Amel belanès

University of Jeddah · Finance and Insurance

the detreminants of the bond convenants

Using a sample of five-MENA emerging countries (Egypt, Tunisia, Morocco, Jordan, and Turkey) during the period 1996-2013, this study highlights the main factors that might influence regional integration of stock markets. We propose an advantageous econometric approach based on a conditional version of the International Capital Asset Pricing Model (...

Cet article examine l’impact des clauses restrictives sur la gestion réelle. En utilisant des données collectées de la FISD et de Compustat, sur une période qui s’écoule de l’année 2000 à l’année 2015, les résultats suggèrent que les clauses restrictives des dettes obligataires ont un impact positif sur la gestion réelle des résultats. Ceci affirme...

Using a sample of Canadian firms during 2008-2011, we use multivariate path modeling to explore potential complementarities and contingencies that might occur between two monitoring devices, related to blockholders and institutional investors, and two other bonding devices, namely compensation plans based on EVA and Stock-options. The study reveals...

This paper investigates the effect of not only the controlling shareholders but also their identity on dividend policy. For a large panel of French firms during the period 2006-2010, we find that the dividend payout ratio increases with the ownership concentration. However, this result changes with the identity of the largest shareholder. Family-co...

This paper examines the co-movements dynamics between OCDE countries with the US and Europe. The core focus is to suggest advantageous techniques allowing the investigation with respect to time and frequency, namely evolutionary co-spectral analysis and wavelet analysis. Our study puts in evidence the existence of both long run and short-run co-mov...

This paper addresses the following crucial question: What might influence the decision of a blockholder to enter or exit a firm? Within a concentrated ownership context, such as Canada, we investigate impact of corporate governance, firm's risk, debt, liquidity and size on increase in number of blockholders. This study contributes to research topic...

This research highlights the impact of capital regulation and franchise value on bank risk taking in the Tunisian context. Using a panel set of Tunisian commercial banks during the period spanning from 1997 to 2007, our study puts in evidence that stringent capital requirements help deterring the bank risk taking. Similarly, banks with high franchi...

This study investigates whether the firm leverage breed private benefits of control in France ; or that is private benefits of control that drive the firm financing policy. Most French firms are family-owned and highly concentrated and hence the controlling power of block-shareholders. Private benefits of control are particularly high in France. Th...

This research provides evidence on whether the block ownership breeds private benefits of control or that is the latter that incites the controlling holder to increase its stock ownership. Drawing on a French sample of 110 listed firms, during the period 2002-2006, our modeling highlights a simultaneous relationship between block ownership and priv...

Résumé Le contexte de prise de décision est entaché par des biais cognitifs. Se basant sur un échantillon de 46 entreprises tunisiennes cotées durant 1997-2006, nous avons d’abord observé l’influence de trois biais (sur-confiance, mimétisme et illusion de contrôle) sur la perception du risque et ensuite, nous avons analysé la relation entre cette p...

This article assesses managerial risk-taking and their performance in the Tunisian context. Drawing on a Tunisian sample of 46 listed companies during 1997–2006, our modelling offers a factor score of managerial risk-taking which takes into account both financial and strategic dimensions. We find that the Tunisian firms tend to be more conservative...

Building on agency and prospect theory views, many researchers have analyzed the executive risk-taking behavior. They have usually put in evidence the role of the mechanisms of corporate governance. In this research, we try to point out that even managerial entrenchment does matter. We consider the non financial firms that are listed in the Tunisia...

The authors study the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. The study tests whether or not managers of Tunisian listed firms smooth their dividends. Moreover, the study outlines the main determinants that may drive the dividend policy of Tunisian quoted firms. To answer the first question, we...

Through a cross sectional analysis of 48 firms, over a seven-year period, from 1996 to 2002, we try to shed some light into two sides. First of all, we research whether managers smooth their dividend policies or not. Besides, we outline the main determinants that may influence the dividend policy pattern. Specifically, we attempt to find answers to...