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Publications (39)
Les nouvelles technologies de l'information comme l'intelligence artificielle, les chaînes de blocs ou la cryptographie, l'analyse de données volumineuses ont engendré des innovations financières parfois disruptives au sein de la Société (Hendershott et al, 2021). Cela a donné naissance à un domaine émergent appelé Fintech. L’ensemble des services...
Fintech New Challenges in Management Sciences?
Fintech, which is a contraction of Financial Technology, refers to companies that offer efficient financial services at lower cost in a variety of areas. In addition to payment services, a pioneering activity for start-ups, we also find insurance, investment, financing and wealth management services....
Fintech, which is a contraction of Financial Technology, refers to companies that offer efficient financial services at lower cost in a variety of areas. In addition to payment services, a pioneering activity for start-ups, we also find insurance, investment, financing and wealth management services. Fintech's business model is based on digital and...
The goal of this chapter is to analyze the effect of the recent global financial crisis on the efficiency of microfinance institutions (MFIs). The double-bottom line of MFIs is considered through the assessment of two distinct efficiency indices. On the one hand, the financial efficiency measures the financial revenues compared to the costs disburs...
Over the last few years, the microfinance sector has seen its transformation. Microfinance institutions seek a wide range of sources of funding, while private investors seek not only social returns but also financial returns. This new approach has led to the emergence of microfinance investment funds and initial public offerings of certain Microfin...
Investment in microfinance equity may improve portfolio diversification and attract socially responsible investors.
This paper examines the impacts of the 2004 Indian Ocean Tsunami on the stock markets of four affected countries namely India, Indonesia, Malaysia and Thailand. More specifically, we investigate the existence of contagion effects of the tsunami between these markets. In order to capture potential contagion effects, we use a dynamic-conditional-corr...
Les marchés de matières premières agricoles ont été le théâtre de mouvements de prix de forte amplitude au cours des dernières années. Cette soudaine volatilité affecte l’ensemble des acteurs de la filière de l‘agroalimentaire à commencer par les coopératives agricoles de collecte-vente.
Pour gérer le risque de prix, les coopératives de collecte-v...
This chapter is a contribution to a recent restricted literature dealing with the return of microfinance investment in the financial markets. We study the performance of public microfinance investment vehicles (MIVs). Microfinance is an asset class with a double bottom line: social and financial returns have to be generated. Despite a significant c...
With the growing scarcity of funding and the increasing commercialization of microfinance institutions, the latter should protect themselves particularly from the credit default risk of their microcredit portfolios and the risks related to financial market fluctuation in order to optimize their financial performance.
L’objet de cet article est de présenter une méthode de gestion innovante des permis d’émission de carbone par l’entreprise. Cette méthode est fondée sur le principe de la centralisation de trésorerie ou cash pooling. Nous démontrons que cette gestion centralisée des quotas d’émission peut constituer une source de liquidité nouvelle pour l’entrepris...
Les marchés financiers se sont considérablement développés au cours de ces dernières années. Ils tiennent désormais un rôle prépondérant dans l'économie contemporaine. Ils sont devenus indispensables à une allocation efficace des ressources dans le temps et dans l'espace. Cet ouvrage d'introduction aux marchés financiers s'articule autour de trois...
Financial performance is an important issue even for microfinance institutions, which need sustainability and self-sufficiency in the long run.
Socially responsible finance represents a rapidly growing niche, made up of savings or investment vehicles, integrating the analysis of extra-financial criteria into asset management. More commonly known as SRI - for Socially Responsible Investment - this generic term can take different forms - stocks and debt securities in particular - which expla...
ocially responsible finance represents a rapidly growing niche, made up of savings or investment vehicles, integrating the analysis of extra-financial criteria into asset management. More commonly known as SRI - for Socially Responsible Investment - this generic term can take different forms - stocks and debt securities in particular - which explai...
Society is increasingly sensitive to the principles of corporate social responsibility, a fact that has been thoroughly taken on board by equity asset managers, who have addressed this need by proposing SRI or Socially Responsible Investment products. SRI has witnessed a rapid surge in interest over the last few years: many financial institutions h...
Many studies conclude that there’s no financial penalty to invest in Socially Responsible Investment Funds which can explain its important expansion. These results are contrary with the modern portfolio Theory. Aim of this paper is to explain these performances. According to us, liquidity constraint contributes to a less rigorous selection of value...
Conventional Value at Risk models lack a treatment of liquidity risk. Neglecting liquidity risk leads to an underestimation of overall risk and misapplication of capital for the safety of financial institutions. Standard Value at Risk model assumes that any quantity of securities can be traded without influencing market prices. In reality, most mar...
Liquidity is typically defined as the ability to convert an asset into an amount of cash equal to its current
market value. Liquidity became a major stake for stock exchange authorities as shown by the numerous
current reorganisation projects. This work contributes to the existing literature on several dimensions.
First, we examine the concept of l...
In this paper, we try to evaluate whether the presence of abnormal observations in the returns may afiect the higher-moment portfolio allocation. From the methodology developed by Charles and Darne (2005), we detect, explain and correct outliers on 50 shares among the most liquid on the French Stock Market. Then we determine optimal portfolio alloc...
