Sabri Boubaker

Sabri Boubaker
EM Normandie Business School

BA, M.Phil, PhD, HDR.

About

159
Publications
60,099
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Introduction
Sabri Boubaker is a Professor of Finance at EM Normandie Business School (Paris Campus) and Research Fellow at the Institut de Recherche en Gestion (University of Paris Est). He holds a Ph.D. in Finance from University of Paris Est (2006) and a HDR degree (Habilitation for Supervising Doctoral Research) in 2010 from the same university. He has recently published many academic papers in international refereed journals. He is the co-founder of the Paris Financial Management Conference.
Additional affiliations
September 2001 - present
University of Paris-Est
Position
  • Research Associate

Publications

Publications (159)
Research
Full-text available
Dear Colleague, We are inviting authors to submit exclusive chapters for the ‘HANDBOOK ON DATA ENVELOPMENT ANALYSIS IN BUSINESS, FINANCE, AND ACCOUNTING: RECENT TRENDS AND DEVELOPMENTS’ to be published by World Scientific (https://www.worldscientific.com/) in 2023. Please see the attached PDF file for more details. This Handbook seeks for methodo...
Article
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Using an event study methodology to examine the impact of the 2022 Russian invasion of Ukraine, we find that this invasion generated negative cumulative abnormal returns for global stock market indices, but with heterogeneous effects. Cross-sectional analysis reveals that economic globalization as measured by GDP-scaled trade is negatively associat...
Preprint
Full-text available
Using an event study methodology to examine the impact of the 2022 Russian invasion of Ukraine, we find that this invasion generated negative cumulative abnormal returns for global stock market indices, but with heterogeneous effects. Cross-sectional analysis reveals that economic globalization as measured by GDP-scaled trade is negatively associat...
Article
Full-text available
The Russia-Ukraine war – the most significant conflict in Europe since the second world war comes at a sentive time for the world economy. It has shattered hopes of a global economic recovery from the ravages of COVID‒19, at least in the short term. Since the World Health Organization (WHO) declared the COVID‒19 outbreak as a public health emergenc...
Article
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This paper examines differences in bank efficiency between banks affiliated with single-bank holding companies and those affiliated with multi-bank holding companies by applying a fuzzy multi-objective two-stage data envelopment analysis technique. Using a sample of U.S. commercial banks covering 1994–2018, the results show that banks affiliated wi...
Article
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This study examines the effect of voluntary disclosure in annual reports on tax avoidance activities. The agency theory of tax avoidance suggests that tax sheltering is associated with important agency costs, underlining the importance of corporate governance mechanisms such as voluntary disclosure in shaping tax planning. Using a sample of 3448 fi...
Article
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We use the Conditional Value-at-Risk (CoVaR) model to develop the systemic contagion index (SCI) for cryptocurrencies and examine their spillover effects. The SCI exhibits the highest value during the COVID–19 period, indicating evidence of pandemic-driven contagion channels. Similarly, cryptocurrency systemic networks show that the COVID–19 period...
Article
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This paper studies the effect of green finance on decarbonization. Using a large sample of 46 countries, we show that green finance significantly reduces carbon emissions in the short and long run. This effect is driven by green bonds issued to support waste and pollution control and improve energy efficiency. The impact of green finance on carbon...
Article
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This study provides new evidence on how risk spillovers occur from the United States to developing economies in Africa during the COVID‐19 pandemic. The results show that downside risk exposures of African markets, financial firms and banks particularly increased during Phase I (30 January to 30 April 2020). The nature and magnitude of downside ris...
Article
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This paper studies the effect of corporate social responsibility (CSR) and customer relationships on the stock price during the COVID-19 pandemic. The empirical results show that CSR practices improve firms’ resilience to the negative health crisis shocks. The functional principal component analysis helps display the relationship between CSR and cu...
Article
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This study provides direct evidence of whether female CEOs are more ethical or risk-averse by investigating the relationship between female CEOs and related-party transactions (hereafter RPTs). Using a sample of Chinese listed firms over 2005−2018, we find evidence that female CEO firms engage in fewer RPTs, suggesting that female CEOs are not only...
Article
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The evolution of the COVID‐19 pandemic is highly unpredictable; however, its impacts are limited to neither a single sector nor a single country. This study evaluates the performance and efficiency of 49 Islamic banks across 10 countries during 2019–2020 to assess how those banks can preserve their performance and remain resilient in the aftermath...
Article
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This study investigates the impacts of crude oil-market-specific fundamental factors and financial indicators on the realized volatility of West Texas Intermediate (WTI) crude oil price. A time-varying parameter vector autoregression model with stochastic volatility (TVP-VAR-SV) is applied to weekly data series spanning January 2008 to October 2021...
Article
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This paper examines the relationship between organization capital and promotion-based tournament incentives. Using a sample of 33,618 publicly listed U.S. firm-year observations covering 1992-2020, the results show that firms with high levels of organization capital have relatively more promotion-based tournament incentives, and that tournament inc...
Article
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This paper investigates the effect of corporate social responsibility on the information content of stock prices. Using a sample of 877 United States‐listed firms, we provide evidence that a firm's corporate social responsibility (CSR) performance has a negative effect on stock price synchronicity, suggesting that socially responsible firms commit...
Article
A vast quantity of high-dimensional, unstructured textual news data is produced every day, more than two decades after the launch of the global Internet. These big data have a significant influence on the way that decisions are made in business and finance, due to the cost, scalability, and transparency benefits that they bring. However, limited st...
Article
Using gender as a theoretical framework, we analyse the dynamics of debt and equity financing during the COVID-19 pandemic for a cross-country sample of 8,921 private firms. We provide evidence of a slight gender bias in debt financing, with creditors favouring female entrepreneurs when dealing with cash flow problems during the COVID-19 pandemic....
Article
In this study, we examine the impact of board reforms on the choice between bank and public debt. Using a large sample of firm-year observations from 29 countries and a difference-in-difference setting, we find that major board reforms lead to a decrease in bank debt ratio, particularly in companies where bank debt is used for monitoring purposes,...
Article
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This paper investigates the role of peer effects in the employee welfare policies of organizations. Using US panel data for a sample of 11,451 firm-year observations from 1996 to 2017, we find that firms' employee welfare decisions are driven by their peers and show that peer firms play a significant role in defining corporate employee welfare poli...
Article
This article investigates the effect of residual state ownership on trade credit in Vietnam. The empirical results show that a substantial withdrawal of the state from listed state-owned enterprises (SOEs) does not disturb these firms’ supply of and demand for trade credit, suggesting that trade credit is not a source of soft budget constraint and...
Article
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This study examines the link between product market competition and labor investment efficiency. We find that competitive pressure distorts the efficiency of corporate employment decisions by creating an underinvestment problem. This finding withstands a battery of robustness checks and remains unchanged after accounting for endogeneity concerns. A...
Article
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This paper investigates whether peer firms affect trade credit policy. Using data on US listed firms for the period 1997–2015, we document strong evidence of peer influence on trade credit provision. This result remains significant after using alternative trade credit measures, different peer proxies, and addressing endogeneity concerns using an in...
Article
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In Japan, income, authority, and prestige are unequally distributed between men and women, even if they share the same occupational level. These inequalities are perceived as an ethical issue because they go against the principle of equal treatment at work. Nowadays, Japanese companies are under growing political and regulatory pressure to increase...
Article
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This study examines the dynamic connectedness between COVID–19 media coverage index (MCI) and ESG leader indices. Our findings provide evidence that MCI plays a role in facilitating the transmission of contagion to advanced and emerging equity markets during the pandemic. The connectedness between MCI and ESG leader indices is more pronounced aroun...
Article
The paper investigates the role of peer effects in the employee welfare policies of organizations. Using US panel data for a sample of 11,451 firm-year observations from 1996 to 2017, we find that firms’ employee welfare decisions are driven by their peers and show that peer firms play a significant role in defining corporate employee welfare polic...
Article
Full-text available
This paper proposes a new approach for tackling the issue of the impact of sovereign rating on corporate ratings. As the policy of never rating a private issuer above its government (sovereign ceiling) has been relaxed by the major credit rating agencies, further empirical investigation is needed to identify the key factors that determine the stren...
Article
The purpose of this paper is to investigate the relationship between board feminization and innovation through corporate venture capital (CVC) investments, as well as the moderating effects on this relationship of independence and management skills. This study relies on a set of unique data to measure CVC activity for all French-listed companies th...
Article
Using a large panel of U.S. public firms, we examine the relation between annual report readability and cost of equity capital. We hypothesize that complex textual reporting deters investors' ability to process and interpret annual reports, leading to higher information risk, and thus higher cost of equity financing. Consistent with our prediction,...
Article
Full-text available
This paper investigates the effect of the largest controlling shareholders on firm productive efficiency. Using a sample of French listed firms, we employ parametric (linear regression), semi-parametric (Olley and Pakes) and non-parametric (Data Envelopment Analysis) approaches to estimate productive efficiency. We find a negative association betwe...
Article
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Corporate governance has gone through three decades of profound changes in terms of new regulations, new practices, and environmental conditions. Many countries drafted guidelines for best corporate governance practices following Cadbury report (Cadbury, 1992). These practices were mainly related to the board of directors (composition and functioni...
Article
This study investigates oil price risk exposure of financial and non-financial industries around the world during the COVID–19 pandemic. The empirical results show that oil supply industries benefit from positive shocks to oil price risk in general, whereas oil user industries and financial industries react negatively to positive oil price shocks....
Article
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Sustainability has become an important and widely applied concept in the environmental economics literature. Despite the numerous studies employing an environmental Kuznets curve (EKC), this model has been critiqued for its incompleteness. This article builds a modified EKC model to examine the contribution of financial development for achieving su...
Article
The purpose of this paper is to examine the effect of corporate innovation strategy on firm-level stock price crash risk. Using a sample of French listed firms covering 2007–2016, we show that innovative firms are more prone to future stock price crash risk. Managers of these firms have optimistic expectations about growth prospects that encourage...
Article
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This study assesses whether foreign currency (FC) hedging improves firm productive efficiency. Using a unique sample of French non-financial listed firms belonging to the CAC All-Tradable index (former SBF250 index) index over the period 2004–2012, we employ a non-parametric method –data envelopment analysis (DEA)– to estimate a firm’s efficiency f...
Preprint
Full-text available
The COVID-19 pandemic has shaken the global financial markets. Our study examines the role of gold as a safe haven asset during the different phases of this COVID-19 crisis by utilizing an intraday dataset. The empirical findings show that dynamic conditional correlations (DCCs) between intraday gold and international equity returns (S&P500, Euro S...
Book
Full-text available
The handbook seeks conceptual, empirical and policy papers, using quantitative and qualitative methods alike, to provide the readers including investors, managers, and policymakers with new results, recent findings and future perspectives on the impacts of the Covid-19 episode on financial markets, firm behaviors, financing policies, and investment...
Article
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This paper examines whether multiple large shareholders (MLS) affect audit fees in firms where the largest controlling shareholder (LCS) is a family. Results show that there is a negative relationship between audit fees and the presence, number, and voting power of MLS. This is consistent with the view that auditors consider MLS as playing a monito...
Preprint
Despite an enormous amount of research on the relationship between financial hedging and firm performance, the literature provides so far no clear-cut findings on whether the use of derivatives results in higher firm valuation. Using a meta-analysis of 51 studies, this research explains whether the absence of a consensus is due to different country...
Article
Full-text available
This paper examines how corporate social responsibility (CSR) affects the level of financial distress risk (FDR). Using a sample of 1201 US-listed firms during 1991–2012, our results indicate that firms with higher CSR levels have lower FDR, suggesting that a better CSR performance makes firms more creditworthy and have better access to financing,...
Article
This study examines how financial contagion occurs through financial and nonfinancial firms between China and G7 countries during the COVID–19 period. The empirical results show that listed firms across these countries, financial and non-financial firms alike, experience significant increase in conditional correlations between their stock returns....
Article
This paper examines the mediating role of corporate social responsibility (CSR) on the relationship between culture, religiosity and firm performance. Using a questionnaire of a sample of 189 responses of corporate managers from Pakistan were analysed. The Confirmatory Factor Analysis (CFA) was applied to validate the instrument and Structural Equa...
Preprint
Full-text available
This study examines how financial contagion occurs through financial and nonfinancial firms between China and G7 countries during the COVID-19 period. The empirical results show that listed firms across these countries, financial and non-financial firms alike, experience significant increase in dynamic conditional correlations between their stock r...
Article
Our paper contributes to the nascent field of technological entrepreneurial intent by proposing a model linking students’ entrepreneurial intent to digitalization of the economy, and providing evidence based on a small transition economy: Kosovo. Our sample is composed of 310 students from two universities in Kosovo (University of Pristina and Univ...
Article
We use the theoretical framework of Acharya and Naqvi (2019) to introduce a macro-financial model where the “reaching for yield” incentivized by a loosening monetary policy in the United States mitigates the diabolic loop in a Monetary Union. We provide empirical evidence that the introduction of an accommodative monetary policy by the Fed lowers t...
Article
Full-text available
This study examines how financial contagion occurs through financial and nonfinancial firms between China and G7 countries during the COVID–19 period. The empirical results show that listed firms across these countries, financial and non-financial firms alike, experience significant increase in conditional correlations between their stock returns....
Article
Full-text available
The COVID–19 pandemic has shaken the global financial markets. Our study examines the role of gold as a safe haven asset during the different phases of this COVID–19 crisis by utilizing an intraday dataset. The empirical findings show that dynamic conditional correlations (DCCs) between intraday gold and international equity returns (S&P500, Euro S...
Article
Full-text available
This study provides evidence on the relationship between CEO inside debt and corporate social responsibility (hereinafter, CSR). We find that an increase in CEO inside debt leads to high levels of CSR. This finding is robust to controlling for the sensitivity of CEO equity compensation to volatility as well as to alternative measures of CSR. We als...
Article
This paper studies the relationship between CEO elite education and firm hedging decisions. It uses the particular specificities of the French post-secondary educational institutions to examine the effect of CEO educational background on the use of foreign currency derivatives. The results show a positive and significant relationship between educat...
Article
Full-text available
In this paper we present new evidence on the relation between idiosyncratic risk and mutual fund performance using asset pricing models. We use a unique data set containing monthly returns of 949 UK equity mutual funds over a 28-year period to measure fund performance. We find that idiosyncratic risk cannot be eliminated in UK mutual funds. We show...
Article
This study examines the effect of employee well-being on the corporate debt maturity structure of U.S. firms. It hypothesizes that a firm's degree of commitment to employee welfare affects its debt maturity structure. Using a sample of 19,347 firm-year observations over the period 1991–2014, we find evidence that firms with higher employee welfare...
Article
We examine whether and how competitive pressure in the product market influences the cost of equity capital. Using a large panel of U.S. public firms, we find that intensification of product market competition results in lower equity financing costs. Our results are statistically significant and economically sizeable. Our findings are subjected to...
Article
We examine the effect of annual report textual complexity on firms’ stock liquidity. Using techniques from computational linguistics, we predict and find that less readable filings are associated with lower stock liquidity. Our study provides evidence that difficult‐to‐read annual reports hinder investors’ ability to process and analyze information...
Article
Abstract This paper investigates the effect of financial development on government bond returns in developed and emerging markets under different market conditions. Using a quantile regression framework for quarterly panel data from 28 countries over 1999–2015, our results reveal that the effect of financial development on government bond returns...
Article
The paper investigates whether Southern Mediterranean and Middle Eastern markets under the Euro–Mediterranean Partnership (Egypt, Lebanon, Morocco, Malta, and Turkey) have become more financially integrated with the European stock market over time. The findings suggest that the Turkish equity market is moderately integrated with the European market...
Article
Full-text available
Managing market risk under unknown future shocks is a critical issue for policymakers, investors and professional risk managers. Despite important developments in market risk modeling and forecasting over recent years, market participants are still skeptical about the ability of existing econometric designs to accurately predict potential losses, p...
Article
This study investigates the effect of audit quality on firm investment efficiency for 125 French-listed companies over 2008–2015. It uses parametric and non-parametric measures of firm investment efficiency, based on residuals extracted from the investment efficiency model and the data envelopment analysis (DEA) approach, respectively, to assess wh...
Article
We investigate the impact of sovereign wealth fund (SWF) investment on ex ante (implied) cost of equity capital of targeted firms. Using an international sample of 310 targets involved in 403 SWF deals and their matched firms, we find that targeted firms exhibit, on average, higher cost of equity financing than their peers after the announcement da...
Article
Building on recent and growing evidence that geographic location influences information diffusion, this paper examines the relation between firm's location and the predictability of stock returns. We hypothesize that returns on a portfolio composed of firms located in central areas are more likely to follow a random walk than returns on a portfolio...
Article
Full-text available
This paper analyzes the short-term market efficiency of the mutual fund industry around the world. Using a unique database of worldwide domestic equity funds, it employs a parametric (regression model) and non-parametric (data envelopment analysis (DEA) model) approaches to establish a relation between cost (expense ratio, turnover, loads, and risk...
Article
Full-text available
The growing interdependence between financial markets has attracted special attention from academic researchers and finance practitioners for the purpose of optimal portfolio design and contagion analysis. This article develops a tractable regime-switching version of the copula functions to model the intermarkets linkages during turmoil and normal...
Article
The present study investigates the determinants of Arab sovereign wealth funds (SWFs) investment decisions. Using a sample of 223 listed firms targeted by SWFs over the 2000–2014 period (among which 73 are targeted by SWFs owned by Arab countries), we find that, in comparison to non-Arab SWFs, Arab SWFs prefer larger firms operating in strategic in...