Dissertationen zum Thema „Entreprises du CAC 40“
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Pastore-Chaverot, Manuela. „Les stratégies de RSE des grandes entreprises : les facteurs d'influence. Analyse des discours des entreprises du CAC 40“. Thesis, Metz, 2011. http://www.theses.fr/2011METZ002D/document.
Der volle Inhalt der QuelleThis research focuses on the CSR strategies published by big companies. After collecting annual and sustainable development reports of the CAC40 companies during three years, a quantitative content analysis has been made to test the potential influence of several factors on the adoption and diffusion process of the CSR strategies: the belonging to a business sector, the existence of a French conception of CSR, and the corporate executives’ profiles. Underlined with a literature review and several exploratory works, these factors, considering our results, seem to influence the level of responsible involvement and the thematic content in the reports. All things considered, this work brings to light the micro and macroeconomics factors which can influence the responsible implication of the companies. The methodology of quantitative content analysis also offers the opportunity to develop a model which helps reading the information of sustainable reporting, demanded by the article 116 of the NRE law in France, and permitting to highlight the priorities of the contents published, for the companies and their stakeholders
Guillot-Soulez, Chloé. „Dimensions organisationnelles et fondements ressources humaines des plans d'options sur actions : le cas des entreprises du CAC 40“. Paris 1, 2005. http://www.theses.fr/2005PA010040.
Der volle Inhalt der QuelleBelkasseh, Soumaya. „Travail temporaire révélateur des paradoxes de la Responsabilité Sociale des Entreprises (RSE)“. Electronic Thesis or Diss., université Paris-Saclay, 2024. http://www.theses.fr/2024UPASI006.
Der volle Inhalt der QuelleMultinational companies are constantly seeking to improve their market competitiveness by optimizing operating costs. Payroll represents one of the most important cost items to control. Indeed, some companies choose to opt for flexible management of human resources using temporary work. This strategic choice certainly presents a financial advantage but would bring significant economic and social challenges, particularly for companies that adopt a Corporate Social Responsibility (CSR) approach. Based on a review of the multidisciplinary literature and our empirical study, we would like to provide elements of response to the following problem: “How would the adoption of a Corporate Social Responsibility (CSR) approach be compatible with the use of temporary work?". We adopt a qualitative research methodology based on the multiple case study method, by studying a sample of four CAC 40 companies. These companies are present in Morocco, employ temporary workers and adopt a CSR approach with all that this implies namely in terms of social commitments towards all stakeholders, particularly employees. At the end of this research work, a new flexible socially responsible approach is proposed
Baghad, Halima. „L'influence de la presse financière et du sentiment de l'investisseur sur les marchés financiers : cas des entreprises du CAC 40“. Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010050.
Der volle Inhalt der QuelleMustafa, Bahar. „L'impact de la divulgation de reporting RSE sur la performance financière : Le cas des entreprises cotées du CAC 40, de 2011 à 2014“. Thesis, Sorbonne Paris Cité, 2018. http://www.theses.fr/2018USPCD018.
Der volle Inhalt der QuelleAt present, due to the rapid growth in the demand for transparency in corporate reporting, sustainability reporting (CSR reports) is becoming increasingly frequent and an important topic of modern corporate research theory. French law currently obliges companies to include information on environmental and social concerns in their annual activity reports.The objective of this thesis is to study the impact of the disclosure of CSR of CAC 40 listed companies on the Paris Stock Exchange (Euronext), on the corporate financial performance. In order to this, a statement on corporate social responsibility and social reporting is first presented using the content analysis method based on the Sustainability Reporting Guidelines (GRI-G3.1). Then, financial performance is measured by accounting measures (ROA) and market measures (TBQ) obtained from the Datastream database. These quantitative data were used in a panel data regression model to test the impact of social reporting on the return on assets (ROA) and market value such as Tobin's Q (TBQ) over a period of 4 years, from 2011 to 2014.The results of the study show that the trend in corporate social responsibility increased throughout the period, particularly regarding the disclosure of employment practices and the environment, which are the two most widely disclosed elements. The results of the empirical analysis indicate that this mixed relationship between CSR disclosure and financial performance exists for all companies whether industrial or non-industrial. This work contributes to the literature on CSR by elucidating the temporal impact of the disclosure of environmental and social information on corporate value
Guinchard, Julia. „Evaluation et valorisation de la communication environnementale et diffusion d’informations dans le document de référence : le cas des entreprises cotées du CAC 40, de 2007 à 2013“. Thesis, Paris 10, 2014. http://www.theses.fr/2014PA100124/document.
Der volle Inhalt der QuelleBy focusing on 38 stock marketed companies from the CAC 40 from 2007 to 2013, to question on the link between environmental published information and market valorization is at stake. The response is organized trough 3 main objectives by performing an explorative analysis: First, one may identify an impact from the disclosure about environmental practices on the stock market thank to the event study methodology. Publication of the annual registration documents hold attention in order to appreciate public environmental communication: Thus, the issue is not to evaluate firms’ policies but to understand how do they behave concerning their communication, by performing a content analysis based on 228 registration documents. Then, one may use an innovative data sources through the Global reporting initiative (GRI) standardized items to explore and to score the published information concerning environmental practices, leading to build an disclosure index. Last, one may test the relationship between the disclosure practices and the impact of this disclosure on the stock market. Companies tend to be more and more transparent according to the GRI, as on the items itself than on their whole practices. When they circulate their registration documents, there are significant cumulated abnormal returns. As a result, one may observe that disclosure on environmental practices explains more the abnormal returns than financial datas, as the leverage variation, even if this effect tend to be less and less important with time
Barrau, Thomas <1990>. „The CAC 40 in 2015: the ghost of a bubble“. Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6939.
Der volle Inhalt der QuelleLu, Nan. „La modélisation de l'indice CAC 40 avec le modèle basé agents“. Thesis, Paris Est, 2018. http://www.theses.fr/2018PESC0004/document.
Der volle Inhalt der QuelleWe develop an agent-based model to replicate two frequently observed anomalies in the financial markets: the fat tails and the clustered volatility of the distribution of the returns. Our goal is to show conclusively that these anomalies could be attributed to a mimetic formation of the expectations of the stakeholders in the markets. We did not follow the rencent developpments in the field of the ACE model in the finance, but we propose a very simple model which is estimated from the stylized facts of the French daily index CAC 40. The hypothesis of mimetic anticipations can thus be tested: it is not rejected in our modeling
Jalabert, Stéphanie. „Le rôle du dirigeant de la grande entreprise cotée dans le changement de paradigme de la valeur : les dirigeants du CAC40 peuvent-ils / veulent-ils « réconcilier » les valeurs actionnariale et partenariale ?“ Thesis, Paris, HESAM, 2020. http://www.theses.fr/2020HESAC007.
Der volle Inhalt der QuelleWhat are the CAC40 leaders’ willingness and capabilities (latitude) to reconcile shareholder and stakeholder value? To this question which may sound a little provocative, the further objective of our research was to measure the current level of paradigm shift adoption in large companies in France. We decided to consider the « CAC40 », since these organizations are very representative of the hyper-financialization of today’s Economy. Through the study of the "intention-behavioral" relationship, we focused our attention on a panel of leaders, and intended to find to which extent they have become precursor of a new paradigm, a kind of value “reconciliation” (between shareholder and stakeholders value), and considering all stakeholders impacted or impacted in the company's value creation.Based on Ajzen’s theory of planned behavior, but also on Everett Rogers's work on the innovation adoption curve, we were able to map a panel of CAC40 leaders and their “intention-behavior” frame. In view of the results of our research, the majority of the leaders in our sample are still to be "convinced" as Moore would make reference to it. In order to move to a clear adoption of change, we will still need to ensure that more early majority leaders are willing to crossing the Chasm, (this inflection point to the paradigm shift) and that this process can be taken for granted and sustainable over time
Deville, Laurent. „Coûts de transaction et efficience des marchés d'options : tests empiriques sur le marché français“. Université Louis Pasteur (Strasbourg) (1971-2008), 2002. http://www.theses.fr/2002STR1EC03.
Der volle Inhalt der QuelleThis work is devoted to the empirical study of the efficiency of the French CAC 40 index option contract. We investigate this efficiency through tests of the arbitrage relationships during the one-year period surrounding the introduction of the Master Share CAC 40, the Exchange Traded Fund aimed to replicate the CAC 40 index. In the first two chapters of the thesis, we estimate the total transaction costs faced by the institutional investors for the exchange of the CAC 40 constituent stocks. The efficiency tests in the next two chapters are based on high-frequency data of option transactions and index values, which enable us to avoid any asynchronous bias. Ex post, we show that the introduction of ETFs benefited to the efficiency of the market, as both the frequency and the value of the deviations significantly diminished. This result is confirmed in the ex ante analysis conducted for the put-call parity relationship, partly based on a new measure of informational efficiency, the "time to efficiency". Actually, the delay necessary to the market to meet prices compatible with no-arbitrage, after a deviation, is shown to have been divided by more than two after the introduction of ETFs
Alphonse, Pascal. „L'arbitrage du contrat a terme sur indice cac 40. Valorisation, dynamique et microstructure“. Lille 2, 1997. http://www.theses.fr/1997LIL20026.
Der volle Inhalt der QuelleThis work deals with the process of price formation in the french stock index market and stock index futures market. Most of the analysis is concerned with the role arbitrageurs play in this join dynamics. The investigation is based on intraday time stamped data (price, quotes, orders and depth at the best quotes) recorded in 1994 and 1995 by the sbf, the french stock exchange, and the matif, the french futures markets. We first show that the market frictions make the arbitrage decision a strategic one, what is in accord with empirical findings. The action of arbitrageurs depends on liquidity pressure and/or information arrival. The hypothesis of an informational advantage of the futures market is also analyzed. We show that half of the conditional variance of the stock index returns, as represented by a garch process, is indeed explained by arbitrage trading, but only twenty percent of the variance of the futures. We next analyze the competitive structure of arbitrage trading in paris. We cannot reject the hypothesis of a competitive/oligopolistic structure of arbitrage. Mispricings are then quite we find evidence for both an information effect and a liquidity effect of arbitrage trading, even if the behavior of the basis is taken into account. Nevertheless, the liquidity effect does not affect the price formation process in the long run. The incentive mechanism of liquidity provision explains this empirical finding
Bezzahou, Youssef. „Les indices boursiers : théorie du marché financier, rendement et anlyse, cas du CAC 40“. Paris 1, 1998. http://www.theses.fr/1998PA010047.
Der volle Inhalt der QuelleBétourné, Nathalie. „De l'existence d'une mémoire pour les rendements d'actions : le cas des titres du CAC 40“. Littoral, 2001. http://www.theses.fr/2001DUNK0066.
Der volle Inhalt der QuelleThe volatility of securities is followed analytically on the financial markets by fractals theory introduced by Mandelbrot in 1950. This theory let determine the existence of the volatility long memory by introducing the R/S statistic (or "Hurst" exponent) defined by Lo (1991) and developped by Jacobsen (1996). The tests positive results attained on the analyse of the volatility do not concluded these obtained on the analyse of asset returns. We show indeed that the introduction of short term effect (autoregressiv models) in the statistic reduce the exponent value despite of the sample size : the long memory do not exist because of the short term-long term couple. The more transactions size is high the more the statistic value decrease : the sort term effect prevail on the long term effect ; the private and public information price depend on the investors strategic behavior of the session (the investors mimetism) function of the liquidity, the spread, the volume and the lead-lag effect criterias. An investor with an immediat reaction for speculation or liquid patterns lead a short term dependence of asser returns : their strategy depend on the evolution of past prices. We show that the short memory exist from an autoregressiv model modified GARCH introduced by Zumbach (1999). We can have a second approach of the short term effect from the duration between transaction prices and the volatility negativ correlation. We extend the modified GARCH(1,1) process of Zumbach by a mixed GARCH(1,1)-ACD process for getting account the duration factor. The results show that the asset returns short memory exist and the deviation of the errors estimations are lower with the mixed GARCH(1,1)-ACD process
Angibaud, Mathieu, und Jérémy Buan. „Is there a correlation between the CEO compensation and the firm wealth after the financial crisis of 2007? : Empirical Evidence from the Stock exchange index CAC 40 (2008-2010)“. Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-57327.
Der volle Inhalt der QuelleChikhi, Mohamed. „Modélisation non paramétrique des processus stochastiques : analyse non paramétrique de la non linéarité de l'indice CAC40“. Montpellier 1, 2001. http://www.theses.fr/2001MON10024.
Der volle Inhalt der QuelleIn this work, we are interested in the nonparametric dynamic modelling of the stochastic processes. We try to exceed the traditional vision treating the observed fluctuations on the Parisian stock exchange market while seeking to identify the stock exchange CAC 40 series while holding account of the kernel method. In chapter 1, we specify the informational efficiency theory of the stock exchange markets by distinguishing the three usual categories of efficiency and study the anomalies in the stock exchange markets. In chapter 2, we test the weak from efficiency hypothesis by the various traditional tests of random walk and autocorrelation. Then, we apply two more powerful nonparametric tests : Mizrach and BDS tests. In a last time, we test if there is a type of long-term dependence by testing the fractional coefficient of integration and the long memory. .
Assoil, Ayad. „La mesure et la gestion du risque de liquidité sur le marché boursier du CAC 40“. Thesis, Montpellier, 2020. http://www.theses.fr/2020MONTD013.
Der volle Inhalt der QuelleLiquidity is a key attribute for efficient functioning of financial markets. Liquidity is important for investors, the regulator, financial intermediaries and listed companies. However, despite its importance as well as its prominence in the microstructure of financial markets literature, it is still an elusive concept as it may refer to the liquidity of a market, an asset, a fund or a portfolio, or even to the liquidity that a central bank provides. The lack of consensus on the definition of liquidity makes it difficult to quantify it. The aim of this thesis is to investigate the liquidity risk on the CAC 40 market index. This thesis is structured around three main lines : first, the microstructure of financial markets is addressed in order to fully understand the sources and the drivers of liquidityrisk. Particular attention is paid to the role of liquidity in systemic crises and to the impact of new changes in market structure (market deregulation, high-frequency trading,dark pools, etc.) on liquidity risk. Second, we focus on the quantitative measurement of liquidity risk on the CAC 40 market. This is achieved by using the GARCH and ARFIMA models, as well as the VAR (Vector autoregression) models. Third, we address the liquidity risk management through the application of the LCAPM model, the liquidity constrained portfolio model and the Liquidity Value-at-Risk model
Al, Ayoubi Mireille. „Marchés financiers et gestion des risques : Une modélisation fractale de la VaR du CAC40“. Thesis, Montpellier, 2016. http://www.theses.fr/2016MONTD061.
Der volle Inhalt der QuelleFinancial markets occupy an important place in our society. However, they present increased risks to financial institutions. Crises, crashes, bubbles and financial turbulence often destabilize these markets. Indeed, the existence of different anomalies and psychological bias, going against the hypothesis of efficiency, put into question financial theory and present an inefficiency of financial and risk management. Faced with these effects, Bale II committee recommended Value at risk as a new financial instrument of risk management. Value at Risk, introduced by JP Morgan Bank in the 90, have a great recognition in finance, but it is also a subject of controversy. To overcome the VaR limits, we propose a new framework based on fractal process. Taking into account abnormalities and risk factors of financial markets, which induce non-Gaussian returns, we introduce the VaR with a Markov-switching multifractal model proposed by Calvet and Fisher. The VaR-MSM approach presents multifractal volatility at different frequencies. We apply this model to the France CAC 40 stock market index. The results clearly show the advantages of VaR-MSM compared with other models of VaR evaluation
Diaw, Alassane Bocar. „Dynamique de l'indice CAC 40 et du contrat à terme dérivé à partir des données à haute fréquence“. Nice, 2009. http://www.theses.fr/2009NICE0031.
Der volle Inhalt der QuelleThis work aims to study intraday dynamics of CAC 40 index futures and the underlying spot index. Theoretically, if the markets are linked by activity, futures prices should be equal to spot prices suggesting that information flows simultaneously in the two markets. However, the majority of the studies highlight the leading role of the futures markets, in price discovery, allotted to microstructure issues. The primary goal of this study is to quantify and study the stability of informational flows. We seek to determine whether, between microstructure bias and information volume, time interval is significant in the characterization of the returns and volatility dynamics. The bivariate analysis is based on an error correction model for the returns equation and an EGARCH model to capture the volatility spillover. The first has shown the predominance of the futures market in the price discovery process, specifically for short time intervals. The latter has highlighted high volatility clustering in the futures market and unidirectional transmission of information shocks to spot market, particularly at higher time intervals. The second goal is to explain futures market volatility clustering by the intensity of the activity and the information asymmetry based on volumes and prices proxies. The Autoregressive Conditional Duration (ACD) model has shown some predictability of the volatility clustering at the level of ultra-high frequencies (tick-data). However, the role of the information asymmetry in the futures market volatility seems, globally, negligible and non permanent. The use of mixed duration and conditional volatility models (ACD- GARCH) confirms these results. Therefore, the volatility in the French major index futures market shouldn’t be allotted to informed agents with private information, as documented by market microstructure literature in some foreign markets
Coutton, Didier. „Le Marketing de l'offre actionnariale dans un objectif de création de valeur économique : le cas des sociétés du CAC 40“. Paris, CNAM, 2006. http://www.theses.fr/2006CNAM0530.
Der volle Inhalt der QuelleAssuming financial markets are not totally efficient and shareholder value is the ultimate objective of a listed company, designing a marketing offer dedicated to shareholders can be justified. This marketing, targeting shareholders, hence its appelation "Marketing for Shareholders", is a services and relationship marketing intended to build up a loyal shareholder base and to avoid share price volatility thanks to : (1)a marketing mix designed to attract loyal investors and (2) retention strategies implemented to keep shareholders loyal. The doctoral dissertation is devoted to the attraction process from a managerial perspective. It establishes the relation between the marketing mix variables and the shareholder value
Meyer, Bertrand. „Estimation paramétrique et non-paramétrique du coefficient de diffusion : étude numérique comparée sur données simulées et données réelles issues de l'indice boursier CAC40“. Université de Marne-la-Vallée, 1999. http://www.theses.fr/1999MARN0047.
Der volle Inhalt der QuelleKarem, Abdessamad. „Contribution à l'économétrie financière“. Caen, 2003. http://www.theses.fr/2003CAEN0608.
Der volle Inhalt der QuelleCastillan, Solenne. „Contrat à terme sur indice boursier : le cas du FCE sur CAC40“. Thesis, Montpellier, 2016. http://www.theses.fr/2016MONTD056/document.
Der volle Inhalt der QuelleThe CAC 40 index is the first thing that comes to mind when talking about financial markets. However it is not negotiable. Therefore appeared derivative contracts such as futures contract FCE whose underlying is the CAC40 index which can be bought and sold. Their values are very close but not equal. So what is the relationship between the FCE contract and the CAC40? Using daily downloadable data on the Internet and accessible to everyone, answers will be given. In the first part we present the future contracts derived from the CAC40, the reasons to trade it, and we compare it to other stock index futures in the world. We then study the relationship FCE / CAC40 in terms of informational efficiency. For that we will study different notions of basis and try to model them. Finally in the last part we are interested in the same relationship but with a microstructure point of view, studying in particular non-price variables: volume and open interest, and volatility. Finally, we will try to modelise volatility with these variables
Ben, Amor Abderaouf. „Essais sur l'évaluation de la prime de risque : Cas de la crise financière des subprimes“. Thesis, Paris 8, 2016. http://www.theses.fr/2016PA080013/document.
Der volle Inhalt der QuelleThis thesis aims primarily to explain the enigma of the risk premium by assessing the impact of the recent financial subprime crisis in the United States on the risk premium. Since the systematic risk factor remains the major factor in the risk premium, we used a conditional version of the CAPM to study the impact of the crisis on the conditional beta using econometric specification as the multivariate GARCH ( BEKK) Engel and Kroner (1995). The subprime crisis that started in late 2007 with the collapse of the US housing market, first had an impact on the local financial sector. But it gained momentum, spreading to other major financial centers. Long time, risk aversion was not as high and the bankruptcy of investment bank Lehman Brothers in mid-September, was the organ of the crisis developed. In this work, we based on the French stock market and we tried to detect the impact of the financial crisis on the risk premium sector indices. To do this, we tried to show the effect of the crisis on the systematic risk beta indices. First, we created daily by the beta bivariate GARCH (BEKK) Engel and Kroner on the period from January 1, 2007 to December 31, 2014. Then we dropped the beta introducing explanatory variables variance conditional index and the conditional variance of the
Hamdi, Haykel. „Théorie des options et fonctions d'utilité : stratégies de couverture en présence des fluctuations non gaussiennes“. Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020006/document.
Der volle Inhalt der QuelleThe traditional approach of derivatives involves, under certain clearly defined hypothesis, to construct hedging strategies for strictly zero risk. However, in the general case these perfect hedging strategies do not exist, and the theory must be rather based on the idea of risk minimization. In this case, the optimal hedging strategy depends on the amount of risk to be minimized. Under the options approach, we consider here a new measure of risk via the expected utility approach that takes into account both, the moment of order four, which is more sensitive to fluctuations than large variance, and risk aversion of the investor of an option towards risk. Compared to delta hedging, optimization of the variance and maximizing the moment of order four, the hedging strategy, via the expected utilitiy approach, reduces the sensitivy of the hedging approach reported in the underlying asset price. This is likely to reduce the associated transaction costs
Bouzouita, Ahmed. „The impact of corporate governance on firm perfomance: a case of CAC 40 Firms“. Master's thesis, 2018. http://hdl.handle.net/10362/49642.
Der volle Inhalt der QuelleLima, Moisés Fontes. „Violações da Propriedade da Monotonicidade dos Preços de Opções sobre o Índice CAC 40“. Master's thesis, 2012. https://repositorio-aberto.up.pt/handle/10216/66307.
Der volle Inhalt der QuelleLima, Moisés Fontes. „Violações da Propriedade da Monotonicidade dos Preços de Opções sobre o Índice CAC 40“. Dissertação, 2012. https://repositorio-aberto.up.pt/handle/10216/66307.
Der volle Inhalt der QuelleSantos, Ana Rita Fonseca dos. „Relação entre mercados acionistas CAC 40 e EURONEXT 100 e ativos de refúgio na sequência de ataques terroristas em França“. Master's thesis, 2017. http://hdl.handle.net/10071/15493.
Der volle Inhalt der QuelleThis dissertation will analyze the impact of four terrorist attacks occurred in French soil on the French stock market as well as in some European markets. With this purpose in mind, will be examined if the precious metals (gold, silver, palladium and platinum) behave as safe-haven assets in these type of scenarios. In the light of the findings, a comparison will be made to identify the differences between the markets under analysis. The DDC-GARCH model, developed by Engle (2002), was the model chosen to test the refuge's characteristics in the assets. Through this, it will be possible to analyze these properties up to 1 month after the attacks. To do this, a one-year average of the metal correlation coefficient with the CAC40 and / or EURONEXT 100 will be performed in a later stage, compared with periods of 3, 5, 10 days and one month. Until now, however, despite the efforts there is still no obvious explanation why investors tend to invest in this type of commodities. This is due to the ambivalence of the concept of a refugee asset, mainly on the impact of volatility and risk. In this sense, this project intends to test the hypothesis of how precious metals can be a refuge, through periods of instability. To test, it will be applied daily returns of CAC 40, EURONEXT 100 and precious metals. In the present study a new perspective is introduced - An analysis of the market behavior of precious metals (gold, silver, palladium and platinum) in the face of terrorist attacks. It is intended to verify if this behavior is correlated with the reference stock market of the country where they occurred, France and some Euronext countries. Later on, in light of the results obtained, it will be compared the difference of behavior of each selected precious metal with CAC 40 and EURONEXT 100. It can be observed that all metals behave like safe-haven assets in the recent attacks: Bataclan and Nice, except for palladium. Having this, this metal shown this characteristic on the attack on Charlie Hebdo (November 13, 2015) and the Bataclan.
Padilha, Fernando José Janes 1971. „Estrutura do capital e política de dividendos : abordagem integrada das empresas do PSI-20, DAX-30, CAC-40, FTSE-100, IBEX-35 e AEX-35, no período de assistência financeira (2011-2014)“. Doctoral thesis, 2018. http://hdl.handle.net/11067/4571.
Der volle Inhalt der QuelleExame público realizado em 17 de Maio de 2019
Os autores, (Modigliani e Miller, 1958) enunciaram a irrelevância da estrutura do capital e política de dividendos sobre o valor das empresas, considerando o pressuposto da existência de um mercado perfeito. A partir deste momento surgiram diversas teorias sobre esta problemática, utilizando diferentes abordagens para identificação dos determinantes das decisões financeiras das empresas. A tese apresenta dois contributos: um no plano teórico e outro no plano empírico. No plano teórico, a vasta literatura reveste-se de especial interesse, quer para os académicos, quer para os gestores. A nível empírico, é utilizada como metodologia estatística, o modelo de regressão linear múltipla, no período de assistência financeira, tendo em conta um conjunto de variáveis (endógena e exógenas). O modelo proposto estuda a interdependência das decisões da estrutura do capital e distribuição de dividendos, no contexto das empresas portuguesas cotadas no PSI-20 comparativamente com as empresas cotadas nos índices DAX-30, CAC-40, FTSE-100, IBEX-35 e, AEX-35. Ao mesmo tempo que permite analisar a interdependência daquelas decisões, bem como as relações causais que caracterizam essa interdependência. Reconhece explicitamente, a interactividade das diferentes variáveis das empresas e os efeitos directos, indirectos e totais em cada uma das decisões financeiras. Os resultados obtidos indicam que a estrutura do capital e política de dividendos das empresas do PSI-20, e dos índices DAX-30, CAC-40 e IBEX-35 refletem o comportamento previsto pelas Teorias da Pecking Order e do Market Timing, uma vez que estabelecem a existência de uma relação significativa entre o endividamento das empresas e as variáveis rendibilidade e oportunidades de crescimento. O contributo mais relevante da Tese reside na tentativa de melhorante da performance de algumas variáveis das empresas do PSI-20, de suporte e resistência aos períodos mais conturbados da economia Portuguesa, tendo por base um estudo empírico cobrindo os indicadores do PSI-20 no período de 2011-2014.
The authors, (Modigliani and Miller, 1958) presented the irrelevance of the capital structure and dividend policy on the value of companies, considering the assumption of a perfect market. From this momento n several theories have emerged about this problema, using different approach to identify the determinants of financial decisions of companies. The thesis presents two contributions: one on the theoretical plane and another on the empirical plane. On the theoretical level, the vast literature is of special interest, both for academics and for managers. At the empirical level, the multiple linear regression model is used as statistical methodology in the period of financial assistance, taking into account a set of variables (endogenous and exogenous). The proposed model studies the interdependence of capital structure and dividend distribution in the contexto of the portuguese companies listed in PSI-20, compared to companies listed in the DAX-30, CAC-40, FTSE-100, IBEX-35 and AEX-35. At the same time it allows us to analyze the interdependence of those decisions, as well as the causal relations that characterize this interdependence. It explicity recognizes the interactivity of the different business variables and the direct, indirect and general effect on each of the financial decisions. The results indicate that the capital structure and dividend policy of the PSI-20 companies and the DAX-30, CAC-40 and IBE-35 indices reflect the behavior predicted by the Theories of Pecking Order and Market Timing, once which establish the existence of a significant relationship between corporate indebtedness and the variables of profitability and growth opportunities. The most relevant contribution of the thesis is the attempt to improve the performance of some variables of the PSI-20 companies, of support and resistance to the most troubled periods of the Portuguese economy, based on an empirical study covering the PSI-20 indicators in the period of 2011-2014.
Vachon, Gisèle. „Étude des contextes favorables à l'émergence d'entreprises de l'économie sociale visant l'insertion de personnes sans emploi /“. 1998. http://proquest.umi.com/pqdweb?did=734154381&sid=40&Fmt=2&clientId=9268&RQT=309&VName=PQD.
Der volle Inhalt der QuelleMartinho, Mónica Carvalho. „Selecção de portefólios: o impacto da liquidez“. Master's thesis, 2015. http://hdl.handle.net/10316/31738.
Der volle Inhalt der QuelleA literatura tem apresentado várias extensões do modelo média-variância para a selecção de portefólios, nomeadamente através da inclusão de custos de transacção. Recentemente, a estratégia 1/N, que não requer qualquer tipo de optimização, tem sido apresentada como uma das mais eficientes, sobretudo na presença de custos de transacção. O presente estudo propõe uma metodologia de selecção de portefólios eficientes através da incorporação de medidas de liquidez observadas no mercado. A estratégia é aplicada aos índices PSI20 e CAC40 considerando o spread bid-ask como proxy da liquidez. A análise dos rácios de Sharpe fora da amostra indiciam que o modelo proposto é competitivo em relação aos modelos alternativos, sendo a sua superioridade mais visível em mercados periféricos, com reduzida liquidez, como o mercado português.
The literature has presented a number of variants of the mean-variance model for portfolio selection, namely with the inclusion of trading costs. Recently, the 1/N strategy, which does not require any type of optimization, has been shown to be one of the most efficient strategies, especially with the existence of trading costs. This study proposes an approach for efficient portfolio selection based on the incorporation of realized liquidity measures. The strategy is applied to the PSI20 and CAC40 indexes by considering the spread bid-ask as a proxy for liquidity. The results of the out-of-sample Sharpe ratios show that the proposed model is quite competitive in relation to the alternative models, being its superiority more visible in satellite markets, with low liquidity, as it is the case of the Portuguese market.
Freitas, Bárbara Telo. „A influência do relato por segmentos na performance: análise às sociedades cotadas de cinco praças europeias em 2014“. Master's thesis, 2016. http://hdl.handle.net/10071/13748.
Der volle Inhalt der QuelleCurrently, large economic groups diversify their activities, whether through the operation in various sectors and geographic areas, or even through the diversification of products and services. Thus, the reporting of aggregate data, in the financial statements, by those groups, does not allow this information to make a realistic analysis, essential for decision making. The segment reporting is essential for the users of financial statements, since with diversification the information becomes more complex. The main objective of the current research is to identify the impact of the segment reporting information on the performance of the companies, addressing the main indexes of European Stock Exchange, namely PSI 20 (Portugal), IBEX 35 (Spain), CAC 40 (France), BEL 20 (Belgium) and AEX (Netherlands), excluding companies in the financial sector. It envolves the following specific objectives (i) to investigate the degree of compliance of companies with the requirements of IFRS 8 – Operating Segments; and (ii) understand if the performance of the companies is related to the number of segments, level of compliance with the standard, type of segments, internationalization, size, leverage, age and country of the company. Through an aplication of a multiple regression model, we conclude, that only the variables number of segments, level of internacionalization and dimension has influence on the performance of the companies in the study. Confirming the positive impact of the variables internacionalization and dimension, verified em prior studies, and in contrast to the expected we found a negative influence, throught the variable number of segments.