Dissertations / Theses: 'Management financier'

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Yamashita, Mamiko. "Three Essays on Financial Risk Management and Fat Tails." Thesis, Toulouse 1, 2020. http://www.theses.fr/2020TOU10056.

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Dans cette thèse, nous étudions les divers impacts de la spécification erronée du modèle et examinons comment gérer l'incertitude d'un modèle. Nous analysons l'impact de l'ignorance des “fat tails” sur un résultat des tests de comparaison des prévisions dans le premier chapitre, puis étudions les effets de l'ignorance de la dynamique de la prime de risque des rendements sur le montant des exigences de fonds propres des banques dans le deuxième chapitre. Le troisième chapitre fournit un moyen robuste de déterminer les exigences de fonds propres face à l'incertitude d'un modèle, c'est-à-dire à un manque de connaissance du véritable processus de génération de données. Dans le premier chapitre, nous analysons les tests de comparaison des prévisions sous “fat tails”. Les tests de comparaison des prévisions sont largement mis en œuvre pour comparer les performances de deux ou plusieurs prévisions concurrentes. La valeur critique est souvent obtenue par le théorème limite central classique (CLT) ou par le bootstrap stationnaire (Politis et Romano, 1994) avec des conditions de régularité, y compris celle où le deuxième moment de la différence de perte est borné. Nous montrons que si la condition de moment est violée, la taille du test utilisant les asymptotiques normales classiques peut être fortement déformée. Comme approche alternative, nous proposons d'utiliser une méthode de “subsampling” (Politis, Romano et Wolf, 1999) robuste aux queues lourdes. Dans l'étude empirique, nous analysons plusieurs tests de prévision de variance. En examinant plusieurs estimateurs de l'indice de queue, nous montrons que le deuxième moment de la différence de perte est susceptible d'être illimité, en particulier lorsque la fonction d'erreur quadratique populaire est utilisée comme fonction de perte. Nous constatons également que le résultat des tests peut changer si le “subsampling” est utilisé. Le deuxième chapitre explore l'effet d'une erreur de spécification dans la dynamique de la moyenne conditionnelle sur la détermination des exigences de fonds propres des banques. Dans l'accord Bâle II, les exigences de fonds propres pour risque de marché sont déterminées sur la base d'une mesure de risque appelée Value-at-Risk (VaR). Lorsque la VaR est calculée, on suppose souvent que la moyenne conditionnelle du rendement d'un actif est constante dans le temps. Cependant, il est bien documenté que la prévisibilité des rendements augmente à mesure que l'horizon de prévision s'allonge. La contribution de ce chapitre est de démontrer les problèmes liés à l'ignorance de la dynamique moyenne conditionnelle lorsque nous calculons la VaR. Nous constatons que même si les modèles avec une moyenne conditionnelle constante et variable dans le temps peuvent être statistiquement indiscernables, la VaR implicite peut différer. Ce résultat soulève alors une autre question sur la façon de produire la VaR lorsque l'on reconnaît la variabilité temporelle de la moyenne conditionnelle mais qu'il existe une incertitude sur sa valeur actuelle. Le troisième chapitre propose une solution à la question soulevée dans le deuxième chapitre en examinant une manière robuste de déterminer les exigences de fonds propres. Nous proposons de déterminer les réserves de capital sur la base du pire des cas. Autrement dit, nous choisissons la valeur maximale dans un ensemble de prévisions ES mappées à partir de l'ensemble de modèles présélectionnés par le prévisionniste. En supposant que la prime de risque est considérée comme non négative, nous montrons que l'ES robuste peut en fait être atteinte avec un modèle dans lequel la moyenne conditionnelle est constante et la prime de risque toujours nulle. Cette constatation sert de réponse à la question soulevée au chapitre 2 et justifie de supposer une moyenne conditionnelle constante
In this thesis, we investigate the various impacts of model misspecification and examine how to handle a model uncertainty. We analyze the impact of ignoring fat tails on an outcome of forecast comparison tests in the first chapter, and then study the effects of ignoring the dynamics of the risk premium of returns on the amount of capital requirements for banks in the second chapter. The third chapter provides a robust way to determine the capital requirements when facing a model uncertainty, that is, a lack of knowledge of the true data generating process. In the first chapter, we analyze forecast comparison tests under fat tails. Forecast comparison tests are widely implemented to compare the performances of two or more competing forecasts. The critical value is often obtained by the classical central limit theorem (CLT) or by the stationary bootstrap (Politis and Romano, 1994) with regularity conditions, including the one where the second moment of the loss difference is bounded. We show that if the moment condition is violated, the size of the test using the classical Normal asymptotics can be heavily distorted. As an alternative approach, we propose to use a subsampling method (Politis, Romano, and Wolf, 1999) that is robust to fat tails. In the empirical study, we analyze several variance forecast tests. Examining several tail index estimators, we show that the second moment of the loss difference is likely to be unbounded especially when the popular squared error (SE) function is used as a loss function.We also find that the outcome of the tests may change if the subsampling is used. The second chapter explores the effect of misspecification in the conditional mean dynamics on the determination of capital requirements for banks. In the Basel II accord (Basel Committee on Banking Supervision, 2010), the capital requirements for market risk are determined based upon a risk measure called Value-at-Risk (VaR). When VaR is computed, it is often assumed that the conditional mean of an asset return is constant over time. However, it is well documented that the predictability of returns increases as the prediction horizon becomes longer. The contribution of this chapter is to demonstrate the problems of ignoring the conditional mean dynamics when we compute VaR. We find that even though the models with a constant and a time-varying conditional mean may be statistically indistinguishable, the implied VaR can differ. This finding then raises another question on how to produce VaR when we acknowledge the time-variability of the conditional mean but there is an uncertainty of its current value. The third chapter puts forward a solution to the question raised in the second chapter by examining a robust way to determine the capital requirements when there is an uncertainty in the conditional mean of returns. We focus on Expected Shortfall (ES) rather than Value-at-Risk (VaR), since the capital reserves are now determined by ES in the Basel III accord. We propose to determine the capital reserves based on the worst-case ES. That is, we choose the maximum value within a set of ES forecasts mapped from the set of models that are pre-selected by the forecaster. With an assumption that the risk premium is believed to be non-negative, we show that the robust ES can in fact be achieved with a model in which the conditional mean is constant and the risk premium is always zero. This finding serves as an answer to the question raised in Chapter 2, and is one justification for assuming a constant conditional mean. We then consider a more general setting in which the forecaster is uncertain not only about the conditional mean but also about other aspects of the conditional distribution, such as the second or higher moments or the tails. There are many ways to define the set of models, and we focus on those defined with respect to the relative entropy, applying the robust control theory of Hansen and Sargent (2001)

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Vuillemey, Guillaume. "Derivatives markets : from bank risk management to financial stability." Thesis, Paris, Institut d'études politiques, 2015. http://www.theses.fr/2015IEPP0007/document.

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Dans sa première partie, cette thèse étudie l’utilisation optimale des produits dérivés par les intermédiaires financiers dans leur gestion du risque, en prêtant spécifiquement attention au marché des dérivés de taux d’intérêt. En modélisant la structure de capital optimale d’une banque, le premier chapitre montre comment l’usage optimal des dérivés affecte certaines décisions souvent étudiées en finance d’entreprise : l’offre de crédit, la transformation de maturité, la politique de dividendes ou les probabilités de défaut. La seconde partie de la thèse étudie au contraire le marché des dérivés comme un système à part entière. Le second chapitre utilise une base de données nouvelle et unique d’expositions bilatérales sur des contrats CDS afin d’offrir une description détaillée de la structure du réseau des expositions. Le troisième chapitre a pour objet la régulation des marchés de produits dérivés. Il étudie la compensation centrale des produits dérivés standardisés, et la demande de collatéral induite par cette réforme à l’échelle mondiale, sous une variété d’hypothèses concernant la microstructure du marché
In its first part, this thesis studies the optimal use of derivatives contracts for risk management by financial intermediaries, focusing especially on interest rate derivative contracts. It models the optimal capital structure policy of a bank and shows how the optimal use of derivatives affects a number of oft-studied decisions in corporate finance: bank lending, maturity mismatching, payout policy or default probabilities. The second part of the thesis, in contrast, studies derivatives market as a system on its own. The second chapter uses a new and unique dataset of bilateral exposures to CDS contracts in order to provide a detailed description of the network structure of exposures. The third chapter focuses on the regulation of derivatives markets. It studies central clearing of standardized derivatives contracts and the collateral demand induced by the reform at a global scale, under a variety of hypotheses regarding the market microstructure

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Ben, Hadj Saifeddine. "Essays on risk management and financial stability." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E003/document.

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La thèse analyse la question de la stabilité du système financier international dans son ensemble et plus précisément comment améliorer sa résilience. Chaque chapitre se focalise sur un type d'acteur dans ce système complexe, à savoir les banques, les organismes de supervision et les régulateurs internationaux. Le premier chapitre introduit de nouvelles techniques d'optimisation pour accélérer le calcul de mesure de risque dans les banques et les institutions financières. Il propose également une étude théorique pour valider les algorithmes d'optimisation proposés. Le second vise à quantifier l'externalité négative générée par les activités d'une banque ou d'une d'institution financière. Finalement, le dernier chapitre concerne la coopération entre régulateurs nationaux en présence de coûts de coordination en proposant une analyse qui s'appuie sur la théorie des jeux
We first investigate the computational complexity for estimating quantile based risk measures, such as the widespread Value at Risk for banks and Solvency II capital requirements for insurance companies, via nested Monte Carlo simulations. The estimator is a conditional expectation type estimate where two stage simulations are required to evaluate the risk measure: an outer simulation is used to generate risk factor scenarios that govern price movements and an inner simulation is used to evaluate the future portfolio value based on each of those scenarios. The second essay considers the financial stability from a macro perspective. Measuring negative externalities of banks is a major challenge for financial regulators. We propose a new risk management approach to enhance the financial stability and to increase the fairness of financial transactions. The basic idea is that a bank should assume as much risk as it creates. Any imbalance in the tails of the distribution of profit and losses is a sign of the bank's failure to internalize its externalities or the social costs associated with its activities. The aim of the third essay is to find a theoretical justification toward the mutual benefits for members of a bonking union in the context of a strategic interaction model. We use a unique contagion dynamic that marries the rich literature of game theory, contagion in pandemic crisis and the study of collaboration between regulators. The model is focused toward regulating asset classes, not individual banks. This special design addresses moral hazard issues that could result from government intervention in the case of crisis

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Cruz, Martinez Enrique. "Le fédéralisme financier au Mexique." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020038/document.

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L’étude des institutions financières fédérales ont la plupart du temps, été l’objet de travaux de recherche portant sur des pays développés et plus particulièrement sur le système américain. Cependant, l’adoption et l’évolution du système fédéral par d’autres pays comme le Mexique, reste encore très peu connues. Ces dernières années, le système fédéral mexicain a suscité de nombreuses critiques de la part des gouvernements locaux, lesquels dénoncent un haut niveau de centralisation du pouvoir fiscal de la fédération. Ils plaident pour une reconfiguration du système où aurait lieu un véritable partage du pouvoir fiscal entre les trois niveaux gouvernementaux à savoir ; la fédération, les Etats fédérés et les municipalités. Néanmoins, des réformes ont été mises en place pour augmenter la décentralisation des ressources financières mais pas de la dévolution du pouvoir d’imposition. Un processus de centralisation gouvernemental qui semble s’installer progressivement depuis l’adoption du modèle fédéral, exige ainsi une reconsidération de son évolution. Le fédéralisme financier au Mexique est une thèse qui analyse non seulement la structure financière du pays, mais qui cherche aussi des réponses afin de comprendre quelles sont les causes et comment le système fédéral est devenu un fédéralisme centralisé. Quels sont les outils juridiques qui ont permis le fonctionnement de ce système fédéral en neutralisant l’autonomie locale et la concurrence entre les autorités gouvernementales? Pourquoi est-il difficile de changer de direction ou de concevoir une réforme de grande ampleur qui pourrait rénover les relations intergouvernementales? Les réponses à de tels questionnements nous amènent à une conception plus large et plus vaste que l’analyse juridique de la structure fédérale ne suffirait pas à expliquer même si celle-ci constitue la base légitime d’une telle organisation politique. En effet, il existe toute une organisation de relations formelles et informelles nées des relations du pouvoir qui mènent à un fonctionnement conflictuel, aggravé par une hétérogénéité régionale. Sous cette perspective, l’organisation institutionnelle de l’Etat est le résultat de plusieurs facteurs où les intérêts de groupes du pouvoir est indissociable de la pratique centralisée du fédéralisme, suivi d’une répétition de crises économiques et d’une tendance à contrôler depuis le centre la gestion publique nationale. Toutefois, dévoiler le fonctionnement de ce système fédéral n’est pas simplement dû à la multiplicité des facteurs qui interagissent dans sa conception. L’intérêt de notre recherche est justement d’interpréter le fonctionnement conflictuel du fédéralisme financier mexicain
Over the past few years, the Mexican federal system has borne the brunt of numerous criticisms from local government which denounces a high level of centralised fiscal power in the Federation. They advocate a restructuring of the system where a genuine sharing of fiscal power would be instituted between the three levels of government, those being: the Federal Government, the State Government and the Municipalities.Although some reforms have been implemented to increase the decentralisation of financial resources, this has not been the case with taxation power. The process of governmental centralisation, which seems to have progressively taken hold since the adoption of the federal model, demands a reconsideration of its evolution.Financial federalism in Mexico is a thesis which not only analyses the financial structure of the country, but also seeks answers to better understand how the federal system became a centralised federalism and what the causes are. Why is it difficult to change direction or to conceive of a large-scale reform which could reform intergovernmental relations?The responses to such questioning will lead us to a broader conception of the subject where a legal analysis of the federal structure alone will not suffice to explain it, even if this does constitute the legitimate basis of such a political organisation.Indeed, a structure of formal and informal relations exists (power relations) which leads to a conflictual functioning of the system, exacerbated by regional heterogeneousness. From this perspective, the institutional organisation of the State is the result of several factors where the interests of power groups are an integral part of the centralised practice of federalism, followed by a series of economic crises and a tendency to control the management of public affairs from the centre of government.However, uncovering the functioning of this federal system is not simply due to the multitude of factors interacting in its construct. The interest of our research is to interpret the conflictual functioning of financial federalism in Mexico

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Lefebvre, Vivien. "Stratégie de croissance, cycle de vie financier et gestion financière des petites et moyennes entreprises." Thesis, Strasbourg, 2020. http://www.theses.fr/2020STRAB002.

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Les petites et moyennes entreprises (PME) font face à des contraintes de financement qui restreignent leurs stratégies de croissance et la flexibilité de leur gestion financière. Cette thèse contribue à une meilleure compréhension des stratégies de croissance de PME ainsi qu’à leur gestion et leur financement du besoin en fonds de roulement (BFR). La première partie se concentre sur les stratégies de croissance mises en œuvre par les PME. Le premier chapitre présente les principales caractéristiques des opérations de croissance externe des PME et l’articulation de ces opérations avec l’introduction en bourse. Le deuxième chapitre étudie l’impact sur la performance des opérations de croissance externe. Le troisième chapitre propose une étude exploratoire de la formation de groupes de sociétés par les PME. Dans la deuxième partie, les caractéristiques de la gestion et du financement du BFR des PME sont analysées. Le quatrième chapitre montre ainsi que la performance des PME est négativement affectée par un sous-investissement en BFR à travers des coûts d’opportunités et que cet effet est plus fort que pour des entreprises plus grandes. Le cinquième chapitre indique que les PME nouvellement introduites en bourse offrent des délais de paiement plus importants à leur clients mais sans que d’autres aspects de la gestion du BFR ne soient modifiés par l’introduction. Le sixième chapitre montre la flexibilité financière offerte par l’appartenance à un groupe de sociétés en matière de gestion du BFR
Small and medium-sized enterprises (SMEs) face financing constraints that limit both their growth choices and financial management. This thesis contributes to a better understanding of SMEs growth strategies and working capital management. The first part focuses on SMEs growth strategies. The first chapter documents the main characteristics of SMEs acquisition activities at the initial public offering stage. The second chapter investigates the impact of acquisitions on SMEs performances. The third chapter is an exploratory study of the formation and expansion of business groups by SMEs. In the second part, we study the characteristics of SMEs working capital management. The fourth chapter highlights that the performance of SMEs is negatively related to underinvestment in working capital due to opportunity costs and that this effect is higher than for larger firms. Chapter five reports that newly listed SMEs offer longer payment delays to their customers but that going public does not impact other aspects of working capital management. Chapter six documents the financial flexibility offered by business group affiliation with respect to working capital management

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Vo, Dinh-Tri. "Essays on enterprise risk management : the case of european insurance industry." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLE018/document.

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Dans un monde de plus en plus intégré, les entreprises doivent affronter un grand nombre de risques avec une plus grande complexité. Gérer les risques complexes avec une vision globale, holistique à tous les niveaux est vital pour les assureurs car le risque est dans leur cœur de leur métier. Toutefois, à périmètre réglementaire constant, les différentes stratégies de gestion de risques ne donneraient toujours pas les mêmes résultats.Cette thèse de doctorat cherche à examiner trois aspects de la gestion des risques des entreprises (ERM) pour le secteur de l'assurance européenne :i) les typologies s des compagnies d’ assurance qui mettent en œuvre l'ERM,ii) l'impact de l'ERM sur les performances de l'entreprise,et iii) la relation entre ERM et solvabilité.Bien que le marché européen de l’assurance représente un tiers du marché mondial, la majorité des études empiriques portant sur l’ERM dans le marché de l’assurance sont basées sur des données américaines. En outre, les exigences de Solvabilité II ont poussé les assureurs en Europe de se conformer à l’ERM. Le premier essai de la thèse étudie les caractéristiques de (101) cent-un compagnies d’assurance cotées dans l'Union Européenne, comprenant notamment la taille, l’ancienneté, l’effet de levier, le type d'entreprise, la diversification des activités, les investissements à long terme, et certains indicateurs de performance (les ratios combinés, ROA, Tobin's Q, et EPS). En utilisant le modèle Probit sur des données de panel avec les effets aléatoires, les résultats obtenus montrent que les compagnies d'assurance ont tendance à adopter l'ERM lorsqu’elles ont un niveau d’endettement élevé, une taille importante et une concentration sur leur cœur de métier. De plus, ces entreprises investissent davantage sur le long terme, ont une valeur de marché élevée, et se trouvent dans les marchés développés. Ces résultats corroborent les conclusions de plusieurs études dans la littérature i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).Dans le deuxième essai, j'étudie l'impact de l'ERM sur la performance de l'entreprise au regard de deux indicateurs: valeur de marché et valeur comptable. Suivant les résultats de l’identification des éléments déterminant l’adoption de l’ERM (premier essai), l’échantillon de base peut être divisé en deux groupes de compagnies d’assurance: un groupe avec ERM et un groupe sans ERM. Afin de tenir compte d’éventuel problème d’endogénéité entre la performance et l’ERM, et de possibles biais relatifs à la sélection de l'échantillon, l’approche d’estimation en deux étapes de Heckman (avec le ratio de Mills inversé) et les instruments internes de Hausman-Taylor sont utilisés. Les résultats obtenus sont en faveur de l’hypothèse selon laquelle l'ERM a un impact positif et significatif sur la performance des entreprises. Ces résultats complètent les études précédentes qui préconisaient l'adoption de l'ERM i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).Le troisième essai examine la solvabilité des compagnies d’assurance qui disposent d’un système de gestion des risques - l'ERM. Avec une approche similaire à celle du deuxième chapitre, je confirme que l'adoption de l'ERM a un impact positif sur la solvabilité de la société d'assurance. Cette nouvelle approche par la solvabilité des compagnies d’'assurance contribue à une vision alternative de la valeur de l'ERM.Les résultats de cette thèse ont des implications pour les parties prenantes majeures telles que les gestionnaires de risques, les régulateurs et les actionnaires: l'adoption de l'ERM a un impact positif et significatif sur la performance de l'entreprise et sa solvabilité. Par ailleurs, l'adoption de l'ERM est corrélée à certaines typologies des entreprises telles que le niveau de la dette, la taille de l'entreprise, l'investissement à long terme et la diversification
In a world that becomes more and more integrated, every firm has to cope with increasing complexity of different risks. Managing complex risks with a global view, holistic at all firm levels for insurers is vital because risks are their businesses. Over the last two decades, enterprise risk management (ERM) has become a crucial framework to provide firms with methods and processes to manage risks and augment the likelihood of business success. However, even within the same regulatory framework, different risk management strategies and risk management activities would lead to different outcomes.This doctoral thesis aims to examine three aspects of ERM in the European insurance industry:i) the characteristics of insurers that implement ERM,ii) the impact of ERM on firm performance,and iii) the relationship between ERM and solvency.Although the market share of the EU market is more than one-third of the world's maket share, most of empirical studies on ERM in the insurance industry based on the US data. Moreover, the Solvency II pushed insurers in this continent more close to ERM.The first essay investigates the characteristics of 101 publicly traded EU insurers, including firm size, firm age, leverage, business type, diversification, long-term investment, and some performance indicators (combined ratio, ROA, Tobin's Q and EPS). Using a Probit model with random-effects panel data, the obtained results show that European insurance firms are more likely to adopt ERM when they are more leveraged, bigger, and focus more on their core businesses. In addition, they have higher firm value, invest more over the long-term horizon and are mostly located in developed markets. Our evidence is consistent with the findings of some previous studies, i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).In the second essay, I study how ERM impacts firm performance via both market value and book-value indicators. With constraints in the identification of ERM evidence, I have two groups of ERM insurers and non-ERM insurers. As a result, I have to solve the problems of endogeneity (included reverse causality) and sample selection bias by using comprehensive methods: Heckman's two-step (with inverse Mills ratio), Treatment Effects, and Hausman-Taylor estimators. With comprehensive methods employed, the findings support the hypothesis that ERM have a positive impact on firm performance. These results thus complement previous studies advocating ERM adoption i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).The third essay examines the solvency of insurers that have adopted an ERM system. Using a similar approach as in the second essay, I find that ERM adoption has a positive and significant impact on insurance firm solvency. This new investigation into insurance solvency contributes an alternative view of the value of ERM.The findings of this thesis have some implications for major stakeholders such as risk managers, regulators, and shareholders: ERM adoption does have a positive and significant impact on firm performance and firm solvency. Moreover, ERM adoption is associated with certain firm characteristics such as leverage, firm size, long-term investment, and diversification

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Ullah, Muhammad. "The Nexus Between Firm's Environmental Performance and Financial Resilience." Thesis, Université Clermont Auvergne‎ (2017-2020), 2020. http://www.theses.fr/2020CLFAD012.

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Cette thèse comprend trois essais empiriques traitant de l’impact de la performance environnementale des entreprises sur leur résilience financière. Nous mobilisons la vaste littérature concernant le lien entre la performance environnementale et la performance financière et contribuons en analysant un aspect non traité de la performance financière, à savoir la résilience financière. La résilience financière peut être définie comme “à la fois la capacité d'un système à persister malgré des événements financièrement stressants et la capacité de régénérer et de maintenir l'organisation existante” (Gunderson and Pritchard, 2002, DesJardine et al., 2017). D’une part, du point de vue actionnarial, une performance environnementale élevée peut être considérée comme un surinvestissement ou un gaspillage de ressources financières et peut donc réduire la résilience financière d’une entreprise face à un événement défavorable. D'un autre côté, conformément à la vision de l'environnement en tant que ressource, les entreprises avec un performance environnementale élevée peuvent amortir le choc et récupérer plus rapidement en bénéficiant de l'attention des parties prenantes, et cela grâce à leur réputation d'être respectueuses de l'environnement et à l'avantage concurrentiel d'avoir des ressources inimitables.Le premier chapitre présente la performance environnementale et la résilience organisationnelle, et traite de leurs implications financières à partir des littératures théoriques et empiriques. Mobiliser la littérature des deux domaines nous amène à notre question de recherche générale, qui cherche à investiguer le lien entre la performance environnementale des entreprises et leur résilience financière. S'appuyant sur cela, le chapitre présente ensuite les pistes de recherche qui sont conduites dans les chapitres suivants.Dans le deuxième chapitre, nous étudions la relation dans le contexte d'un choc mondial pour l'économie, la crise financière des subprimes de 2007. En utilisant un échantillon international de 1622 observations, nous mesurons la résilience financière des entreprises comme le temps nécessaire que le cours de bourse de l’entreprise retrouve son prix de marché du niveau d'avant la crise. En effectuant une analyse de survie, nous constatons qu'une performance environnementale élevée est négativement lié à la résilience financière des entreprises. Cela indique qu'une performance environnementale élevée semble être une contrainte organisationnelle qui limite la capacité d'une entreprise à être financièrement résiliente à la crise financière générale. Cependant, nous constatons également que la performance environnementale n'est pas préjudiciable à la résilience dans sa dimension spécifique d'innovation de produit, ni pour les entreprises dont le siège sociale est localisé dans des pays moins soucieux de l'environnement.Dans le troisième chapitre, nous étudions la relation dans le contexte des exigences réglementaires, plus précisément par les perturbations causées par la divulgation des émissions vérifiées dans le cadre des ETS européens (EU ETS). En effectuant l'analyse de survie sur un échantillon de 3194 observations couvertes par l'EU ETS, nous constatons qu'un EP élevé est positivement lié à la résilience financière, mesuré par le temps nécessaire à la récupération du prix du marché de l'entreprise jusqu'à la celui de la veille de la publication. Conformément à la vision basée sur les ressources environnementales (Hart, 1995, Russo and Fouts, 1997) et au cadre de l’environnement comme une ressource (Flammer, 2013), cette constatation suggère qu'une performance environnementale élevée est bénéfique pour l'entreprise et améliore la capacité des entreprises à être financièrement résilientes dans un cadre réglementaire environnemental.Le quatrième chapitre examine l'impact de la performance environnementale sur la résilience financière dans le contexte des controverses environnementales spécifiques aux entreprises. (...)
This thesis comprises three empirical essays investigating the impact of environmental performance (EP) of firms on their financial resilience. We capitalize from the vast literature of EP on financial performance and contribute to uncover an unexplored aspect of financial performance, i.e. financial resilience. Financial resilience can be defined as “both the ability of a system to persist despite financially stressful events and the ability to regenerate and maintain existing organization” (Gunderson and Pritchard, 2002, DesJardine et al., 2017). On the one hand, based on shareholders’ expense view, high EP may be viewed as an overinvestment or waste of financial resources and may therefore reduce a company’s financial resilience when confronted to an adverse event. On the other hand, in line with the environment-as-a-resource view, high EP companies may buffer the shock and recover faster by benefitting from stakeholders’ attention through their reputation of being eco-friendly and the competitive advantage of having valuable and inimitable resources.The first chapter introduces the EP and organizational resilience and discusses their financial implications from theoretical and empirical literatures. Bridging the literatures of both areas from a financial viewpoint lead us to our general research question, to investigate “the nexus between firms’ EP and their financial resilience”. Building on this, the chapter then introduces the avenues of research that are undertaken in the following chapters.In the second chapter, we investigate the relationship in the context of a global shock for the worldwide economy, the subprime financial crisis of 2007. Using an international sample of 1,622 observations, we measure firm’s financial resilience by the time to recovery of their market prices to the pre-crisis level. By performing survival analysis, we find that high EP is negatively related to the financial resilience of companies. This indicate that high EP seems to be an organizational constraint that limits the ability of a company to be financially resilient to general financial crisis. However, we also find that EP is not detrimental to resilience for its specific product innovation dimension, nor for companies in less environmentally oriented countries.In the third chapter, we investigate the relationship in the context of regulatory requirements, more precisely by the disruptions caused by the disclosure of verified emissions under the EU ETS. Performing the survival analysis over a sample of 3,194 observations covered under the EU ETS, we find that high EP is positively related to the financial resilience, measured by time to recovery of firm’s market price to the day before the publication. In line with the Environmental resource based view (Hart, 1995, Russo and Fouts, 1997) and the environment-as-a resources framework (Flammer, 2013), this finding suggest that high EP is beneficial for company, and improves the ability of companies to be financially resilient in the context of an environmental regulative framework. However, we find that high EP is more beneficial if firm is in carbon-intensive industry, the carbon prices are high.Finally, the fourth chapter investigates the impact of EP on financial resilience to jolts caused by company specific environmental controversies. We apply survival analysis and OLS regression models to assess the impact of firms’ EP on their flexibility (time to recovery of market value) and stability (severity of loss in market value) dimensions of resilience, respectively. Using an international sample of 233 observations over the 2010-2016 period, we find that prior EP significantly enhances the both dimensions of financial resilience of companies. (...)

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Mouti, Saad. "Le management du risque pour les compagnies d'assurance : une approche marchés financiers." Thesis, Paris 6, 2017. http://www.theses.fr/2017PA066744.

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Cette thèse traite plusieurs aspects des risques financiers liés aux contrats d’assurance vie. Elle étudie trois sujets distincts et est composée en six chapitres qui peuvent être lus indépendamment. Le comportement de l’assuré est un risque majeur pour les assureurs dans le cadre de produits d’assurance vie comme les annuités variables. Ainsi, nous nous penchons dans les premiers chapitres sur le comportement optimal pour deux classes de produits commercialisés. Nous traitons le cas du rachat total pour les « guaranteed minimum account benefits » (GMAB), et le retrait optimal dans le cadre des « guaranteed minimum income benefit » (GMIB). Le troisième chapitre est dédié au management et à la couverture d’une classe de produits à unité de compte également commercialisés par les assurances.Le second sujet consiste en un chapitre et traite l’exécution optimal d’un large portefeuille d’options. En effet, les produits d’assurance vie sont partiellement couverts statiquement par la détention d’options vanilles. Nous considérons le cas où la taille des trades affecte le prix des options et cherchons à définir la stratégie optimale permettant de minimiser le coût de l’acquisition de ce portefeuille de couverture, en prenant en compte l’impact de marché.Enfin, le dernier thème de la thèse étudie le processus de volatilité. A cet effet, nous utilisons deux types d’estimateurs. En l’absence de données haute fréquence, les estimateurs dit de « range » permettent de revérifier que la volatilité est rugueuse. Ensuite, en utilisant les prix d’options, la volatilité implicite et une version raffinée de cette dernière permettent encore une fois d’aboutir à la même conclusion
This thesis tackles several aspects of financial risks encountered in the life insurance industry and particularly in a class of the products insurers offer; namely variable annuities and unit-linked products. It consists of three distinct topics and is split into six chapter that can be read independently.In variable annuities (VAs), policyholders’ behavior is a major risk for the insurer that affects life insurance industry in almost every aspect. The first two chapters of this first part deal with policyholders’ optimal policyholder for two VAs products. We address the rational lapse behavior in the guaranteed minimum account benefit (GMAB), and optimal withdrawals in the guaranteed minimum income benefit (GMIB). The third chapter is dedicated to a class of unit-linked products from a managing and hedging point of view. The second topic consists of one chapter and addresses the optimal execution of a large book of options. Typically, life insurance products are partially hedged using vanilla options. We consider the case where trades are affected by the traded quantity, and seek to find an optimal strategy that minimizes the expected cost and the mean-variance criterion.Finally, in the last topic we study the volatility process using two different proxies. First, range based estimators that rely on the asset price range data allow us to double-check that volatility is a rough process in the sense that it has a scaling parameter H less than 1/2. Then, using short time-to-maturity implied volatility, and a refined version of it, allows us to confirm that the rough aspect of volatility is universal along different proxies

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Busca, Laurent. "Le façonnement des marchés par les pratiques marketing routinières : une application au Social Media Management." Thesis, Toulouse 1, 2017. http://www.theses.fr/2017TOU10063/document.

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Le budget dédié au marketing sur les réseaux sociaux est en forte croissance depuis quelques années, soulignant l‘importance du Social Media Management dans la stratégie des entreprises. Dès lors, la mise en œuvre à grande échelle de cette pratique a nécessairement des effets sur les marchés, intentionnels ou non. Par quel mécanisme la pratique routinière du Social Media Management façonne-t-elle les marchés sur lesquels elle intervient ? Nous répondons à cette problématique à l‘aide de trois approches qualitatives : une étude ethnographique et documentaire de quatre ans est complétée par une étude historique et trois séries d‘entretiens semi-directifs avec des Social Media Managers. Trois chapitres empiriques mettent successivement en évidence la constitution historique des structures de représentations mobilisées par le marketing digital ; le mécanisme par lequel les Social Media Managers enchevêtrent quotidiennement plusieurs de ces structures au sein de leur routine ; le mécanisme par lequel la pratique routinière fait évoluer ces structures. Cette recherche contribue à la littérature sur les marchés en montrant comment des marketers façonnent ces derniers à travers leurs actions routinières. Ce travail donne aux managers des outils permettant d‘étudier et de mobiliser différentes structures culturelles dans leur stratégie digitale, notamment sur les médias sociaux
Investments dedicated to Social Media Marketing have been growing for a few years, outlining the importance of Social Media in the marketing strategy. These massive investments must cause changes on markets, either intentional or not. How are markets made up by routine marketing practices such as Social Media Management? We study the impact of routine marketing practices on markets through an application to Social Media Management. We use three qualitative methods: a four years netnographical and documentary analysis, a historical study and three sessions of interviews with Social Media Managers. Three empirical chapters outline the historical constitution of representation structures involved in digital marketing practices; the mechanism through which Social Media Manager intertwine different of these structures into their routines; the mechanism through which routines make these structures evolve. We contribute to the literature on market by showing how marketing managers enact routines that make up markets. We give managers tools to study and use different cultural structures in their digital strategy, especially on Social Media

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Jebabli, Ikram. "Essays on the transmission of shocks between financial, energy and food markets : transmission channels, measurement, effets and management." Thesis, Université Clermont Auvergne‎ (2017-2020), 2017. http://theses.bu.uca.fr/nondiff/2017CLFAD007_JEBABLI.pdf.

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Cette thèse par essais a pour objectif de contribuer à une meilleure compréhension de la transmission au marché alimentaire des chocs provenant des marchés financier et énergétique. Le premier essai étudie l’efficience du marché alimentaire. Le deuxième essai examine les transmissions de rendements et de volatilités entre les trois marchés. Quant au troisième essai, il s’intéresse à l’analyse de la dépendance extrême entre ces marchés. Nos principaux résultats permettent de souligner l’impact de la crise financière de 2007-2008 et la financiarisation des marchés de commodités dans l’intensification aussi bien des transmissions de volatilités et de prix que des dépendances (notamment les dépendances de queue) entre ces marchés. Ils permettent également de souligner l’efficacité de la couverture du risque par la construction de portefeuilles diversifiés incluant les commodités alimentaires
The aim of this three essays thesis is to contribute to a better understanding of the transmission of shocks from energy and financial markets to food market commodities. The first essay investigates the efficiency of food market. The second essay studies returns and volatilities transmission between the three markets. Extreme dependence between these markets is analyzed in the third essay. Our main results underline the impact of the 2007-2008 financial crisis in the intensification of returns and volatilities spillovers between these markets as well as tail dependencies (namely tail dependencies). They allow also underlining hedge effectiveness by the construction of diversified portfolios including food commodities

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Lescoat, Pierre. "La valeur de l'individu en salle de marché : une analyse critique des dispositifs et pratiques d'évaluation de la performance individuelle dans le monde de la finance." Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01E023.

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Cette thèse questionne la valeur de l’individu dans les salles de marché à partir d’une étude de l’évaluation de performance individuelle des traders exotiques et des analystes sell-side au sein des grandes banques d’investissements. Nous considérons l’évaluation de la performance individuelle comme une pratique de valorisation. Cela signifie, dans notre approche constructiviste, que l’évaluation de la performance individuelle produit une valeur de l’individu. Notre étude mobilise un cadre foucaldien : nous cherchons à comprendre quelles sont les formes de subjectivation produites par l’évaluation. A partir de 74 entretiens individuels et d’observation de moments de sociabilité, effectués dans une approche longitudinale, nous identifions 4 formes de subjectivation à l’œuvre dans l’évaluation de la performance individuelle des traders et analystes : la généralisation du « penser profit », le référencement de soi dans un collectif, la mise en marché de l’expertise et l’intégration des attentes corporelles. Cette étude contribue empiriquement à la littérature sur les systèmes d’évaluation de la performance individuelle en montrant l’importance de la sociabilité et de la réputation comme critères de performance pour deux professions « du chiffre ». Elle contribue à la littérature sur les marchés financiers en s’intéressant aux rôles des dispositifs d’évaluation de la performance individuelle dans la fragmentation ou dans la consolidation de collectifs
This thesis discusses the value of the individual in trading rooms. For this, we study the individual performance evaluation systems of exotic traders and sell-side analysts in the banking industry. Individual performance evaluation is a valuation practice. This means, in a constructivist approach, that individual performance evaluation produces a value for the individual. Our theoretical framework is based on the work of Michel Foucault: we investigate how individual performance evaluation” subjectivize” individuals. For this, we conducted 74 interviews and conducted participant observations. We also used a longitudinal approach over 5 years. Our study identifies 4 types of subjectivation induced by individual performance evaluation systems: the generalization of “thinking profit”, the reference of the self in a collective, the marketization of expertise and the bodily integration of performance expectations. This study contributes empirically to the academic literature on individual performance evaluation by showing the importance of sociability and reputation as individual performance dimensions for two professions that deal with numbers. The study contributes to the literature on financial markets by focusing on the roles of individual performance evaluations systems in fragmenting or consolidating communities

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Borden, Lynne, and DenYelle Baete Kenyon. "Family Financial Management -- Interventions Following a Disaster." College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/157199.

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Zylstra, Andrew. "Transposing the 'real effects of financial markets' perspective onto the marketingfinance interface." Thesis, Paris 1, 2019. https://ecm.univ-paris1.fr/nuxeo/site/esupversions/cc1fc8b2-1794-477f-baba-9be8bf7d855a.

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Afin d’approfondir les connaissances sur la relation entre le marketing et le marché des actions, cette thèse questionne l’éventualité selon laquelle la perspective des « effets réels des marchés financiers » (P. Bond et al., 2012) est adaptée à la fusion des deux courants de l’interface marketing-finance. Les quatre études de cette thèse font la démonstration suivante : les flux d’informations transmis par les cours des actions sont bidirectionnels entre les investissements marketing et les marchés secondaires. Les deux premières études (chapitres 3 et 4) montrent de façon empirique l’impact des flux d’informations provenant des investissements marketing sur les marchés secondaires, tandis que les troisième et quatrième études (chapitre 5 et 6) montrent de la même manière l’impact des flux d’informations provenant du marché des actions sur les investissements marketing. Réunies, ces quatre études attestent que l’information circule de façon bidirectionnelle entre les investissements marketing et les marchés secondaires, ce qui met en relief les débats autour de la perspective « des effets réels des marchés financiers ». Nous présentons deux conclusions relatives à ce résultat. Dans un premier temps, nous soutenons l’idée selon laquelle la perspective des « effets réels des marchés financiers » devrait être superposée à l’interface marketing-finance car elle améliore notre compréhension de ces deux axes. Elle nous apporte également un cadre théorique adéquat pour examiner la manière par laquelle les investissements marketing reflètent et impactent les informations du marché des actions. Dans un second temps, la superposition de la perspective des « effets réels des marchés financiers » à l’interface marketing-finance ouvre la voie à de nombreuses possibilités de recherche permettant d’en savoir plus sur les interactions bidirectionnelles entre les investissements marketing et le marché des actions
To obtain deeper insights into the relationship between marketing and equity markets, this thesis investigates whether the ‘real effects of financial markets’ perspective (P. Bond et al., 2012) is suitable for integrating the two streams of the marketing-finance-accounting interface research area. The four studies in this thesis highlight the bidirectional flows of information in stock prices between marketing investments and equity markets. The first two studies (Chapters 3 and 4) show empirically the impact of information flows from marketing investments to equity markets while the third and fourth studies (Chapters 5 and 6) show empirically the inverse flow of information from equity markets to marketing. Together, the four studies suggest that information flows bidirectionally between marketing investments and equity markets, reflecting the contentions of the ‘real effects of financial markets’ perspective. We make two arguments based on this finding. First, we contend that the ‘real effects of financial markets’ perspective should be transposed onto the marketing-finance interface because it enhances our understanding of the two research streams of the marketing-finance interface and provides a suitable theoretical framework to account for how marketing investments both affect and reflect information in equity markets. Second, transposing the 'real effects of financial markets' perspective onto the marketing- finance interface opens up many research possibilities to generate new insights into the two-way interactions between marketing investments and equity markets

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Baradat, Caroline Laure. "La caractérisation du pilotage financier universitaire français -Une analyse de la cohérence de son modèle organisationnel avec les réformes actuelles-." Thesis, Pau, 2013. http://www.theses.fr/2013PAUU2007/document.

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Face aux nouvelles missions confiées aux universités françaises, une nécessaire évolution de leurs pratiques de pilotage comptable et financier a été amorcée. Dans ce cadre, nous proposons d’analyser le degré de cohérence existant entre le modèle organisationnel actuel du Pilotage Financier Universitaire Français (PFUF) et les évolutions contextuelles auxquelles il est confronté. Pour cela, tout d’abord, nous mettons en exergue trois dimensions d’étude, à savoir celles instrumentale, de gouvernance collective et de gouvernance individuelle, permettant la construction d’une grille d’analyse globale du PFUF. Ensuite, nous mobilisons des approches de terrain complémentaires, dont des études de cas dans 5 universités françaises et une analyse quantitative des réponses de 33 universités à un questionnaire national. Au final, nous observons que le PFUF semble encore reposer sur des outils de gestion financière court-termistes et globaux, suivant une logique élémentaire de surveillance, ainsi que sur une structure mécaniste, liée à un processus décisionnel centralisé, et perturbée par la présence de jeux de pouvoir. Ces résultats permettent non seulement de conclure que le PFUF ne paraît donc pas encore répondre aux nouveaux enjeux actuels, mais aussi de proposer des logiques d’évolution adaptées
Faced with new missions entrusted to French universities, a necessary change of their accounting and financial management practices has been initiated. Within this framework, we propose to analyze the level of consistency between the current organizational model of French University Financial Management (FUFM) and contextual changes it faces. First of all, for that purpose, we highlight three research dimensions, namely instrumental, collective governance and individual governance, permitting to build a global analysis table of FUFM. Then, we mobilize complementary field-based approaches, among them case studies in five French universities and a quantitative analysis of 33 universities responses to a national survey. In the end, we observe that FUFM still seems based on short-termist and global financial management tools, following a basic logic of monitoring, and on a mechanistic structure, linked to centralized decision-making process, and disturbed by the presence of power games. These results permit not only to conclude that FUFM seems not meet the new current challenges, but also to propose adapted evolution axis

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Monnier, Franck. "L'Opéra de Paris de Louis XIV au début du XXe siècle : régime juridique et financier." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020072/document.

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Dès le XVIIIe siècle, l’Opéra de Paris est considéré comme un « établissement public ». Ses missions sont nombreuses. Le théâtre doit proposer traditionnellement aux spectateurs des ouvrages lyriques appartenant à un genre national, mais son rôle est aussi de représenter le pouvoir politique, de servir les relations diplomatiques, ou encore de soutenir un pan de l’artisanat. Le fonctionnement du « service public de l’Opéra » soulève des questions d’ordre public et de gestion. Un encadrement normatif a été mis en place. La police des spectacles a été réformée et adaptée aux singularités de l’établissement : le régime de la censure, la surveillance policière, comme les dispositifs de lutte contre les incendies ont été l’objet de mesures précises. La gestion du théâtre a connu plusieurs bouleversements. Les autorités ont hésité entre un système ambigu de délégation à des entrepreneurs subventionnés et un mode de gestion en régie directe. Ces réformes institutionnelles ont eu des incidences sur la condition juridique des interprètes, comme sur le déroulement des carrières et l’organisation de leur caisse de pensions. Toutes les informations nécessaires à l’élaboration de ce travail ne se trouvent pas dans les règlements. La méthode a été de croiser les sources juridiques avec les archives administratives et les bilans comptables, afin de confronter la marche effective de l’établissement avec le fonctionnement « idéal », imaginé dans les bureaux, loin des difficultés matérielles d’exécution. Cette étude révèle la force normative des usages en matière d'administration, ainsi que le phénomène de détournement des textes par les administrateurs. Ce mode de fonctionnement, souvent ignoré de la bureaucratie, demeure le seul élément de stabilité à l’Opéra, depuis le règne de Louis XIV jusqu’à la IIIe République
Since the eighteenth century, the Paris Opera has been considered to be a “public service corporation”. Many missions were assigned to the theatre: the Opera should traditionally offer the viewer lyrical opuses in a national genre, but it’s role was also to represent the authorities, serve foreign affairs and support a section of the craft industry. The functioning of the "public service of the Opera” raises questions of public order and management. A legal framework was implemented. The police for the theatres was reformed and adapted to the peculiarities of the activity: censorship, police surveillance and fire fighting arrangements were organized by specific measures. The administration of the Opera underwent several upheavals. The authorities hesitated between an ambiguous system of delegation to subsidized contractors and direct state control (or local government control). These institutional reforms had an impact on the legal status of the artists, on the development of their careers and on the organization of their pension fund. All the information necessary for the development of this work is not to be found in the legal regulations. Our method was to cross the legal sources with administrative records and balance sheets, in order to compare the actual running of the theatre with it’s "ideal" functioning, planned in offices, far from the material difficulties of the actual execution. This study reveals the normative force of customary uses in administration, as well as the phenomenon of diversion of the rules by the administrators and the staff. This mode of functioning, often unknown to the bureaucracy, remains the only element of stability in the Opera, since the reign of Louis XIV until the Third Republic

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Petel, Franck. "Perception par les acteurs de marché de la fonction d’utilité liée à l’immobilier." Thesis, Paris 10, 2012. http://www.theses.fr/2012PA100052/document.

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L’objectif principal de cette thèse est d’estimer la valeur d’utilité de l’immobilier des entreprises en examinant cet actif aux travers de différents prismes. Nous avons tout d’abord étudié les principales théories macroéconomiques qui régissent la gestion des portefeuilles diversifiés d’actifs, puis mesuré les effets de l’immobilier de l’entreprise sur la perception du couple rentabilité/risque de différents secteurs industriels par l’analyses graphiques et des mesures de corrélation. Nous nous sommes intéressés à deux entreprises représentatives d’industries présentant des singularités fortes : le groupe Casino, que nous avons associé à sa foncière Mercialys, et le groupe Accor. L’étude de ces structures a permis de mettre en lumière des stratégies et des comportements différenciés essentiellement centrés sur la problématique du couple rentabilité/risque. Nous avons souhaité vérifier par la suite les hypothèses émises lors de l’étude de ces deux groupes en nous replaçant dans la perspective plus générale des acteurs et en testant in vivo la perception de la valeur d’utilité de l’immobilier des entreprises. Nous avons pour cela orienté cette recherche vers une approche empirique basée sur une enquête. Nous avons ainsi validé le fait que l’immobilier est essentiellement perçu par les acteurs comme un outil de la gestion du couple rentabilité/risque de la société (et particulièrement de la dette) avec, cependant, des composantes associées plus ou moins affirmés selon le paradigme, les finalités et la perception de la classe d’acteurs qui le considérait. La situation de l’entreprise pouvait de même faire évoluer la nature de cette valeur pour les répondants avec pour objectif systématique la maximisation de leur bien-être. Enfin, nous avons précisé dès le début de cette recherche que cette dernière était marquée par sa temporalité et qu’elle devra être mise à jour dans dix ans à la lumière de données statistiques plus significative sur la durée
The principal objective of this study is to estimate the utility value of a company’s Real Estate by analysing this asset utilising different methods. In the beginning, we studied the principal theories of macroeconomics which lead to the creation of a diverse portefolio of assets. We then measured the impact of the company’s real estate value on the perception of the profitability/risk ratio within different industrial sectors. To achieve this, we used a graphic analysis tool and we measured the level of correlation between different indexes. We have examined in detail two representative companies of specific indexes which demonstrated strong and unusual strengths: the Casino Group, that we have linked to its Real Estate investment trust Mercialys and the Accor Group. The study of these businesses has allowed us to demonstrate unique strategies and adaptive behaviors based on the optimization of the profitability/risk ratio. We wanted to verify thereafter the specific hypotheses created during the study of these two companies. For that, we adopted a more general approach and we tested in vivo the perception of the utility value of a company’s Real Estate. We oriented the research to an empirical approach based on the survey data. We validated the fact that Real Estate is essentially considered by the people involved in this industry as a tool for managing the profitability/risk ratio of a company (and particularly the level of the debt) with more or less significant additional components according to the paradigm, the objectives and the personal perception of each group within each segment. The current situation of the company could significantly change the perception of the nature of its value for a specific group with the systematic objective of maximizing their position. We specified when we started this research project that this work is relevant to the date it was produced and it has to be updated in ten years with more significant temporal data

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Lukuitshi-lua-Nkombe, Albert Malaika. "Essai sur le système financier de la République Démocratique du Congo: une contribution à l'amélioration de la supervision bancaire." Doctoral thesis, Universite Libre de Bruxelles, 2005. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210967.

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RESUME La construction d un systeme financier sain et concurrentiel capable de mobiliser de facon substantielle des hauts niveaux d epargne et l amelioration des normes de supervision bancaire et financier pour assurer la stabilite du systeme sont deux des recommandations souvent faites par les institutions internationales pour permettre aux pays africains de participer pleinement a l expansion de la prosperite mondiale et a beneficier de la globalisation du commerce des services financiers.

Cette these essaie de trouver les voies et moyens susceptibles de contribuer a l amelioration et au renforcement de la supervision bancaire au Congo, et in fine [le secteur bancaire etant le plus important du systeme financier] permettre l eclosion d un systeme financier moderne et efficace qui rencontre les normes internationales.

Dans une premiere etape qui consiste en un etat des lieux du systeme financier congolais et en une analyse critique de la gestion bancaire ( chapitre 1 et chapitre 2 ); les analyses :

- ressortent les caracteristiques du systeme financier congolais ;

- soulignent les contraintes structurelles ayant entrave trois decennies de gestion bancaire ;

- evaluent les chances de succes des reformes mises en oeuvre par les autorites;

- proposent en des termes generaux, les ameliorations a porter au cadre reglementaire et de supervision du secteur bancaire afin de reduire les imperfections, de renforcer l efficacite et la stabilite du systeme dans son ensemble.

Dans une seconde etape, un menu plus restreint de propositions faites au terme de l etat des lieux du systeme financier et de l analyse critique de la gestion bancaire est passe en revue. Les contributions de la these dans cette etape consistent :

- en la proposition d outils concrets de supervision bancaire pour faire face a la carence d outils de gestion prudentielle preventive ;(chapitre 3)

- en recommandations pour ameliorer :la politique de provisionnement des creances et le fonctionnement des institutions de microfinance ;( chapitre 4)

- a degager dans une demarche d analyse strategique, les pistes susceptibles de contribuer a l amelioration de la sante et la solidite du systeme financier congolais apres evaluation prealable de sa competitivite (chapitre 5)

SUMMARY

The construction of an healthy and competitive financial system able to mobilize high levels of saving and the improvement of the standards of banking and financial supervision to ensure the stability of the system are two of the recommendations often made by international institutions to help African countries to take part in the expansion of world prosperity and to profit from the globalization of financial services.

This thesis tries to find the ways to contribute to the improvement and the reinforcement of the banking supervision in Congo, and in fine [ the banking environment being most significant of the financial system ] to allow the blossoming of a modern and effective financial system which meets international standards.

In a first stage which consists in an overview of the Congolese financial system and in a critical analysis of the banking management ( chapter 1 & chapter 2) ;our analyses :

- release the characteristics of the Congolese financial system ;

- underline the structural constraints having blocked three decades of banking management ;

- evaluate the chances of success of the reforms implemented by the authorities ;

- propose in general terms, the improvements to be carried in order to reduce the imperfections of the banking supervision, to reinforce the effectiveness and the stability of the banking system.

In the second stage, a more restricted menu of proposals made at the end of the first stage is reviewed. The contributions of the thesis in this stage consist:

- in the proposal of concrete tools for banking supervision to face the deficiency of preventive prudential management tools; ( chapter 3)

- in recommendations to improve :the policy of provisioning bad debts and the management of Microfinance institutions; (chapter 4)

- in an evaluation of the competitiveness of the Congolese financial system and in the identification of ways which can contribute to the improvement of its safety and solidity by using a strategic analysis approach. ( chapter 5)

Doctorat en sciences de gestion
info:eu-repo/semantics/nonPublished

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Braune, Eric. "Réseau et management de l'innovation dans les secteurs de haute technologie : intérêt financier et organisationnel des réseaux dans les stratégies d'innovation des firmes industrielles de haute technologie." Thesis, Aix-Marseille 3, 2011. http://www.theses.fr/2011AIX32067.

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Au travers d'une étude empirique concernant 172 firmes industrielles de haute technologie domiciliées aux Etats Unis et imbriquées dans des réseaux de financement de l'innovation par capital risque nous montrons que le volume des dépenses de capital risque consenti par ces firmes impacte positivement et fortement leur Q de Tobin. De plus, notre étude éclaire la stratégie des firmes industrielles imbriquées dans les réseaux de financement de l'innovation. Il apparait que l'accès de celles-ci aux informations concernant les innovations commercialisables est fortement contraint par les rapports que ces firmes entretiennent avec les sociétés financières de capital risque. Ainsi, les firmes industrielles nouant des relations avec les sociétés financières occupant une place centrale dans le réseau tirent le meilleur profit de leur imbrication dans ce dernier. Ces firmes augmentent le volume de leur investissement de capital risque en direction des mêmes partenaires financiers et ceci impacte positivement leur Q de Tobin. Par conséquent, notre étude révèle ce qu'est un capital relationnel efficient dans les réseaux de financement de l'innovation
Through an empirical study involving 172 high-tech industrial firms domiciled in the U.S. and embedded in networks of innovation financing by venture capital we show that the amount of expenditures in venture capital made by these firms impacts strongly and positively their Tobin's Q. In addition, our study illuminates the strategy of industrial firms embedded in networks of innovation financing. It appears that access to information concerning marketable innovations is highly constrained by relationships these firms have with financial venture capital companies. Thus, industrial firms building relationships with financial firms occupying a central place in the network get the most out of their nesting in it. These firms increase the amount of venture capital investments towards the same financial partners and this positively impacts their Tobin's Q. Therefore, our study reveals what an efficient relational capital is in financing networks of innovation

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Dufour, Nicolas. "Contribution à l’analyse critique de la norme de contrôle. : Le cas des risques opérationnels dans le secteur financier : de la normativité à l’effectivité." Thesis, Paris, CNAM, 2015. http://www.theses.fr/2015CNAM0991/document.

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L'objet du présent projet de thèse porte sur l'analyse critique des normes de contrôle du risque opérationnel. Il s'agit de mettre en lumière la manière dont le Risk Management mobilise les parties prenantes des organisations pour créer et animer une culture du risque opérationnel. L'approche retenue est la triangulation méthodologique combinant deux recherche-action réalisées au sein d'un établissement bancaire et d'une compagnie d'assurance ainsi que des entretiens semi-directifs et une analyse de contenu sur un ensemble de documents internes à chacun des cas étudiés. Les résultats de la recherche font état de la nécessité de traduire les normes de contrôle prudentiel dans l'organisation et de structurer les nombreux contrôles pour mettre en œuvre une politique de risque effective.Les récentes évolutions règlementaires dans le domaine bancaire et en assurance (Bâle 2 et Bâle 2.5, Bâle 3, Solvabilité 2) tendent à renforcer les dispositifs de contrôle interne et de Risk Management ainsi que la communication d'informations sur ces dispositifs pour une meilleure maîtrise des risques. Ainsi, le règlement CRBF 97-02 parle de filière risque opérationnel, la directive à venir Solvabilité II évoque dans son pilier 2 la nécessité de développer un contrôle interne et un Risk Management tournés vers la prise en compte du risque dans l'organisation et non seulement comme un sujet de provisionnement de fonds propres.Cependant ces efforts n'empêchent pas la survenance et la médiatisation de scandales financiers dont l'ampleur est à la hauteur des montants financiers traités. Ainsi, de nombreux établissements financiers sont touchés par le risque opérationnel. Ce risque est avant tout un risque organisationnel, contingent du facteur humain et prenant de multiples formes (les catégories baloises du risque opérationnel en sont une illustration). Les exemples de survenance de risque opérationnel sont nombreux : les cas de JP Morgan, d'UBS, de Société Générale, de Barclays, de HSBC, de Goldman Sachs en attestent. Toutefois, le risque opérationnel n'est pas seulement le fait de banques de financement et d'investissement et n'est pas uniquement un risque extrême par ses conséquences. Il concerne également les banques de détails et les sociétés d'assurance et est le plus souvent un risque de fréquence et de faible impact (fraudes aux moyens de paiement et fraude à l'assurance par exemple). La réglementation prudentielle comprend un ensemble de normes tendant à inciter les établissements financiers à mieux prendre en compte cette catégorie encore émergente et mal connue de risque (les risques de marchés ou de crédits faisant l'objet de davantage d'études).Nous décrivons et analysons l'influence de ces évolutions normatives sur les dispositifs internes de maîtrise du risque opérationnel (Risk Management opérationnel, contrôle interne) et nous interrogeons la manière dont les établissements financiers structurent leur contrôle des risques, plus particulièrement en ce qui concerne l'effectivité de ces dispositifs. Afin d'éviter de développer des contrôles manquant d'effectivité, il devient essentiel de situer cette régulation prudentielle dans une perspective de structuration des contrôles et de traduction/compréhension de la norme de contrôle
The aim of this thesis is to bring to light the way the Risk management mobilizes the stakeholders of organizations to create and lead a culture of the operational risk.Our research approach is the methodological triangulation, combining two action-research case studies, arising within a banking institution and within an insurance company, as well as semi-directive interviews and an analysis of contents on a set of internal documents in each of the studied cases. The research results state the necessity of translating the standards of prudential control in the organization and of structuring the numerous controls to implement an effective risk mastering policy.The recent statutory evolutions in the banking and insurance sectors (Basel 2 and Basel 2.5, Basel 3, Solvency II) tend to strengthen systems of internal control and Risk Management as well as the communication of information over these devices for a better control of the risks. So, the regulation CRBF 97-02 speaks about operational risk systems, the directive to come Solvency II evokes in its pillar 2 the necessity of developing an internal control and a Risk Management turned to the consideration of the organizational risks.However these efforts do not prevent the emergence and the mediatization of financial scandals the scale of which is as high as the financial handled amounts. So, numerous financial institutions are affected by the operational risk. This risk is before any an organizational risk, a contingent of the human factor and taking multiple forms (the Basel categories of the operational risk).There are numerous examples of extremes operational risks: the cases of JP Morgan, UBS, Société Générale, Barclays, Goldman Sachs give evidence of it. However, the operational risk is not only the fact of corporate and investment banking and is not only an extreme risk by its consequences and in low probability. It also concerns retail banks and insurance companies and is most of the time a risk of frequency and low impact (frauds in payment activities, and fraud in life and non-life the insurance for instance). The prudential regulation include a set of standards tending to incite financial institutions to take into account better this category still emergent and badly known by risk (markets risks or credits risks have being the object of more studies).We describe the influence of these normative evolutions on the internal devices of the operational risk (Operational Risk Management, Internal Control) and we question the sense given by establishments to the information onto the control of the risks, more particularly as regards the effectiveness of these devices. To avoid an informative overload regarding control, it becomes essential to place this prudent regulation in perspective of structuring of the controls and the translation / understanding of the risk control standards

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Larminat, Pierre de. "Spéculer pour autrui dans un monde incertain. Comment les investisseurs professionnels évaluent les gérants d'actifs financiers." Thesis, Reims, 2013. http://www.theses.fr/2013REIML008.

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En prenant le cas de l'évaluation des gérants d'actifs financiers par les investisseurs professionnels, la présente thèse étudie les réponses que des agents économiques apportent aux problèmes pratiques que pose la nécessité d'agir et de justifier son action en situation d'incertitude.La thèse marie, dans une perspective durkheimienne, une analyse morphologique du champ de la gestion d'actifs et une analyse des pratiques d'évaluation des gérants par les investisseurs professionnels.La démarche empirique consiste à rassembler des matériaux variés afin d'enregistrer les multiples formes de manifestation d'un fait social total. Les uns sont produits au cours d'une enquête ethnographique du champ de la gestion d'actifs: ce sont des entretiens semi-directifs, des observations directes d'interactions sociales, et des artefacts produits et utilisés dans le cadre des pratiques étudiées. Les autres, statistiques ou données institutionnelles, sont collectés auprès d'acteurs de la gestion d'actifs. Tous ces matériaux sont analysés de manière interprétative.L'analyse morphologique découvre les divisions, les articulations et les proportions des organisations où est pratiquée la gestion d'actifs financiers. L'autonomisation du champ professionnel de la gestion d'actifs s'accompagne d'une division du travail qui place en son centre les gérants, constitués en spéculateurs, c'est-à-dire en agents économiques dont l'action ne s'intéresse qu'aux variations de prix, par opposition aux acteurs dont la fonction est de prolonger le geste spéculatif par un geste marchand. La structure de rémunération des sociétés de gestion nourrit un conflit entre les gérants d'actifs et les commerciaux sur le partage du profit, dont la résolution conduit à une polarisation des sociétés entre un modèle industriel et un modèle artisanal.L'évaluation des gérants d'actifs par les investisseurs professionnels prend son sens dans le cadre de l'appréciation de l'efficacité technique des actions spéculatives par des sujets exposés à une incertitude financière qu'ils s'efforcent de réduire. Les investisseurs professionnels ordonnent leurs pratiques d'évaluation entre une analyse "quantitative" et une analyse "qualitative" des gérants évalués. Contrairement à ce que l'usage de cette forme de classification suggère, ce n'est pas le recours à la quantification ou au calcul en tant que tels qui différencie ces deux types d'analyse, comme s'il s'agissait de deux régimes épistémiques imparfaits mais complémentaires. C'est leur statut dans la relation fonctionnelle qui les lie l'un à l'autre: recherche de la forme de l'incertitude financière d'une part, et recherche des conditions sociales qui l'ont générée d'autre part. Imparfaitement liée aux phénomènes auxquels elle s'applique, la forme de classification "quanti/quali" correspond aux ressources acquises par les investisseurs professionnels au cours de leur trajectoire de socialisation, et mobilisées dans le cadre d'une division sociale du travail où les pratiques d'analyse sont partagées entre des postes et des positions différenciées au sein des organisations.Ce travail complexifie et enrichit la compréhension des pratiques financières et des pratiques de réduction de l'incertitude en montrant qu'elle ne peut faire l'économie de leurs soubassements sociaux. Elle précise le domaine de validité d'une forme de classification et offre aux acteurs concernés le moyen de discuter à nouveaux frais l'efficacité ou la pertinence de leurs procédés d'analyse
This dissertation uses the evaluation of asset managers by professional investors as a case for the study of the ways in which economic agent deal with the necessity of acting and to give account of one's actions while facing uncertainty.This dissertation follows a durkheimian approach as it combines a morphological analysis of the asset management field with an analysis of evaluation practices of asset managers by professional investors.Empirical materials of various kinds have been gathered, in order to record the numerous ways in which a total social fact manifests itself. Some of the materials derive from an ethnographic research in the field of asset management: these are semi-directive interviews, direct observations of social interactions, and artefacts produced and used as part of the practices that the research investigates. The other materials are statistics or institutional data that have been collected during the field research. Interpretive analysis has been applied to them.The morphological analysis of asset management as a social field highlights the divisions, articulations and proportions of the organizations where financial asset management practices are carried out. The autonomization of asset management as a professional field goes along with a social division of labour that is structured around the asset managers. It makes them become speculators, that is economic agents who focus solely on price variations. By contrast, other actors ensure that the speculative movement is followed by a fully carried out trade. The income structure of asset management firms feeds a conflict between asset managers and salespersons about the distribution of profit. The resolution of this conflict leads to a polarization of asset management firms between firms following a model designed after the manufacturing industry, and firms following a model leaning towards craftmanship.The evaluation of asset managers by professional investors makes sense in a social frame where it stands as an appraisal of the efficiency of speculative actions undertaken by agents who try and reduce the financial uncertainty that they face. Professional investors classify their evaluation practices among a "quantitative" analysis and a "qualitative" analysis of asset managers. Although this form of classification may suggest that the two types of analysis cover two kinds of knowledge that are imperfect yet complementary, it is not quantification or calculation per se that differentiates between them. They are functionally related to each other: assessment of the form taken by financial uncertainty on the one hand, and search for the social conditions that caused uncertainty to take such form on the other hand. The form of classification "quantitative/qualitative" meets imperfectly the phenomena to which it is applied. It matches the social distribution of resources that professional investors gained during their socialization trajectory, and that they mobilized in the frame of a specific kind of social division of labour, where analytic practices are also distributed among differentiated positions within organizations.This dissertation complexifies and enriches the understanding of financial practices and of uncertainty reduction practices by showing that such understanding cannot forget their social foundations. It circumscribes the domain of validity of a specific form of classification and it provides interested actors with tools with which they can discuss anew the efficiency or the relevance of their analytic processes

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Chilembe, Luciano Fruta. "Cálculo financeiro: A realidade angolana." Master's thesis, Universidade Portucalense, 2013. http://hdl.handle.net/11328/1455.

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Dissertação de Mestrado em Finanças.
O tema do presente trabalho “Cálculo financeiro: a realidade Angolana”, tem como motivação refletir sobre o estado atual do cálculo financeiro, com maior realce para os Municípios do Litoral da Província de Benguela. Esta discussão é oportuna e torna o tema relevante, na medida em que aborda uma situação de extrema importância na tomada de decisões (investimentos, financiamentos e política de dividendos) no âmbito da atividade empresarial. Nesta investigação, estudamos alguns planos curriculares de diferentes Universidades Públicas e Privadas, manuais de cálculo financeiro e documentos oficiais relativos ao ensino superior em Angola. Também recolhemos dados para identificar a opinião de alguns gestores de pequenas, médias e grandes empresas do setor privado sobre a importância do cálculo financeiro na tomada de decisões da sua atividade empresarial. Como hipótese de investigação tomou-se a ideia de que a situação real do cálculo financeiro a nível dos Municípios do Litoral da Província de Benguela não se encontra em condições para responder às necessidades do desenvolvimento que exige o país no momento atual, a qual foi verificada durante o desenvolvimento da investigação. Os principais resultados alcançados apontam para importância do conhecimento do cálculo financeiro na tomada de decisões da atividade empresarial.
The theme of this work "Financial Calculus: Angolan reality" has the motivation to reflect on the current state of financial calculation, with greater emphasis on the coastal municipalities of the province of Benguela. This discussion is timely and makes the relevant topic in as we approach a situation of extreme importance in making decisions (investment, financing and dividend policy) in the course of a business. In this investigation, we studied some curricula of different public and private universities, financial calculation manuals, official documents relating to higher education in Angola. We collect data to identify the opinion of some managers of small, medium and big private sector enterprises about the importance of financial calculation in the decisionmaking of its business. Hypothesis how research took up the idea that the situation financial current of the calculation at the level of the coastal municipalities are not able to meet the needs of development. Among the main results point to the importance of knowledge of financial calculation in the decision making of business.
Orientação: Prof. Doutor Paulo Pires.

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Nguyen, Vinh Huy L. "Institutional Investors, Insiders and the Firm." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2637.

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This dissertation is comprised of three chapters that focus on three topics related to institutional investors’ and registered insiders’ trading activities around corporate announcements. The purpose of the research is to provide more insights into the trading behavior of institutions and insiders around corporate events when they are influenced by the anticipation and arrival of new information. Data samples are stratified, regression models are estimated, and control variables are added to ensure the results are significant and robust. The first chapter discusses the information signaling hypothesis around share repurchase announcements. I examine if institutions can trade profitability around the announcement time using signals from insiders and the firm. I find that only transient institutional investors are able to adjust their portfolios to take advantage of the post-announcement price run-up. The second chapter explores the relationship between information asymmetry and the information acquisition process. It appears that institutions prefer using lower cost, small, round lot, 100-share multiples when they can acquire information in advance of the event as in earnings announcements. The last chapter looks at if the information hierarchy hypothesis holds true at the very top of the corporate pyramid. I find that CEO trades are largely ignored and president net purchases have positive effects on merger post-announcement returns. In summary, institutions, insiders, and the firm play important roles in the information dissemination and acquisition process. Hence, their decisions have profound effects on their complicated, interconnected relationships.

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Guynamant, Chiabai Béatrice. "Les managers dans les marchés financiers." Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020082.

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Les opérateurs de marchés sont des experts talentueux individualistes et opportunistes qui interviennent sous contrainte de temps dans un environnement centré sur la performance où l’argent et le risque constituent, outre le nerf de la guerre, une préoccupation de chaque instant. Dans ce jeu d’acteurs visant la croissance absolue mais dont les intérêts divergent parfois, quelle est la place du management ? Ce travail s’appuie sur un cadre théorique qui s’articule autour de la sociologie des professions et de la sociologie de la traduction ainsi que de la théorie des parties prenantes. Il mobilise également des théories relatives à la culture de la performance (Competing Value Framework de Quinn), au contexte de risque, d’incertitude et de crise (théorie des jeux), au management d’experts talentueux, individualistes et opportunistes (théories du management et compétition), aux relations à l’argent (théorie de l’action raisonnée et théorie de l’action située). Sur le plan théorique, nos apports sont de deux ordres : nous conjuguons sociologie de la traduction et théorie des parties prenantes ; nous abordons la compétition sous un angle non plus inter-organisationnel mais plutôt intra-organisationnel. L’enquête terrain s’articule autour d’une phase exploratoire (feedbacks de 70 managers ayant bénéficié de formations au management et 15 entretiens exploratoires) permettant la construction d’un questionnaire qui a trouvé écho auprès de 37 managers répondants. L’analyse des données obtenues prend la forme d’un codage à visée théorique réalisé avec l’aide du logiciel NVivo. Nos apports pour le terrain résident en une meilleure compréhension des règles du jeu et en la préconisation de remettre l’Humain au coeur du système, par des actions de développement des managers et de partage des bonnes pratiques ou par l’accès à l’actionnariat pour les managers (voire les collaborateurs clefs)
Market operators are individualistic and opportunistic talented experts involved under time pressure in an environment focused on performance, where money and risk are, in addition to the sinews of war, a constant concern. In this game, where all players focus on absolute growth but whose interests sometimes diverge, what is the role of management? This research study is based on a theoretical framework that focuses on the sociology of professions, the ANT (Action Network Theory) and the stakeholder theory. It also mobilizes theories related to the culture of performance (Competing Value Framework, Quinn), the context of risk, uncertainty and crisis (game theory), the management of individualistic and opportunistic talented experts, (management theories and competition), relationships to money (theory of reasoned action and theory of situated action). On the theoretical side, our contributions are twofold: we combine ANT and stakeholder theory, we address competition with an intra-organizational rather than an inter-organizational angle The field survey is based on an exploratory phase (feedback from 70 managers who received training sessions in management and 15 exploratory interviews) to build a questionnaire answered by 37 managers. Data are analyzed through a theorical coding process with the help of NVivo software Our contribution for the professionals is a better understanding of the rules and the recommendation to place People in the heart of the system, by developing management skills, sharing best practices or encouraging shareholding for managers (or key people)

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Veryzhenko, Iryna. "A reexamination of modern finance issues using Artificial Market Frameworks." Phd thesis, Université Panthéon-Sorbonne - Paris I, 2012. http://tel.archives-ouvertes.fr/tel-00839380.

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Cette thèse apporte une contribution à la compréhension des dynamiques de marché et à la prise de décision des traders à l'aide d'une plateforme de simulation de marchés multi-agents. La modélisation multi-agents permet notamment d'étudier le système boursier comme un système complexe évolutif dans lequel chaque trader artificiel possède son propre comportement possède son propre comportement et qui, par ses prises de décision, influence l'ensemble des autres acteurs du système. Dans une première partie, nous mettons en évidence à l'aide de "traders à intelligence zéro" (ZIT), le rôle de la microstructure pour comprendre la nature des principaux faits stylisés de l'évolution des prix. Les résultats issus de nombreuses simulations, indiquent que l'usage des ZIT n'est pas suffisant pour reproduire de façon convaincante les évolutions de prix réels, car ceux-ci doivent être appréhendés à la fois de manière qualitative mais aussi quantitative. Nous montrons que seuls des éléments de stratégies de trading et une forte calibration peuvent améliorer cette réplication par simulation, suggérant que les aspects comportementaux importent tout autant que les aspects micro structurels. Dans une seconde partie, nous concentrons notre recherche sur la problématique de la rationalité dans le corpus de la théorie moderne du portefeuille. Le marché artificiel nous permet de tester si des stratégies naïves peuvent surpasser, en terme de performance, des modèles plus complexes. Diverses stratégies d'investissement sont implémentées dans le système artificiel et mises en interaction afin d'observer leur survie dans des compétitions écologiques basées sur leurs performances relatives. Certaines de ces stratégies d'investissements sont fondées sur des variations du modèle canonique de la théorie de portefeuilles de Markowitz, d'autres suivent des principes de diversification naïfs, d'autres encore obéissent à des combinaisons de stratégies rationnelles sophistiquées et de stratégies naïves. Enfin, de manière à mieux saisir les facteurs qui influent sur la performance du portefeuille, nous montrons les effets de la fréquence de pondération et des préférences pour le risque des investisseurs sur l'issue de ces compétitions. Pour finir, afin de fournir une mesure de performance absolue orientée vers l'évaluation ex-post d'un large éventail de stratégies de trading des investisseurs (agents dans notre cas) nous proposons un nouvel algorithme de complexité polynomiale permettant de déterminer la borne supérieure absolue des profits atteignables pour n'importe quelle stratégie sur une période de temps donnée. Cet algorithme met en contact deux champs a priori éloignés: la théorie des graphes d'une part et la finance computationnelle d'autre part.

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Okanlomo, Vaneshree. "Risk Management in project finance : a financier's assessment framework." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52284.

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Infrastructure development represents one of the major hindrances to economic growth and social development across all countries worldwide. A one percent increase in GDP is expected in a country with an estimated ten percent increase in infrastructure assets. Private project and structured financing is identified as the most effective tool for the provision of the required infrastructure. The complexity, formidable risks and highly leveraged nature of project and structured financing transactions account for the mismatch between the numbers of infrastructure financing transactions that reach financial close compared to the available pipeline. Increased literature focusing on the public sector procurer and private sector contractor is available in project and structured financing transactions, but scarce research focuses on the risk assessment processes applied by financiers to the due diligence of transactions. In this study, 15 in-depth semi-structured interviews were conducted with financing experts representing a diverse set of expertise with varying levels of experience in different markets. ATLAS.ti was used to analyse, code and identify themes in the data collected. The findings indicate a wide range of risks and scenarios are considered by financiers with the top risks being political or sovereign risk followed by construction risk. From the findings discussed, a financiers generalized risk assessment framework is created that can be applied to a wide range of project financing transactions and markets in context.
Mini Dissertation (MBA)--University of Pretoria, 2015.
sn2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted

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Amorim, Thiago Navarro Mafra. "Contingência de crises financeiras: um estudo sobre a evolução da regulação dos mercados e o risco das instituições financeiras no Brasil." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-06072011-163719/.

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A recente crise financeira de 2007/2008 - a maior e mais intensa desde a grande crise de 1929 - surpreendeu autoridades governamentais, acadêmicos e profissionais de mercado. Gestada ao longo de muitos anos, mesmo passados mais de dois anos do ápice da crise, ainda não há consenso a respeito da principal causa do desastre. Se tomarmos como aprendizado a análise de crises passadas, vemos que raramente há uma causa singular. Com a crise recente não foi diferente. Embora não haja um consenso, o debate relacionando a crise com possíveis falhas na regulação dos mercados ganhou força. Para muitos, a falta de regulação foi o principal fator que permitiu que intermediários financeiros assumissem mais risco do que efetivamente pudessem arcar. Mas houve efetivamente evolução do arcabouço regulatório nos últimas duas décadas. Seria a regulação desenvolvida até a crise errada, incompleta ou não aplicada? O objetivo deste trabalho foi o de investigar se eventos regulatórios afetam o risco dos bancos brasileiros de capital aberto listados na Bolsa de Valores de São Paulo (Bovespa). O estudo compreendeu as ações listadas na data dos eventos observados. A listagem das ações dos bancos analisados foi subdividida em dois grupos, seguindo o critério do tamanho do ativo total. Esta medida foi tomada de forma a minimizar diferenças de impacto que possivelmente seriam geradas em bancos de portes distintos. Como metodologia de teste, utilizou-se o estudo de evento. As hipóteses do estudo testaram o impacto no risco gerado em dois marcos regulatórios: (i) Comunicado número 12.746, de 8 de dezembro de 2004, que determinou os procedimentos para a implementação da nova estrutura de capital - Basiléia I- no Brasil; (ii) Concordata do Banco Lehman Brothers, em 15 de setembro 2008, estopim da crise financeira de 2008, momento em que a imposição de maiores limites regulatório aos Bancos passou a ser discutido com grande veemência. Os resultados observados sugerem que não houve impacto estatisticamente significante - tanto no que diz respeito ao evento 1 quanto ao evento 2 - no risco das instituições financeiras atuantes no mercado nacional. O resultado é válido tanto para o grupo formado pelas 50% maiores instituições do mercado quanto para as 50% menores instituições.
The recent financial crises that occurred between 2007/2008 - the largest and most devastating since the great depression of 1929 - has surprised government authorities, academics and financial market professionals. Nurtured during several years and even after more than two year of the climax of the crises, there is still no consensus about it causes. Based on learnings of the past economic crises that the world has faced, it is impossible to single source the cause for the crises. Many argue that the lake of regulation should be the main causes of the crises. But it\'s possible to state that the financial regulation worldwide has faced a strong development in the last two decades. Could it be consider that the financial regulation developed up to the crises was wrong, incomplete or not applied? The main objective of this work was to investigate if the selected regulatory events affected the risk of the most relevant banks with operations in Brazil and listed in Bolsa de Valores de São Paulo (Bovespa). This study took into account specific banks\' stocks values listed in Bovespa during the observed period. In order to minimize possible differences of impacts that the regulatory policies may have over banks of distinct sizes, the sample was subdivided in two groups, considering their asset size. The test methodology applied on this work is the event study. The hypotheses of the study tested the impact on risk during two regulatory milestones: (i) communication number 12.746 of December 8, 2004, which determined the procedures for the implementation of new capital structure - Basiléia I in Brazil; and (ii) the bankruptcy of Lehman Brothers on September 15, 2008; starting point of the financial crises of 2008, and, also, the moment of application of news regulatory limits to the banks was most intensive discussed. The results observed suggest that there is no statistically significant impact on to the risk of the banks analyzed, for both events observed.

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Kolasinski, Adam. "Essays in corporate finance and financial institutions." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37112.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2006.
"June, 2006."
Includes bibliographical references.
Chi: Subsidiary Debt, Capital Structure, and Internal Capital Markets I investigate external subsidiary debt financing and its implications for internal capital markets. I find that firms tend to finance business segments with subsidiary debt when those segments have better investment opportunities than the rest of the firm, and such debt tends to be parent-guaranteed. I also find that having such debt outstanding significantly reduces the effect of a segment's cash flow on the capital expenditures of other segments. These findings suggest that firms use subsidiary debt to protect their stronger segments from the underfunding or "poaching" problems modeled in theories of internal capital markets. In addition, I find that firms use subsidiary debt for reasons related to traditional capital structure concerns. Ch2: Is the Chinese Wall too High? I test whether new regulatory restrictions on cooperation between analysts and investment bankers adversely affect equity research coverage. Contrary to the hypothesis, I find that firms engaging in SEO's enjoy just as large an increase in analyst coverage in the post-regulatory period as they do in the pre-regulatory period.
(cont.) In addition, while I find that analyst coverage in the post regulatory period significantly declines for new IPOs, it declines by an equal amount for a control group of comparable firms that pay no such fees. Making the identifying assumption that any adverse consequences of the new restrictions should be larger for IPO's, I conclude that the restrictions have no adverse impact on analyst coverage. Ch3: Investment Banking and Analyst Objectivity' This chapter uncovers evidence that conflicts of interest arising from M&A advisory relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions on a topic not previously examined in the academic literature. In addition, the M&A context allows us to disentangle the conflict of interest effect from selection bias. We find that analysts affiliated with acquirer advisors upgrade acquirer stocks around M&A deals, even around all-cash deals, wherein selection bias is unlikely. Also consistent with conflict of interest, but not selection bias, target-affiliated analysts publish optimistic reports about acquirers after, but not before, the exchange ratio of an all-stock deal is set.
by Adam C. Kolasinski.
Ph.D.

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Loranth, Gyöngyi. "Essays on Financial Markets Strategies." Doctoral thesis, Universite Libre de Bruxelles, 2002. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211358.

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Ngobeni, Sonia Nokuthula. "Challenges of financial management in Mopani District Schools, Limpopo Province." Thesis, University of Limpopo, 2015. http://hdl.handle.net/10386/1687.

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Thesis (MPA.) -- University of Limpopo, 2015
When the ANC-led government took power in 1994, it made commitment to redress the imbalances of the past by providing capacity building of SGBs on financial management skills. The government enacted the South African School Act (SASA) no. 84 of 1996 as one of the policies aimed at improving the quality of education. The SASA, Section 19 directs the Head of Department(HOD) to provide introductory training to the SGBs to enable them to perform their financial functions. Despite some strides made by the democratic government on capacity building of SGBs, the findings of these study revealed that schools’ financial management remains a very serious challenge to some schools. The aim of this study was to examine the financial management challenges of the Mopani District Schools in the Limpopo Province. The SASA mandates SGBs to account on the management of public funds in schools. Qualitative and quantitative methods were used in this research study. The literature review reveals that SGB members are ill-equipped for their financial roles because they are inadequately trained. The literature review also shows that the SGBs can make informed decisions if they are adequately trained and conversant with the language used in finance policies and finance documents. The study found that; some SGB members have not been subjected to training in financial management. Some only have primary school education and the language used in the financial documents and financial transactions makes it difficult for them to perform their financial responsibilities. Some budgets are only developed for compliance with departmental directive but not realistic because of the lack of SGB capacity. Budget implementation is a challenge hence schools incur expenditure not budgeted for. Some schools do not have internal control. The recommendations briefly outline the findings of this study that and change the status quo if implemented.

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Styles, Mikala. "A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America." Digital Commons @ East Tennessee State University, 2018. https://dc.etsu.edu/honors/444.

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Debt levels are rising significantly in America. More and more people are accumulating debt in the forms of mortgages, student loans, credit cards, and car loans. Basic financial principles such as saving, budgeting, investing, and paying bills are not being utilized consistently by the average individual. This is because of financial illiteracy. The vast majority of Americans do not have the basic knowledge and understanding of these financial concepts to adequately put them into practice in their daily lives. This study focuses on the levels of college students’ financial literacy, how that pertains to the rising debt crisis, and explores potential solutions to these problems.

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Raj, Sakshi. "The Effectiveness of Government Mandated Disclosure Reform." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2561.

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The higher the level of information asymmetry between a firm and its investors, the higher is the firm’s reluctance to raise money externally, potentially leading to investment distortions. An improved disclosure system reduces information asymmetry and therefore, lessens the adverse selection effects of external financing, thereby moderating investment inefficiencies. In this paper, we examine the impact of potentially improved transparency stemming from stricter disclosure requirements (Clause 49) on financing and investment decisions of Indian firms. The results show that reliance of Indian firms on internal financing in the pre-reform period gives way to greater use of external financing in the post-reform period, and alleviation in financial constraints. While expanded funding sources do not seem to improve investment unambiguously, firms that suffered under-investment prior to the reform show a significant improvement in investment post-reform. Firms also increase their financial slack making it possible for them to engage in acquisitions within India as well as abroad.

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Godwin-Opara, Margaret N. "A Resource-Based Perspective on Financial Resource Strategies for Small Business Sustainability." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2819.

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Each year entrepreneurs start many new businesses, and some of these businesses will fail within the first 2 years. In addition, many owners will cite lack of adequate financial resources as a contributory factor to the failure. The purpose of this multiple case study was to identify the strategies that some small business owners used to obtain financial resources needed to operate a financially sustainable business. The population consisted of machine shops in South Central Kansas. A resource-based view theory served as the conceptual framework that grounded the study. The data collection process consisted of 9 interview questions. The data analysis process entailed using coding techniques to identify keywords, phrases, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to the following 4 themes: (a) the role of access to financial resources in business success, (b) strategies used when external funding is not available or desirable, (c) strategies used to obtain external financing, and (d) challenges faced in obtaining external financing. The implications for positive social change include the potential to provide new insights to support existing and prospective entrepreneurs in their efforts to obtain financial resources needed to operate a financially sustainable business. The findings from the study may contribute to the prosperity and benefit of the owners, their employees, the local community, and the U.S. economy.

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Fairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.

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Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.

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Belmkadem, Amine. "Les contrôles des Cours régionales des comptes sur la gestion financière locale au Maroc." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01D078.

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Cette thèse porte sur « les contrôles des Cours régionales des comptes sur la gestion financière locale au Maroc ». L'enjeu est d'étudier la performance des différents contrôles confiés au CRC et surtout celle du contrôle de la gestion qui constitue la mission principale des juridictions financières. Les Cours régionales des comptes sont chargées d'effectuer le contrôle des comptes et le contrôle de la gestion des collectivités territoriales et de leurs groupements conformément à l'article 98 de la constitution. Toute la difficulté réside dans l'articulation entre le contrôle de régularité et le contrôle de la gestion ainsi que l'efficacité de ce dernier à réguler la gestion des finances locales au Maroc. Le dilemme s'accentue lors de la non-conformité des règles juridiques qui relatent la relation existante entre État et collectivité locales et l'objectif d'efficacité optimale dicté par les règles de bonne gestion des collectivités territoriales. [...] Toutefois, le constat est que la gestion communale se fait sans développement remarquable. Ainsi pour gérer les collectivités territoriales il revient aux conseils de mettre en place les moyens nécessaires pour optimiser leurs dépenses courantes de fonctionnement et de dégager des ressources pour l'investissement. Une réflexion poussé nous conduit à poser la question du comment combiner le contrôle vérification adaptée pour un objectif juridique et politique et le contrôle régulation adapté pour un objectif de gestion? Le contrôle des finances locales occupe une position privilégié au sein du modèle de développement économique et social du Maroc. Sur toute la chaîne du contrôle pratiqué sur les collectivités locales, le contrôle de la gestion exercé par les Cours régionales des comptes constitue un outil de pilotage et de redressement du management public local dont l'objectif est celui de comparer les résultats aux objectifs préalablement fixés afin de corriger les actions et de rapprocher les résultats aux objectifs. C'est ainsi que le contrôle de la gestion ne serait se réaliser sans une refonte approfondie de l'organisation des Cours régionales des comptes et de leur mode de fonctionnement ainsi que le développement de l'environnement interne et externe des collectivités territoriales. Tout en partant des constats, l'objectif du travail est de mener une réflexion sur la mise en place d'une nouvelle gouvernance financière locale et sur l'amélioration de la qualité et de la performance des interventions des Cours régionales des comptes en matière de contrôle de la gestion. Ainsi nous faisons allusion à l'efficacité interne et à l'efficacité externe. La première est relative à la qualité des interventions des Cours régionales des comptes quant à la deuxième elle est afférente à l'environnement externe dans lequel interviennent ces hautes institutions de contrôle. Ainsi après avoir passé en revue la pratique du contrôle de la gestion comme il est appliqué actuellement et décortiquer minutieusement les autres types de contrôle avoisinants afin de lever l'amphibologie et analyser les points forts et les limites de chacun, l'étude consiste à pencher à expliquer le comment d'un contrôle plus adapté au contexte évolutif des collectivités territoriales
This thesis focuses on "controls of Regional Courts of account on local financial management in Morocco." The challenge is to study the performance of different control exerced by CRC and especially that of management contrai, which is the main mission of the financial jurisdictions. The Regional Audit is responsible for carrying out the audit and control of the management of local authorities and their groupings in accordance with Article 98 of the constitution. The difficulty lies in the link between contrai of regularity and control of the management and the effectiveness of the latter to regulate the management of local finances in Morocco. The dilemma is accentuated when the non-compliance of legal rules which tell the relationship between state and local communities and the goal of optimal efficiency dictated by the rules of good management of local authorities. Indeed, all contrai is effective only through its ability to adapt to the environment in which it operates. Such an environment is inevitably a changing component over time influences the way to involve local authorities. Indeed, the decentralization and deconcentration that knows the Morocco was accompanied by the reduction of guardianship and the adoption of the proposed advanced regionalization. Such a movement has erected local authorities in an integrated space in which local elected officiais, regulators, businesses, civil society, the Regional Courts of accounts and all the partners should seek to make contributions to improve the experienGe of citizens. However, the fact is that community management is without remarkable development. And to manage the local authorities it is for councils to implement the necessary means to optimize their current operating expenses and free up resources for investment. A reflection pushed leads us to the question of how to combine the audit adapted to control a legal and policy objective and regulatory control adapted to a management objective ?Local finance control occupies a privileged position in the economic and social development model of Morocco. The whole chain of control practiced on local communities, the management control exercised by the Regional Courts of accounts is a management- tool and recovery of local public management whose objective is to compare the results with agreed targets to correct actions and bring the results to the objectives. Thus the management control would be achieved without a thorough overhaul of the organization of the Regional Courts of accounts and their mode of operation and the development of the internai and extemal environment of local authorities. While starting the findings, the work aims to reflect on the creation of a new local financial govemance and improving the quality and performance of the interventions of Regional Court of account. So we're referring to the internai efficiency and extemal effectiveness. The first relates to the quality of interventions Regional Audit regarding the second is related to the extemal environment in which operate these high control institutions. So after reviewing the practice of management control as currently applied and thoroughly dissect other neighboring control types in order to lift the ambiguity and analyze the strengths and limitations of each study is to look to explain how a more sui table control to the evolving context of local authorities

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35

Weiss, Susan F. "Implications of Executive Succession Upon Financial Risk and Performance." ScholarWorks, 2011. https://scholarworks.waldenu.edu/dissertations/958.

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Executive replacements have historically created fluctuations in the market value of a company and precipitated inappropriate investor reaction. However, the direction and statistical significance of relationships between executive turnover, market value, financial risk, and investor reaction among a census of highly performing firms was previously unexplored. The purpose of this study was to determine the extent of the relationship between CEO turnover and indicators of company performance. Theoretical foundation for this study was the efficient markets hypothesis. Hypotheses tests were designed to support an ex-post facto research methodology for pre-post comparison of volatility of financial metrics, which are indicators of market value (market value added), investor reaction (Tobin's q), risk (beta), executive performance (economic value added and return on assets), and turnover frequency given CEO succession. Statistically significant differences in firm risk emerged from comparisons of highly performing firms exemplified in the foundational leadership text Good to Great. Approximately 45 % of firms sampled did not experience volatility of financial metrics, which supported the presence of a leadership legacy, or strategic management behavior which minimized financial risk. Contrary to prior studies, financial metrics sampled within an interval immediately surrounding the succession event were less indicative of significant financial risk as compared to metrics sampled over the entire tenure of executives. Implications for positive social change include reducing investor risk in selection of equity holdings; capital fairly directed to entities results in benefits for society including job creation, economic stimulus, safer retirement accounts, and corporate sustainability.

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Gana, Clifford Velapi. "Towards an effective and efficient financial management system at Bankuna High School of the Department of Education in the Limpopo Province." Thesis, University of Limpopo (Turfloop Campus), 2005. http://hdl.handle.net/10386/841.

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Thesis (MPA) --University of Limpopo, 2005
This research has attempted to investigate whether there were proper financial controls at Bankuna High School of the Ritavi Circuit in the Tzaneen Area of the Limpopo Province of the Republic of South Africa. The researcher has, after an extensive evaluation of data arrived at some conclusions and he had made a few recommendations. The researcher is of the belief that the results of this research can be applied in most former historically disadvantaged African schools. Also this study can help Provincial Departments of Education in their future training on Financial Management for poor African schools.

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Laird-Smith, James. "Market Betas on the JSE: Factor selection, estimation and empirical evaluation." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25364.

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This paper examines the nature and significance of market betas on the Johannesburg Stock Exchange (JSE). The identity of market betas is determined by means of Principal Component Analysis (PCA) performed on the returns of the FTSE/JSE Africa Index Series. A scree test shows two factors necessary for inclusion in the appropriate Arbitrage Pricing Theory (APT) model. Based on the promax rotated factor loadings, it is argued that the Financials (J580) and Basic Materials (J510) indices ought be used as the appropriate observable index proxies for the first and second factors respectively. Regarding the estimation of beta, this paper makes the case for the use of Reduced Major Axis (RMA) regression over the traditional Ordinary Least Squares (OLS) approach. A number of characteristics are assessed when arriving at this conclusion. Importantly, it is shown that the traditional OLS regression method chronically underestimates the magnitude of the beta parameter whereas RMA regression does not. In addition, it is shown that, while OLS beta values are more stable in absolute terms than RMA beta values, the RMA values are more stable when adjusted for their magnitude. This paper does not make use of a thin trading filter to narrow the sample of stocks for empirical evaluation. Instead, an examination is made of the significance of beta values at the point at which they are estimated. This is accomplished by means of a rolling window of regressions. It is shown that, while most stocks do exhibit betas which are consistently significant over their listing period, many stocks do not. Some stock returns result in almost no significant beta values while some others exhibit beta values which are significant for only a portion of their listing period. It is shown that a median beta p-value value of 5% is an appropriate 'significance filter' for limiting the sample of stocks to only those significant for the majority of their listing period. Using only these stocks, an empirical evaluation of beta is conducted using portfolios sorted on both OLS and RMA beta values. It is found that neither beta measure explains the cross-section of returns in the case of resource stocks. However, in the case of non-resource stocks the results show a clear divergence between the methods. In the case of OLS sorted portfolios, the results show a negative relationship between beta and returns. This surprising and counterintuitive result has also been arrived at by other researchers and is the opposite of what the APT would predict. However, in the case of RMA sorted portfolios, this pattern reverses itself, showing a positive relationship between beta and returns. For some holding periods, this is shown to be significant, providing evidence in support of the APT. As a result it is demonstrated that OLS regression not only underestimates the magnitude of beta, but that it distorts the results of empirical tests. On this basis it is argued that RMA regression ought replace OLS regression as the preferred method of beta estimation for the JSE.

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Robles, Cruz Evelyn Lucero, and Lima Jhoselin Mariela Suarez. "El impacto de los gastos asociados al financiamiento de corto plazo en la gestión financiera de las MYPES del emporio comercial de Gamarra, año 2019." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2021. http://hdl.handle.net/10757/657647.

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La presente investigación busca analizar el impacto de los gastos asociados al financiamiento de corto plazo en la gestión financiera de las MYPES del emporio comercial de Gamarra durante el año 2019. A su vez, se analizará el impacto en la gestión financiera considerando sus dos dimensiones que son la rentabilidad y toma de decisiones de inversión. En primera instancia se realizó una exhaustiva investigación bibliográfica sobre las teorías respecto a los tipos de financiamientos, los gastos asociados al financiamiento de corto plazo, gestión financiera, rentabilidad y toma de decisiones. Dicha información fue base ante la presente investigación dado que es necesario dar a conocer dichos conceptos. Asimismo, se identificaron variables e indicadores para poder medir el impacto, así como dimensiones, esto con la finalidad de poder tener un mayor alcance del análisis. El trabajo de investigación está bajo un enfoque mixto, es decir, cualitativo y cuantitativo basado en entrevistas a expertos con experiencia en el sector textil y encuestas realizadas a las MYPES del emporio comercial de Gamarra. Los resultados fueron trabajados con el software SPSS a fin de validar las hipótesis planteadas. Finalmente, se desarrollará un caso práctico para poder mostrar el impacto de los gastos del financiamiento de corto plazo en la gestión financiera de las MYPES analizando el impacto de los gastos asociados a dos tipos de financiamientos de corto plazo que se consideraron más recurrentes.
This research seeks to analyze the impact of expenses associated with short-term financing on the financial management of the MYPES of the commercial emporium of Gamarra during the year 2019. At the same time, the impact on financial management will be analyzed considering its two dimensions that they are profitability and investment decision making. In the first instance, an exhaustive bibliographical research was carried out on the theories regarding the types of financing, the expenses associated with short-term financing, financial management, profitability and decision-making. This information was the basis for the present investigation since it is necessary to make these concepts known. Likewise, variables and indicators were identified to be able to measure the impact, as well as dimensions, this in order to be able to have a greater scope of the analysis. The research work is under a mixed approach, that is, qualitative and quantitative based on interviews with experts with experience in the textile sector and surveys carried out with the MYPES of the commercial emporium of Gamarra. The results were worked with SPSS software in order to validate the hypotheses raised. Finally, a practical case will be developed to show the impact of short-term financing expenses on the financial management of MSEs, analyzing the impact of expenses associated with two types of short-term financing that were considered more recurrent.
Tesis

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Isaac, Dominic Ugochukwu. "Human Resources Management Professionals' Experience with Online Degree Holders in Recruitment." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7231.

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Online degree holders in Nigeria have poor acceptability during recruitment and promotion decisions because of reliability and legality perceptions of online degrees. There is little knowledge about how human resource (HR) managers identify employability skills in online degree holders. Guided by Bills's screening conceptual framework, the purpose of this case study was to explore how Nigerian recruiters identify employability skills in online degree holders. The participants for this study consisted of 2 participants from each of 10 sectors covering the government and nongovernmental organizations; participants had at least 5 years' experience in working with online degree holders. Data were collected through semistructured interviews with 20 participants. Yin's 5-step data analysis process was used with triangulation and member checking to analyze the findings. The findings of this research indicate that, contrary to earlier suggestions of low rating and poor acceptability of online degrees, HR experts in Nigeria have a high regard for the employability skills in online degree holders. The study produced 4 major findings: the possession of relevant skills by online degree holders, degree type does not form the determinant factor in recruitment, discovery strategies, and going beyond mere perception. The findings of this study may bring about positive social change toward policy changes in Nigeria regarding the adoption of online education. The results of the study can lead to positive recommendations for online degree holders, seekers of online degrees, online higher institutions, employers, and public policy makers.

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YANG, Jingyu. "Management earnings forecast decisions in a regulated regime : evidence from China." Digital Commons @ Lingnan University, 2015. https://commons.ln.edu.hk/fin_etd/11.

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Since 2000, China has required publicly listed firms to issue management earnings forecasts when they expect extreme changes in earnings or are likely to become loss-making. This study examines managers’ forecast decisions under this unique regulatory environment. I find an increase over time in the proportion of firms issuing voluntary earnings forecasts when they do not expect extreme changes in their earnings or losses. I also find an improvement in the quality—in terms of the precision, accuracy and bias—of both mandatory and voluntary forecasts over time. Further detailed analysis shows that the introduction of the regulation on management earnings forecasts is one of the underlying forces driving firms’ decisions to provide voluntary earnings forecasts. Specifically, I find that a firm is more likely to issue a voluntary forecast if the firm was required by regulation to issue an earnings forecast in the previous year. Peer pressure also explains firms’ decisions to issue voluntary forecasts. I then investigate the reasons underlying the improvement in the quality of management earnings forecasts. I find that learning effects and peer pressure are the driving forces behind the improvement. Specifically, I find that the forecasts issued by more experienced firms are more specific, accurate and conservative. Furthermore, the quality of a firm’s forecast is positively related to the quality of its peer firms. Overall, my results show that requiring some listed firms to issue management earnings forecasts in China might have built up a momentum that has promoted the issuance of voluntary forecasts and improved the quality of forecasts over time.

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Mwangi, George. "Relationship between Firm Performance and CEO's Stock Options in U.S. Pharmaceutical Companies." Thesis, Walden University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10245104.

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The CEO’s compensation policy is one of the most important factors in an organization’s success. CEO’s stock options are awarded to align the interests of the CEO with the interests of the firms’ stakeholders. However, lack of understanding of the relationship between firm performance and a CEO’s stock options could threaten the alignment of a CEO’s interests with those of the stakeholders. Grounded in agency theory, the purpose of this correlation study was to examine the relationship between return on equity, return on investment, total annual revenues, and CEOs’ stock options awards, while controlling for firm size, age of CEO, and CEO tenure. Archival data from 99 U.S. pharmaceutical companies were analyzed using hierarchical linear regression. The results of the hierarchical regression analysis indicated a significant predictive model F(6, 262) = 42.065, p < 0.05, R² = .343. However, in the final model, only firm size and CEO tenure were significant. In addition, there was no significant relationship between return on equity, return on investments, and annual revenues to CEOs’ stock options. The implications for positive social change include the potential for policy makers to utilize findings in furthering dialogue related to income inequality and feeling of unfair distribution of valuable resources in the society. Pharmaceutical business leaders might affect social change by structuring CEOs’ compensation based on firm performance, encouraging innovation, and improving employment opportunities in the society.

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Njoku, George Chibuzo. "The Impact of Corporate Governance on Working Capital Management in Nigerian Organizations." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4395.

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Many Nigerian firms have faced working capital management (WCM) inconsistencies, which have remained a source of tremendous concern in the face of high competition. In this study, the research problem explored was how inefficient working capital policies are still negatively affecting shareholders' wealth several years after the economic crisis, constraining sustainable development. The purpose of this quantitative research study was to examine how corporate governance has affected WCM within Nigerian organizations. The research question was about how corporate governance practices expand WCM efficiency. A random sample of 89 Nigerian organizations was used, and publicly available ethical ratings and financial information data on the companies involved were obtained. This quantitative study utilized a multiple regression methodology to determine the extent to which CEO duality, CEO tenure, board size (BS), and an audit committee (AC) can predict WCM performance. The findings specifically determined that board size and audit committee size were significantly related to WCM, while CEO tenure and CEO duality were not related to WCM. The results were consistent with previous studies suggesting that the impact of corporate governance in Nigerian organizations relates to WCM. The results of this study may help Nigerian organizations adopt and operate an appropriate corporate governance structure that will enhance their organizational effectiveness, aid business managers in allocating resources, and allow them to continue their corporate social responsibility missions of providing services to their communities and transforming society.

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Horrocks, Amanda Marie. "Financial Management Practices and Conflict Management Styles of Couples in Great Marriages." DigitalCommons@USU, 2010. https://digitalcommons.usu.edu/etd/733.

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This study presents findings on the financial management practices and degrees of conflict of couples in great marriages. Qualitative data from a national sample of couples in great marriages were collected using a 31-page questionnaire. Of the 81 couples who responded, 40 fit the criteria for this study in that they discussed their level of agreement about financial issues in marriage. Their responses were coded to discover which financial topics are pervasive and whether or not couples agreed over these topics. Responses about conflict were also analyzed to determine the degree of agreement between spouses in different categories. Findings from this research suggest that even couples in great marriages disagree over different financial topics to varying degrees of agreement. Implications of the research are also discussed.

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Gaddour, Inès. "Contribution à l'étude de la qualité de l'audit : une approche fondée sur le management des équipes et le comportement des auditeurs." Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED013/document.

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Cette étude développe et teste empiriquement un modèle explicatif des comportements dysfonctionnels des auditeurs financiers. La revue de la littérature permet d'identifier les principaux facteurs ayant un impact significatif sur les dysfonctionnements (pression budgétaire et des délais...). Cette recherche propose d'étendre le périmètre des déterminants sous un angle relationnel et managérial. À cette fin, elle mobilise principalement l'approche de la relation supérieur - subordonné (LMX), mais aussi le role modeling et le style d'évaluation de la performance des auditeurs.Notre étude repose sur un questionnaire soumis aux auditeurs seniors opérant dans les grands réseaux de commissariat aux comptes constituant les principaux acteurs du marché de l'audit en France, plus précisément d'origines anglo-saxonne (Big 4) et française (Mazars).Pour tester nos hypothèses, la méthode d'estimation retenue est celle de type Seemingly Unrelated Regression (SUR).Les analyses soulignent que les trois dimensions du LMX, à savoir affection, loyauté et contribution ont un impact négatif et significatif sur les comportements adaptatifs (respectivement comportements non professionnels : CNP, mauvaise gestion de l’équipe d’audit : MGE et comportements réducteurs de qualité : QTB). En outre, les résultats mettent en lumière que, sous l’effet de mimétisme, les comportements managériaux adoptés par un supérieur réduisent le MGE, le QTB et le CNP. De plus, il a été observé qu’une perception favorable du soutien organisationnel et une évaluation axée sur des critères sociaux entraînent respectivement moins de QTB et de MGE. Enfin, certains résultats confirment ceux des recherches antérieures quant à l’impact du style d’évaluation basée sur des critères techniques, de l’engagement affectif, et de la pression liée au budget et aux délais sur les comportements dysfonctionnels
This study develops and empirically tests an explanatory model in order to study the dysfunctional behaviors of financial auditors.The literature review allows to identify the main factors having a significant impact on malfunctions (budget pressure, time deadline pressure...). This research proposes extending the scope of the determinants in a relational and managerial perspective. To this end, it mobilizes mainly Leader-Member Exchange theory (LMX), but also the role modeling and the assessment style of auditors performance.Our study is based on a questionnaire which was sent to senior auditors who work in the large auditing networks which constitute the main actors of the audit market in France, specifically of Anglo-Saxon (Big 4) and French (Mazars) origins.To test our hypotheses, the estimation method of Seemingly Unrelated Regression (SUR) was applied.The results show that the three dimensions of Leader Member-Exchange (LMX), namely affection, loyalty and contribution have a negative and significant impact on the adaptive behaviors (respectively unprofessional behaviors: CNP, mismanagement of the audit team: MGE and Quality-Threatening Behavior: QTB). Also, results highlight under the effect of mimetic, managerial behaviors adopted by a superior have been shown to reduce the MGE, but also QTB and CNP. In addition, it was revealed that a favorable perception of organizational support and an evaluation focused on social criteria result in less QTB and MGE respectively.Finally, the analyses confirm the results of previous research concerning the impact of the style assessment based on technical criteria, affective commitment, budget pressure and time deadline pressure on such types of behavior

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Salaberrios, Ivan Justin. "The Effects of Using Invoice Factoring to Fund a Small Business." Thesis, Walden University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10006985.

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Small business owners often do not possess the financial literacy to implement invoice factoring to fund their business. Despite that lack of knowledge, an increasing number of small business owners are using invoice factoring as their primary source of funding. Guided by a systems thinking approach, the purpose of this exploratory multiple case study was to understand the effect of invoice factoring of 5 small business owners, 5 small business finance managers, and 5 factoring program managers, all of whom managed factoring programs and technical services companies with less than $3 million in annual revenues. Participants were located in 6 states with data collected through semi-structured Skype and telephone interviews. Data were analyzed according to the Krippendorff method. Member checking and transcript review established trustworthiness and credibility of interpretations. Three themes emerged from interviews: owner eligibility for traditional capital sources, profit margins, and third-party relationships. The small business owners were not eligible for traditional funding options. Factoring administrators and small business owners cited that companies with better profit margins implemented invoice factoring successfully. Finance managers mentioned that factoring companies acted as a third-party to the invoicing and collection processes. Social implications include a contribution to the advancement of small business success rates and to an entrepreneur’s preparation to launch a business venture properly.

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Lyonga, Edmond Njombe. "Risks Management Application in Helping the Poor Through Microfinancing." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4460.

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Poverty alleviation in Buea, Cameroon, has been a problem of concern for decades. The study is vital because managers who control the funds given to the government of Cameroon to help reduce poverty are politicians and do not equitably distribute the funds to all on the pretext that the default rate is high. The purpose of this study was to find better ways to make additional capital available to the microbusiness owners of Buea to open or improve businesses. This qualitative case study design was consistent with the aim of understanding the importance of risk management within the microfinance industry and the risks involved in getting loans and paying them back. The key research question concerned how the microbusiness owners of Buea can obtain additional capital to open new businesses or improve existing businesses. The conceptual framework for this study was Rostow's theory of modernization. Twenty purposively sampled loan officers, bank managers, government officials, and microbusiness owners in Buea were interviewed. Six participants from the population also participated in a focus group. Study findings suggest it is possible for microbusiness owners in Buea to get microloans and start or improve businesses with the use of land titles as collateral or family members as cosigners. The government of Cameroon could improve the financial stability of microbusinesses by facilitating the issuance of land titles or certificates, which are acceptable forms of collateral. This study may contribute to positive social change by improving the financial stability of microbusinesses in Cameroon, and possibly in other socially similar countries.

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Watse, Dije Umaru. "Sources of Financing for Small and Medium Enterprises in Nigeria." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4690.

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Small and medium enterprises (SMEs), which account for 96% of businesses in Nigeria are often forced to close because they lack access to funds. The purpose of this multiple case study was to explore the sources of funds available for the development and growth of SMEs in Nigeria. The conceptual framework guiding this study was the pecking order theory. Data were gathered from company documents and through semistructured interviews of a target population of 3 leaders of 3 SMEs from the oil and gas industry in Abuja, Kano, and Lagos in Nigeria, with a capitalization of between N5 million to N500 million. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted for meaning. Member checking and triangulation of sources between the interviews and company documents added to the trustworthiness of the findings. Two themes morphed from the study: sources of business finance for SMEs and constraints of sourcing of finance for business. The implications for positive social change include the potential to create employment opportunities for youths in the communities by enabling SMEs in Nigeria to succeed and expand through the identification of sources of funding.

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YANG, Ziyun. "The value-relevance of asset write-down regulations in China : the roles of information relevance and measurement reliability." Digital Commons @ Lingnan University, 2003. https://commons.ln.edu.hk/otd/7.

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At the end of the 20th century and beginning of the 21st century, China implemented several new asset write-down regulations. This study addresses the claim that these regulations significantly enhanced the usefulness of financial statements for investors in China. The effect of the regulations on usefulness of financial statements has implications for financial accountants, standard-setters, educators, and auditors. This study derives and tests some of the empirical implications of the claim. I operationalize usefulness of accounting information in terms of the valuerelevance framework, in which information usefulness is construed as a tradeoff between relevance and reliability. These two dimensions are the primary criteria underlying the FASB’s Conceptual Framework for choosing alternative accounting rules. Asset write-down, if correctly applied to over-stated assets, should increase the decision relevance to investors; however, measurement errors due to either unintentional mistakes involving professional judgment or intentional misrepresentations involving earnings management may decrease the reliability of reported amounts. While there is substantial value-relevance research, the role of reliability is generally absent. Reliability of regression estimates, also known as measurement error, is often implicitly assumed and not measured. Following nonnested model selection techniques and relative measurement error research, I explicitly measure the relative reliability of asset write-down accounting in various valuation models. Therefore, this study contributes to value-relevance research. First, I examine the incremental value relevance of asset write-down estimates through their associations with market values: the ability of asset write-down provisions to explain market value of equity; the ability of asset write-down gains and losses to explain annual market-adjusted return; and the ability of both the above provisions and earnings to explain market value of equity. All the models provide evidence for value relevance of asset write-down estimates, indicating an acceptable level of information usefulness with mixed effects of relevance and reliability. I apply my tests to a balanced panel sample of exchange-listed firms in China over the period 1998-2001. The sample is limited to A shares—the shares subject to the new rules. Next, the above three valuation models are applied again in a reliability analysis. Model appropriateness tests, i.e. non-nested model tests, are used to answer the question: did asset write-down practices improve reliability in the valuation models? I find that the asset write-down practices are approximately comparable in reliability to historical cost methods in the balance sheet valuation model but somewhat less reliable in the income statement valuation model. The results are ambiguous when both assets and earnings are included in a third valuation model. My relative measurement error tests yield similar results. I conclude that the asset write-down regulations in China have not improved the usefulness of financial statements to investors in terms of reliability. Because the asset write-down rules are subject to interpretation and judgment, I consider the motivation for write-downs in the final part of the study. The results support a relation between discretionary motivations and the amount of current or cumulative write down. A sub-sample analysis shows that asset write-down rules improve usefulness of financial information in the absence of discretionary motivations.

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Dudek, Jérémy. "Illiquidité, contagion et risque systémique." Phd thesis, Université Paris Dauphine - Paris IX, 2013. http://tel.archives-ouvertes.fr/tel-00984984.

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Cette thèse est articulée autour de trois risques financiers que sont : la liquidité, la contagion et le risque systémique. Ces derniers sont au centre de toutes les attentions depuis la crise de 2007-08 et resteront d'actualité à la vue des évènements que rencontrent les marchés financiers. Le premier chapitre de cette thèse présente un facteur de liquidité de financement obtenu par l'interprétation d'un phénomène de contagion en termes de risque de liquidité de marché. Nous proposons dans le second chapitre, une méta-mesure de cette liquidité de marché. Cette dernière tient compte de l'ensemble des dimensions présentes dans la définition de la liquidité en s'intéressant à la dynamique de plusieurs mesures de liquidité simultanément. L'objectif du troisième chapitre est de présenter une modélisation des rendements du marché permettant la prise en compte de la liquidité de financement dans l'estimation de la DCoVaR. Ainsi, ce travail propose une nouvelle mesure du risque systémique ayant un comportement contracyclique. Pour finir, nous nous intéressons à l'hypothèse de non-linéarité de la structure de dépendance entre les rendements de marché et ceux des institutions financières. Au cœur de la mesure du risque systémique, cette hypothèse apparait contraignante puisqu'elle n'a que peu d'impact sur l'identification des firmes les plus risquées mais peut compliquer considérablement l'estimation de ces mesures.

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Ellis, Matthew. "An Examination of the Breadth of the Coinsurance Effect: The Effect of Labor Leverage on Acquirer Returns." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/616.

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Previous research on the coinsurance effect solely focuses on the coinsurance of corporate debt and ignores the possibility that a combined entity’s assets may coinsure other financial obligations with debt-like characteristics. The present study examines the breadth of the coinsurance effect by testing whether the theory extends to labor obligations. Using an event study methodology, I analyze merger events between the 2000-2012 period. I investigate how acquirer shareholders are affected by the coinsurance effect during this period by examining acquirer common stock returns at the announcement date of the merger event. My results do not produce significant evidence to suggest that the coinsurance effect can be extended to include labor obligations. Moreover, no significant evidence of the coinsurance effect is discovered in the analysis.

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Dissertations / Theses on the topic 'Management financier'

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