Jameleddine Chichti

• Professeur Emérite
• Ancien Directeur de l'Ecole Doctorale at Ecole Supérieure de Commerce de Tunis

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link betw...

This research tests the efficiency of the debt policy, dividend policy and ownership structure as mechanism of resolution of agency conflicts between shareholders and managers due to the problem of overinvestment, in the limitation of the problem of the free cash flow. By estimating three stage least square simultaneous model and on the basis of a...

Financial series, particularly stock exchange indices, often fluctuate immensely during financial crises. This phenomenon indicates regime changes or structural breaks that cannot be represented by simple linear models or time series. In this study we will use first-order autoregressive Markov switching models in the (MS (2)-AR(1)) to test the hypo...

This paper examines investment lumpiness under incentive restrictions. When financial frictions enter the picture into the neoclassical framework, investment is no longer smooth due to the lump-sum costs that the firm incurs when raising costly external finance. Whited (2006) shows that the firm finds it optimal to not invest to avoid paying such c...

This research tests the efficiency of the ownership structure and the debt policy as mechanism of resolution of agency conflicts between shareholders and managers due to the problem of overinvestment, in the limitation of the problem of the free cash flow, by estimating three stage least square simultaneous model and on the basis of a sample of 35...

Since 1970, the debate on the relationship between taxation and corporate financial performance has intensified during these last decades. The aim of this paper is to examine this relationship thesis. If it is acknowledged that incentives become a widespread method in the world in order to promote the investment, the paper contribute to the literat...

The financing constraints theory (FCT) is the study of the impact of financial frictions on the firm’s investment. It constitutes one of the most important cornerstones of corporate finance. The relaxation of Modigliani and Miller’s (1958) conjectural framework leads to the interdependence of financing and investment decisions. Indeed, three main f...

Microcredit institutions and the battle against poverty : The pan-arab Enda initiative in Tunisia The aim of this paper is to show, jointly by means of theoretical and empirical studies and through the pan-arab Enda case installed in Tunisia, that the adoption of a policy of credit rationing makes it possible to cure the problems of information asy...

This research tests the efficiency of the ownership structure and the debt policy as mechanism of resolution of agency conflicts between shareholders and managers du to the problem of overinvestment, in the limitation of the problem of the free cash flow. by estimating three stage least square simultaneous model and on the basis of a sample of 35 n...

Recent literature argues that market timing becomes the factor that shapes financing policies. However, empirical studies on debt market timing still less numerous than those on equity market timing. This paper seeks to investigate the relevance of market timing considerations on debt issues using a panel of Tunisian and French listed firms. We hav...

This paper aims to investigate the determinants of corporate debt maturity structure using a panel of Tunisian and French listed firms. Specifically, we focus on the relevance of market timing considerations on the choice between short- and long-term debts. We find that market timing has no significant impact on the debt maturity choice. We documen...

This paper investigates the relevance of market timing considerations on the debt-equity choice using a panelof tunisian and french listed firms. Consistent with the market timing theory, we find that firms tend to issueequity when their market valuations are relatively higher than their book values and after market performanceimprovement. As a con...

Most of the papers in corporate finance use the investment-cash flow sensitivity as a key metric to gauge financing constraints. However, it has been documented in the theoretical and empirical literature that this metric is not necessarily symptomatic of financing constraints. In this paper, we revisit the debate among authors regarding the useful...

Several studies make evidence that market timing becomes the factor that shapes financing policies. However, debt market timing still less developed compared to equity market timing. This paper investigates the relevance of market timing considerations on the debt issuance using a panel of 30 Tunisian listed firms and 100 French firms of the stock...

: The paper empirically studies the financing of investment under incentive problems. From the perspective of informational asymmetries among contracting parties, the firm does not behave as in the neoclassical framework. By contrast, it bears the restriction to access external funds, when information asymmetry is severe. After deriving the Q-model...

The Islamic banking system is expected to face strong competition not only from the Islamic banks but also from well-established conventional banks offering Islamic products and services. In this study, we focus on the 'Islamic Bank of Britain' the only indigenous bank of its kind in UK. The attempt is made to assess the degree of customer awarenes...

Mortgage is considered a major determinant factor not only to the UK, but western economies as well. Therefore, we thought it fit to conduct an empirical study on Islamic mortgage in UK. In this paper we attempt to study and elaborate principles behind overall Islamic banking system whereas the main focus is remain with Role of Islamic mortgage in...

Not AvailableL’objectif de ce papier est double : (i) déterminer les indicateurs des crises bancaires systémiques, et (ii) construire un indice de prévision de crise bancaire fiable. Dans une première partie, nous avons appliqué le modèle Probit pour un échantillon composé de 34 pays dont 27 pays qui ont connu des crises sur la période 1980-2003. L...

We empirically examine the crucial relevance of financing variables in driving the long-lived capital spending by Tunisian firms. The theoretical underpinnings of external finance models encompass credit frictions and show that liquidity constraints highly drive the firm dynamics. We group the overall sample into sub-groups based on a priori aptly...

The status of market complexity and the various changes that have affected the financial market have made financial crisis as a turnaround constant reality. The succession of financial turbulence has highlighted the increasing return of the official bailout as crisis management mode, since the nineties. This return has prompted several theoretical...