Process

Essays in Financial Economics