Essec\Faculty\Model\Profile {#2205
#_id: "B00007940"
#_source: array:39 [
"bid" => "B00007940"
"academId" => "2012"
"slug" => "bach-laurent"
"fullName" => "Laurent BACH"
"lastName" => "BACH"
"firstName" => "Laurent"
"title" => array:2 [
"fr" => "Professeur associé"
"en" => "Associate Professor"
]
"email" => "bach@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
"departments" => []
"phone" => "+33 (0) 1 34 43 30 27"
"sites" => []
"facNumber" => "2012"
"externalCvUrl" => "https://faculty.essec.edu/cv/bach-laurent/pdf"
"googleScholarUrl" => "https://scholar.google.com/citations?user=TAdyEjgAAAAJ&hl=fr&oi=ao"
"facOrcId" => "https://orcid.org/0000-0002-7081-6502"
"career" => array:4 [
0 => Essec\Faculty\Model\CareerItem {#2210
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2017-09-01"
"endDate" => null
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur assistant"
"en" => "Assistant Professor"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
1 => Essec\Faculty\Model\CareerItem {#2204
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2006-09-01"
"endDate" => "2009-08-31"
"isInternalPosition" => true
"type" => array:2 [
"en" => "Other appointments"
"fr" => "Autres positions"
]
"label" => array:2 [
"fr" => "PhD fellow"
"en" => "PhD fellow"
]
"institution" => array:2 [
"fr" => "Centre de recherche en économie et statistique (CREST)"
"en" => "Centre de recherche en économie et statistique (CREST)"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
2 => Essec\Faculty\Model\CareerItem {#2208
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2010-07-01"
"endDate" => "2017-06-30"
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur assistant"
"en" => "Assistant Professor"
]
"institution" => array:2 [
"fr" => "Stockholm School of Economics"
"en" => "Stockholm School of Economics"
]
"country" => array:2 [
"fr" => "Suède"
"en" => "Sweden"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
3 => Essec\Faculty\Model\CareerItem {#2211
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2019-09-01"
"endDate" => null
"isInternalPosition" => true
"type" => array:2 [
"en" => "Other appointments"
"fr" => "Autres positions"
]
"label" => array:2 [
"fr" => "Policy Evaluation Program Director"
"en" => "Policy Evaluation Program Director"
]
"institution" => array:2 [
"fr" => "Institut des Politiques Publiques"
"en" => "Institut des Politiques Publiques"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
]
"diplomes" => array:2 [
0 => Essec\Faculty\Model\Diplome {#2207
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2009"
"label" => array:2 [
"en" => "PhD in Economics"
"fr" => "PhD en Economie"
]
"institution" => array:2 [
"fr" => "Paris School of Economics"
"en" => "Paris School of Economics"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
1 => Essec\Faculty\Model\Diplome {#2209
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2004"
"label" => array:2 [
"en" => "Msc in Management"
"fr" => "Msc in Management - Programme Grande Ecole"
]
"institution" => array:2 [
"fr" => "HEC Paris"
"en" => "HEC Paris"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
]
"bio" => array:2 [
"fr" => null
"en" => null
]
"department" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"site" => array:2 [
"fr" => "https://sites.google.com/site/laurentbach/"
"en" => "https://sites.google.com/site/laurentbach/"
]
"industrrySectors" => array:2 [
"fr" => null
"en" => null
]
"researchFields" => array:2 [
"fr" => "recherche sur l'enrichissement des ménages"
"en" => "household wealth research"
]
"teachingFields" => array:2 [
"fr" => null
"en" => null
]
"distinctions" => array:3 [
0 => Essec\Faculty\Model\Distinction {#2212
#_index: null
#_id: null
#_source: array:6 [
"date" => "2016-09-01"
"label" => array:2 [
"fr" => "Participant à l'obtention d'une bourse globale de MISTRA pour des Recherches sur la Finance Responsable"
"en" => "Participant for an umbrella grant from MISTRA for Research on Sustainable Finance,"
]
"type" => array:2 [
"fr" => "Bourses"
"en" => "Grants"
]
"tri" => " 2 "
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
1 => Essec\Faculty\Model\Distinction {#2213
#_index: null
#_id: null
#_source: array:6 [
"date" => "2014-09-01"
"label" => array:2 [
"fr" => "Participant à l'obtention d'une bourse globale de Vinnova pour des Recherches sur la Stabilité Financière"
"en" => "Participant for an umbrella grant from Vinnova for Research on Financial Stability"
]
"type" => array:2 [
"fr" => "Bourses"
"en" => "Grants"
]
"tri" => " 2 "
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
2 => Essec\Faculty\Model\Distinction {#2214
#_index: null
#_id: null
#_source: array:6 [
"date" => "2009-09-01"
"label" => array:2 [
"fr" => "Bourse de Recherche de la Fondation Thiers"
"en" => "Thiers Foundation Fellowship"
]
"type" => array:2 [
"fr" => "Bourses"
"en" => "Grants"
]
"tri" => " 2 "
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
]
"teaching" => []
"otherActivities" => array:1 [
0 => Essec\Faculty\Model\ExtraActivity {#2206
#_index: null
#_id: null
#_source: array:9 [
"startDate" => null
"endDate" => null
"year" => null
"uuid" => "104"
"type" => array:2 [
"fr" => "Activités de recherche"
"en" => "Research activities"
]
"subType" => array:2 [
"fr" => "Reviewer pour un journal"
"en" => "Reviewer for a journal"
]
"label" => array:2 [
"fr" => "Relecteur pour American Economic Journal: Applied Economics; Annales d'Économie et de Statistique; Economic Journal; Economics of Transition; Economie et Prévision (articles académiques); European Economic Review; European Financial Management; Journal of Banking & Finance; Journal of Finance; Journal of Financial and Quantitative Analysis; Journal of Financial Economics; Journal of Public Economics; Journal of Small Business Management; Labour Economics; Review of Economics and Statistics; Review of Financial Studies; Revue Economique"
"en" => "Reviewer for American Economic Journal: Applied Economics; Annales d'Économie et de Statistique; Economic Journal; Economics of Transition; Economie et Prévision (articles académiques); European Economic Review; European Financial Management; Journal of Banking & Finance; Journal of Finance; Journal of Financial and Quantitative Analysis; Journal of Financial Economics; Journal of Public Economics; Journal of Small Business Management; Labour Economics; Review of Economics and Statistics; Review of Financial Studies; Revue Economique"
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "fr"
+"parent": Essec\Faculty\Model\Profile {#2205}
}
]
"theses" => []
"indexedAt" => "2024-09-01T00:21:22.000Z"
"contributions" => array:9 [
0 => Essec\Faculty\Model\Contribution {#2216
#_index: "academ_contributions"
#_id: "6025"
#_source: array:18 [
"id" => "6025"
"slug" => "from-saving-comes-having-disentangling-the-impact-of-saving-on-inequality"
"yearMonth" => "2018-07"
"year" => "2018"
"title" => "From Saving Comes Having? Disentangling the Impact of Saving on Inequality"
"description" => "BACH, L., CALVET, L. et SODINI, P. (2018). From Saving Comes Having? Disentangling the Impact of Saving on Inequality. Dans: National Bureau of Economic Research Summer Institute Economic Fluctuations and Growth Working Group 2018."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "CALVET L."
]
2 => array:1 [
"name" => "SODINI P."
]
]
"ouvrage" => "National Bureau of Economic Research Summer Institute Economic Fluctuations and Growth Working Group 2018"
"keywords" => []
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
1 => Essec\Faculty\Model\Contribution {#2218
#_index: "academ_contributions"
#_id: "1318"
#_source: array:18 [
"id" => "1318"
"slug" => "how-close-are-close-shareholder-votes"
"yearMonth" => "2019-08"
"year" => "2019"
"title" => "How Close Are Close Shareholder Votes?"
"description" => "BACH, L. et METZGER, D. (2019). How Close Are Close Shareholder Votes? <i>Review of Financial Studies</i>, 32(8), pp. 3183-3214."
"authors" => array:2 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "METZGER D."
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => "https://academic.oup.com/rfs/article-abstract/32/8/3183/5227972?redirectedFrom=fulltext"
"publicationInfo" => array:3 [
"pages" => "3183-3214"
"volume" => "32"
"number" => "8"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We show that close votes on shareholder proposals are disproportionately more likely to be won by management than by shareholder activists. Using a sample of shareholder proposals from 2003 to 2016, we uncover a large and discontinuous drop in the density of voting results at the 50% threshold. We document similar patterns for say on pay votes and director elections. Our findings imply that shareholder influence through voting is limited by managerial opposition. It also follows that one cannot routinely use an RDD to identify the causal effects of changes in corporate governance generated by shareholder votes."
"en" => "We show that close votes on shareholder proposals are disproportionately more likely to be won by management than by shareholder activists. Using a sample of shareholder proposals from 2003 to 2016, we uncover a large and discontinuous drop in the density of voting results at the 50% threshold. We document similar patterns for say on pay votes and director elections. Our findings imply that shareholder influence through voting is limited by managerial opposition. It also follows that one cannot routinely use an RDD to identify the causal effects of changes in corporate governance generated by shareholder votes."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
2 => Essec\Faculty\Model\Contribution {#2220
#_index: "academ_contributions"
#_id: "14064"
#_source: array:18 [
"id" => "14064"
"slug" => "does-holding-elections-during-a-covid-19-pandemic-put-the-lives-of-politicians-at-risk"
"yearMonth" => "2021-07"
"year" => "2021"
"title" => "Does holding elections during a Covid-19 pandemic put the lives of politicians at risk?"
"description" => "BACH, L., GUILLOUZOUIC, A. et MALGOUYRES, C. (2021). Does holding elections during a Covid-19 pandemic put the lives of politicians at risk? <i>Journal of Health Economics</i>, 78, pp. 102462."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "GUILLOUZOUIC Arthur"
]
2 => array:1 [
"name" => "MALGOUYRES Clément"
]
]
"ouvrage" => ""
"keywords" => array:5 [
0 => "Covid-19 pandemic"
1 => "French elections"
2 => "Electoral turnout"
3 => "Municipal elections"
4 => "Regression discontinuity design"
]
"updatedAt" => "2023-06-22 10:31:41"
"publicationUrl" => "https://doi.org/10.1016/j.jhealeco.2021.102462"
"publicationInfo" => array:3 [
"pages" => "102462"
"volume" => "78"
"number" => ""
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We estimate the impact of French town hall elections held in mid-March 2020 on the mortality of 163,000 male candidates aged above 60. Their excess mortality during March and April was similar to the general population. We compare candidates in cities with two candidate lists to those in cities with only one list, as elections are more intense in contacts in the former group. We also use a regression discontinuity design and investigate mortality in 2020 depending on how candidates fared in the 2014 election. We cannot detect any causal effect of active participation in the 2020 elections on mortality."
"en" => "We estimate the impact of French town hall elections held in mid-March 2020 on the mortality of 163,000 male candidates aged above 60. Their excess mortality during March and April was similar to the general population. We compare candidates in cities with two candidate lists to those in cities with only one list, as elections are more intense in contacts in the former group. We also use a regression discontinuity design and investigate mortality in 2020 depending on how candidates fared in the 2014 election. We cannot detect any causal effect of active participation in the 2020 elections on mortality."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
3 => Essec\Faculty\Model\Contribution {#2217
#_index: "academ_contributions"
#_id: "14447"
#_source: array:18 [
"id" => "14447"
"slug" => "soft-negotiators-or-modest-builders-why-women-earn-lower-real-estate-returns"
"yearMonth" => "2022-12"
"year" => "2022"
"title" => "Soft Negotiators or Modest Builders? Why Women Earn Lower Real Estate Returns"
"description" => "BACH, L., GIRSHINA, A. et SODINI, P. (2022). Soft Negotiators or Modest Builders? Why Women Earn Lower Real Estate Returns. Dans: <i>Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022</i>. Paris: SSRN Electronic Journal, pp. 1-47."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "GIRSHINA Anastasia"
]
2 => array:1 [
"name" => "SODINI Paolo"
]
]
"ouvrage" => "Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022"
"keywords" => array:3 [
0 => "gender gap"
1 => "real estate"
2 => "returns"
]
"updatedAt" => "2023-10-03 01:01:21"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "1-47"
"volume" => ""
"number" => "Swedish House of Finance Research Paper No. 23-04"
]
"type" => array:2 [
"fr" => "Actes d'une conférence"
"en" => "Conference Proceedings"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Using repeat-sales data on apartments in Sweden, we estimate the gender gap in housing returns. We confirm that single women’s returns gross of renovations are lower than single men’s by more than 2pp, that half of this gap is due to market timing, and that it is concentrated in short holding period. Adding administrative data on renovation expenses and traders’ background, we find that women are much less likely to undertake renovations and to specialize in real estate professional activities. Once these differences are accounted for, we do not find any gender gap in real estate returns."
"en" => "Using repeat-sales data on apartments in Sweden, we estimate the gender gap in housing returns. We confirm that single women’s returns gross of renovations are lower than single men’s by more than 2pp, that half of this gap is due to market timing, and that it is concentrated in short holding period. Adding administrative data on renovation expenses and traders’ background, we find that women are much less likely to undertake renovations and to specialize in real estate professional activities. Once these differences are accounted for, we do not find any gender gap in real estate returns."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
4 => Essec\Faculty\Model\Contribution {#2221
#_index: "academ_contributions"
#_id: "14750"
#_source: array:18 [
"id" => "14750"
"slug" => "dividend-taxes-and-the-allocation-of-capital-comment"
"yearMonth" => "2023-07"
"year" => "2023"
"title" => "Dividend Taxes and the Allocation of Capital: Comment"
"description" => "BACH, L., BOZIO, A., GUILLOUZOUIC, A. et MALGOUYRES, C. (2023). Dividend Taxes and the Allocation of Capital: Comment. <i>American Economic Review</i>, 113(7), pp. 2048-2052."
"authors" => array:4 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "Bozio Antoine"
]
2 => array:1 [
"name" => "Guillouzouic Arthur"
]
3 => array:1 [
"name" => "Malgouyres Clément"
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "Fiscal policies"
1 => "firm behavior"
2 => "fixed investment"
3 => "capital budgeting"
]
"updatedAt" => "2024-03-12 10:39:19"
"publicationUrl" => "https://doi.org/10.1257/aer.20221432"
"publicationInfo" => array:3 [
"pages" => "2048-2052"
"volume" => "113"
"number" => "7"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as "size growth," used in all the difference-in-difference specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event study evidence of a positive effect of dividend taxation on investment."
"en" => "Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as "size growth," used in all the difference-in-difference specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event study evidence of a positive effect of dividend taxation on investment."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
5 => Essec\Faculty\Model\Contribution {#2215
#_index: "academ_contributions"
#_id: "10579"
#_source: array:18 [
"id" => "10579"
"slug" => "ceo-identity-and-labor-contracts-evidence-from-ceo-transitions"
"yearMonth" => "2015-08"
"year" => "2015"
"title" => "CEO Identity and Labor Contracts: Evidence from CEO Transitions"
"description" => "BACH, L. et SERRANO-VELARDE, N. (2015). CEO Identity and Labor Contracts: Evidence from CEO Transitions. <i>Journal of Corporate Finance</i>, 33(1), pp. 227-242."
"authors" => array:2 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "SERRANO-VELARDE Nicolas"
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "CEO choice"
1 => "Dynastic management"
2 => "Labor contracts"
]
"updatedAt" => "2021-07-13 14:31:38"
"publicationUrl" => "https://www.sciencedirect.com/science/article/pii/S0929119915000103"
"publicationInfo" => array:3 [
"pages" => "227-242"
"volume" => "33"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "This paper assesses how CEO transitions shape labor contracts within firms. We argue that family links between a new CEO and his predecessor act as a commitment device for upholding implicit contracts with the workforce. Consistent with this view, we find evidence of a wage insurance mechanism during a CEO transition. Dynastically-promoted CEOs relative to external CEOs are associated with up to 25% less job separations and 20% lower wage growth. Crucially, we show that differences, in terms of job separations, between dynastic and non-dynastic CEO successions are significantly greater when labor markets are more frictional."
"en" => "This paper assesses how CEO transitions shape labor contracts within firms. We argue that family links between a new CEO and his predecessor act as a commitment device for upholding implicit contracts with the workforce. Consistent with this view, we find evidence of a wage insurance mechanism during a CEO transition. Dynastically-promoted CEOs relative to external CEOs are associated with up to 25% less job separations and 20% lower wage growth. Crucially, we show that differences, in terms of job separations, between dynastic and non-dynastic CEO successions are significantly greater when labor markets are more frictional."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
6 => Essec\Faculty\Model\Contribution {#2219
#_index: "academ_contributions"
#_id: "11140"
#_source: array:18 [
"id" => "11140"
"slug" => "rich-pickings-risk-return-and-skill-in-household-wealth"
"yearMonth" => "2020-09"
"year" => "2020"
"title" => "Rich Pickings? Risk, Return, and Skill in Household Wealth"
"description" => "BACH, L., CALVET, L.E. et SODINI, P. (2020). Rich Pickings? Risk, Return, and Skill in Household Wealth. <i>American Economic Review</i>, 110(9), pp. 2703-2747."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "CALVET Laurent E."
]
2 => array:1 [
"name" => "SODINI Paolo"
]
]
"ouvrage" => ""
"keywords" => array:8 [
0 => "Household finance"
1 => "inequality"
2 => "risk-taking"
3 => "factor-based investing"
4 => "leverage"
5 => "real estate"
6 => "private equity"
7 => "cost of debt"
]
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => "https://www.aeaweb.org/articles?id=10.1257/aer.20170666"
"publicationInfo" => array:3 [
"pages" => "2703-2747"
"volume" => "110"
"number" => "9"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We investigate wealth returns on an administrative panel containing the disaggregated balance sheets of Swedish residents. The expected return on household net wealth is strongly persistent, determined primarily by systematic risk, and increasing in net worth, exceeding the risk-free rate by the size of the equity premium for households in the top 0.01 percent. Idiosyncratic risk is transitory but generates substantial long-term dispersion in returns in top brackets. Systematic and idiosyncratic risk both drive the cross-sectional distribution of the geometric average return over a generation. Furthermore, wealth returns explain most of the historical increase in top wealth shares."
"en" => "We investigate wealth returns on an administrative panel containing the disaggregated balance sheets of Swedish residents. The expected return on household net wealth is strongly persistent, determined primarily by systematic risk, and increasing in net worth, exceeding the risk-free rate by the size of the equity premium for households in the top 0.01 percent. Idiosyncratic risk is transitory but generates substantial long-term dispersion in returns in top brackets. Systematic and idiosyncratic risk both drive the cross-sectional distribution of the geometric average return over a generation. Furthermore, wealth returns explain most of the historical increase in top wealth shares."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
7 => Essec\Faculty\Model\Contribution {#2222
#_index: "academ_contributions"
#_id: "12310"
#_source: array:18 [
"id" => "12310"
"slug" => "rich-pickings-risk-return-and-skill-in-household-wealth"
"yearMonth" => "2020-09"
"year" => "2020"
"title" => "Rich Pickings? Risk, Return, and Skill in Household Wealth"
"description" => "BACH, L., CALVET, L.E. et SODINI, P. (2020). Rich Pickings? Risk, Return, and Skill in Household Wealth. Dans: NEOMA Inter-business schools Finance Seminar."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "CALVET Laurent E."
]
2 => array:1 [
"name" => "SODINI Paolo"
]
]
"ouvrage" => "NEOMA Inter-business schools Finance Seminar"
"keywords" => []
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
8 => Essec\Faculty\Model\Contribution {#2223
#_index: "academ_contributions"
#_id: "10531"
#_source: array:18 [
"id" => "10531"
"slug" => "are-small-businesses-worthy-of-financial-aid-evidence-from-a-french-targeted-credit-program"
"yearMonth" => "2014-07"
"year" => "2014"
"title" => "Are Small Businesses Worthy of Financial Aid? Evidence From a French Targeted Credit Program"
"description" => "BACH, L. (2014). Are Small Businesses Worthy of Financial Aid? Evidence From a French Targeted Credit Program. <i>Review of Finance (ex European Finance Review)</i>, 18(3), pp. 877-919."
"authors" => array:1 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "Banks"
1 => "Small Businesses"
2 => "Government Policy and Regulation"
]
"updatedAt" => "2021-07-13 14:31:37"
"publicationUrl" => "https://academic.oup.com/rof/article/18/3/877/1573387"
"publicationInfo" => array:3 [
"pages" => "877-919"
"volume" => "18"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We ask whether public financial aid reduces small businesses’ credit constraints. To answer the question, we analyze a policy of bank loans made from subsidized funds. Extensions of this large program are plausibly exogenous and help identify its effects. Using firm-level data, we find that the program substantially increases debt financing without substitution between subsidized and unsubsidized finance. Returns on subsidized debt are significantly above its market cost, with no subsequent surge in default risk. We interpret this as evidence that targeted firms are credit-constrained and underline the implied welfare differences between upfront financial aid and public guarantees."
"en" => "We ask whether public financial aid reduces small businesses’ credit constraints. To answer the question, we analyze a policy of bank loans made from subsidized funds. Extensions of this large program are plausibly exogenous and help identify its effects. Using firm-level data, we find that the program substantially increases debt financing without substitution between subsidized and unsubsidized finance. Returns on subsidized debt are significantly above its market cost, with no subsequent surge in default risk. We interpret this as evidence that targeted firms are credit-constrained and underline the implied welfare differences between upfront financial aid and public guarantees."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-09-01T00:21:48.000Z"
]
+lang: "fr"
+"_type": "_doc"
+"_score": 7.3799047
+"parent": null
}
]
"avatar" => "https://faculty.essec.edu/wp-content/uploads/avatars/B00007940.jpg"
"contributionCounts" => 9
"personalLinks" => array:2 [
0 => "<a href="https://orcid.org/0000-0002-7081-6502" target="_blank">ORCID</a>"
1 => "<a href="https://scholar.google.com/citations?user=TAdyEjgAAAAJ&hl=fr&oi=ao" target="_blank">Google scholar</a>"
]
"docTitle" => "Laurent BACH"
"docSubtitle" => "Professeur associé"
"docDescription" => "Département: Finance<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00007940.jpg"><span><span>Laurent BACH</span><span>B00007940</span></span>"
]
#_index: "academ_cv"
+lang: "fr"
+"_type": "_doc"
+"_score": 4.932073
+"parent": null
}