Séminaire CERALE à Paris le 6 octobre “PME Internationalisation et Développement régional – France-Colombie”

Dans le cadre de l’ “Année France-Colombie”, CERALE a le plaisir de vous inviter le vendredi 6 octobre à 14h (accueil à partir de 13h30), ESCP Europe Campus République, au séminaire qu’il organise avec la Universidad de los Andes, la CCI Paris Ile de France et Lexplana Avocats  sur
Le rôle de l´internationalisation de la PME dans le développement régional et dans la croissance. 
Analyses croisées et dynamique des affaires France – Colombie
Ce séminaire bénéficie du soutien de l’Institut des Amériques, de SINDUP, de BARNIER SARL et de de PROCOLOMBIA.
Programme : voir ci-joint
Langue de travail: français
Lieu : 79 avenue de la République, métro Saint-Maur, ligne 3, Amphi Gélis
En el marco del “Año Colombia-Francia”, CERALE tiene el gusto de invitarlo el viernes 6 de octubre a las 14h (acogida a partir de las 13h30), en ESCP Europe campus République, al seminario que organiza con la Universidad de los Andes, la CCI Paris Ile de France y Lexplana Avocats sobre 
El papel de la internacionalización de la PyME en el desarrollo regional y en el crecimiento. 
Análisis cruzados y dinámicas de negocios Francia – Colombia
Este seminario cuenta con el apoyo del Institut des Amériques, de SINDUP, de BARNIER SARL et de PROCOLOMBIA.
Programa: ver documento adjunto
Lugar: 79 avenue de la République, metro Saint-Maur, línea 3, Amphi Gélis

Prof. Michael Troege at Universidad de Chile – 22 sept. 2017

Cheap Talk and Strategic Rounding in LIBOR Submissions  (with Angel Hernando-Veciana)

This paper constructs a model of directed search in the interbanking market and tests its empirical implications with data from the LIBOR benchmark setting process. Interbanking rates were until recently based on judgmental estimates of borrowing costs published by a panel of banks. We interpret this as a cheap talk game that allowed banks to communicate nonveriable information about their borrowing costs to potential counterparties. Under normal market conditions there is a welfare maximizing equilibrium where banks truthfully disclose their borrowing cost even if misstating costs is not penalized, but, in times of nancial stress, only \coarse” equilibria survive, in which submissions are partially revealing of the bank’s true borrowing rate. We take this prediction
to the data and show that, indeed, the precision of the panel banks’ individual estimates is chosen strategically. Banks round more frequently if the perceived riskiness of the bank increases. Rounding is also more frequent for the more liquid short term rates and for certain benchmark maturities. We discuss the implications of our results for the design of benchmark setting mechanisms and the ongoing LIBOR lawsuits


Michael Troege
Department Chair | Finance

SMEs Internationalization Europe – Latin America

Since the 1980s, SMEs have been regarded as one of the vectors of European-Latin American relations.

This article is based on qualitative studies carried out by CERALE on the internationalization of French SMEs in Mexico and the experience of Southern European SMEs in Brazil.


Prof. Paul Lapoule at INCAE, Costa Rica, 4-7 sept. 2017

Leading retail, an international immersion

a Walmart Program at INCAE

Prof. Benoît Heilbrunn at Universidad de los Andes 20 June – 1 July 2017



June 20 – July 1
June 20 – June 30 (6:00pm – 9:00pm)
June 24 and July 1 (9:00am – 12:00m)

The course main objective is to develop an understanding of the specificities of the cultural approach to brands. The course analyzes how a cultural strategy may help to market values, narratives and codes in order to create economic value. It also questions traditional approaches to marketing and branding by showing that brands create culture rather than merely adapting themselves to existing cultural schemes. The seminar is based on a semiotic and anthropological perspective to understand how brands are built and to analyze how brands can use, produce and market cultural iconicity.

Benoît Heilbrunn is Full Professor of marketing and branding at ESCP Europe and the scientific director of the “Marketing and Communication” specialized master. He holds a PhD in Marketing from the Paris – Dauphine University and INSEAD (2003), and has studied philosophy, semiotics and marketing. Moreover, he is Assistant Professor at the IFM (French Institute of Fashion). He has published more than 10 books and 50 articles on consumption, branding and design management. During his professional career, he has participated as marketing and branding consultant for various companies.


Established in 1819, ESCP Europe is the world’s oldest business school and has educated generations of leaders and entrepreneurs.

With its five urban campuses in Paris, London, Berlin, Madrid, and Torino, ESCP Europe’s true European Identity enables the provision of a unique style of cross-cultural business education and a Global Perspective on international management issues.

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