Made available in DSpace on 2010-04-20T20:58:01Z (GMT). No. of bitstreams: 3 GabrielRamirezCoelho09032007.pdf.jpg: 13935 bytes, checksum: 3f3eb512654eb4aab5795e66a64e3ff1 (MD5) GabrielRamirezCoelho09032007.pdf.txt: 55253 bytes, checksum: 70baafb810cc2a579c699206c014fc48 (MD5) GabrielRamirezCoelho09032007.pdf: 311369 bytes, checksum: 4bd2e40af4810a1317ab7434ded20f0e (MD5) Previous issue date: 2007-03-09T00:00:00Z / During the last two decades, the private equity and venture capital industry role in Brazil has significantly increased, with the expansion of resources under management and number of transactions. At the same time, the degree of sophistication of its legal environment and contractual structures has increased to cope with the particularly intense agency problems present due to (i) low liquidity of assets; (ii) the long term nature of contracts; (iii) the potentially huge asymmetry of information between investors and managers. This dissertation explores the presence of restrictions to the venture capital fund managers’ activities; and shows that there is a strong relation between the number of restrictions and the intensity of agency problems, but inconclusive evidence relating the restrictions to demand conditions. / Nas duas últimas décadas, o papel dos setores de private equity e venture capital no Brasil aumentou significativamente, com a expansão do volume de recursos sob gestão e do número de transações. Ao mesmo tempo, a sofisticação do marco legal e das formas de contratação aumentou para que fosse possível lidar com os problemas de agência, que são particularmente intensos devido (i) à baixa liquidez dos ativos em que investe, (ii) à duração do compromisso entre as partes e (iii) à potencialmente elevada assimetria de informação entre elas. Este trabalho explora a presença de restrições às atividades dos gestores de recursos de private equity e venture capital, e mostra que há uma forte correlação entre a quantidade de restrições e a intensidade dos problemas de agência, mas que as evidências quanto à relação entre as restrições e as condições de demanda não são conclusivas.

L’une des causes de la richesse des nations, la coopération, repose sur un échange de promesses. Si le droit des contrats est considéré comme un outil efficace - bien qu’imparfait - pour garantir ces dernières, il n’est cependant pas le seul : un tissu entier d’institutions formelles et informelles est à l’œuvre pour faciliter la coopération entre les agents économiques. Ce travail examine cette problématique dans le cadre de la finance islamique, considérée comme l’application moderne du droit des contrats islamiques. Alors qu’elle est censée utiliser des instruments de financement participatifs, la pratique de la finance islamique est dominée par le financement par la dette. Les causes généralement avancées pour expliquer cet état de fait sont des problèmes informationnels, considérés comme des vecteurs d’influence sur le comportement des banques. Cette thèse montre que ces problèmes informationnels ne sont en réalité que la conséquence d’un problème sous-jacent. Par une analyse du rôle et de la raison d’être des institutions, ce travail montre que le droit des contrats islamiques a été conçu à l’origine avec un objectif clair: assurer l’équilibre des transactions et garantir la propriété. Le respect des promesses était pour sa part assuré par d’autres types de mécanismes, notamment à travers la réputation, complétant dans les faits le droit des contrats. Cette conclusion permet d’appréhender le débat « forme vs substance » dans la finance islamique à travers l’échec d'un « transplant institutionnel intertemporel », pour montrer que les contrats évités sont dépendants du contexte dans lequel ils ont vu le jour et s’adaptent mal au contexte moderne. / One of the main causes of the wealth of nations, cooperation, is based on exchanged promises. Contract law is viewed as an efficient, though imperfect, tool to ensure promise keeping. However, contract law is not the only mechanism playing that role. A whole body of formal and informal institutions is at work easing economic agents cooperation.This work considers this issue in the Islamic finance framework which is seen as a modern application of Islamic contracts law. Islamic finance is a fruitful object of study as it is facing a paradoxe. While this finance is supposed to rely on participatory financing tools, its practice is dominated by debt based financings. Informational problems are usually identified as a cause of such practices.This work shows that information problems are not a cause but a consequence of a deeper problem. Through an analysis of the role and the raison d’être of institutions, this work puts the development of Islamic contracts law into the perspective of an economic and social context. It shows that Islamic contracts law had originally been developed with a clear goal: ensure transactions equilibrium and protect property. The respect of promises, for its part, was made possible by other mechanisms, such as reputation, supplementing contract law. This conclusion allows us to view the debate “form vs. substance” in Islamic finance as an “intertemporal institutional transplantation” failure and to show that the avoided contracts are dependent of their original context and adapt poorly to the modern one.

博士（商学） / 乙第395号 / 63p / 一橋大学

L’objet général de notre thèse est, d’une part, d’étudier l’influence de la légitimité du manager sur la motivation de son employé à l’effort et, d’autre part, d’analyser la manière dont le manager intègre cette influence potentielle dans ses comportements, et ce afin de renforcer son autorité. Enfin, nous nous intéressons aux stratégies que la firme peut mettre en place pour renforcer la légitimité de ses dirigeants en choisissant parmi plusieurs procédures de sélection des dirigeants. Notre approche est à la fois théorique, en nous appuyant sur la théorie des jeux, et empirique en utilisant l’économie expérimentale. Tout d’abord, nous définissons une légitimité procédurale qui consiste a considérer un dirigeant légitime si il a été promu à l'issue d'une compétition sans favoritisme. Ensuite nous définissons une légitimité méritocratique qui est acquise s’il maitrise les taches de son employé. Enfin, nous définissons une légitimité aristocratique qui est la compétence d’un individu à maitriser des taches de direction.Dans un premier chapitre, nous montrons que l’effort du futur dirigeant pendant la compétition n’est pas forcément un bon moyen de renforcer une légitimité procédurale car une très forte performance peut justement trahir le fait d’avoir bénéficié d’un avantage. Par ailleurs nous montrons que le perdant de la compétition sera toujours un « mauvais perdant » car sa croyance sur le fait qu’il ait été défavorisé pendant la compétition sera toujours renforcée. L’enjeu pour la firme est alors de déléguer à une entité externe la gestion de la sélection des dirigeants pour que tout traitement inéquitable présupposé pendant la compétition n’apporte aucune information concernant un potentiel traitement inéquitable à l’avenir. Dans un deuxième chapitre, nous montrons que sélectionner sur les compétences de direction permet d’augmenter le salaire des dirigeants quand bien même ces compétences sont moins difficiles à maitriser. La raison en est que cela neutralise les problèmes de rivalité entre employés et dirigeant et préserve ainsi la confiance en lui de celui qui a échoué à être promu (le rendant ainsi moins couteux à motiver). Le troisième chapitre est quant à lui un travail expérimental qui montrer qu’une procédure méritocratique incite les perdants du tournoi à demander une rémunération plus grande pour compenser leur découragement suite à leur échec. / The general purpose of our thesis is, on the one hand, to study the influence of legitimacy of the manager on the motivation of his employee to exert effort and, on the other hand, to analyze how the manager integrates this potential influence into his behavior in order to bolster his authority. Finally, we are interested in strategies that the firm can design to bolster the legitimacy of its managers by choosing between several procedures of selection. Our approach is both theoretical, based on game theory, and empirical using experimental economics.First, we define a procedural legitimacy that consists in considering an executive as legitimate if he was promoted through a competition with no unfair treatment. Then, we define a meritocratic legitimacy that is the ability to master the operational task exerted by the employee. Finally, we define an aristocratic legitimacy, which is the ability of an individual to master managerial tasks.In a first chapter, we show that the future leader's effort during the competition is not necessarily a good way to bolster a procedural legitimacy because a very strong performance can just betray the fact that he has benefited from an advantage. Moreover, we show that the loser of the competition will always be a "bad loser" because his belief that he was disadvantaged during the competition will always be reinforced if he behaves with Bayesian rationality. The stake for the firm is then to delegate to an external entity the management of the selection of leaders to ensure that any unfair treatment presupposed during the competition does not provide any information regarding a potential unfair treatment in the future. In a second chapter, we show that to select on managerial abilities allows to increase the salary of executives even though these skills are less difficult to master. The reason is that it neutralizes the problems of rivalry between employees and executives and thus preserves the self-confidence of the one who has failed to be promoted (thus making it less costly to incentivize). The third chapter is an experimental work that aims to show that a meritocratic procedure incites the losers to actually ask for higher wage to compensate their discouragements following their failure.

Cette thèse contribue à rendre le marché de la rénovation énergétique durable et autonome. L’objectif est de contribuer à quantifier le risque de non atteinte de la performance énergétique après rénovation. Tout d’abord, nous analysons les facteurs psychologiques des ménages à prendre en compte pour améliorer les modèles de prédictions de consommation d’énergie. Via le programme Je rénove BBC, nous mettons en évidence quatre biais cognitifs impactant l’écart de la consommation d’énergie réelle et prédite. Puis, nous étudions les structures de contrats les plus appropriés pour améliorer le déroulement des chantiers, incitant les artisans à mieux travailler. D’une part, nous déterminons des contrats pour un Agent devant effectuer deux tâches et sous-estimant l’impact de l’une d’entre elles sur la performance du bâtiment. D’autre part, nous testons des incitations individuelles et collectives sur la capacité de plusieurs artisans à se coordonner selon leur formation initiale (DORéMI, …). / This thesis aims at contributing to make the energy renovation market long-lasting and self-sustaining. To achieve this, our objective is to quantify the risk of not achieving energy performance after renovation. First, we analyze households’ psychological factors that should be considered to improve energy consumption prediction models. Drawing on the Je rénove BBC program, we highlight four cognitive biases that negatively impact the difference between actual and predicted energy consumption. We then study the most appropriate contract structures improving the flow and quality of renovation projects, encouraging craftsmen to work better. On one hand, we determine optimal contracts for an Agent who has to perform two tasks and underestimates the impact of one of them on the building's performance. On the other hand, we test individual-based and group-based incentives on the ability of several real Agents (craftsmen) to coordinate, according to their initial training (DORéMI, …).

I takt med att teknologin i nytillverkade bilar blir allt mer avancerad, ökar också antalet produktåterkallelserinom bilindustrin till följd av defekta komponenter. En produktåterkallelse ger upphov till enkostnadsökning för det berörda företaget och bör således ge en negativ effekt på aktiekursen, närmarknadsaktörer tar del av informationen. Det är inom bilindustrin vanligt att biltillverkande företagkontrakterar ut tillverkningen av fordonens komponenter. Den upptrappade outsourcingen frambringarfrågan om vilken part som ska ansvara för återkallelsens kostnader. Studien undersöker med hjälp aveventstudier och hypotesprövningar hur produktionsledets olika aktörer påverkas av information om enåterkallelse inom bilindustrin? Studien har valt ut 39 händelser när ett biltillverkande företag tvingas attåterkalla bilmodeller. Uppsatsens resultat visade att produktionsledets olika aktörer inte påverkas avinformation om en återkallelse, därmed gick det inte heller påvisa att komponenttillverkare drabbashårdare än biltillverkare av en återkallelse. Studiens resultat visade heller inget positivt samband mellanmarknadsreaktionen beroende på återkallelsens storlek, felorsak eller tidpunkten för tillkännagivandet. / As the technology in newly manufactured cars becomes more advanced, the number of product recallsin the automotive industry is also increasing due to defective components. A product recall gives rise toan increase in costs for the company concerned and should therefore have a negative effect on the shareprice when market participants consult the information. It is common in the automotive industry for carmanufacturing companies to outsource the production of vehicle components. The escalating outsourcingraises the question of which party should be responsible for the costs of the recall. The study examineswith the help of event studies and hypothesis tests how the different actors in the production stage areaffected by information about a recall in the automotive industry? The study has selected 39 events whena car manufacturing company is forced to recall car models. The results of the paper showed that thevarious operators of the production stage are not affected by information about a recall, so it was notpossible to demonstrate that component manufacturers are hit harder than car manufacturers by a recall.Furthermore, the results of the study did not show a positive relationship between the market reaction dueto the size of the recall, the cause of the withdrawal or the time of the announcement.

I ett försök att öka innovation och produktivitet i byggsektorn, lade Trafikverket om sitt arbetssätt till en ökad andel totalentreprenader. Detta för att ge entreprenörer ett större och längre helhetsansvar för  projektens  utformning.  Detta  i  sin  tur  påverkar  konsultverksamheter  inom  branschen.  Skiftet  i  entreprenadform resulterar i att konsultbolag inom projektering har fått en större andel entreprenörer  som  kunder  att  förhålla  sig  till.  Detta  arbete  är  skrivet  i  samarbete  med  ett  konsultbolag inom samhällsbyggnad, där främst tre beställartyper förekommer; Trafikverket, kommuner  och  entreprenörer.  Den  sistnämnda  kundtypen  förekommer  i  dagsläget  mer  frekvent,  efter Trafikverkets omstrukturering. Relationen mellan konsult och beställare är viktig för att uppdrag mellan parterna ska nå framgång. En nyckelroll i detta samarbete, från konsultens sida, är uppdragsledaren. Syftet med denna studie är att redogöra för uppdragsledares relation till de tre beställartyperna, med kontraktet som grund för relationen. Sammantaget förväntas detta mynna ut i riktlinjer för uppdragsledning och bibehållande av gott samarbete mellan konsult och beställare på konsultbolaget. För att studera relationen användes kontraktsrelationsteori som teoretiskt ramverk. För att tillgodose studiens  syfte  genomfördes  först  en  litteraturstudie  och  sedan  en  intervjustudie  där  respondenter  med lång erfarenhet av uppdragsledning intervjuades. Frågeformuläret för dessa intervjuer upprättades  med  bakgrund  av  det  teoretiska  ramverket,  där  fokus  låg  på  de  relationella  kontraktsnormerna. Ur intervjuer framkom fyra teman som är viktiga i samspelet mellan beställare och konsultbolag; Uppdragsledarrollen, Uppdraget, Kontraktet och Relationen. Relationen mellan uppdragsledaren och dess motpart hos beställaren är komplex. På grund av denna komplexitet är det svårt att generalisera kring förhållningssättet mot beställaren baserat endast på beställartyp. Andra  parametrar  som  tycks  spela  in  är  uppdragens  storlek,  beställarens  förmåga  att  uppskatta omfattningen, samt i vilken fas beställarens projekt befinner sig i. En påtaglig skillnad går att finna i hur man arbetar mot entreprenör kontra Trafikverket och kommun. Denna beställartyp är mer kostnadsstyrd och projekterar ofta närmre produktionsstart. Att arbeta relationsbyggande med alla beställartyper är av stor vikt, då ett lyckat resultat bygger på ett  bra  samarbete  mellan  människorna  i  uppdraget.  I  nya  relationer  är  detta  arbete  ofta  mer  omfattande än då det redan finns ett tidigare etablerat förtroende mellan parterna. / In  an  attempt  to  increase  innovation  and  productivity  in  the  construction  sector,  Trafikverket  changed the work procedure to include a larger share of design-­‐build contracts. This was done in an effort to give the contractors a greater overall responsibility as to how the projects would turn out. This  change  in  work  procedure  has  also  had  an  effect  on  the  consulting  business  within  the  same  sector. The change in type of contract results in a larger share of contractors as clients to the consulting firms. This report has been written in collaboration with a consulting firm which operates in  the  Civil  Engineering  sector,  on  the  department  Construction.  The  department  has  three  major  types of clients; Trafikverket (Swedish Transport Administration), municipalities and contractors, with the last one mentioned being more prevalent since the change in work procedure from Trafikverket. The relationship between consultant and client is crucial for a project to be successful. The project manager  has  an  essential  role  in  this  matter.  The  purpose  of  this  study  is  to  portray  how  the  relationship between the project manager and the three different client types looks, with the contract as a foundation for the relation. This is expected to result in guidelines for the future, both concerning project management and how to retain a reliable collaboration between consultant and client. Relational  Contract  Theory  has  been  used  as  the  foundation  to  study  the  aforementioned  relationship. To properly answer the purpose, a literary study has been done, followed by an interview  study  where  the  respondents  have  a  long  history  concerning  project  management.  The  questionnaire used for the interviews has been based on the Relational Contract Theory, with focus on the relational contract norms.  From the interviews, four themes important to the collaboration  between client and consultant emerged; the Role of the Project Manager, the Assignment, the Contract and the Relation. The relationship between the project manager and its counterpart on the client side is complex. It is because of this complexity hard to generalize the approach based solely on the type of client. Other parameters also relevant are the scope of the project, the client’s ability to estimate the scope and what phase the project itself is in. There is a significant difference when working with contractors as opposed to Trafikverket or municipalities. This type of client has a larger focus on the cost and often a project planning closer to the production. To build a relationship with every type of client is of great importance, since a successful project is based  on  the  cooperation  between  the  people  involved  in  the  project.  This  effort  to  build  a  relationship is often more comprehensive when working with new clients as opposed to older ones where a mutual trust has already been built.

Mer än hälften av Sveriges samtliga lägenheter är byggda mellan 1950 och 1975. Renoveringstakten har inte kunnat hänga med konstruktionstakten av dessa lägenheter. Detta har lett till ett stort behov av renovering av bostäder. Renovering kan ske på olika sätt, genom olika strategier och i olika nivåer. Valet av strategi kommer att påverka renoveringstakten. De studerade strategierna i detta examensarbete är: totalrenovering, renovering med en åtgärd i taget samt renovering av styckvisa lägenheter. Detta projekt avser att öka effektiviteten av renovering och energi och samtidigt möta samhällets krav på hållbara och moderna bostäder. Detta görs genom att sätta fokus på hållbarhetsaspekter, d.v.s. de ekonomiska, sociala och miljömässiga. Syftet med detta examensarbete är att studera lämplighet och hållbarhet av olika strategier med hjälp av följande frågor: vilka strategier använder kommunala bostadsföretag och erbjuder de sina hyresgäster olika nivåer på renovering? Vilken hållbarhetsaspekt prioriteras under renoveringsprocessen? Vilken typ av upphandlingsform: entreprenad, partnering eller egen regi används under renoveringsprocessen? Motsvarande till dessa frågor har tre hypoteser gjorts och sedan jämförts med resultaten för att undersöka om det finns någon korrelation mellan dessa två. En mixad metodik har använts för att hjälpa att besvara frågeställningen: 23 semistrukturerade intervjuer och en självadminstrerad enkätundersökning med 101 svarande. Resultaten beträffande strategier visar att totalrenovering är den vanligaste strategin vid renovering ett helt område och där renoveringsbehovet är stort. Totalrenovering och renovering av styckvisa lägenheter är också vanligt förekommande bland bostadsföretag som erbjuder olika upprustningsnivåer, och den sistnämnda föredras när lägenheten är vakant. Renovering med en åtgärd i taget används mestadels av företag som har en svårighet att erbjuda sina hyresgäster evakueringslägenheter samt även i de fall där endast några få åtgärder behöver genomföras i byggnaden. v Vidare visar resultaten att prioritering av hållbarhetsaspekterna skiljer sig beroende på om intervjuer eller enkätundersökning används. Enligt intervjuerna är den sociala aspekten mest prioriterad, medan enkäten visar att den ekonomiska aspekten har företräde. Emellertid är den miljömässiga aspekten minst prioriterad i båda fallen. Det kan bero på faktumet att lagen gör det svårt att bygga något som direkt skadar miljön. Detta i åtanke med lagändringen 2011 som anger att varje projekt ska vara lönsamt, är det rekommenderat att den sociala aspekten bör ges mest fokus, följt av den ekonomiska och den miljömässiga aspekten. Detta är inte avsett att minimera betydelsen av andra aspekter, utan understryker snarare vikten av att lyfta fram den sociala faktorn. Resultaten beträffande den tredje frågeställningen indikerar att entreprenad är den vanligaste upphandlingsformen samt att partnering blir mer frekvent bland företagen. Det tredje alternativet, som inte är en egentlig upphandlingsform, är egen regi. Endast en liten andel av företagen använder sig av egen regi. Emellertid indikerar deras svar på en förhoppning om en framtida ökning av egen regi då det kan konkurrera med byggentreprenörer med syfte att pressa ner upphandlingspriserna. Slutsatsen är att den mest hållbara lösningen som tar hänsyn till både företagets och byggnadernas specifika förutsättningar är en kombination av alla tre strategier vid renovering av ett bostadsbestånd. Förslag till fortsatt forskning är att undersöka och vidareutveckla behovet av och tillgång till evakueringslägenheter vid renoveringar, vilket har visat sig vara en bristvara på olika marknader. Detta kan möjligen leda till andra typer av lösningar eller strategier för både kommunala och privata företag. / More than half of the current housing stock in Sweden was built between 1950 and 1975. The renovation pace of this housing stock has not been able to keep up with the pace at which it was constructed. This has led to an increase in the need for renovation of the housing stock. Renovation can be carried out in different ways, strategies and to different levels. The choice of strategy will influence the pace of the renovation. The strategies studied in this degree project are: total renovation, renovation one step at a time and renovation one apartment at a time. This project intends to increase the efficiency of renovation and energy whilst meeting society’s demand for sustainable and modern housing. This is done by putting focus on the sustainability aspects, i.e. economic, social and environmental. The aim of this degree project is to study the viability and suitability of different strategies by studying the following three questions: What strategies municipal housing companies use and whether they offer their tenants various levels of refurbishment?  Which sustainability aspect is prioritised during the refurbishment process?  Which type of contract form: tender, partnering or in-house, is used during the refurbishment process? Corresponding to these questions, three hypotheses were developed and then compared to the results in order to study if there is any correlation.  A mixed method approach was used to help answer the research question: 23 semi-structured interviews and one self-administered survey with 101 respondents. Results from the first research question suggest that total renovation is the strategy used when renovating a housing stock consisting of several buildings and where there exists a comprehensive renovation need. Total renovation and renovation one apartment at a time are also common for companies that offer their tenants different refurbishment levels, and the latter is often chosen when the apartment is empty. Renovation one step at a time is mostly used by housing companies that have difficulty offering their tenants evacuation apartments and also in cases where only a few renovation measures need to be taken. Results regarding prioritization of the sustainability aspects differ depending on the interviews and survey. According to the interviews the social aspect was the most prioritized, whilst survey results showed that the economic aspect takes precedence. In both cases, the environmental aspect was the least prioritized. This could be due to the fact that law regulations make it hard to build anything that directly harms the environment. Keeping this in mind together with the amendment of 2011, which states that each project should be profitable, it is recommended that there should be more focus on the social aspect. This is not meant to minimize the importance of other aspects, but rather underlines the importance of highlighting the social factor. Results concerning the third research question indicate that while contract by tender might be the most common contract form, partnering is becoming more frequent. A third option studied in this project, which is not a contract form, is in-house. Only a minor percentage of the firms use renovation by in-house, however their answers attest to a hope for a future increase in in-house since it can compete with contractors in order to push the prices down. In conclusion, the most sustainable solution that takes into consideration both the company's and the buildings' specific conditions is a combination of all three strategies for the renovation of a housing stock. Proposal for further studies is to further develop the need for and the supply of evacuation apartments during renovation, which has proven to be a hardship for several housing companies in different locations. This could potentially lead to various solutions and/or strategies for both municipal and private companies.

This thesis provides a critical examination of John Rawls’s political philosophy as it relates to international justice and human rights, Rawls’s theory of justice as fairness has made an enormous impact on contemporary political and ethical theory, yet it has been criticized by some for failing to address the extra-domestic aspects of social justice, including universal human rights. In Chapter One I describe the theoryof.rights, developed in the social contract tradition and how this theory has influenced the modern discourse of human rights. In Chapter Two I discuss Rawls’s theory of justice as fairness, the basic rights and liberties, and the idea of political liberalism. In Chapter Three 1 analyze Rawls’s account of international justice and argue that it fails to uphold the same rigorous principles of justice as found in his account of domestic justice. Finally, in Chapter Four l discuss Rawls’s more recent attempts to theorize international justice and human rights, I conclude that Rawls is not justified in limiting the set of human rights available to persons in different societies, and that this limitation is an unnecessary feature of his theory of justice. In contrast 1 argue for a more cosmopolitan system of social justice that is strongly normative and grounded in Rawlsian ideal theory. / Philosophy, Practical & Systematic Theology / D.Litt. et Phil. (Philosophy)

Cette thèse, qui s’inscrit dans le questionnement économique général sur la recherche d’outils de régulation des industries de réseaux, questionne la pertinence du choix français de régionalisation ferroviaire. Ce dernier, depuis la réforme introduite par la loi SRU, associe le maintien du monopole d'exploitation de la SNCF pour le Transport Express Régional (TER) avec la décentralisation aux Régions d'une prérogative jusqu'alors assurée de manière bureaucratique et centralisée. Dans cet environnement institutionnel, original au regard du mouvement européen, les Régions françaises ont-elles réussi à écrire et à gouverner le "système SNCF-TER" ?Pour répondre à cette double interrogation, l’auteur mobilise la théorie néo-institutionnelle, à partir de laquelle il propose une matrice interprétative de l’architecture économique des conventions TER et présente une transposition de la méthode des comptes de surplus (MCS), pour l’étude de la performance économique de ces contrats.Les résultats obtenus, sur l’échantillon des sept régions qui ont expérimenté la régionalisation, ne confirment que partiellement les déductions habituelles obtenues à partir de la théorie standard du monopole et de la capture du réglementateur par la firme régulée. Si la contractualisation SNCF / Régions, très éloignée du modèle « net cost » (présent dans de nombreux pays en Europe), exprime l’acceptation par le Législateur d’une large couverture des risques industriels, commerciaux, et plus encore sur investissements, par la Collectivité, la régionalisation s’est traduite par une grande diversité contractuelle. Une analyse fine montre le caractère hybride des modes de gouvernance que l’auteur qualifie de « fiduciaro-autoritaires ». La MCS révèle que si l’effet du monopole est bien présent et s’impose aux Régions, il ne profite guère à la SNCF, mais plutôt à RFF. Tendanciellement, les voyageurs sont devenus « gagnants » de la régionalisation ferroviaire. / This thesis, which fits the general economical issues on the research tools of the network industries regulation, questions the relevancy of the French railways regionalisation. The latter, since the reform introduced by the law SRU associates the maintenance of the railway service operating monopoly for the Regional Express Transport (TER) with the decentralisation to the regions, so that they benefit from a prerogative ensured hitherto in a centralised and bureaucratic way. In this institutional environment, original compared to the European movement, have the French regions managed to write and to govern the "SNCF-TER system” ?To answer both questions, the author used the neo-institutional theory from which he offers an interpretative array on the economical structure of the TER conventions and presents a transposition of this method on surplus accounts to study the economical performance of these contracts.From a panel of seven regions which have tested the regionalisation, the results can only partially confirm the usual deductions made from the standard theory of the monopoly and the capture of the regulator by the regulated firm. If the contracting SNCF/Regions, far from the “net cost” model, expresses that the legislature accepts a broad industrial and commercial insurance cover, and more on investments made by the community, then regionalisation resulted in a larger variety of employment contracts.A detailed analysis shows the hybrid character of the governance methods which the author calls “fiduciaro-authoritarian”. The method on surplus accounts reveals that, while the effect of monopoly is present and essential to the regions, then it means little benefit to the railway operator but much to RFF. Today travellers have trendily become the “winners’ of the rail regionalisation.