Nicolas Véron

More Data on Corporate Demographics

Bruegel just published The Demographics of Global Corporate Champions, a new working paper and public dataset in which I look more closely at the birth dates of the world's 500 largest companies (based on the FT Global 500 ranking by market capitalisation, September 2007).

Among other things, this novel database shows strinking differences between corporate demographics in Europe and Japan, where large companies tend to be old, and the US, which retains a significant ability to give birth to a steady flow of "new giants". I had already mentioned these results, especially in a Policy Brief in January and a column in March. But this is the first comprehensive presentation of the underlying data.

Download BruegelWorkingPaper_Jul08.pdf to read the working paper from this website.

In French: Download OpinionEuropeenne_2008.pdf to read  an abridged version which was published in April 2008 in L'Opinion Européenne en 2008, a volume edited by Dominique Reynié and published by Lignes de Repères and the Robert Schuman Foundation.

Reforming the Governance of International Accounting Standard-Setting

Bruegel just published my comments on the International Accounting Standards Committee (IASC) Foundation's proposal to reform its governance arrangements, following a consultation meeting in which I participated in London on 19 June.

In my contribution I recommend more recognition of investors and other capital-markets users of financial information in the future governance framework, as well as a more meaningful public consultation process -- this governance reform may sound arcane but it will probably have a large impact on the future shape of international accounting standard-setting.

Download BruegelPolicyContribution_Jul08.pdf to read this piece.

High-Risk Summer

In today's column, I look back at two recent decisions, respectively by the UK FSA on short selling and by European Commissioner McCreevy on rating agencies. Both illustrate a risk that policymakers yield to short-term political pressures to the detriment of the their own credibility, with negative market effects. Public authorities must display leadership and nerve -- especially in turbulent times.

Download Tribune_080708.pdf to read the piece as originally published in French.

The New Geography of Global Corporate Power

In today's column in La Tribune, I present a list of the world's leading metropolitan areas ranked by the total market capitalisation of large companies headquartered in each of them. This is a rough way to map corporate decision-making power worldwide; the results are revealing.

Download Tribune_080623_en.pdf to read the piece in English, and Download Tribune_080623.pdf to view it as originally published in French.

Two Learning Curves on Sovereign Wealth Funds

This month, the French Association of Financial Economy (AEF) published its yearly report.

I contributed a piece on sovereign wealth funds - Download RAM_SWFs_May2008.pdf to read it (in French only).

Europe's Asset Management Revolution?

In today's column, I wonder whether the financial crisis may encourage some of Continental Europe's universal banks to divest their asset management arms, as recent deals by Belgium's Fortis and Italy's Monte dei Paschi di Siena perhaps suggest. This would accelerate the transformation of Europe's increasingly important asset management industry.

Download Tribune_080602_en.pdf to read the piece in English, and Download Tribune_080602.pdf as originally published in French.

Varieties of Protectionism

This month, the Paris-based Institute for Research and Debate on Governance published its yearly volume, Chroniques de la Gouvernance. I contributed a piece on differences in degrees of investment protectionism among Western countries, based on an earlier column.

To read the text: Download InstitutGouvernance_May08.pdf (in French only, presented below an article by Christian Chavagneux)

Something New on the Audit Front

In today's column, I analyse Ernst & Young's decision to merge its European operations into one single firm, which I see as a key step towards the overdue transformation of the Big Four global audit networks into consistent international business entities.

Download Tribune_080519_en.pdf to read the piece in English, and Download Tribune_080519.pdf as originally published in French.

Fair Value is the Wrong Scapegoat

This piece was published this week by Bruegel in its Policy Contributions series. I detail the arguments in the current policy debate about fair value accounting and again conclude that the problem lies with prudential regulations, such as Basel II, rather than accounting standards.

Download BruegelPolicyContribution_May08.pdf to read the paper. A French version is forthcoming in June in a joint issue of the Revue d'Economie Financière and Risques.

Global Companies' Wheel of Fortune

Today's column is devoted to the evolution over recent years of the FT Global 500 ranking of the world's largest listed companies. This analysis casts a dramatic light on emerging multinationals' fast ascendency on the global stage.

Download Tribune_080505_en.pdf to read the piece in English, and Download Tribune_080505.pdf as originally published in French.