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Sustainability & Organizations Institute

S&O RESEARCH SEMINAR - FEBRUARY

09 Feb
2021
12:30 pm - 2:30 pm

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2021-02-09T12:30:00 2021-02-09T14:30:00 S&O RESEARCH SEMINAR - FEBRUARY The S&O Institute's next Research Seminar  will take place on February 9th at 12.30 pm online by zoom.  

The S&O Institute's next Research Seminar  will take place on February 9th at 12.30 pm online by zoom.

 

We have a great pleasure to welcome two remarkable guests:

Jean-Philippe Robé,

Jean Philippe Robé

a French and New York qualified partner in the Paris office of Gibson, Dunn & Crutcher and a specialist in International Business Law to present his book " Property, Power and Politics: Why We Need to Rethink the World Power System" followed by questions and answers."

Summary: Globalization is an extraordinary phenomenon affecting virtually everything in our lives. And it is imperative that we understand the operation of economic power in a globalized world if we are to address the most challenging issues our world is facing today, from climate change to world hunger and poverty. This revolutionary work rethinks globalization as a power system feeding from, and in competition with, the state system. Cutting across disciplines of law, politics and economics, it explores how multinational enterprises morphed into world political organisations with global reach and power, but without the corresponding responsibilities. In illuminating how the concentration of property rights within corporations has led to the rejection of democracy as an ineffective system of government and to the rise in inequality, Robé offers a clear pathway to a fairer and more sustainable power system.

and

Alexandre MADELAINE, HEC Paris Ph.D. Student at Accounting and Management Control Department
Alexandre MADELAINE
 
Title: "Pessimistic Target Prices by Short Sellers"
Abstract: We study the target prices in 637 short-selling reports released from 2010 to 2018. Short sellers claim that the attacked firms’ stock prices should drop by 65% on average, but the mean decline is only 7% one year after the attacks. We find that target prices accelerate negative price adjustment and their levels are indicative of the severity of overvaluation. Considering the costs and benefits of providing target prices, we find that short sellers are more likely to do so when firms are less complex to value, when the prices are expected to decline more, and when the short sellers are more reputable. Our evidence suggests that short sellers can be informative (in identifying overvalued stocks) and manipulative (in exaggerating the extent of overvaluation) at the same time. Retail investors overreact when a target price is disclosed and are hurt as they
underreact to pessimistic target prices that are partly informative

Participate

Add to Calendar
2021-02-09T12:30:00 2021-02-09T14:30:00 S&O RESEARCH SEMINAR - FEBRUARY The S&O Institute's next Research Seminar  will take place on February 9th at 12.30 pm online by zoom.