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Dissertations / Theses on the topic 'French administration'
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Parrott, D. A. "The administration of the French army during the ministry of Cardinal Richelieu." Thesis, University of Oxford, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.371724.
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Bundy, Frank J. "The administration of the Illyrian provinces of the French empire : 1809-1813 /." New York ; London : Garland publishing, 1987. http://catalogue.bnf.fr/ark:/12148/cb37426793n.
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Darnell, Benjamin. "The financial administration of the French Navy during the War of the Spanish Succession." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:3a92131c-7fec-4d15-984b-f8456716931e.
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The prevailing historical narrative of the collapse of Louis XIV's naval power has emphasised the importance of political decision-making, either in the strategic shifts between the guerre d'escadre and the guerre de course, or in the decision to reduce the naval budget in the midst of war in 1694 and 1707. As France faced massive financial overextension and an increasing need to fight for territorial survival in the War of the Spanish Succession (1701-1714), it was inevitable that Louis XIV's government would fund its armies in preference to its naval capabilities. However, a shift in priorities at Versailles does not provide a full explanation for the navy's decline. Recent works emphasise the effectiveness of the state's revenue-raising capabilities and the importance of the fiscal intermediaries who financed royal expenditure. Yet, these connections between French naval power and Louis XIV's fiscal capabilities remain only partially explored and this thesis presents a fresh examination of the navy's financing arrangements. It is argued that the difficulties that Louis XIV faced in maintaining the fleet were rooted in a unique set of issues embedded in the navy's financing mechanism and the way it was managed. The problem was four-fold: the naval ministry consistently overspent its allocated funds; the navy's budget was increasingly underfunded as a result of the finance ministry's mismanagement and also of wider fiscal instability; the naval treasury was not fit-for-purpose since the navy's fiscal intermediaries, the trésoriers généraux de la Marine, lacked the capacity to sustain costly levels of borrowing; and the crown failed to meet the organisational challenges of war by not controlling spending and the activities of the trésoriers. These structural issues surfaced internally early in the war and would be progressively and disastrously exposed by the loss of liquidity and the mounting debts that affected France in the 1700s.
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Lesort, Elisabeth, and Chloé Camp. "The economic impact of Brexit on French companies : A quantitative study on the ability of French companies to handle Brexit." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160751.
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Brexit was voted by referendum three years ago, on June 23rd, 2016. Yet, no final decision has been taken regarding the exit conditions of the United Kingdom. It took almost two years for the European Union and the British Prime Minister to find an agreement, which keeps being rejected by the British Parliament. Consequently, the aftermaths of Brexit on the European market remain fully uncertain and companies have to find ways to be ready to face it. Therefore, the aim of our study was to understand how French companies face the uncertainty related to Brexit and how they analyze its potential consequences. More precisely, we wanted to examine if there were any factors that lead firms to implement new strategies in order to face Brexit’ aftermaths in the best way possible and to understand if these factors were impacting their ability to handle Brexit. We also aimed to deepen the question of information channels that are the more used by companies in order to discover if they have an impact on their strategy. Finally, we wanted to understand what kind of strategies were implemented by managers within the companies and how they intended to face negative consequences or seize opportunities related to Brexit. As a result, our research question was: What factors may influence French companies in their ability to handle Brexit? To answer this question, we created a conceptual model and sent an online self-completion questionnaire to French companies’ managers. We asked them some of their firm’s characteristics, how they got information about Brexit and how often, how they perceive and analyze Brexit and what their answer may be. Through our results’ analysis, we showed that some firms’ characteristics have no impact on the answer to Brexit (sector and degree of internationalization) whereas the size impacts the reaction towards the crisis. Moreover, we found that information channels as well as the tendency to search for information also impact the strategy implemented by companies. Finally, our results showed that companies that analyze Brexit as an opportunity tend to implement larger reactions than the other ones and that companies that fear to lose money were more likely to implement risky strategies.
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Nzume, Anastacia Niende. "British and French administration of peoples on the southern borderlands of Cameroon : the case of the Anglo-French inter-Cameroons boundary 1916-1961." Thesis, SOAS, University of London, 2004. http://eprints.soas.ac.uk/29199/.
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The subject of this thesis is the history of British and French imposition of the Anglo-French inter-Cameroons boundary and the effects on the divided people from 1916 to 1961. The focus is on border administration and the response of the separated border groups notably the Balong, Bakossi, Duala, Balondo, Bakweri and the Mbo. The work opens with post-war Anglo-French negotiations and the partition of the territory. These negotiations resulted to an unequal division of Cameroon between the British (1/5) and the French (4/5). After the partition on paper, the actual work of survey and demarcation began in 1937 from the coast and proceeded inland. The work came to a halt with the outbreak of the Second World War. Establishing and settling their administration on an old German base was not an easy task for either administration, especially in a territory where there was a Germanophone educated group reluctant to sever links with the former colonial power. More complicated was the administration of separated ethnic groups who seized every opportunity to send an avalanche of petitions and complaints to first the League of Nations and later to the United Nations in protest of the boundary. While border people resisted the boundary, others who were smarter saw the boundary as a zone of limitless opportunities, which they did not hesitate to exploit. It was in the early 1960s that following the plebiscite results in Southern Cameroons, the Trusteeship regime ended and the territory achieved independence on October 1, 1961 by reuniting with an independent French Cameroon. Reunification changed the status of the boundary from an international to an interstate boundary yet the ghost of the defunct boundary has ever since continued to haunt Cameroon.
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Muller, Léo, and Anna Hager. "Corporate venture capital funds as an innovation tool : A study of French groups." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-173036.
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Bergman, Oscar, and Oscar Forsslund. "Avkastningen på den svenska företagsobligationsmarknaden utifrån Fama och French femfaktormodell och ett likviditetsproxy." Thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-60999.
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Bessette, Josee. "Government French language training programs: Statutory civil servants' experiences." Thesis, University of Ottawa (Canada), 2005. http://hdl.handle.net/10393/26852.
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This collective case study explores second language (L2) training experiences from the perspectives of six Canadian statutory civil servants and examines factors that may have influenced their L2 learning experience. Three instruments were used to collect data: a preliminary questionnaire, an in-depth questionnaire, and an interview protocol. Findings reveal that a language and culture connection, opportunities to use the L2, and a short-term intensive cultural and linguistic immersion experience in particular were all associated with more positive L2 learning experiences. Negative comments regarding L2 learning experiences revolved around the anxiety and stress surrounding the one-shot summative nature of the oral exam, and seemingly no link between instruction and evaluation. This research contributes to the growing literature on factors affecting the L2 learning processes and outcomes. Furthermore, it may be beneficial for future candidates, language teachers, L2 program planners and curriculum designers within the Public Service Commission (PSC) and similar contexts.
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Hoover, Becky J. "Building Community Through the Mediation of Citizen Complaints: The Mediator of the French Republic." University of Akron / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=akron1207839242.
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James, A. "The administration and development of the French Navy and the ministry of Cardinal Richelieu, 1618-1642." Thesis, University of Manchester, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505322.
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Wallinger, Linda Moody. "The impact of alternative scheduling practices on student performance in French I." W&M ScholarWorks, 1998. https://scholarworks.wm.edu/etd/1550154187.
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Taris, Ludovic. "Le Conseil général de la Gironde durant la première moitié du XIXe siècle : institution, acteurs, territoire." Thesis, Bordeaux 3, 2017. http://www.theses.fr/2017BOR30050.
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Né de la loi du 28 pluviôse an VIII, le Conseil général de département incarne la pensée administrative centralisatrice napoléonienne. Par étapes successives dès les années 1830, l’Administration entame une évolution décentralisatrice dont l’épilogue a été la promotion notamment des conseils généraux en collectivités territoriales de plein exercice dans les années 1980. La présente recherche entend analyser, à travers l’exemple de la Gironde, les premières étapes de ce processus qui voit le Conseil général muter d’un corps consultatif à la disposition du préfet en un corps administratif dont l’élargissement des attributions produit un rééquilibrage du rapport institutionnel avec la préfecture et promeut l’assemblée départementale en un organe reconnu en tant que partie intégrante d’une collectivité territoriale (le Département) dont la première phase de gestation est close avec le décret « dit de décentralisation » du 25 mars 1852. Trois axes d’étude sont retenus. Le premier envisage les modalités d’intégration de l’institution dans la pyramide administrative durant les années 1800 – 1851 et questionne le sens et la fonction qu’attribuent au Conseil général (et au département de façon plus large) les différents régimes politiques successifs. Le deuxième axe analyse les ressorts de cette reconnaissance institutionnelle progressive. La maîtrise progressive de la compétence budgétaire, les modalités de désignation et la sociologie des conseillers, l’évolution dans le dialogue institutionnel avec le pouvoir central notamment sont autant d’éléments explicatifs qui transforment le Conseil général en un agent effectif de la centralisation administrative. Enfin, le dernier axe s’intéresse aux premières politiques publiques locales impulsées par l’institution et à leur évaluationResulting from the Law of 28 Pluviose year VIII in the Napoleonic calendar, the General Council in each French department today embodies the centralizing administrative Napoleonic system. From the 1830s onwards, the central government gradually started the process of decentralization transferring power from the General Councils to local authorities finally granting them full responsibility by the 1980s. Taking the example of the Gironde department, the present work intends to analyse the first steps of the process which witnessed the shifting role of the General Council from a mere advisory body for the Prefect to a full legislative entity of which the expanding number of roles brought about a resetting of the balance in the institutional relationship with the prefecture and turned this assembly into a fully-recognized integrated body within a local authority i.e the department. The first stage of its formation ended with the « Decree of Decentralization » of 25 March, 1852. This study will be examined under 3 angles. Firstly, the way this assembly became part of the legislative hierarchical structure from 1800 to 1851, questioning the meaning and function of the different governmental policies assigned to the General Council. Secondly, the outcome of this gradual institutional recognition. Whether it be its increased role budget management, the way in which the Council is appointed and the sociological background of its elected members, or the evolution of its interaction with the central government, all these topics have played a significant role in the transformation of the General Council into an active centralizing power. Finally, a focus on and an assessment of the first local and public policies that were instigated and implemented by this new body
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Viguier, Tom, and Enguerrand Jourdier. "Foreign direct investment performance and institutional quality: a French perspective." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-413773.
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The purpose of this research is to provide an understanding of the relationship that may exist between the institutional determinants and the inward flow of FDI in France. Indeed, the French government and various decisions-makers have attributed the unique growth of the inward flow of FDI to the institutional quality of the country. Moreover, to support this assumption, scholars and experts describe France as an institutionally powerful country. Therefore, in order to test this assumption, we have designed an explanatory analysis of the institutional determinants’ indexes from the WGIs over the period from 2005 to 2018 to test their likely relationship with the FDI inflows in France using descriptive, correlation and regression analyses. This study is based on the rich and furnished literature addressing the role of institutional characteristics in attracting FDI. Although our research has been impacted by the Coronavirus pandemic in terms of data collection and analyses, the corroborating evidences from the empirical findings do not validate the raised hypotheses and bring out many practical implications beneficial for national and local policymakers as well as companies’ managers in the worldwide FDI location competition.
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Bassa, Laurent. "French Speaking Students' Challenges in Academic Literacy at International University of Grand-Bassam, Cote d'Ivoire." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3657.
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International University of Grand-Bassam (IUGB) first opened its doors in Cote d'Ivoire, in a sociocultural context where a significant number of freshmen students were French speakers. Because the instructional language was English, students were faced with a language barrier that triggered more issues including difficulties in listening, speaking, reading, and writing. The purpose of this study was to uncover French speaking students' challenges in academic literacy at IUGB and to suggest some solutions that would benefit students and instructors. The research questions focused on faculty members' perceptions of French speaking students' challenges in academic literacy, and their suggestions for improving student proficiency in English at IUGB. Vygotsky's sociocultural theory of learning, as well as Cummins's theory of language acquisition framed the conceptual foundation of this study. A qualitative case study research design was used with data gathered from 8 classroom observations, 8 individual interviews, and 1 focus group discussion. Participants were instructors selected from all 3 schools of the university. Data analysis included open coding and data triangulation. Major findings included students' lack of proficiency in English that negatively affected the beginning of their tertiary education. As a response, faculty members used a variety of instructional strategies to support their students. They also called for administrative authorities to help create an environment more conducive to student proficiency. A project was developed suggesting ways to overcome French speaking students' challenges in academic literacy at IUGB. Implementation of these suggested changes could result in significant improvements in student learning at IUGB and benefit both students and faculty.
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Loudiere, Clémence, and Justine Tessier. "French Business Schools’ reaction towards the increasing need of CSR and its impact on brand image. : A qualitative study on the French Business Schools’ behaviour towards CSR and brand image." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172583.
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The researchers in this study wanted to focus on Business Schools by using management and marketing knowledge. Therefore, the most attractive subject for them was the link between CSR, Business schools and Brand image. Many studies have been developed for companies regarding the importance of CSR, the impact it has on their strategies, the brand image’s impacts, and the effect that CSR has on a company’s strategy. Researchers thought that it was important to adapt those theories to Business schools because they aim to form students to become managers but the world has changed a lot during the last decades: there was an economic crisis, global warming, and also discrimination and inequalities which are still present. Also, Business Schools need to form future responsible leaders who will integrate these aspects into their decisions inside a company. The purpose of this study is to increase the understanding of how Business Schools act to respond to increased demands for CSR and sustainability in education to strengthen their brand image. In order to reach this purpose, five different aspects will be analysed: how do Business Schools perceive the importance of CSR, what are the actions of the Business Schools in order to become a school respecting CSR, what and how Business Schools have changed in their education to form responsible leaders, if and how is CSR integrated into their marketing strategies, how do they perceive the impact on their brand image in order to answer to our research question: how are Business Schools acting to improve their brand image in terms of sustainability and CSR in education? To do so, researchers have chosen to use a qualitative study by leading interviews with directors, marketing and communication executives but also people who are in charge of CSR in Business School in order to get a better understanding of those issues. The result of this study has shown that CSR is taken into consideration by Business Schools, and therefore they have adapted their teaching methods to improve the awareness and knowledge of students towards CSR issues and that it has an impact on their brand image but only on certain conditions. Researchers concluded with this study by saying that Business Schools improved their brand image in terms of CSR through many actions and new teaching methods but also thanks to accreditations and labels. However, our implications to this study have revealed that CSR is not considered entirely by Business Schools and it could have a bad impact in the long term but also that Business schools should communicate more on their CSR actions. Indeed, students gain interest in those issues, and companies need responsible leaders which means that, by communicating more on it, if their strategy is in line with their actions, they will increase the positive impact on their brand image. Thanks to these conclusions, this research can be useful for business schools, students, and every stakeholders.
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Konnert, Mark William. "Civic agendas and religious passion : Châlons-sur-Marne during the French wars of religion, 1560-1594 /." Kirksville (Mo.) : Sixteenth century journal, 1997. http://catalogue.bnf.fr/ark:/12148/cb37036391c.
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Bieber, Hannah. "The Impossible Homecoming? : A Study of the Evolution of the French Government’s Discourses on French ISIS Returnees Between 2017 and 2020." Thesis, Uppsala universitet, Teologiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-451238.
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Over 5,000 European citizens joined the ranks of the so-called Islamic State of Iraq and Syria (ISIS) in the early 2010s. Since the rollback of the terrorist organization in 2016, European Union (EU) member states have had to decide whether or not to repatriate these individuals who were made prisoners mainly by Iraqi, or Kurdish authorities. France, the EU country that saw the highest number of its citizens join ISIS was also directly targeted by terrorist attacks orchestrated by ISIS returnees. From 2017 to 2019, it relied heavily on a non-repatriation approach, a measure which was welcomed by the general public but criticized by human rights and legal experts. However, in 2019, the withdrawal of US troops and the Turkish offensive in North-East Syria have further destabilized the region and pushed the French government to adapt its strategy. This study aims at understanding how the Macron administration legitimized the measures it implemented to tackle the ISIS returnees phenomenon and whether its approach has evolved. Through critical discourse analysis (CDA) and by drawing from the securitization theory, this research investigates the official communications of the French government between 2017 and 2020. The data will reveal that the “low-probability, high impact” threat posed by ISIS returnees has been over-securitized. This might lead an over-perception of this threat, which could threaten the social cohesion of the country and make measures bargaining with human rights and the rule of law acceptable for the public opinion. While many contributions have analyzed the policies and laws related to the issue of ISIS returnees in the EU, few have investigated how states responded to it in their official communications. With a focus on the EU country that has been the most concerned by this phenomenon, this study will help to bridge this gap in knowledge and will have broader implications for discursive practices regarding ISIS returnees and terrorism in Europe and the West.
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Girard, François. "How companies communicate their brand identity online : A quantitative study on Swedish and French companies." Thesis, Högskolan Väst, Avd för företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hv:diva-12574.
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The purpose of this Bachelor’s Thesis Project in Business Administration is to investigate how companies communicate their company brand identity online. The writing of this paper has been motivated by a lack of researches regarding the companies’ dimension in term of identity communication and the brand identity promotion process online. This paper is based on a quantitative research on companies from French and Swedish. The research question is formulated as follows: How companies communicate their brand identity online through virtual media? In order to investigate the companies, a questionnaire was implemented and shared by an emailing process. This questionnaire, following a quantitative approach, has been constructed by combining several theories about the branding process, the brand identity concept, its keys concepts and also the online business landscape since the development of the Internet. According to our analysis, companies mainly share their brand identity online through two main vehicles, Website and Facebook. These media are the ones mainly used to share the three identity dimensions and to support the tools to communicate this company brand identity communication. By this analysis, deeper knowledge was created in order to provide useful data for future analysis.
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Rogers, Juliette R. "The political lives of dairy cows : modernity, tradition, and professional identity in the Norman cheese industry." View abstract/electronic edition; access limited to Brown University users, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3318354.
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Thomas, Stéphanie, and Valentin Alexandre. "Luxury Sector in China : Behaviours toward French Luxury Brands." Thesis, Högskolan i Halmstad, Sektionen för ekonomi och teknik (SET), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-18982.
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Purpose: How Chinese people behave toward French Luxury Brands? Method: This paper is built on a deductive approach following three main hypotheses. Secondary datawere retrieved from books, studies and articles found in Halmstad library and several databases.Moreover, primary data were also collected through a questionnaire; which shapes the major lines ofour conclusions. Theoretical Framework: The frame of references follows our three hypotheses. First, the culturaldifferences between France and China are highlighted through concepts such as: Hofestede culturaldimensions, Mezirow’s theory and Guanxi. Then, the Mianzi philosophy and the flying geeseparadigm are used to support the hypothesis that brands could be used as social markers. Finally,several theories about the country-of-origin effect are used to analyse the image of French products in China. Conclusion: The authors conclude that French luxury brands are considered on the Chinese south-eastcoast as a mark of high quality, prestige and fashion. These features partly motivate their purchasingdecision, whereas the country-of-origin itself is not a convincing argument. These brands, usuallyexpensive, are nowadays perceived by Chinese as a way to emphasis their wealth and thus socialstatus. This behaviour shows a growing individualism toward French luxury brands ownership in acountry historically ruled by collectivism. The contributions and further studies possible are finallyestablished at the end of this paper.
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Hunter, Olivia, and Emilie Kumar. "The integration of a sustainable packaging process in the supply chain : The case of the French wine industry." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52816.
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With the rise of awareness of climate change, sustainable development has become a recurring topic in discussions concerning global development, the environment, and society. Packaging has long been a part of a ‘take-make-dispose’ linear model that has caused damage to our ecosystem and has led to the search for more sustainable alternatives. While literature relating to sustainable packaging processes exists, there is an absence of knowledge on which packaging processes are being applied, and how. Given that the French wine industry is prestigious and takes pride in tradition and quality, the question of transitioning to more sustainable packaging processes merits further research. The purpose of this paper is to study the gap between the range of sustainable packaging approaches that are theoretically suggested in the literature and the approaches that are practically applied within organisations by exploring how and why packaging processes are integrated into the supply chain, in the French wine industry. This research is qualitative and adopts the interpretivism paradigm. Primary data is collected through semi-structured interviews with players that occupy all the positions along the French wine industry’s packaging supply chain. The findings show that sustainable packaging approaches are not being integrated into the supply chains in the French wine industry. (1) There are no realistic solutions available or track record to be followed. (2) The focus is still set on having clear economic benefits which the current sustainable packaging alternatives do not offer. (3) The long loop of circular economy is being used, which is based on recycling. (4) A need for collective awareness is needed, as well as a desire to change, for sustainable packaging processes to be integrated into the supply chain.
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Bedros, Hakob. "Utilizing Wavelet to Examine the Relationship between Stock Returns and Risk Factors in CAPM and Fama-French Three-Factor Model : A study of the Swedish stock market." Thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-65017.
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GOVIN, Sandra, and Cedric ESPOSITO-FARESE. "The use of Web tools in French companies." Thesis, Halmstad University, School of Business and Engineering (SET), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-5009.
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Describe and explore how French companies having a Website/homepage use Web tools and their Website/homepage.
The authors have gathered primary data through a quantitative research method. The research method chosen is the checklist observational method. The checklist used for this paper is composed of 29 items that have been observed on a sample of 20 French companies.
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Rowlands, Guy. "Power, authority and army administration under Louis XIV : the French crown and the military elites in the era of the Nine Years War." Thesis, University of Oxford, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361957.
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De, Miranda Pereira Ivete. "La Guyane française sous l'occupation portugaise : administration, société et économie (1809-1817)." Thesis, Paris, EHESS, 2019. http://www.theses.fr/2019EHES0107.
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Cette étude vise à analyser l’occupation longue de neuf ans de la colonie française de la Guyane par les Portugais (1809-1817), qui est un thème peu abordé par l’historiographie. L’invasion et l’occupation sont considérées à partir des enjeux politiques français de la Révolution, du Consulat et de l’Empire, qui font basculer toute l’Europe. L’entrée des troupes napoléoniennes dans le Portugal a pour conséquence le transfert de la cour portugaise vers l’Amérique, et l’invasion ultérieure de la Guyane à partir de la capitainerie du Grão-Pará. Au cœur de l’analyse se trouve l’organisation des structures du gouvernement portugais dans les sphères juridique, fiscale et commerciale. La comparaison entre l’administration française et portugaise de la Guyane est le fil rouge de cette thèse, elle nous permet de dévoiler notamment les adaptations entreprises par les Portugais dans leur administration pour conserver et gérer leur conquête. Colonie atypique au sein de l’empire colonial français, notamment en raison de sa faible démographie, l’étude tient compte des effets de cette spécificité, ainsi que de la distribution inégale de la population sur l’ensemble du territoire guyanais. Dans cette recherche nous nous sommes également interrogés sur la nature des rapports entre les administrateurs portugais et cette population, et ce faisant la diversité et les spécificités et des groupes sociaux sont mises au jour. L’étude des normes et des conflits, ainsi que des différents types de liens et de réseaux unissant les individus appartenant à différents groupes de la population guyanaise jette une lumière nouvelle sur l’administration et sur la société locale avant et durant la période portugaise. La perspective de l’histoire sociale associée à l’histoire politique et économique a permis notamment de nuancer quelque peu les interprétations de l’historiographie qui dépeignent la Guyane comme un « pays misérable», montrant au contraire un considérable dynamisme et complexité des relations sociales et économiquesThis study intends to analyse the nine years of the Portuguese occupation of French Guiana (1809-1817), a topic that in general has not yet been very well addressed by historiography. The invasion and this occupation are approached here having the French political issues of the Revolution, Consulate and Empire as essential starting points for this work. The arrival of the Napoleonic troops in Portugal brought about the transfer of the Portuguese Court to America, and then later also the invasion of Guiana by the troops of the Captaincy of Grão-Pará. This thesis aims to analyse how the Portuguese organised the government structures of this occupied territory regarding the legal, fiscal and commercial spheres. The comparison between the French and the Portuguese administrations is the leading thread of this study, and it allows us to distinguish the adaptations undertaken by the Portuguese administrators in order to preserve and to govern their conquest. Focusing on an atypical colony within the French colonial empire, due to the weak demography of this area, the study also considers the effects of its specificity, as well as the unequal distribution of the population in the whole territory. By highlighting the diversity of the members of the society of that time, the research also examines the nature of relations between the Portuguese administrators and the population as a whole. The study of norms and conflicts, as well as the analyses of the links and networks which often united individuals who belonged to different groups of the Guyanese population, they both illuminate the understanding of the administration and the local society, before and during the Portuguese occupation period in a very new way. The perspective of the combination of the social history with the political and the economic history has made it possible to diversify and sophisticate the interpretations of historiography that often describes Guyana as a “miserable colony”. Thus, it is this rich perspective which ends up revealing the considerable dynamism and complexity of the social and economic relations within this unique scenario and time
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Thabouillot, Gérard. "Un projet politique et administratif pour l’arrière-pays de la Guyane française : le territoire de l’Inini (1930-1969)." Thesis, Paris 4, 2012. http://www.theses.fr/2012PA040105.
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En 1930, la France créa le Territoire autonome de l’Inini, colonie d’administration directe de l’hinterland de la Guyane française. Après la départementalisation de la Guyane, ce dispositif perdura en 1951 sous la forme d’un arrondissement à statut particulier, en droit jusqu’en 1961 et de fait jusqu’en 1969. La description de ce système politico-administratif, fortement inspiré de celui conçu pour les colonies d’Afrique, permet d’analyser l’ultime étape du processus d’expansion de l’État français dans un espace social et culturel amazonien. Cette intégration fut l’œuvre des fonctionnaires de terrain qui menèrent, à partir de 1936, une politique continue de contact dans le cadre d’une implantation dynamique de postes administratifs en direction de l’intérieur et des frontières. Ce personnel subalterne, fonctionnaires coloniaux et gendarmes, mit en œuvre une technique administrative d’approche et de gestion des populations - déportés indochinois des Etablissements Pénitentiaires Spéciaux, tribus de frontière et orpailleurs - dans un espace ouvert aux politiques des Etats voisins. L’histoire de l’Inini incite à ne pas limiter l’histoire de la Guyane française à celle d’une vieille colonie devenue un D.O.M. en 1946. Elle permet de dépasser cette analyse qui relève du discours politique assimilationniste. Elle nuance aussi l’interprétation par l’anthropologie d’une intégration de populations sylvicoles artificiellement et hâtivement conduite. Enfin, elle ouvre la voie à une analyse comparative de l’arrière-pays des GuyanesIn 1930, France established the Autonomous Territory of Inini, an administrative division governing French Guiana's hinterland. Once Guiana had become an overseas department, the formula was renewed from 1951 in the shape of a district with special status, remaining so officially until 1961 and in effect until 1969. Discussing this politico-administrative system - largely based on what had been worked out for French colonies in Africa – gives a key to understanding the ultimate stage of the French state's expansion process in a social and cultural Amazonian context. That effort at social integration was the work of civil servants in the field who, from 1936 on, conducted a sustained policy of contact by establishing administrative posts in the interior of the territory and at its borders. These low-ranking colonial officers and gendarmes implemented an administrative approach to the handling of various communities – deportees from Southeast Asia held in special jails, border tribes or gold-diggers – across areas under the political influence of neighbouring states. The Inini file is an encouragement not to limit the history of French Guiana to that of an old colony turned into an overseas department (D.O.M.) in 1946. It makes it possible to go beyond analyses which are linked to assimilation policies. It also tends to moderate the anthropological view of an artificial and hasty integration of forest tribes. Lastly, it paves the way for a comparative analysis of Guyanese back countries
A França criou, em 1930, o Território autónomo do Inini, colónia de administração directa dahinterlândia da Guiana francesa. Após a départementalisação da Guiana, este dispositivocontinuou em 1951 sob a forma de distrito à estatuto específico (particular), juridicamente até1961 e de facto até 1969. A descrição deste sistema politicoadministrativo, fortementeinspirado de estas concebidas para as colónias da África, permite analisar a ultima etapa doprocesso de expansão do Estado francês num espaço social e cultural amazónico. Estaintegração foi a obra dos funcionários de terreno que levaram, a partir de 1936, uma políticacontínua de contato no âmbito de uma implantação dinâmica de postos administrativos emdireção do interior e das fronteiras. Este pessoal subalterno, funcionários coloniais egendarmes, implementou uma técnica administrativa de abordagem e gestão das populações -déportados indochineses dos Estabelecimentos Penitenciários Especiais, tribos de fronteira egarimpeiros - num espaço aberto às políticas dos Estados vizinhos. A história do Inini incita anão limitar a história da Guiana francesa à essa de uma velha colónia que tornou-se, em 1946,em Departamento de Ultramar (D.O.M.). Permite ultrapassar esta análise que diz respeito aodiscurso político assimilacionista. Ela nuança também a interpretação pela antropologia deuma integração de populações silvícolas artificialmente e apressadamente conduzida. Porúltimo, abre o caminho à uma análise comparativa do interior (da hinterlândia) das Guianes
In 1930 werd door Frankrijk het zelfstandige gebied Inini gecreëerd, het onder directkoloniaal bestuur vallende achterland van Frans Guyana. Nadat Guyana een overzeesdepartement was geworden, bleef deze bestuursvorm bestaan tot in 1951 in de vorm van eenarrondissement met speciaal statuut, in rechte tot 1961 et feitelijk tot 1969. De beschrijvingvan deze bestuursvorm die sterk werd beïnvloed door het voor de Afrikaanse koloniënontwikkelde systeem, maakt het mogelijk het laatste stadium van het expansieproces van deFranse overheid te analyseren in het sociale en culturele gebied van de Amazone. Deze socialeintegratie was het werk van ambtenaren die ter plaatse, vanaf 1936, een aanhoudend contactbeleid uitvoerden bij de oprichting van administratieve posten in het binnenland van hetgebied en aan de grenzen. Dit ondergeschikte personeel, ambtenaren en politie, voerden eenbestuursbeleid uit van benadering en behandeling van de bevolking - indo-chinesegedeporteerden bewaard in speciale strafkampen, aan de grenzen levende stammen engoudzoekers – in een gebied dat open stond voor politieke invloed van de buurtstaten. Degeschiedenis van het Inini gebied nodigt uit de geschiedenis van Frans Guyana niet tebeperken tot die van een oude kolonie die in 1946 een overzees gebiedsdeel (D.O.M.) isgeworden. Zij nuanceert tevens de antropologische interpretatie van een te kunstmatige en tesnel uitgevoerde integratie van de woudbevolking. En ten laatste opent zij de weg naar eenvergelijkende analyse van de achterlanden van Guyana
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Jones, Glyn Robert Walter. "The effects of the 1989-97 French administrative reforms on the ministerial field services : the explanatory insights of Burgelman's model of the interaction of strategic behaviour, corporate context and the concept of strategy." Thesis, Southampton Solent University, 2003. http://ssudl.solent.ac.uk/612/.
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The research investigates the effects of the 1989-92 Public Service Renewal and 1995-1997 Reform of the State administrative reform programme on the ministerial field services. These reforms, through the processes of deconcentration and responsibilisation, delegated increased autonomy to the firld services in their operational management to enable them to improve their delivery of policy objectives. The primary research question was whether operational and institutional factors at field service level impeded or facilitated moves towards a more managerial logic of appropriateness as envisaged by the reform programmes. Through an institutional analysis of the French administrative reform process, a number of institutional and operational factors were identified that would determine the capacity of the field services to engage in the reform process. These factors included the concessions made by the reforms to the field services in budgetary and human resource management, the incentives for field service officials to participate and the extent to which both the field services and their central Ministries were able to adjust to the requirements of the reform. In addition, there were the conservative influences of the trade unions, the effects of budgetary cutbacks and the contextual backgrounds of the respective Ministries that were influences on the receptivity of the field service to change. Burgelman's 'Model of the Interaction of Strategic Behavior, Corporate Context and the Concept of Strategy' was used as the theeoretical framework through which the findings from the fieldwork investigations conducted in the Education, Agriculture and Infrastructure Ministries were interpreted. The theoretical framework was found to be applicable to the French administrative context through its articulation of those over their operations and to show greater initiative. Burgelman's criteria for autonomous strategic behaviour were, therefore, adapted to the French administrative reform context and utilised as a structural framework through which the research findings were presented. The establishment of whether the respective criterial had been met provided a means to identify those institutional and operational variables which influenced the capacity of the field services to exercise greater autonomy in their operational management. The explanatory insights of Burgelman's model show how the resilience of traditional institutional features and the effects of budgetary cutbacks minimised the impact of the Public Service Renewal and the Reform of the State programmes in those field services of the Education, Agriculture and Infrastructure Ministries where fieldwork was carried out. The conditions within the French administration were found to be more constraining on the organisational behaviour of officials than Burgelman's model, based on a large scale private sector organisation envisages. Burgelman's model was able to identify the organisational dynamics that constrain reform, but was not able to trace the source of these constraints into a wider social context. It was found that insights from sociological and rational choise institutionalist perspectives clarified the missing social elements of Burgelman's model. The final chapter examines how the organisational dynamics identified in the study could be used as the basis for a generalised framework.
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Hajric, Amina, and Kajsa Larsson. "Utvärdering av CAPM och Fama & French-trefaktormodellen : en studie på den svenska marknaden." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-17214.
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Det är sedan länge känt att det finns en positiv korrelation mellan risk och avkastning. Investerare och bolag kan välja mellan flera olika prissättningsmodeller för att förutspå priset på en aktie. Forskare har, med den kända enfaktormodellen CAPM som utgångspunkt, utvecklat en modell som tar hänsyn till mer än bara marknadsfaktorn. Detta resulterade i framtagandet av Fama & French-trefaktormodellen (FF3) som även inkluderar storleksfaktorn SMB samt värdefaktorn HML. Syftet med studien är att utvärdera två prissättningsmodeller, CAPM och FF3, för att kunna bedöma deras prestanda vid värdering av förväntad avkastning. Tidigare forskning, inom området för nämnda modeller, berör ofta internationella marknader samt modellernas prestanda för portföljer. Vår studie utförs på utvalda enskilda svenska aktier inkluderade på Stockholmsbörsens Large Cap för januari år 2011 till december år 2015, genom att replikera tidigare forskning gjord av Bartholdy & Peare (2005). Utvalda bolag analyseras efter regressioner för modellerna för att kunna utvärdera dessa var för sig, samt för att se om FF3 har en högre justerad förklaringsgrad än CAPM för enskilda svenska aktier. Resultatet av studien visar att både CAPM och FF3 är applicerbara för utvalda enskilda svenska aktier. Ställs FF3 i förhållande till CAPM föreligger skillnad i justerad förklaringsgrad, dock är den ytterst marginell. Sammanfattningsvis bidrar studien med kunskapen om att CAPM och FF3 går att applicera på enskilda svenska aktier, men att det inte föreligger någon större skillnad i val av dessa två modeller.Investors and companies can choose between multiple pricing models to predict the price of shares. With the known one factor model CAPM, researchers have developed a model that consider more than just the market factor. This resulted in the creation of the Fama & French three factor model (FF3), which also includes the size factor SMB and the value factor HML. The purpose of the study is to evaluate two pricing models, CAPM and FF3, to assess their performance when evaluating expected returns. Previous research often deal with international markets and model performance of portfolios. We study selected individual Swedish shares for January 2011 to December 2015 by replicating previous research by Bartholdy & Peare (2005). Selected companies are analysed by regressions for the models to be able to evaluate these separately, and to see if FF3 has a higher degree of explanation than CAPM for individual Swedish shares. The result of the study shows that both CAPM and FF3 are applicable for selected individual Swedish shares. There is a difference in the adjusted degree of explanation between the models but it is marginal. In conclusion, the study contributes with the knowledge that CAPM and FF3 can be applied to individual Swedish shares, but there is no major difference in the choice of these two models.
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Åberg, Andreas, and Henrik Peltomaa. "Överreaktioner på Stockholmsbörsen?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-397863.
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I denna uppsats kommer vi att undersöka om det förekom överreaktioner på Stockholmsbörsen mellan åren 2002 och 2016. Överreaktioner undersöks genom att bilda vinnar- och förlorarportföljer baserat på tidigare månatliga avvikelseavkastningar. Vi ställer en hypotes om att förlorarportföljer kommer att prestera bättre än vinnarportföljer efter portföljformering. Portföljerna utvärderas under ett-, två- och treårsperioder för att undersöka om det förekommer reversals som en investerare skulle kunna utnyttja genom contrarianstrategin. Vår uppsats identifierar kortsiktiga reversals direkt efter portföljformering, men på lång sikt tenderar investerare att erhålla vinst genom att följa en positiv marknadstrenden. Regressionsanalyser med CAPM och Fama-French trefaktormodell genomförs för att få en bättre förståelse av orsakerna som ligger bakom avkastningar i vinnar- och förlorarportföljer. Vi föreslår att reversals inte skapar möjligheter för investerare att nå positivt statistiskt signifikant alfa på Stockholmsbörsen. Möjliga vinster genom contrarianstrategin drivs av faktorer som företagsstorlek och –värde snarare än att investerare överreagerar på marknaden.In this study we will examine if overreactions occurred on the Stockholm Stock Exchange during period 2002-2016. Winner- and loser portfolios were formed based on past monthly returns to see if investors overreact and by doing that cause reversal effects later on. Our study discovers short-term reversals, but in the long run investors benefit by following the overall trend on the stock market. Expanding our study to the Fama-French three-factor model we suggest that reversals in stock prices does not enable investors to gain statistically significant positive alphas on the Stockholm Stock Exchange. On the contrary, returns are driven by the factors of firm size and -value rather than behavioral biases of investors.
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Andersson, Simon, and Karl Bjernulf. "Är hållbart investerande lönsamt? : En undersökning av sambandet mellan ESG och avvikelseavkastning." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388968.
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I och med att hållbarhetsfaktorer får en allt större inverkan på investeringsbeslut är syftet med studien att undersöka huruvida en strategi baserat på ESG-poäng genererar avvikelseavkastning. Studiens teoretiska ansats bygger på den effektiva marknadshypotesen och tidigare litteratur inom hållbart investerande. Populationen som undersöks är svenska företag noterade på Nasdaq OMX Stockholm under perioden januari 2010-december 2016. Genom att konstruera jämviktade portföljer av 53 företag baserat på ESG-poäng från Thomson Reuters skapas två skilda portföljer, en hållbar och en icke hållbar. Portföljernas avvikelseavkastning undersöks först genom CAPM för att sedan ytterligare justeras efter Fama & French trefaktormodell. Studiens resultat visar att sambandet mellan hållbara portföljer och avvikelseavkastning är neutralt. Undersökningen visar därför att en strategi i vilken ESG-poäng ligger till grund för portföljstruktur inte är finansiellt överpresterande i Sverige. Indikationer ges dock om att en investeringsstrategi som innehar långa positioner i hållbara portföljer och blankar icke hållbara ger positiv avvikelseavkastning.
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Pommer, André, and Vilhelm Nordin. "Momentumstrategier med mindre bolag i Sverige : En studie på Nasdaq Stockholm." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-415676.
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Denna uppsats undersöker om två olika momentumstrategier applicerat på mindre bolag i Sverige kan generera överavkastning. Momentumstrategier är investeringsstrategier som bygger på historisk prisdata och enligt den effektiva marknadshypotesen ska dessa inte kunna ge en överavkastning på en svagt effektiv marknad. Flertalet studier har dock hittat bevis för att dessa fungerar, och även att momentumavkastningen ofta är större för mindre bolag än stora bolag. Studiens urval är samtliga bolag som är noterade på NASDAQ Stockholm under tidsperioden 2007-2016. Vi följer Fama och Frenchs (2008) storleksdefinitioner och sorterar in bolagen i tre kategorier efter deras börsvärde (stora, små och mikrobolag) och vi bygger sedan portföljer med bolagen som kategoriseras som små. Portföljernas avkastning riskjusteras med Fama och Frenchs (1993) trefaktormodell. Studien finner att ingen av momentumstrategierna genererar en statistiskt signifikant överavkastning på den svenska marknaden under perioden.
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Dänhardt, Alexander, and David Gerby. "Nyemissioner i Sverige : Hur valet av motiv och emissionstyp påverkar aktieprestation och bolagsvärde." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-384231.
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Denna studie undersöker huruvida nyemissioners bakomliggande motiv påverkar hur det emitterande företaget värderas efter tillkännagivandet. Fenomenet undersöks på den svenska marknaden, då majoriteten av tidigare forskning bedrivits på utländska handelsplatser. Effekten av olika motiv analyseras för ett urval bestående av 203 observationer under en 14-årsperiod, mellan år 2005-2018, där samtliga nyemissioner genomförts på Nasdaq OMX Stockholm. Studien omfattar både riktade och företrädesmissioner. Avvikande avkastning beräknas på kort och lång sikt i samband med nyemissionernas tillkännagivande med hjälp av tre olika metoder (CAR, BHAR samt FF3M). Således mäts både den kortsiktiga annonseringseffekten såväl som företagets långsiktiga prestation mot index (OMXSPIoch SIXRX). Vidare används även multipel regressionsanalys för att undersöka om samband går att återfinna mellan motiven och avvikande avkastning. Studien finner signifikanta bevis för att underprestation i regel följer nyemissioners tillkännagivande. Negativt avvikande avkastning återfinns i de fall motivet uppges vara antingen rekapitalisation eller generella ändamål. Däremot förekommer ett positivt samband mellan avvikande avkastning och motivet investeringar, vilket indikerar på att dessa företag snarare överpresterar marknaden. Således argumenterar studien för att nyemissioners motiv har betydelse för hur företaget presterar, både på kort och lång sikt, vilket indirekt påverkar företagets värdering.The purpose of this thesis was to examine if the stated motive for a seasoned equity offering (SEO) affects company valuation, post-SEO. This was accomplished by calculating abnormal returns for a sample containing 203 SEOs over a 14 year period between 2005 and 2018. All companies being listed on Nasdaq OMX Stockholm during the time of their respective equity offering. By providing three different measurements for abnormal return (CAR, BHAR, and FF3M) as well as performing multiple regression analysis, the study finds significant evidence for general underperformance following the SEO. This is true for when the motive is stated as recapitalization or general corporate-related purposes. When the motive is stated as investment, the study finds significant evidence for post-SEO overperformance.
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Jourdan, Julien. "Logic Duality, Conformity, and Survival in the French Film Industry, 1987-2008." Phd thesis, HEC, 2011. http://pastel.archives-ouvertes.fr/pastel-00705377.
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This dissertation explores how logic duality, that is the coexistence of two institutional logics in an industry, affects firm strategic behaviors, and how in return firm strategic behaviors contribute (or not) to maintain logics segregated. Theoretically, I investigate the liability firms face when entering industries governed by a different logic, the wayincumbent organizations respond to the conformity demands of logic foreigners, and the determinants of firm-level institutional capital. Empirically, I study investment funds, filmmaking organizations and production firms in the French film industry (1987-2008), and find strong support for the proposed theory. By revealing strategies available to firms in dual-logicsettings and highlighting sources of institutional capital, this study contributes to the strategic management literature. The result is also a contribution to our understanding of why industries resist the "inexorable push towards homogenization" predicted by new institutional theory. By shedding light on the positive and negative effects of logic duality for firms, this work has also implications for practice.
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Fälldin, Agnes. "Electoral Gender Quotas and Diversity : A Study of the Binominal Parity Vote in French Local Elections." Thesis, Uppsala universitet, Statsvetenskapliga institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-339613.
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This study has looked at how the diversity of representatives’ backgrounds changed after the introduction of the Binominal parity vote in the French local elections. The aim was to contribute to our understanding of the impact of gender quotas in other dimensions than gender. Another aim was to explore the workings of the Binominal parity vote, which has a unique design and obligates candidates to run as pairs, constituting of one man and one woman. The diversity of each local council in 2011 and 2015 was measured with the Herfindahl-Hirschman Index (HHI). By looking at the changes in HHI, the study has shown that the diversity of representatives and candidates has increased in terms of age and profession, but decreased in terms of party representation. The exact workings of the mechanisms behind the changes have not been established, but some preliminary conclusions have been made. The relationship between the gender quota’s effectiveness and the change in diversity is strong, but statistically insignificant. Societal gender differences cannot be the sole driver of the changes, as the diversity increased among both women and men. If the increased district magnitude from one to two contributed to the increase in diversity, it was not through the strategic matching of representatives, as they are shown to be almost randomly matched.
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Suntapun, Chanit. "L'application du droit administratif français dans le droit administratif thaïlandais." Thesis, Aix-Marseille, 2015. http://www.theses.fr/2015AIXM1037.
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Le droit administratif français est l’un des modèles principaux du droit administratif dans le monde. En Thaïlande, l’influence du droit administratif français dans le système juridique s’est notamment exprimée à partir la réforme du pays par le roi Chulalongkorn, Rama V, qui régna de 1868 à 1910, ainsi que lors de la Révolution de 1932. Le gouvernement de cette époque avait rétabli le concept juridique français. L’organisation administrative thaïlandaise est inspirée de celle de la France à plusieurs niveaux : l’administration centrale, l’administration déconcentrée, les collectivités territoriales et les établissements publics. En matière d’organisation de la justice administrative, il s’est inspiré des modèles français. La Constitution de 1997 a prévu l’établissement des juridictions administratives dans le système dualiste de juridiction. Par contre, le droit administratif des deux pays est, aujourd’hui, assez différent. Même si le droit administratif thaïlandais est très influencé par celui de la France, le premier a été transmué afin qu’il soit convenable dans son propre contexte, et le second a beaucoup changé et évolué. Donc, le mimétisme juridique thaïlandais ne doit pas être une imitation des lois et de la jurisprudence appliquée en France dans son intégralité à cause des disparités politiques, sociales et culturelles. De toute façon, la Thaïlande préfère encore choisir le droit administratif français comme « modèle type » pour améliorer son système administratif et juridique, par rapport aux autres systèmes juridiques dans le mondeFrench administrative law is one of the main models of administrative law in the world. In Thailand, the influence of French administrative law in the legal system was especially expressed from the reform of the country by King Chulalongkorn, Rama V, who reigned from 1868 to 1910 and during the 1932 Revolution; government of that time had restored the French legal concept. The Thai administrative organization is inspired by that of France at several levels: the central administration, the decentralized administration, local authorities and public institutions. In organization of administrative justice inspired by French models, the Constitution of 1997 provided for the establishment of administrative courts in the jurisdiction of dualistic system. By cons, administrative law in both countries is now quite different. Although the Thai administrative law is heavily influenced by that of France, the first was transmuted so that it is suitable in its own context, and the second has changed and evolved. So the Thai legal mimicry should not be a complete imitation of legislation and case law applied in France because of political differences, social and cultural. Anyway, Thailand still prefers to choose the French administrative law as “standard model” to improve its administrative and legal system, compared to other legal systems in the world
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Eriksson, Jacob. "Hur påverkar striktare reglering hedgefonders möjlighet att skapa överavkastning?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-448951.
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Hedgefonder är ett hett investeringsverktyg, specielltnui en tid präglad av låga räntor. Envanligtförekommande uppfattning är atthedgefonder skagenerera överavkastning;det faktum att de historiskt har kunnat verka under generösaregleringsformer är en av flera anledningar tillatt gemene man har högt ställda förväntningar på hedgefonder som investeringsform. Frågan är dock vad som händer med överavkastningen-vilket är varje investerares primära angelägenhet –om regleringarna stramas åt? Syftet med studien är därför att undersöka hur hedgefonder påverkas av ett minskat handlingsutrymme, det villsäga en ökad grad av reglering. Studien mäter hedgefonders överavkastning, i termer av alfa, med hjälp av Fama och Frenchs trefaktormodell, före och efter den omfattande reformen The Dodd-Frank Wall Street Reform and Consumer Protection Act. Uppsatsens data indikerar på att överavkastningen, alfa, är signifikant lägre i perioden efter införandet av reformen. Studienpåvisar även att strategierna, Event Driven och Multistrategi, har lägre överavkastning efter implementeringen av Dodd-Frank Act, medanssamma effekt inte kunde konstaterasförLång/Kort-strategin.
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Shirvanpour, Keivan, and Daniel Soume. "Köp, Sälj eller Behåll - En kvantitativ studie om aktierekommendationer som investeringsstrategi." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172724.
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Sammanfattning Syfte: Syftet med denna studie är att undersöka huruvida det är möjligt att uppnå riskjusterad överavkastning, genom att tillämpa aktierekommendationer som investeringsstrategi. Studien ämnar även att undersöka vilken grad av marknadseffektivitet som råder på Stockholmsbörsens Large Cap-lista. Metod: Vi har inhämtat samtliga utfärdade rekommendationer för Stockholmsbörsens Large Cap-lista genom att använda databasen Refinitiv Eikon, rekommendationerna är inhämtade på månatlig basis och illustreras av den aggregerade, procentuella andelen för respektive typ av rekommendation. Den valda tidsperioden är 2015-01 till 2019-12. Tre portföljer har bildats som representerar köp, behåll och sälj. För att bedöma vilka aktier som platsar i de respektive portföljerna, så använder vi oss av en rekommendationsgrad (60%), detta för att en rekommendation ska kunna betraktas som entydig. Den totala avkastningen för respektive portfölj mäts därefter i relation till rådande riskfri ränta, vilket möjliggör att undersöka eventuell förekomst av riskjusterad överavkastning. Det statistiska programmet Stata har därefter använts för att bedöma huruvida avkastningen för respektive portfölj, såväl som ytterligare variabler som är inkluderade i värderingsmodellerna, är av statistisk signifikans. Värderingsmodellerna som tillämpas är Fama French Trefaktormodell och Capital Asset Pricing Model (CAPM). Resultat: Studien kommer fram till att det är möjligt att uppnå riskjusterad överavkastning, detta genom att tillämpa säljportföljen. Signifikanta resultat (95%) uppvisades både vid tillämpning av Fama French Trefaktormodell och CAPM som värderingsmodell. Övriga portföljer uppvisade ej signifikanta resultat. Slutsats: Slutsatsen från studien är att är möjligt att generera riskjusterad överavkastning genom att använda sig av aktierekommendationer som investeringsstrategi. Detta resultat är dock endast möjligt att uppnå genom att använda säljportföljen. Signifikant riskjusterad överavkastning kunde ej påvisas för köp- och behållportföljen, vilket indikerar att det inte finns något mervärde för en investerare att tillämpa dessa porföljer givet denna strategi. Resultatet från studien indikerar även att det råder en marknadseffektivitet av den medelstarka graden på den svenska aktiemarknaden. Dock gäller detta antagande ej för säljportföljen vars resultat strider mot den medelstarka graden av marknadseffektivitet. Nyckelord: Aktierekommendationer, överavkastning, investeringsstrategi, portföljstrategi, effektiva marknadshypotesen, marknadseffektivitet, Fama French, CAPM, Large Cap
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Lindqvist, Niklas, and Sebastian Löthner. "Femte faktorn gillt? : En kvantitativ studie av Fama och Frenchs femfaktormodell på den svenska aktiemarknaden." Thesis, Södertörns högskola, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45746.
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Syfte: Syftet är att testa Fama och Frenchs femfaktormodell på den svenska aktiemarknaden. Detta genom att undersöka huruvida modellen kan statistiskt förklara portföljers genomsnittliga avkastning samt ifall specifika faktorer har statistisk signifikans. Metod: En kvantitativ studie med ett deduktivt förhållningssätt. Undersökningen utför tester på den svenska aktiemarknaden mellan 2015-01-01 och 2019-12-31 genom en regressionsanalys. Upptäckter: Fama och Frenchs femfaktormodell förkastas som helhet men det påvisas däremot att HML är statistisk signifikant inom sex av sex storlekssorterade portföljer, följt av SMB med fyra av sex. Fama och Frenchs femfaktormodellen har svårigheter att förklara avkastningen för mindre företag sorterade utifrån lönsamhet och book-to-market tal. Forskningsimplikationer: Undersöker ett forskningsämne som eftersträvar studier och tester på ett flertal varierande marknader för att förklara aktiers avkastningsmönster. Orginalitet och värde: Studien särskiljer sig på grund av avsaknaden av forskning på den svenska aktiemarknaden. Därtill bidrar studien till ett undersökningsområde för små öppna ekonomier som den svenska marknaden grundas i.Purpose: The purpose is to test Fama and French's five-factor model in the Swedish stock market. This is done by examining whether the model can explain portfolios' average return and whether specific factors have statistical significance. Method: A quantitative study with a deductive approach. The survey performs tests on the Swedish stock market between 2015-01-01 and 2019-12-31 through a regression analysis. Findings: Fama and French's five-factor model is rejected as a whole, but it is shown that HML is statistically significant in every size-sorted portfolio, followed by SMB with statistical significance in four out of six portfolios. Fama and French's five-factor model have difficulty explaining the returns for smaller companies sorted on profitability and book-to-market ratio. Research implications: Investigates a research topic that strives for an increased number of studies and tests in different markets to explain stock return patterns. Originality and value: The study differs due to the lack of research on the Swedish stock market. In addition, the study contributes to a study area for small open economies in which the Swedish market is based.
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Molander, Jonathan, and Loo Lennart van. "Active Versus Passive Investing : A Comparative Analysis." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-49153.
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The increasing popularity of passive investment strategies causes the long-term feasibility of active investing to be questioned more often. Therefore, this research aimed to uncover whether active investors' influence on fund performance is positive and significant enough to offset the cost involved, thereby providing reasoning for active rather than passive investing. A comparative analysis of 211 actively managed funds and 191 market and industry-specific indices is performed. Security selection skills and market timing ability are captured through a model comprising of the Fama French three-factor and the Treynor and Mazuy market timing model. The sample is tested between 2005 and 2020, with 5-year sub-periods. Over the full period, active and passive returns are found to be nearly indistinguishable. However, active funds seem to excel during bearish periods, where passive funds excel in bullish periods. The standard deviation is higher overall for passive investing. This difference, however, disappears during bearish periods. The security selection skill is barely distinguishable from zero for either strategy. On the other hand, market timing ability is existent for active investors, indicating a positive effect in bearish markets and a negative effect in bullish markets. Additionally, for both investing strategies, more than 90% of the returns are explained by the movements of the general market. The most suitable investment strategy is truly determined by an investor's level of risk aversion. Nevertheless, this research found that, in general, the passive investing strategy is dominant under normal market conditions. Active investors can act on the macroeconomic developments that fuel crises. This advantage enables them to achieve returns superior to indices while preserving a lower standard deviation during bearish market conditions.
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Ingfors, Johan, and Emil Nordenfors. "Aktiv fondförvaltning : En undersökning av nya och befintliga innehav i svenska aktivt förvaltade aktiefonder." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-434799.
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The study examines the returns for new and existing holdings in Swedish actively managed equity funds. The hypothesis is based on fund managers paying more attention and effort to analyze and finding new investments for the portfolio than they do to update the analyzes for the existing holdings. The managers can therefore be assumed to create information benefits which in turn generate a higher return for new than existing holdings. Calendar-Time Portfolio Approach is used to measure the development of new and existing holdings. Alpha estimates are performed using the Fama and French (1993) three-factor model and the Carhart (1997) four-factor model. When alpha is estimated using the Carhart four-factor model, the study finds that new holdings generate a slightly higher average return per month, 0.95%, compared with the existing holdings, 0.87%. The study finds similar results when alpha is estimated using the Fama and French three-factor model. The difference was not statistically significant for either method and can therefore be assumed to be random.I studien undersöks avkastningen för nya, respektive befintliga innehav i svenska aktivt förvaltade aktiefonder. Hypotesen baseras på att fondförvaltare lägger mer uppmärksamhet och ansträngning på att analysera och finna nya investeringar till portföljen än vad de gör för att uppdatera analyserna för de befintliga innehaven. Förvaltarna kan därför antas skapa informationsfördelar som i sin tur genererar en högre avkastning för nya än befintliga innehav. För att mäta utvecklingen av nya respektive befintliga innehav används Calendar-Time Portfolio Approach. Skattningar av alfa genomförs med Fama och French (1993) trefaktormodell och Carhart (1997) fyrfaktormodell. När alfa skattas med Carhart fyrfaktormodell finner studien att nya innehav genererar en något högre genomsnittlig avkastning per månad, 0,95 %, jämfört med de befintliga innehaven, 0,87 %. Studien finner liknande resultat när alfa skattas med Fama och French trefaktormodell. Differensen var inte statistiskt signifikant för någon av de två metoderna och kan därmed antas slumpmässig.
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Bournonville, Aurélien. "De l’Intendance au Commissariat de la Marine (1765 – 1909) : un exemple de stabilité administrative." Thesis, Lille 2, 2014. http://www.theses.fr/2014LIL20011/document.
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Les commissaires de la Marine sont les officiers chargés, jusqu’en 2010, du soutien logistique et du service financier dans la Marine française. Ces compétences sont un reliquat de celles qu’ils exercent jusqu’à la veille de la Première Guerre mondiale. En effet, outre le service administratif de la Marine, les commissaires sont compétents, au XIXème siècle, pour les affaires maritimes : la navigation commerciale, la pêche maritime, le statut professionnel des marins, les colonies. Ils interviennent dans l’ensemble des matières relevant du ministre de la Marine et des colonies. Cette situation est héritée de l’Ancien Régime. Elle témoigne de l’influence des idées de Colbert sur l’administration des affaires maritimes. Quand il devient secrétaire d’État à la Marine, il met en place non pas un ministère technique chargé des opérations navales, mais une administration chargée de développer l’activité maritime française. Il s’appuie, à cette fin, sur les commissaires de la Marine. Cette situation ne cesse qu’avec l’apparition des navires modernes, en acier et propulsés par vapeur, au XIXème siècleCommissioners of the Navy had been, until 2010, the officers in charge for logistical support and financial services in the French Navy. These areas of responsibility are merely a remainder of their former competences, which they had been exercising until the eve of the First World War. As a matter of fact, commissioners of the Navy were not only in charge for administrative services of the French Navy, but also for all maritime affairs, such as maritime navigation, marine fisheries, the professional status of sailors, and the colonies. They intervened within the field of competence of the Ministry for the Navy and the colonies. This situation is a legacy of the Monarchy and demonstrates the influence of Colbert’s doctrine with regard to the administration of maritime affairs. When he became Secretary of State for the Navy, he did not set up a ministry only concerned by naval warfare, but an administration in charge of the development of French maritime activity. For this purpose, he relied on commissioners of the Navy. This situation ceased only in the 19th century with the emergence of steamships
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Gradassi, Florent, and Justine Viennot. "The country of origin effect on the consumer behaviour : The impact of the "Made in France" on the Swedish consumer behaviour." Thesis, Högskolan i Halmstad, Sektionen för ekonomi och teknik (SET), 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-25469.
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Andrén, Erik, and Oskar Fors. "Actively Managed Investments : A comparison of US hedge and equity mutual funds." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-35570.
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Over the past years, the total assets under management among hedge funds and equity mutual fundshave increased significantly. The question from an investor point of view iswhich investment vehicle can provide the greatest return adjusted for risk. The purpose of this study involves an analysis on the historical net asset values todetermine and evaluate what one can except from actively managed hedge andequity mutual funds. It supports the determination of the most profitable asset, adjusted for risk, as part of a diversified portfolio. The performance is measured net of fees and costs with the inclusion of potential performance fees individual hedge funds may apply. Hedge funds practice different investment approaches depending on what strategy is applied and hence, return levels can vary dramatically. The study is designed to answer questions by comparing net returns and risk-adjusted returns for respective investments and the different hedge fund strategies. With a deductive research approach, the analysis is conducted by applying existing models and theories as the Fama-French three-factor model through time-series regressions measuring excess returns (alpha), risk-adjusted performance measures as Sharpe ratio, M-squared and the Sortino ratio. The results show that hedge funds outperform equity mutual funds in all examined aspects and produce positive monthly net alphas,on average. Equity mutual funds are unable to provide investors with positive excess returns and subsequently fail the purpose of an actively managed fund by providing returns lower than the return of the market. The results are increasingly strengthened with both time-series regressions and performance measures showing homogenous results and reaching the equal conclusions. From the conclusions that hedge funds provide the most profitable investment compared to equity mutual funds, the hedge fund strategy CTA/managed futures strategies perform best in both net and risk-adjusted terms.
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Anderson, Wendy J. "The phraseology of administrative French a corpus-based study /." Amsterdam : Rodopi, 2006. http://site.ebrary.com/id/10380398.
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Xu, Chong. "Construction d’une administration de sécurité : défense et maintien de l’ordre public dans la Concession française de Shanghai, 1849-1919." Thesis, Paris, Institut d'études politiques, 2019. http://www.theses.fr/2019IEPP0011.
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Cette thèse de doctorat s’intéresse à une question peu étudiée par l’historiographie de la Chine moderne et pourtant fondamentale pour la compréhension de l’impérialisme dans l’histoire de la Chine moderne. En s’inscrivant à la croisée de trois chantiers historiographiques, connexes, mais distincts, l’histoire urbaine, l’histoire des empires et l’histoire des forces de l’ordre, elle cherche à mettre en lumière la circulation des techniques et des savoirs de l’État moderne comme « statecraft » au niveau de la ville entre les empires européens et l’État chinois. Son objet central est la question de la défense et du maintien de l’ordre public dans la Concession française comme révélateur à la fois des relations entre les autorités françaises et locales, des tensions éventuelles entre les empires, de la hiérarchisation administrative de l’Empire français sur place, et la répartition du pouvoir de commandement militaire entre autorités civiles et militaires, dans le but d’éclairer la mise en place de l’administration municipale de Shanghai avant l’installation de la municipalité de Kuomintang en 1927 à trois niveaux. Comment les rapports existent-ils entre les trois municipalités au sein de la ville? Comment les autorités françaises construisent-elles une administration de la sécurité sur place? Enfin, comment cette administration de la sécurité répond-elle aux défis de la guerre et du conflit militaire ?This doctoral thesis focuses on a question that has been little studied by the historiography of modern China but that is nevertheless fundamental to the understanding of imperialism in the modern history of this nation. By positioning itself at the intersection of three historiographical camps that are connected and yet distinct—urban history, the history of empires, and the history of the forces of law and order—this thesis will seek to emphasise the idea that the circulation of the skills and knowledge-base of a modern state were an example of “statecraft” within the city of Shanghai, which occupied an intermediary position between the European empires and the Chinese state. The primary focus of the thesis is the issue of defence and the maintenance of public order in the French Concession of Shanghai as being indicative of the relations that existed between the French and local authorities, the possible tensions between the empires, the administrative hierarchy of the French Empire on the ground, and the distribution of the power of military command between the civil and military authorities. The objective is to shed light on the shaping of the municipal administration of Shanghai before the establishment of the Kuomintang municipal authority in 1927 on three levels: what form did relations between the three municipalities within the city take? How did the French authorities build a security administration on the ground? Lastly, how did this security administration respond to the challenges of war and military conflict?
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Ahmed, Meouloud Tah. "The Internationalization Process of Firms from Francophone Africa: “L’effet Métropolitain”." Diss., Temple University Libraries, 2017. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/421972.
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Business Administration/International Business AdministrationPh.D.
Emerging market firms (EMFs) have become a significant contemporary global economic force in terms of their international presence and influence. However, given the extreme poverty and lack of development in their home countries, many Francophone firms in Africa seeking to internationalize lack resources as well as legitimacy in international markets. Compared to higher income emerging markets, Francophone firms in Africa face significantly greater challenges in their internationalization efforts. For such firms, initial internationalization may occur through the former colonial center as a result of “l’effet métropolitain” (or the metropolitan effect). They may take advantage of their French relationship to overcome the disadvantages of being located in underdeveloped countries and markets. Once established in France, they are able to internationalize more broadly. The aim of this research was to investigate “l’effet métropolitain” and learn about the factors influencing the internationalization process of Francophone firms in Africa. To meet these aims, data on internationalization processes of firms from Francophone Africa were collected through case study analysis and semi-structured interviews with senior management of seven, Francophone firms from Africa. The case study findings largely provide confirmation of a proposed model of “l’effet métropolitain” wherein certain firm resources and motivations moderate the internationalization of Francophone firms in Africa to France first and then beyond.
Temple University--Theses
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Hukka, Sonja, and Samri Said. "Hållbara trender - presterande fonder? : En kvantitativ studie om hur ESG påverkar Sverigefonders prestation." Thesis, Södertörns högskola, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45770.
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Sustainability has become a major societal trend and interest in sustainable investments has increased among investors. The purpose of this study is to investigate how sustainability affects Swedish funds' returns and risk. Since research on the impact of sustainability on funds focuses mostly on investments outside Sweden, this study has limited itself to Swedish funds to fill the gap in research. The study analyzes 67 Swedish funds during 2015-2019 using various models such as CAPM, Fama-French three-factor model and Sharpe ratio. Furthermore, the funds' sustainability is measured using Morningstar's sustainability rating. Results show no signs of linear regression between sustainability and results from different models and the results of the study are not statistically significant. Thus, the study concludes that it is not sustainability that affects risk and return among the Swedish funds, but there may be other factors that have not been taken into account in this study. However, previous research shows that sustainable funds perform better and are more stable during times of crisis. This study has not examined the Swedish funds during times of crisis, but this may be an interesting topic for future research.Hållbarhet har blivit en stor samhällstrend och intresset för hållbara investeringar har ökat bland investerare. Syftet med denna studie är att undersöka hur hållbarhet påverkar Sverigefonders avkastning och risk. Eftersom forskning kring hållbarhetens påverkan på fonder fokuserar mestadels på investeringar utanför Sverige har denna studie avgränsat sig till Sverigefonder för att fylla luckan i forskningen. Studien analyserar 67 Sverigefonder under 2015-2019 med hjälp av olika modeller såsom CAPM, Fama-French trefaktormodell och Sharpekvot. Vidare mäts fondernas hållbarhet med hjälp av Morningstar hållbarhetsbetyg. Resultat visar inga tecken på linjär regression mellan hållbarhet och resultat från olika modeller samt studiens resultat är inte statistiskt signifikanta. Därmed är studiens slutsats att det inte är hållbarhet som påverkar på risk och avkastning bland Sverigefonderna utan det kan vara andra faktorer som inte tagits hänsyn till i denna studie. Däremot visar tidigare forskning att hållbara fonder presterar bättre och är mer stabila under kristider. Denna studie har inte undersökt Sverigefonderna under kristider men detta kan vara ett intressant ämne för framtida forskning.
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van, Nuenen M. R. T. M. "Controversial Industries: does it pay to ignore social norms?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-358397.
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This paper investigates the impact of social norms on the performance and valuation of “controversial stocks”- publicly traded companies involved in the production of Adult Entertainment, Alcohol, Gambling, Nuclear Energy, Tobacco, Uranium, and Weapons. Their performance and valuation is directly compared with compare non-controversial stocks. The paper consider an international sample of 941 controversial stocks. Employing a multi-factor performance measure, seven countries provide a significant outperformance of controversial stocks across all relevant control factors. The valuation analysis, however, provide mixed results on a country level, but on the global market-to-book ratio provide a significant overvaluation of controversial stocks compared to comparable non-controversial stocks, which contradicts the prediction of an undervaluation.JEL classification:
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Djerf, Martin, and August Lundgren. "Size and Seasonality : Using Enterprise Value and the January effect to Investigate the Size effect on the Swedish stock market 2000-2019." Thesis, Jönköping University, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-49432.
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In 1981, Banz discovered evidence suggesting that small-cap firms outperform large-cap firms when considering risk-adjusted returns. Banz (1981), called this the “size effect” and raised concerns regarding the ability of current asset pricing models to set accurate prices for assets. This resulted in new models being developed, such as the Fama and French three-factor model which takes the size of a company into consideration (Fama & French, 1992). However, since the discovering of the size effect, several researchers have started to question its existence. (Asgharian & Hansson, 2008) Moreover, short after Banz findings, a study by Keim (1983) introduced results that complements the size effect. Keims study suggests that the size effect is present due to the fact that small-cap firms outperform large- cap firms during the month of January. This seasonal anomaly is called the “January effect” and could possibly be the reason for the existence of the size effect. The purpose of this study is to investigate if there is a size effect and/or a January effect present on the Swedish stock market (OMX) when using Enterprise Value as the measure for size. Enterprise Value has been chosen in order to consider the full capital structure of companies, hence, not solely the equity value. In order to answer these research questions, a quantitative study has been conducted on companies being listen on the OMX during the time period 2000-2019. The findings of the research are that there is no size effect present on the OMX. Furthermore, the research has found that there is a January effect present on the OMX. This paper suggests that the January effect might have been the reason for the presence of the size effect in history, but as of now, the size effect has diminished but the January effect still remains.
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Carré, Benoît. "Pensions et pensionnaires de la monarchie : de la grâce royale au système de redistribution de l'Etat au XVIIIe siècle." Thesis, Lille, 2018. http://www.theses.fr/2018LIL3H001.
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Pensions et pensionnaires de la monarchie : de la grâce royale au système de redistribution de l’État au XVIIIe siècle La question des pensions et des pensionnaires de l’État est abordée à partir d’un corpus de sources centré sur les archives de la Maison du Roi, du Trésor royal et du Comité des pensions de l’Assemblée nationale constituante. Les mécanismes d’attribution et de distribution des pensions royales permettent de redécouvrir les contradictions de la monarchie d’Ancien Régime, prises entre la permanence de traditions anciennes et les exigences de l’État moderne. En revenant sur les tentatives répétées et inabouties de réformer et de rationnaliser un objet de dépenses dont le poids n’a cessé de peser sur les finances royales, la thèse invite à s’interroger sur ces formes de distributions utilisées par le pouvoir comme un instrument de domination politique et social, mais dont les aspects financiers et comptables ont été inégalement maîtrisés. L’histoire de la gestion des pensions royales au XVIIIe siècle offre une étude de cas particulièrement documentée qui permet d’illustrer le développement de la bureaucratie moderne, révélant une administration imaginative dans sa manière de réformer les pensions de l’État mais freinée par les intérêts contradictoires du régime. C’est finalement la crise politique de 1789 qui a permis de clarifier et de réformer un système de grâces royales devenu le symbole des abus de la cour aux yeux de l’opinion publique. En séparant les pensions de cour des pensions de l’État, en créant un droit à la pension pour les serviteurs de l’État là où l’Ancien Régime ne connaissait qu’un système de récompenses fondé sur l’usage et l’esprit de clientèle, le Comité des pensions de l’Assemblée nationale constituante a posé, en 1790, les bases du premier système de retraite de la fonction publique d’ÉtatPensions & pensioners of the French monarchy : from royal favour to State redistribution system in the eighteenth century The issue of State pensions and pensioners is tackled on the basis of a corpus of sources found among the archives of the Maison du Roi (Royal Household), the Trésor royal (Royal Treasury) and the Comité des pensions (Pensions Committee) of the Assemblée nationale constituante (National Constituent Assembly). An analysis of the attribution and distribution mechanisms of the Royal pensions reveals the contradictions of the Ancien Régime monarchy: the preservation of ancient traditions versus the requirements of a modern State. The repeated and unsuccessful attempts to reform and rationalize an object of expenditure whose weight has not ceased to weigh on the royal finances is demonstrated here. The thesis invites us to question these forms of distribution used by the power as an instrument of political and social domination, but whose financial and accounting aspects have been unequally controlled. The history of the royal pensions management in the 18th century offers a particularly well-documented case study that illustrates the development of modern bureaucracy. It reveals an inventive administration in its way of reforming State pensions while constrained by conflicting interests of the regime. It was finally the political crisis of 1789 that clarified and reformed a system of royal liberalities that became the symbol of abuses of the Court in the eyes of public opinion. In 1790, by separating Court pensions from State pensions, by creating an entitlement to pension for State servants where the Ancien Régime knew only a system of rewards based on custom and clientelism, the Comité des pensions of the Assemblée nationale constituante laid the foundation for the first pension system of the State Public Service