Publications | Page 15

autres publications devoirs des administrateurs Gouvernance normes de droit Nouvelles diverses

Publication au Bulletin Joly Bourse : retour sur Theratechnologies

Ivan Tchotourian 7 juin 2016

Bonjour à toutes et à tous, je viens de publier au Bulletin Joly Bourse une analyse de la décision de la Cour suprême Theratechnologies inc. c. 121851 Canada inc. (2015 CSC 18). Sous le titre « Responsabilité civile sur le marché secondaire : premières précisions de la Cour suprême canadienne sur l’autorisation judiciaire préalable », je reviens sur les enseignements de cette importante décision d’avril 2015 en termes de protection des investisseurs par le biais des recours collectifs.

Rendue le 17 avril 2015, la décision de la Cour suprême canadienne Theratechnologies inc. c. 121851 Canada inc. apporte des précisions intéressantes sur le régime de responsabilité de nature civile relevant du droit des valeurs mobilières. Au travers de cet arrêt, la plus haute instance du pays se prononce pour la première fois sur les conditions d’autorisation de ce recours introduit en 2007.

À la prochaine…

Ivan Tchotourian

autres publications mission et composition du conseil d'administration normes de droit

Incertitudes sur les conséquences de la féminisation des CA

Ivan Tchotourian 31 mai 2016

ECGI publie un nouveau papier ECGI Finance Series 466/2016 consacré à la féminisation des CA intitulé : « Women on Boards: The Superheroes of Tomorrow? » (par Renée Adams).

Can female directors help save economies and the firms on whose boards they sit?

Policy makers seem to think so. Numerous countries have implemented boardroom gender policies because of business case arguments. While women may be the key to healthy economies, I argue that more research needs to be done to understand the benefits of board diversity. The literature faces three main challenges: data limitations, selection and causal inference. Recognizing and dealing with these challenges is important for developing informed research and policy. Negative stereotypes may be one reason women are underrepresented in management. It is not clear that promoting them on the basis of positive stereotypes does them, or society, a service.

À la prochaine…

Ivan Tchotourian

autres publications Normes d'encadrement objectifs de l'entreprise Valeur actionnariale vs. sociétale

La valeur actionnariale au rancart !

Ivan Tchotourian 31 mai 2016

Belle tribune de la professeure Lynn A Stout : « The Myth of Maximizing Shareholder Value » (OpenEdNew, 23 mai 2016).

By the end of the 20th century, a broad consensus had emerged in the Anglo-American business world that corporations should be governed according to the philosophy often called shareholder primacy. Shareholder primacy theory taught that corporations were owned by their shareholders; that directors and executives should do what the company’s owners/shareholders wanted them to do; and that what shareholders generally wanted managers to do was to maximize « shareholder value, » measured by share price. Today this consensus is crumbling. As just one example, in the past year no fewer than three prominent New York Times columnists have published articles questioning shareholder value thinking. Shareholder primacy theory is suffering a crisis of confidence. This is happening in large part because it is becoming clear that shareholder value thinking doesn’t seem to work, even for most shareholders.

Je vous laisse lire la suite…

Pour rappel, j’avais eu l’occasion de faire une recension du très bel ouvrage de Lynn A Stout dans la Revue international de droit économique – 2013/3 ((t. XXVII)) – : ici.

Lynn A. STOUT, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations and the Public, Berrett-Koehler Publishers, 2012

1 – Un sujet d’une grande actualité

2 – Remise en cause de la norme de primauté actionnariale

3 – Les actionnaires d’aujourd’hui

4 – Mise en perspective de l’ouvrage

À la prochaine…

Ivan Tchotourian

autres publications engagement et activisme actionnarial

Un court-termisme finalement bénéfique ?

Ivan Tchotourian 30 mai 2016

Bonjour à toutes et à tous, beau Working paper de l’ECGI Finance Series 467/2016 consacré aux effets bénéfiques du court-termisme des investisseurs : « The Corporate Finance Benefits of Short Horizon Investors » (par Mariassunta Giannetti et Xiaoyun Yu).

We show that firms with more short-term institutional investors have better long-term performance in dynamic economic environments. Following exogenous increases in competitive pressure due to large cuts of import tariff rates, firms with more short-term institutional investors gain larger market shares and achieve higher growth rates of sales, employees, and assets in comparison to other firms in the industries affected by the tariff cuts. To do so, these firms invest more in fixed assets, R&D, and advertising, and differentiate their products from those of the competitors. Firms with more short-term investors also conduct more diversifying acquisitions and have higher executive turnover in the aftermath of large tariff cuts, suggesting that they put stronger effort in adapting their business to the new competitive environment. These results are not specific to tariff cuts but also robust to increases in competitive pressure due to deregulation shocks. Our findings suggest that firms with more short-horizon investors adapt more promptly to changing economic environments and highlight a potential benefit of short-horizon investors.

À la prochaine…

Ivan Tchotourian