Présentations à venir

Janvier 2010 –  Marcos Ancelovici, Université McGill  – On Social movements and globalization

Mars 2010 – Alvaro Cuervo , University of South Carolina – On International Strategy

Avril 2010 – Rick Wilson,  University of Hofstra – On international marketing

Mai 2010 – Helen Feng Liang.  Rutgers Business School – On international management

Juin 2010 – Jean-Paul Roy, Queen’s School of Business – On international management


Présentations 2009

Le 27 mars  2009 – Matthieu Chemin, Professeur assistant d’économie, Université du Québec à Montréal (UQAM).  

«Can a Warm Glow Make Microfinance Grow?»

Abstract: In this paper, we studied an online microfinance platform, called MyC4, where 8163 western individual investors bid to invest small amounts with varying interest rates on 4057 different projects of African entrepreneurs. We find that MyC4 investors give discounts on the interest rates to SR projects. This is because these projects have worse repayment performances than other projects. MyC4 investors thus compensate for this worse performance by lowering the interest rate, thereby increasing effort and chances of success, so as to benefit from the positive externality, or « warm glow » generated by the project. This online microfinance platform thus helps microfinance reach projects that would maybe not be funded by more traditional banks.


Le 26 Mai, 2009 – Earl Fry, Professor of Political Science and Endowed Professor of Canadian Studies at Brigham Young University.

«The Decline of the American Superpower».

Abstract : « By 2040, the United States will no longer be considered as a global superpower and the world may be headed toward a long era devoid of any superpowers. This will occur as a result of several negative trends within the United States itself, combined with changing dynamics and exigencies in the global system and the rise of more powerful competitors in Asia and Europe. The negative trends within the United States include unprecedented governmental and international debt, dysfunctional campaign-finance and lobbying systems, unmanageable entitlement and health-care obligations, a deteriorating public education network, an inordinate concentration of wealth and power in the hands of relatively few individuals and corporate interests, and imperial overstretch. Internationally, globalization trends will necessitate much more cooperation across national borders with a premium placed on multilateral cooperation as opposed to unilateral initiatives. More than one-third of humanity in China and India is now being integrated into the international market system and new national and regional competitors such as the EU and ASEAN will diminish the overall economic and political influence of the United States. In 2040, the United States may be primus inter pares among the leading group of nations, but both the “American Century” and America’s ”unipolar moment” in history will have come to an end. »


 Le 3 avril  2009 –  Usha R. Mittoo, Bank of Montreal Professor of Finance, Asper School of Business, University of Manitoba.

«Cross-Listing and the Long-term Performance of ADRs: Revisiting European Evidence»

Abstract : « In this paper, we examine several cross-listing theories employing a sample of over 250 European ADRs representing 19 countries during the 1970-2002 period. We find that, firstly, though both Level II and III listings underperform over the three years subsequent to the US listing, the determinants of long-term performance are significantly different for the non-IPO and IPO firms. Secondly, there is a strong support for investor recognition in the non-IPO sample, for window-of-opportunity in the IPO sample, and for bonding in both samples, but little support for the market segmentation hypothesis. Overall, our results support the notion that different cross-listing theories are complementary and not mutually exclusive, in explaining the long-term performance. »


Le 4 mars 2009 –  Omrane Guedhami. Assistant Professor at Sonoco International Business Department, Moore School of Business, University of South Carolina.

«Auditor Choice in Privatized Firms: Empirical Evidence on the Role of State and Foreign Owners».

Abstract: We rely on a unique dataset of 176 privatizations from 32 countries to extend recent research on the link between the political economy and accounting transparency to include the role of auditor choice. Serious agency problems stemming from the drastic change in ownership structure in the years surrounding the sale of state-owned enterprises ensure that this is an opportune setting for examining whether shareholder identity explains auditor choice. We analyze whether government owners eager to conceal the diversion of corporate resources for political purposes prefer a non-Big Four auditor to render the financial statements less informative about underlying firm performance. In contrast, we expect that foreign owners will prefer to hire a Big Four auditor to better monitor the newly privatized firms to prevent expropriation by controlling insiders and their political backers. Consistent with these predictions on shareholders’ diverging interests in high-quality financial reporting that manifests in auditor choice, we find strong, robust evidence from panel data estimation that privatized firms worldwide become less (more) likely to appoint a Big Four auditor with the presence of state (foreign) owners. Collectively, our cross-country research suggests that auditor choice hinges on whether owners genuinely value accounting transparency


Le 18 Septembre  2009 – Jean-Luc Gaffard, Professor à la Université de Nice Sophia Antipolis, IUF, CNRS, OFCE.

«Mondialisation, conflits d’intérêt et politique économique : une mise en perspective de la crise actuelle».

 Abstract: «La crise actuelle fait (re)surgir trois interrogations. La mondialisation est-elle coupable? Est il possible d’imaginer une monnaie et une finance neutres ? Existe-t-il un modèle institutionnel optimal ? La macroéconomie moderne, simple adaptation aux canons de la microéconomie d’essence walrasienne, répond à ces trois questions en réfutant toute idée de culpabilité de la mondialisation, en proposant des recettes pour assurer la neutralité de la monnaie et de la finance, en promouvant un modèle institutionnel fait de libéralisation des marchés et de neutralisation de l’intervention publique. La crise ne serait alors qu’un accident appelant davantage de vigilance dans l’application de principes réputés premiers, en fait des recettes qui ont fait, un temps, consensus. Le propos de ce qui suit est tout différent. Si la mondialisation n’est pas coupable, l’ouverture accrue aux échanges est un facteur de conflit et plus encore un facteur de distorsions internes qui appellent des interventions correctrices de politique économique. D’ailleurs, les écarts de croissance, loin de simplement refléter des conditions d’offre différentes, sont visiblement le fruit de dynamiques de demande et de politiques macroéconomiques distinctes, ce dont témoigne une analyse empirique attentive des performances comparées de pays différents par la taille et l’insertion internationale. Il est difficile, alors, de maintenir l’illusion de la neutralité de la monnaie et de la finance. S’il est un facteur de culpabilité dans la mondialisation, il faut le rechercher dans sa dimension monétaire et financière qui a rendu les choix de politique monétaire inopérants sinon erronés. La principale victime de la crise devrait être ce consensus maintenant ébranlé au terme duquel les politiques d’offre ou structurelles seraient l’affaire des Etats et les politiques conjoncturelles devraient être d’une manière ou d’une autre neutralisées. Cette forme d’unification des stratégies de croissance est, non seulement, une négation des spécificités nationales fruits de l’histoire, de la géographie ou de la sociologie – de la diversité des capitalismes, mais aussi, un déni de la nécessité de la coopération internationale». 


Le 23 Septembre, 2009 – Reid Click, Professor à la George Washington University, School of Business.

«Resource Nationalism Meets the Market. Political Risk and the Value of Petroleum Reserves».

Abstract: «This paper investigates the effect of resource nationalism on the value of petroleum (crude oil and natural gas) reserves. We develop a framework for treating resource nationalism as political risk, and utilize data on reserve transactions and political risk ratings (from ICRG and Institutional Investor) for the period 2000-2006. Controlling for other factors that affect reserve value, we demonstrate the value-destruction of political risk, and estimate the political-risk discount for 37 countries. The paper contributes to both the international-business literature and practitioner approaches to political-risk analysis in demonstrating use of publicly-available market data from real-asset transactions to measure the cost of political risk. We also show that the discount depends on market conditions – the higher are expected future petroleum prices, the larger is the discount at any level of political risk. This insight adds a new dimension to analysis of political risk, which is typically measured and examined without regard to market conditions».

Présentations 2008

Le 26 février 2008 –  Pierre Sauvé, directeur adjoint du World Trade Institute,  Université de Berne.
« L’OMC face à l’échec des négociations du Cycle de Doha ».

Le 4 mai 2008 – Walid Marrouch, étudiant au doctorat, HEC Montréal.
«A Trade-Environment Coalition Game: R&D and Trade Linkages» .

Le 15 mai 2008 –  Yan Cimon, professeur adjoint, Département de management,   Université Laval .
 « Le terrorisme et l’intégration économique en Amérique du Nord ».

Le 12 juin 2008 –  John Cantwell, Professor of Management and Global Business,  Rutgers Business School.  
« Blurred Boundaries Between Firms, and New Boundaries Within (Large Multinational) Firms: The Impact of Decentralized Networks for Innovation ».


15 juillet 2008
Taïeb Hafsi et Jad Bitar remportent un Highly Commended Award

28 avril 2008
Taïeb Hafsi reçoit le prix William E. Mosher and Frederick C. Mosher,

25 avril 2008
Yan Cimon, lauréat du prix Mercure de la meilleure thèse de doctorat 2007,

11 mars 2008
Prix du meilleur article en finance internationale remis à Narjess Boubakri, Jean-Claude Cosset et Anis Samet,

Nous joindre


Membres associés

Yan Cimon

  • Université Laval
  • Professeur adjoint
  • Département de management, Faculté des sciences de l’administration
  • HEC Montréal
  • Professeure adjointe
  • Service de l’enseignement des affaires internationales

Pierre-Olivier Pineau

  • HEC Montréal
  • Professeur agrégé
  • Service de l’enseignement des méthodes quantitatives de gestion

Membres réguliers

Patrick Cohendet

  • HEC Montréal
  • Professeur visiteur
  • Service de l’enseignement des affaires internationales

Jean-Claude Cosset

  • HEC Montréal
  • Professeur titulaire
  • Service de l’enseignement des affaires internationales

Taïeb Hafsi

  • HEC Montréal
  • Professeur titulaire
  • Service de l’enseignement des affaires internationales

Réal Labelle

  • HEC Montréal
  • Professeur titulaire
  • Service de l’enseignement des sciences comptables

Patrick Leblond

  • HEC Montréal
  • Professeur adjoint
  • Service de l’enseignement des affaires internationales

David Pastoriza Rivas

  • HEC Montréal
  • Professeur adjoint
  • Service de l’enseignement des affaires internationales

Bernard Sinclair-Desgagné

  • HEC Montréal
  • Professeur titulaire
  • Chaire d’économie internationale et de gouvernance

Ari Van Assche

  • HEC Montréal
  • Professeur adjoint
  • Service de l’enseignement des affaires internationales