Georges Gallais-Hamonno

Georges Gallais-Hamonno
Université d'Orléans | UO · Faculté d’Économie Gestion Administration et Sciences Sociales

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58
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316
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Publications

Publications (58)
Article
Because of data scarcity, there are few quantitative analyses dealing with clandestine markets, despite their prime importance during wartime. This paper exploits a unique database of daily prices of gold coins traded in occupied Paris in order to gain insights into the price formation on such a market. First, using data from Switzerland, we show t...
Article
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Because of data scarcity, and despite their importance during wartime, there are almost no quantitative analyses of black markets. This paper exploits a unique database of daily prices of gold coins traded in occupied Paris to get insights on the price formation on such a market. Even though the market was illegal, it was tolerated by the occupying...
Article
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Tontine and Life Annuities in 1693 in England In 1693, in order to finance its war effort against France, England emitted its first tontine loan. It proved a failure, as shown by the fact only 10 % of the expected capital was issued; even if the required funds could eventually be raised through a subsidiary operation in life annuities. First the de...
Article
This study aims to investigate the black market on gold in Paris during the Second World War. Based on documents from the Banque de France and French National archives, we discover that this black market was not so black since it was well known and tolerated by the German army and French police. An original data set of daily prices of three gold co...
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The failure in 1697 of the ‘Malt Lottery’ presents a fruitful case study. From a practical point of view, it tells us three things. First, the technical features of the English state lottery loans were established for more than a century after only three experiments. Second, its two components (‘lottery’ and ‘loan’) led to an abnormally poor return...
Article
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The failure in 1697 of the ‘Malt Lottery’, the second lottery loan, presents a fruitful case study. From a practical point of view, it tells us three things. First, the technical features of the English state lottery loans were established for more than a century after only three experiments. Second, its two components (‘lottery’ and ‘loan’) led to...
Article
After having presented the religious rules which govern the Sharia-Compliant (SC) funds four samples of pairs (SC funds vs conventional) are constituted: 32 Malaysian funds over 2005-2009 (of which 11 over 2000-2010) and 13 international funds over 5 years (of which six over 10 years). The size and duration of these samples are larger and longer th...
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In order to finance the Italian war, Henry II ‘financial advisers have made in 1555 an enormous financial operation in LYON – then the French financial capital: a huge debt consolidation plus a cash issue. This issue was outstandingly “modern” by at least three aspects. 1. The subscription was reserved to the institutional investors --- the merchan...
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Ce papier examine deux principaux mécanismes proposés dans la littérature pour corriger les rentabilités lissées des hedge funds et l'impact de cette correction sur les caractéristiques statistiques de la distribution des rentabilités et sur la performance des fonds. Nos résultats suggèrent que le délissage a pour conséquence de modifier considérab...
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We study two principal mechanisms suggested in the literature to correct the serial correlation in hedge fund returns and the impact of this correction on financial characteristics of their returns as well as on their risk level and on their performances. The methods of Geltner (1993), its extension by Okunev & White (2003) and of Getmansky, Lo & M...
Article
It seems that life insurance companies under evaluate an implicit risk occurring whenever contracts with large size differences in life-annuities are present in their portfolio. If, in the case of equal amounts, one might admit that “early” and “late” deaths could compensate one another, this is not really so in the case of, lets say, an early deat...
Article
The first part of the paper is of a statistical nature. It presents the characteristics of the Paris warrants market which are fivefold: a rapidly growing market; an unequal growth among the underlying assets; a large differentiation among assets; a very concentrated market; and whose issuers hold different portfolios. The second part tries to asse...
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[eng] The Actual Return on Stock Market Investments from 1950 to 1992 . The actual return on equity investments over the forty-three year period from 1950 to 1992 is evaluated by transforming the stock market indices into portfolios. The study presented here uses a new methodology for bond portfolios and is based on the strong hypothesis of reinves...
Article
The authors focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on twenty-three international airlines of varying levels of state ownership over the period 1973-8...
Article
En 25 ans, la gestion collective de l'épargne en France est devenue une véritable industrie et certainement, le secteur financier le plus dynamique et le plus populaire. peut-être moins connu est le fait que les Français sont les champions mondiaux des OPCVM ! Les auteurs posent la question: " Ce succès est-il légitimé par les résultats obtenus?" A...
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Les travailleurs étrangers ont toujours été mieux enregistrés à l'entrée qu'à la sortie. De ce fait, une grande incertitude règne sur leur nombre entre deux recensements. Des pourcentages arbitraires sont admis, qu'il faut réviser de temps en temps. Monsieur Georges Gallais-Hamonno, Maître de Conférences Agrégé à l'Université d'Orléans, co-directeu...

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