Le Programme de Mobilité de Professeurs ESCP Europe- Amérique latine favorise le déplacement de et vers l’Amérique latine des professeurs de toutes les institutions partenaires. Il permet l’accueil de professeurs visitants sur des séjours d’une semaine et poursuit un double objectif : développer les interventions académiques (cours régulier ou conférence ponctuelle) auprès des différents publics de l’université d’accueil -public junior, public senior- et explorer des collaborations en matière de recherche dans le cadre du CERALE.
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 financial stress, only 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
Department Chair | Finance
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.
Brands have often been analysed using a consistency paradigm according to the classical ideology of marketing which has spread worldwide since the 1950s. The positioning construct and the use of USPs have largely encouraged this monoaxial vision of brands and branding.
Anyhow, brands have to integrate three expectations of the social, political and cultural spheres which are efficiency, equality and personal fulfillement as pointed out by Daniel Bell in the late 1970s. We will thus develop the idea that cultural branding means the resolution of contradictions which define society as well as indivivuduals. In other words, we will raise the question of whether capitalism does not make us crazy.
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 Université Paris – Dauphine, and has studied philosophy, semiotics and marketing. Moreover, he is 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.