Tesis sobre el tema "Obligations and risks"
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Löhr, Sebastian [Verfasser]. "Essays on collateralized debt obligations and credit default swaps : dynamic correlation modeling, measuring systematic risk, and cross-sectional pricing of common risks / Sebastian Löhr". Hannover : Technische Informationsbibliothek und Universitätsbibliothek Hannover (TIB), 2013. http://d-nb.info/1041652135/34.
Texto completoChossis, Jennifer. "Le refus du banquier". Thesis, Montpellier, 2015. http://www.theses.fr/2015MONTD040/document.
Texto completoBanking Business is subject to specific risks. Against these risks, the banker’s refusal seems to be an adequate means of protection and security.Since the banker is the first to expose himself to those risks, it seems natural that banking law is governed by a principle of freedom: freedom of contract, entrepreneurial freedom, freedom to take risks and consequently freedom to refuse. However, a banker’s tendency to overprotect himself would turn out to be detrimental to the public as such refusal can be a source of social and economic exclusion. Indeed, it is absolutely impossible to deny how vital the banking services are for all society actors. The banker’s freedom of refusal shall therefore be tempered by the search for an appropriate balance between his own protection and his existing or potential customers’ protection. Thus, certain and defined limitations to the banker’s freedom of refusal should result from this search for balance so that, under certain circumstances, a duty not to refuse could be imposed on the banker. In any event, freedom remains the principle while exceptions may be justified.Furthermore, the banker is not the only one to take risks. Indeed, banking contracts involve risks borne by his co-contractors and by their creditors, even though they are third parties to the agreement. That is why the co-contractors, often less experienced than the banker regarding the risks attached to bank operations, as well as the third parties to the agreement who are unaware of the existence of such risks deserve in this respect to be protected. The search for security could take the form of a refusal obligation imposed on the banker. However, as any obligation of refusal infringes on the banker’s and his co-contractors’ freedom, only the protection of the general interest would actually be able to justify such infringement. Though, even if there are indisputable assumptions where such an obligation of refusal exist under positive law, it appears that a general obligation of refusal shall be difficult, if not impossible, to identify. Such an obligation, although deemed moral, is undesirable as it could result in affecting the interests it sought to protect
Mage, Gwenaëlle. "La transmission de l'engagement personnel". Thesis, Université Clermont Auvergne (2021-...), 2022. http://www.theses.fr/2022UCFAD003.
Texto completoThe transmission of personal commitment, considered as the transmission of receivables, debts and contractual positions, fundamentally reveals an opposition between the subjective and the objective conceptions of obligations and contracts that was not finally determined by the ordinance n°2016-131 from the 10th, February 2016, reforming contract law, general scheme and proof of obligations. The scope of this text included passive personal commitment, completing an old, tried and proven mechanism for the transmission of receivables. When it comes to transmission, one could consider that the personal commitment could be viewed more for its value than only considering the relationship. However, the study of the transmission legal regime reveals that the subjective conception of the personal link is still topical. The first consequence of this difficult accommodation between approaches is that this original transmission of interpersonal relationships is devoid of any established legal basis. As a second consequence, it creates unjustified obstacles to the transmission, especially when the commitment is transmitted in its passive form. In all circumstances, the subjective intuitus personae criterion, adopted under positive law, stands as a barrier that must be overcome. In response to these challenges, the demonstration of an objectified property, called "linked", expressing the rights of a party over its commitment, allows this transmission while providing a more adequate legal regime. This regime, based on the real risk of the planned operation, emancipate itself from the personal relationship. Therefore, the proposed unitary analysis provides a technical basis to the phenomenon, borrowing from property law while integrating the singularity of interpersonal relationships
Peretyatkin, Vladislav. "Valuation and risk analysis of collateralised debt obligations". Thesis, Imperial College London, 2011. http://hdl.handle.net/10044/1/11861.
Texto completoEkman, Melker y Andreas Tibell. "Obligationens risker : En studie om kreditrisk, likviditetsrisk och ränterisk för företagsobligationer på den svenska marknaden". Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160904.
Texto completoPizzetta, Scarlett. "Entreprises et droit international humanitaire". Electronic Thesis or Diss., Université Côte d'Azur, 2024. http://www.theses.fr/2024COAZ0004.
Texto completoGlobalization of market economy offers new opportunities for business enterprises by being a source of growth, jobs and prosperity, although it can also generate risks, especially when they develop activities in areas plagued by armed conflicts, either international or internal, and in occupied territories.Enterprises are being encouraged by civil society and international organizations to increasingly consider human rights law, which applies whether in armed conflict or peace condition.International humanitarian law, even though it is specifically designed to handle situations of armed conflict, and since it has important effects for business enterprises when they operate in countries experiencing such situations, is less known to them and less subject of attention by the doctrine, especially the French-speaking one.A number of recent disputes have raised questions in this area, both in terms of business enterprises by the corpus of international humanitarian law, and about enterprises submission to these rules.This thesis analyses the applicability of international humanitarian law to business enterprises, their employees, their properties, their activities which may be at the same time targets, victims, participants in armed conflicts, even perpetrators of international humanitarian law violations, raising questions relating to the adaptation and relevance of IHL to these entities
Demont, Bruno. "L'aléa dans le contrat d'assurance". Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020112.
Texto completoHazard is well known for being at the heart of the insurance contract. Nonetheless, it does not stop raising questions about its precise role and raison d’être. Firstly, the debate deals with the qualification of contemporary forms of life insurance; Mecca of doctrinal controversy for years, it still remains topical in spite of the impressive number of studies. Meanwhile, contingency is of intense interest in civil contract law, as well as subject to recent seminars and latest books. More than ever, the notions of insurance contract and of aleatory contract appear as being the “core” issues of a controversy which keeps going well, because the debate may be limited by the idea that a contract is necessarily an act that creates obligations. Thus, the imbalance between the parties’ obligations - characteristic of aleatory contracts – is often highlighted before questioning its existence in the insurance contract. However, it may be wondered as whether to know if such an “obligational” approach of the contract is truly relevant. On the contrary, shouldn’t we consider the effects of the contract through a wider point of view, in order to admit – legally – a quite common idea in everyday language: the transfer of risk? Unlike the obligational approach which is solely focused on the performances of both parties (premium paid by the taker; compensation paid out of the claim or even risk covered by the insurer), that “real” approach would be more focused on the risk that is transferred between the contracting parties. Such a real approach, which seems to be highly more attractive than the obligational one, would offer - among others - a different perspective within the debate that is inherent to the contemporary forms of life insurance
Iscanoglu, Cekic Aysegul. "Pricing And Hedging Of Constant Proportion Debt Obligations". Phd thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613112/index.pdf.
Texto completoRajani, Asif Ali Kabiruddin. "Subprime Crisis, Systematic Risk and Arbitrage". Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4320.
Texto completoThe financial market turmoil of 2007 and 2008 was the most severe recession seen after the Great Depression. The economic momentum, previous to the crisis, created a strong demand for AAA securities that was not available on single bond market. This motivated arrangers to issue high volumes of structured finance securities, collateralized by subprime Residential Mortgage-Backed Securities. Most of the AAA investors based their choices uniquely based on Credit Rating Agencies' assessment that taken into account Probabilities of Default or Expected Losses but mispriced the Systematic Risk. This fact created arbitrage opportunities for Asset-Backed Securities (ABS) and ABS Collateralized Debt Obligations (ABS CDO) arrangers. They exploited it by issuing securities with high levels of Systematic Risk. In this work I run ABS and ABS CDO simulations to exemplify how these instruments were structured to explore these features. To quantify the extent of the mispricing I compare a structured security with a single bond with the same rating. I use the results to exemplify the potential gains obtained by the arranger by taking advantage of the investor's blindness concerning Systematic Risk. I also approach other Structured Finance risks as parameter sensitivity and biased asset pool parameters in rating models.
Gómez, Portilla Karoll. "Essays on Bond Return Predictability and Liquidity Risk". Thesis, Toulouse 1, 2015. http://www.theses.fr/2015TOU10001/document.
Texto completoIf there is valuable information for predicting bond prices over time, how can we use this information to improve investor’s risk-return trade-off and term structure modelling? This thesis aims at answering this question. The first chapter discusses the predictive role of alternative measures of the liquidity premium of TIPS relative to Treasury bonds for government excess bond returns. Results show that the liquidity premium predicts positive (negative) TIPS (nominal Treasury) excess returns. I also find that the out-of sample forecasting power of liquidity for nominal Treasury excess returns appears to have been addressed by the events during the recent financial crisis. By contrast, I have evidence of out-of- sample forecasting ability during both normal and bad times for TIPS’ excess returns. In the second chapter, I explore whether or not the TIPS liquidity premium can be considered as an unspanned factor that forecast bond returns, but that is not necessarily spanned by the U.S. yield curve. I consider a joint Gaussian affine term structure model for zero-coupon U.S. Treasury and TIPS bonds, with an unspanned factor: liquidity risk. In the model, the liquidity factor is restricted to affect only the cross-section of yields but it is allowed to determine the bond risk premia. I present empirical evidence suggesting that the liquidity factor does not affect the dynamic of bonds under the pricing measure, but does affect them under the historical measure. Consequently, the information contained in the yield curve appears to be insufficient to completely characterize the variation in the price of curvature risk. In the third chapter, I estimate the non-parametric optimal bond portfolio choice of a representative agent that acts optimally with respect to his/her expected utility one period forward, provided that he/she observes the ex-ante liquidity signal. Considering alternative measures of liquidity, I find that the liquidity differential between nominal and TIPS bonds appears to be a significant determinant of the portfolio allocation to U.S. government bonds. In fact, conditional allocations in risky assets decrease as market liquidity conditions worsen, and the effect of market liquidity decreases with the investment horizon. I also find that the bond return predictability translates into improved in-sample and out-of-sample asset allocation and performance
Berg, Florian. "Extra-Financial Risk Factors and the Cost of Debt". Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED030/document.
Texto completoThis thesis analyzes if and to what extent debt markets value the environmental, social and governance (ESG) performance of firms and sovereigns. The first chapter shows that negative ESG news has a negative impact on the cost of debt of firms. The news relates to environmental and social events within the industrial/utilities sector. In this sector, a sound corporate social performance acts as an insurance against the adverse impact of negative environmental events on bond prices. The second chapter reveals that ESG scores integrated into portfolios do not change the financial performance ex post. A portfolio manager can increase the average ESG rating of her portfolio by 1.5 standard deviations without incurring cost. This leaves substantial room and opportunity for ESG ratings to be combined with asset allocation or absolute return strategies. The third chapter shows how ESG performance is linked to a lower cost of debt of emerging sovereigns. Research indicates that an emerging country’s average cost of capital decreases with its positive environmental and social performance. The fourth chapter discusses how governance performance may influence the spread of debt denominated in local and foreign currency. In developed countries, the spread between a foreign currency yield and a hedged local currency yield increases with our political risk indicator, i.e. the foreign yield increases faster than the domestic one. For emerging countries, the reverse trend is true. Interestingly, the foreign currency and local currency yield spreads move significantly stronger in absolute terms with increasing foreign investment participation in both emerging countries and developed countries’ debt markets
Stagnol, Lauren. "Accounting for risk in the design of fixed-income benchmarks". Thesis, Paris 10, 2017. http://www.theses.fr/2017PA100056.
Texto completoIn this thesis, we are keen to explore alternative weighting schemes that account for risk in the fixed-income indexing market. We start with the following observation: bond indexes that exist on the market are generally cap-weighted. The implication is not trivial: when holding such index, an investor is exposed to the most indebted issuers. From that standpoint, in the first chapter we make the proposal to consider an issuer’s creditworthiness as a weighting metric. Then in the second chapter, still working on the corporate bond market, we decide to turn to risk-parity indexing. More precisely, sectors are weighted inversely proportional to an innovative credit risk measure. Finally, the third chapter is devoted to the transposition of such risk-based philosophy to the sovereign bond universe. Particularly, we examine term structure modeling to appraise interest rate risk in a global framework. On a more general note, we show that these alternative indexing schemes - that do not emanate from pure indebtedness, but that are rather based on more sensible definitions of risk (credit or interest rate) provide a new reading grid for understanding bond market’s dynamics as well as appealing improvements in the indexes’ risk-return profile
Woolford, Graham Harley. "Why South African boards construe elements of their regulatory obligations differently in respect of enterprise risk management (ERM)". Thesis, Heriot-Watt University, 2013. http://hdl.handle.net/10399/2621.
Texto completoZimmermann, Paul. "On the hybrid nature of convertible bonds". Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010076.
Texto completoConvertible bonds are the privileged instrument of corporations willing to rai se capital white benefiting from both debt and equity advantages. They are complex corporate securities which incorporate within a single derivative instrument man y features at the boundary of option theory. Three main research areas emerge: the economic rationale for convertible debt, the hybrid nature of convertible bonds and the analysis of the optimal recall policy lying in the hands of the rational issuer. ln the area of credit risk modeling, we first explore the credit-equity power relationship, an empirical parametrization of credit spreads by stock prices useful to mode! distressed convertible bonds. We provide a theoretical foundation for the credit-equity elasticity involving the financial leverage of the company. We apply the credit-equity power paradigm to derive a general modeling framework for hybrid securities, and we show how to link the variance elasticity to the corporate leverage. Finally, we revisit the valuation of exchangeable bonds by introducing stochastic covariance between the Iwo main sources of risk and introducing the leverage of the underlying entity in the model. ln the area of option pricing, we revisit the modeling of discrete cash dividends which remain notoriously difficult to handle absent an efficient modeling framework. Our approach provides the proper theoretical setting to analyze the dividend protection of convertible bonds, a standard feature since the late 2000s. We apply our modeling approach to the theoretical analysis of the optimal recall policy ofdividend-protected convertible bonds. We show a strong structural incentive for issuing firms to recall and force the conversion of their bonds as soon as possible
Thoumin, Marc-Henri. "Analyse de la dynamique du phénomène de contagion entre les obligations souveraines européennes au cours des récents épisodes de crises financières". Thesis, Paris Sciences et Lettres (ComUE), 2017. http://www.theses.fr/2017PSLEM039/document.
Texto completoPeriods of deep risk aversion are usually marked by sizeable distortions in market prices, and substantial losses in portfolios. As observed during financial crises, a generalized debacle in financial markets is a very negative shock for the real economy. Against this backdrop, it looks relevant to explore how risk aversion tends to affect global market valuations, especially if this exercise helps make the promotion of more optimal portfolio rebalancing procedures.In this dissertation, we investigate different dimensions of risk aversion, with a focus on European Sovereign debt securities. For a given sovereign bond, the (quoted) yield to maturity has to reflect the underlying risk that the Treasury may default on its debt, before maturation of the bond. This is sovereign risk. Financial crises usually occasion an upward correction in bond yields. Since higher yields reflect larger sovereign risk and higher funding costs, national Treasuries are usually inclined to get a deeper understanding of how sovereign risk could evolve under the influence of fierce risk aversion. This is another objective of our research analysis.In Chapter I, we consider a probabilistic approach to sovereign risk exploration, with the main purpose of illustrating the non-linear reaction ensuing from a gradual deterioration in market sentiment. We consider heavy-tailed distributions, and we use the Generalised Autoregressive Score method as a means to capture the volatility momentum. The goodness of fit provided by Generalised Hyperbolic distributions is compelling, and results suggest that our approach is particularly relevant to fit periods or erratic volatility, typical of financial crises. As an attempt to simplify the model, we focus on an empirical formulation of the ‘untemporal’ volatility of each security. This estimator of the intrinsic volatility suggests that volatility tends to accelerate in a quadratic manner when it is expressed against the cumulative distribution function of the yield variations. In a second part, we extend this approach to a problem of larger dimension and we explore the dynamics of risk aversion from a bivariate point of view. Results look robust and illustrate multivariate correlations between sovereign securities. As a general conclusion, heavy-tailed distributions look remarkably efficient to replicate the distribution of times-series affected by distorted volatility and erratic price variations.Chapter II explores different ways to extract information from the model, about financial contagion and how it is supposed to propagate through sovereign securities. In particular, we explore the market reaction to a series of many shocks with gradual intensity. Results offer a high degree of granularity and we extrapolate empirical rules on the expected market dynamics, when risk aversion intensifies. Then we incorporate our estimators of volatility and market reaction (to shocks) into popular portfolio optimisation procedures and we see positive implications on the general resilience of these portfolios. Finally, we also design an in-house methodology for optimal portfolio rebalancing, based on mean reversion.In Chapter III, we explore how sovereign risk tends to affect the price of financial derivatives in a risk-off environment. We consider that risk aversion and the ensuing volatility now favour the emergence of sizeable discontinuities in market prices, that we model with stochastic jumps. The different approaches we investigate extensively rely on Hawkes processes. These stochastic processes seek to estimate the durable impact of risk aversion onto the dynamics of jumps, via the introduction of dedicated self-excited loops. We develop an original approach to the calibration, different from conventional procedures. In the end, the calculated implied volatility remains in the vicinity of the realised volatility and there is a visible capability to jump on any rise in risk aversion
Bjerknes, Börestam Maria. "Förändrar låga räntor livbolagens solvenskvot och riskfördelning?" Thesis, Karlstads universitet, Avdelningen för nationalekonomi och statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-49423.
Texto completoUnder en längre period har marknadsräntorna varit låga och de förväntas vara låga under en period framöver. Livbolag erbjuder olika typer av livförsäkringar till hushåll, försäkringar som hjälper hushållen att jämna ut konsumtionen under livet. Försäkringspremierna som livbolagen erhåller placeras i olika finansiella tillgångar, och utsätts därmed för finansiella risker. En stor del av livbolagens placeringstillgångar är placerade i obligationer, och en lägre ränta innebär att avkastningen på obligationer minskar. Lägre avkastning på obligationer skulle kunna orsaka livbolag försämrad finansiell styrka. Till följd av minskad avkastning på obligationer kan även incitamenten för att söka högre avkastning öka hos livbolag. Där resultatet skulle orsaka omallokeringar i livbolagens portföljer gentemot högre risk. Syftet med denna uppsats är att undersöka om solvenskvoten[1] hos livbolag påverkas av räntenivån, och om räntenivån korresponderar med hur livbolagen allokerar sina placeringstillgångar gentemot risk. För att uppfylla uppsatsens syfte har regressionsanalyser genomförts. Resultatet från regressionsanalyser med solvenskvot som beroende variabel och ränta som oberoende variabel visar att solvenskvoten hos livbolag inte påverkas under den observerade perioden. Resultat från regressionsanalyser med andel obligationer som beroende variabel och ränta som oberoende variabel visar att andelen obligationer hos livbolag generellt sett minskar när räntan sjunker, och livbolagen allokerar därmed antagligen till förmån för tillgångar med högre risk. Resultaten gällande riskexponering för olika livbolag varierar dock, somliga livbolag ökar exponeringen gentemot risk, och somliga minskar exponeringen gentemot risk.
Kruger, Heila Levina Helena Catharina. "The influence of the Consumer Protection Act 68 of 2008 on the common law obligations of the seller vis-à-vis risk and duty to take care, eviction, and defects". Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26660.
Texto completoDissertation (LLM)--University of Pretoria, 2012.
Mercantile Law
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Varnav, Mihaela. "La gestion des risques juridiques bancaires : étude appliquée aux obligations d'information, de mise en garde et de conseil". Thesis, Paris 1, 2014. http://www.theses.fr/2014PA010281/document.
Texto completoBanks are exposed to a multitude of risks. In view of the increased focus on European supervision and on consumer protection in the current regulatory framework, it is appropriate to map, evaluate, monitor and control the banking legal risk, as part of the operational risk. For this purpose, the risk management offers the necessary tools to the credit institutions. Its general approach is completely applicable in the legal field and is adapted to the legal requirements on internal supervision, risk management and determination of a balanced and proper level of own funds. Moreover, it provides a new key for the reading of the duties to disclose information, to caution and to advise that the banks have towards their clients. As a genuine expression of the ordo-liberal paradigm, this triple duty demonstrates that the law cannot ignore the social and economic. These duties are useful for the proper functioning of the market and for the social progress, and they are also the sign of a trend towards resetting the balance in contracts, leaving behind the classic concept of theoretical equality between parties to a contract. There are many legal risks in relation to those three requirements of the bank towards its customers, which can have frequent occurrences and very serious consequences. The study of those risks is meant, inter alia, to identify the overregulation, the ambiguities or the lack of regulation in the current legal framework
Loulit, Ahmed. "Valuing credit risky bonds: generalizations of first passage models". Doctoral thesis, Universite Libre de Bruxelles, 2006. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210756.
Texto completoDoctorat en sciences de gestion
info:eu-repo/semantics/nonPublished
Vanuls, Caroline. "Travail et environnement : regards sur une dynamique préventive et normative à la lumière de l'interdépendance des risques professionnels et environnementaux". Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1048.
Texto completoCette étude s’inscrit autour du rapport travail/environnement à la lumière de l’interdépendance des risques. L’histoire des catastrophes industrielles montre qu’il n’existe pas de frontière entre les risques professionnels et environnementaux. Dans ce contexte, prend naissance la notion de risque mixte. Dans une société où les dangers se multiplient avec les progrès technologiques, a émergé une politique d’anticipation des risques. Les entreprises prennent conscience d’un rôle à jouer dans cette politique en tant qu’entités génératrices de risques industriels. Elles développent des démarches socialement responsables, connues sous le nom de Responsabilité Sociale de l’Entreprise, destinées à concilier les intérêts économiques avec les droits fondamentaux de l’environnement et les droits fondamentaux des travailleurs. Reposant sur les piliers du développement durable, le caractère transversal de la RSE résonne avec la mixité des risques et apporte une réponse de nature globale. Dans le prolongement de cette nouvelle responsabilisation, les droits du travail et de l’environnement renforcent les obligations de sécurité de l’employeur et de l’exploitant. Sous le prisme de la prévention, les deux ensembles juridiques se rejoignent dans une démarche commune d’anticipation. Le droit du travail se saisit du risque environnemental et s’emploie à le maîtriser. Le droit de l’environnement est mis au service de la protection des travailleurs qui semblerait réceptive à la précaution en milieu professionnel. La convergence de l’esprit de protection animant ces deux droits ne conduirait-elle pas à l’émergence d’un droit commun à l’environnement et au travail : un droit du risque
Bennouna, Mohamed Jamal. "Responsabilité civile et assurance des constructeurs au Maroc : limites et carences de la législation marocaine". Thesis, Perpignan, 2017. http://www.theses.fr/2017PERP0016.
Texto completoThanks to its driving force in the Moroccan economy, the building sector acts as an effective impetus growth .Apart from the current consolidation ,it should further its development in the following years .Through a combination of several endogenous factors. All legal studies undertaken in MOROCCO up to now have just dealt with manufacturers contractual liability without considering their contractual liability not to mention its insurance. The present thesis tries to analyse the extra contractual liability within MOROCCAN LAW while comparing it with European legislations such as FRANCE, GREAT BRITAIN, GERMANY and SPAIN or African legislations ALGERIA TUNISIA and SENEGAL. This choice is primarily motivated by the current existence of significant conflicts between builders and the extra contractual property owners. One of its main objectives is to find out sound explanations to these conflicts in the game rules of builders liability set by Moroccan legislation. In terms of construction insurance, MOROCCO has finally elaborated the introduction of a compulsory insurance through the 59-13 law promulgated by Dahir 1.16.129 of 25th august 2016 amending and supplementing law 17.99 insurance code in B.O 6506 of 6th October 2016. Now this compulsory insurance system currently operational could be effective and satisfy the professionals aspirations if it draws lessons from previous experiences of other countries such as TUNISIA and FRANCE
Meerpoël, Matthieu. "L'évolution du cadre juridique du déclenchement de l'action publique préventive dans le domaine des risques naturels et technologiques". Thesis, Lille 2, 2013. http://www.theses.fr/2013LIL20017.
Texto completoPreventive management of natural and technological hazards is a major issue for state authorities, in regards to the people, property and the environment or in regards to the cost represented by the realization of such risks. Therefore, policy makers legally bound to protect these interests are required to initiate a preventive public action after evaluating and qualifying the risks. The level of hazard and the appropriateness and proportionality of preventive measures will be determined within a complex decision-making process. The policymakers then strive to reach the best possible compromise between freedom and security objectives within the framework of a delicate cost/benefit analysis. The law attempts to regulate this decision-making process by leaving a large and necessary margin of discretion to the public policy makers in determining the acceptability of the risk. This thesis will explore the process to reach this compromise, and in particular how the law governs it, manages this delicate issue and potentially controls the endorsed decisions
Bytyqi, Valon y Alioune Fall. "Är strukturerade produkter rättvist prissatta? : en granskning av den svenska marknaden för aktieindexobligationer". Thesis, Linköpings universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-97693.
Texto completoOliveira, Juliana Campos de. "Autonomia do direito ambiental : necessidade da sua obrigatoriedade no ensino jurídico brasileiro ante a sociedade de risco". Programa de Pós-Graduação em Direito da UFBA, 2011. http://www.repositorio.ufba.br/ri/handle/ri/10715.
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O desenvolvimento tecnológico ocorrido no mundo desencadeado sobretudo pela Revolução Industrial ocasionou a degradação ambiental em proporções preocupantes. Entretanto apenas na segunda metade do século XX evidenciaram-se as preocupações relativas à degradação ambiental pelo homem com a constatação de que os recursos naturais são limitados e de que a devastação ambiental enseja vulnerabilidade tanto para o ser humano quanto para o meio ambiente autonomamente considerado. Neste diapasão começou a se delinear a ciência ambiental surgindo as bases de uma educação ambiental. No Direito houve a necessidade de se realizarem estudos e leis condizentes com a nova realidade surgindo o Direito Ambiental que se configura em ciência jurídica autônoma porém não independente. Diante de tais fatos a presente pesquisa teve como objetivo demonstrar a autonomia do Direito Ambiental no Brasil e a necessidade da sua inserção enquanto componente curricular obrigatório nas Faculdades de Direito brasileiras diante da sociedade de risco que atualmente se perfaz. Para tanto optou-se pelo estudo descritivo-exploratório. Como fundamento teórico recorreu-se à pesquisa de fontes bibliográfica e documental. No que se refere ao estudo exploratório efetuou-se a busca nas Universidades Federais brasileiras das grades curriculares das Faculdades de Direito com o intuito de observar a frequência do componente curricular Direito Ambiental: se presente se ausente e sendo presente se obrigatório ou se optativo. Após a coleta destes dados foram obtidas porcentagens que tiveram por escopo esclarecer a incidência do Direito Ambiental nas grades curriculares das Faculdades de Direito integrantes da amostra. Para o desenvolvimento da dissertação optou-se por utilizar os métodos dialético e hipotético-dedutivo. Visando aprofundar a análise do tema proposto o trabalho foi dividido em três capítulos além do Capítulo 1 “Introdução” e do Capítulo 5 “Conclusões”. Após o desenvolvimento da pesquisa obteve-se entre outras à conclusão de que há autonomia do Direito Ambiental no Brasil cuja sociedade configura-se enquanto sendo sociedade risco o que requer a existência de mais profissionais dedicados à temática da proteção ambiental tanto nos setores técnico e administrativo quanto na seara jurídica. Neste sentido o papel das Universidades é crucial sendo indispensável a disponibilidade do componente curricular Direito Ambiental nas Faculdades de Direito brasileiras.
Salvador
Bardou, Jean-Paul. "Santé et sécurité au travail : de la complexité à l’effectivité. Proposition d’un guide de bonnes pratiques de prévention des risques professionnels". Thesis, Lorient, 2020. http://www.theses.fr/2020LORIL570.
Texto completoCompanies must respect the legal framework in terms of health and safety at work. This framework, even if it is based on a logic of prevention of professional risks, is due to its complexity, difficult to master for an employer. The first step in our research work was to reveal this legal framework by dissecting it, explaining its subtleties and confronting it with the reality on the ground. In addition, in many cases employers do not learn about the legal framework until they take responsibility. We then thought about how to offer employers effective solutions in order to help them to respect it better and at the same time, to develop the prevention of professional risks for the benefit of workers. Thus, the second stage of our research work consisted in making available to employers a guide to good practice made up of two types of elements: A selection after analysis, of the solutions implemented by collective bargaining, which can have a real and tangible effect in terms of prevention of professional risks and thus correspond to the effectiveness criterion set by case law, Devices allowing them to self-assess their level of compliance with general as well as specific obligations in terms of health and safety at work and to satisfy them with the help of compliance sheets
Ayanian, Arin H. "Understanding collective action in repressive contexts : the role of perceived risk in shaping collective action intentions". Thesis, University of St Andrews, 2017. http://hdl.handle.net/10023/10332.
Texto completoHellström, Ängerud Linnéa. "Credit Risk Assessment of Real Estate Companies : How does the Credit Assessment of Banks and Bond Investors Differ?" Thesis, KTH, Fastigheter och byggande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-211143.
Texto completoDe allra flesta fastighetsbolag i Sverige finansierar sig delvis genom externt kapital och är beroende av nya krediter när de vill utöka sin verksamhet. Svenska fastighetsbolag har traditionellt sett finansierat sig via banklån men på grund av bland annat striktare regleringar väljer alltfler fastighetsbolag att söka finansiering på kapitalmarknaden, där framförallt företagsobligationer har växt fram som ett alternativ till bankfinansiering. I alla typer av kreditgivning, oavsett om det handlar om banklån eller en investerare som köper en obligation, måste kreditgivaren göra en kreditriskbedömning av bolaget och/eller obligationen. Detta för att säkerställa bolagets återbetalningsförmåga och att långivaren får tillräcklig kompensation för den risk denne tar. I det här examensarbetet har kreditriskbedömningsprocessen utvärderats från två olika perspektiv för att se om det går att hitta några skillnader i bedömningen utförd av banker respektive obligationsinvesterare. Resultatet tyder på att skillnaderna mellan de olika parternas bedömning inte är särskilt stora utan båda parter utvärderar ungefär samma parametrar och nyckeltal.
Boman, Karin y Émile Sohier. "Credit derivatives in Swedish banks : Both sides of the coin". Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72885.
Texto completoCollin, Constance. "Towards a working crop insurance market : an integrated strategy of systemic risk management". Thesis, Paris 10, 2018. http://www.theses.fr/2018PA100006.
Texto completoCrop yield insurance comes with loss correlation, impeding the classical insurance risk pooling. Insurers alone cannot face the high exposure entailed by weather risks, which can even fall beyond the reinsurers’ financial capacity. Financial markets appear as a logical risk-transfer solution, investors being potentially interested by the diversifying effect of weather-linked risks. A systemic risk management strategy consisting for the insurer to isolate the correlated component of the crop yield risk and to transfer it to the financial markets through catastrophe bonds is investigated in three points. First, insurance pricing models separating the risk into a systemic and a non-systemic component are presented. Second, the interest for investors to take part in a cat bond based on agricultural risks is analyzed. The low correlation to financial markets of such bonds and their potentially high returns confirm the attractiveness of this new asset class for investors. Finally, the evolution of the market value of cat bonds issuers is studied. No general evolution is identified, but firms used to issue cat bonds may expect their market value to increase, while the firms issuing the largest bonds may expect their market value to decrease. The study is applied to the case of index insurance, based on yield proxys rather than real yields, which provides detailed data for accurate risk quantification. This work contributes to the still limited literature regarding agricultural risks and insurance by describing an integrated systemic risk management strategy providing insurers with alternative risk-sharing solutions and investors with innovative asset allocation opportunities
Stalteri, Sylvia. "La responsabilité civile dans le domaine équin". Thesis, Aix-Marseille, 2014. http://www.theses.fr/2014AIXM1021.
Texto completoThe equestrian world offers a large range of activities which may sees the involvement of different persons: a profane ignoring the intrinsic nature of the animal during an outside ride from the equestrian centre under instructor control, a driver during training or a kid bitten by neighbor's pony. Horses are used for work not only for community tasks such as transportation but also for social reinsertion to help people in need or also as a therapy for persons with motor disabilities. Having contact with horses involves a high degree of risk due to the possibility of failing. Therefore, litigation in field of civil liability is constantly growing. Compensation is in the heart of society's concerns. The optimization of the compensation incurred during the sports or leisure's activities must be underlined. Victims cannot freely choose their legal recourse. Indeed, the "none option principal" implies the application of the liability rules when a contract is existing and the application of the tortious liability when no contract is existing. The separation between both liabilities is often an obstacle for improved compensation for victims. Regarding the constant increase of litigation in this field, solutions should be offered to improve the conditions and the effects of the two branches of civil liability mainly by reinforcing the security obligations in several activities and the considerations of the parties intentions involved in an equestrian agreement while searching the liabilities of the parties in order to highlight preventative measures and not to exclude the risk theory to keep the freedom of play in sports regulations area
Jonestrand, Mathias y Jimmy Grönwall. "En pinne i tinningen eller hämmat lärande? : Hur skall fritidshemslärare förhålla sig till barns riskfyllda lekar?" Thesis, Södertörns högskola, Lärarutbildningen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-38693.
Texto completoThis is a scientific essay that examines the relationship between risk and responsibility when it comes to children's play. The work consists of two dilemma texts based on what we authors ourselves experienced and it is based on these stories from which the reflection is based. The purpose of the work is to broaden our understanding horizon when we end up in similar situations. Through the scientific essay we will reflect on our self-perceived dilemmas with the help of different theories and literature. Through our reflections, we realized that our values govern how we act when we end up in a situation where we need to take a stand on the children's risk-taking versus our responsibility to ensure that they are safe and secure at school.
Seddik, Achraf. "Coporate Bond Valuation and Credit Spreads : Lessons from the Finacial Crisis". Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCD081/document.
Texto completoThe aim of this thesis is to contribute to the improvement of the valuation of corporate bonds, particularly by drawing some lessons from the recent economic and financial crisis. In order to achieve this goal, we propose an approach based on corporate bonds' credit spreads. We start, in the first chapter, by analyzing the main existing valuation models, which we reformulate from the standpoint of credit spreads and which we simulate numerically. We show that, despite the attractive features that the structural models have, the latter exert contain several shortcomings which may be misleading especially in a crisis context. In the second and third chapters, we focus on the empirical credit spreads, which we analyze during the subprime crisis and the Eurozone crisis periods. By the means of : (i) a descriptive analysis, (ii) principal component analyses, and(iii) statistical regression analyses, we manage to shed light on a number of factors which affect the movements of the spreads and have not been addressed by the existing models. Among these factors, we show that : (i) the wave of bailouts that occurred during the crisis has had an important effect on the spreads, and (ii) the size of a firm is connected with its spreads. Based on these empirical results, we propose in the fourth chapter a contribution to the modeling of corporate bonds which accounts for the possibility of firms to negotiate a rescue plan in case of distress. This model allows us, on the one hand, to reproduce the empirical observations of lower credit spreads for higher probabilities of receiving a bailout (as it is the case for large banks), and on the other hand, to tackle several drawbacks of the existing models, such as the simple bankruptcy mechanisms or the low credit spreads for short maturities
Camguilhem, Benoit. "Recherche sur les fondements de la responsabilité sans faute en droit administratif". Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020060.
Texto completoCause of liability has been one of the most discussed questions since the principle of administrative irresponsibility was given up. Sometimes seen as a general principle of explanation, sometimes as a legal rule, cause of liability is an element of justification. In order to clarify the discourse on liability, cause of liability has to be distinguished from principles which justify the legal rule of liability. For doctrine and jurisprudence, the risk theory and the principle of public expenses equality are the two causes of liability. This presentation has to be renewed because of the creation by the Conseil d’Etat of cases of liability in which the proof of a fault is not compulsory but which do not relate to classical cases. A new presentation with two categories based on the notion of obligation should be preferred. When the event giving rise to the damage ignores a pre-existing obligation it is a true system of responsibility but when the event giving rise to the damage doesn’t ignores such an obligation it is a mechanism of guarantee and not a system of responsibility. “Liability without fault” is a negative category with no unity and no specific causes. Fault is only a condition of liability: liability with fault and liability without fault are not different in nature
Larsson, Karl. "Valuation of Additional Tier-1 Contingent Convertible Bonds (AT1 CoCo) : Accounting for Extension Risk". Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-273595.
Texto completoInvesterings- och finansieringsinstrumentet AT1, eller Contingent Convertible bond, har blivit populärt i kapitalmarknaderna efter finanskrisen, vilket lett till intresse och forskning i den akademiska världen. Instrumentets grund som skuld men egenskaper för att tillskjuta eget kapital gör det extraordinärt, och dess stokastiska funktioner öppar upp för flertalet värderingsmetoder, speciellt gällande förlängningsrisken hos datumet för kallning. Eftersom att investerare fortfarande använder sig utav screening-verktyg för värdering finns det endast begränsad forskning rörande användande av matematiska metoder. Denna rapport har därför som mål att minska avståndet mellan den akademiska världen och industrin genom att utvärdera användandet av sådana matematiska metoder för praktiska investeringar, särskillt skall Improved Credit Derivative och Extension Premium Relative Value metoderna användas. Båda modellerna strävar efter att ta hänsyn till förlängningsrisken, en risk vanligtvis bortsedd ifrån men trots det kritisk, vilket tillägger ytterligare beräkningsutmaningar vid implementationen. Bortsätt ifrån att upptäcka praktiska justeringar och dess effekter jämförs de två värderingsmetoderna i ett försök att bekräfta deras gemensamma syfte, att ta hänsyn till förlängningsrisken. Att i slutändan nå blandade resultat besående av uppenbara avvikelser för improved credit derivative modellen men starka korrelationer i fallet av extension premium modellen gjorde att man kunde dra slutsatsen att deras individuella prestanda skilde sig medan hypotesen om gemensamt beteende kunde avfärdas.
Melo, Pedro Ricardo Proença. "Credit dependencies : an analysis of European CDS and CDO contracts". Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10367.
Texto completoEste estudo tem como objetivo estudar o mercado europeu de CDS e CDO. Através de uma análise econométrica estimaremos a relevância de diversas variáveis para explicar o logaritmo das primeiras diferenças dos spreads das tranches do CDO baseado no iTraxx Europe 5-year. Assim, a nossa amostra é composta por dados diários desde Fevereiro de 2005 até Fevereiro de 2012 das tranches do iTraxx Main 5-year e de proxies para os riscos de crédito, taxa de juro, liquidez e para a volatilidade de mercado e rendibilidades do mercado acionista. Para aferir se houve alterações significativas no mercado Europeu de CDO depois da crise financeira, estimaremos duas regressões adicionais, onde na primeira utilizaremos uma dummy temporal para isolar os períodos antes e depois da crise e na segunda outra dummy temporal para isolar o período após a falência do Lehman Brothers. As nossas principais conclusões são que as proxies para os riscos de crédito e de taxa-de-juro, bem como a volatilidade de mercado são relevantes em todas as tranches para a totalidade do período da amostra. Além disso, as rendibilidades do mercado acionista e o declive da estrutura temporal parecem assumir uma maior relevância para explicar as tranches do CDO depois da crise financeira de 2007.
The focus of this study is the European CDS and CDO markets. Using a regression-based approach we estimated the relevance of market-based proxies for explaining the first differences of the logarithm of European CDS Index tranches premia (iTraxx Europe 5-year index). Therefore, our sample is comprised by daily data since February 2005 to February 2012, of iTraxx Main 5-year tranche premia and proxies for credit risk, interest rate risk, liquidity risk, equity returns and market volatility. In order to understand if there were significant changes in the CDO market after the financial crisis, we run two additional regressions, where first, we add a time dummy to isolate the periods before and after the turmoil and, after that we include a time dummy to isolate the period after the Lehman Brothers´ collapse. Our main findings are that proxies for credit risk, risk-free rate risk and market volatility are significant in all tranches when we consider the entire sample. Moreover, equity returns and the slope of the term structure seem to play a more important role in pricing tranche premia, since the start of the financial crisis of 2007.
Arias, Arellano Liliana. "L'impact de la Solvabilité II et de l'Enterprise Risk Management sur le pilotage des sociétés d'assurance". Electronic Thesis or Diss., Orléans, 2015. http://www.theses.fr/2015ORLE0502.
Texto completoSolvency II implementation constitutes a revolution for insurance companies because it leads to major changes their management practices. Solvency II propositions have thus become a major concern for the insurance sector, especially regarding the potential impact of the standard formula on insurers’ investments and on the economy. Aditionnally, Solvency II governance and risk management principles will modify insurers’ risk management culture and will encourage them to adopt ERM practices. This thesis analyses the impact of Solvency II requirements and ERM on insurer’s management practices.A first analysis focuses on the effects of Solvency II calibration on insurance companies’ bond investments. We analyse the adequacy of bond SCR and the behaviour of the return-SCR couple. The results show that the regulatory risk measure for low risk bonds is overall adequate, but that it is overestimated (underestimated) for high risk bonds in non-crisis periods (in crisis periods). We also show that Solvency II calibration encourages investments in low duration bonds and especially high yield bonds. A second analysis focuses on understanding the determinants of ERM adoption and its benefits. Our main contribution is the creation of a continuous ERM index that measures the level of development of insurance companies’ ERM program. We conclude that insurers’ mutual status, size, and geographical location are determinants of ERM state of progress and that there is a positive and significant relationship between ERM state of progress and companies’ profitability
Djerf, Adrian. "Valuation of Additional Tier-1 Contingent Convertible Bonds (AT1 CoCo) : Modelling trigger risk in a practical investment setting". Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-273600.
Texto completoDet finansiella instrumentet contingent convertible bond (ofta benämnt CoCo bond, eller endast CoCo) är en relativt ny obligationstyp som används av banker och andra finansiella institutioner för att absorbera oväntade förluster. Instrumentet blev mer vanligt förekommande efter finanskrisen 2008, som ett sätt att minska risken för insolvens. I detta examensarbete undersöker vi två matematiska modeller för värdering av CoCo bonds, nämligen den så kallade credit derivative approach och equity derivative approach, som tidigare har utvecklats av De Spiegeleer och Schoutens [1]. Vi kommer att undersöka hur dessa modeller kan modifieras för att bli applicerbara på ett stort antal obligationer tillgängliga på marknaden. En omfattande parameterstudie kommer att genomföras, för att dra slutsatser kring de mest betydelsefulla parametrarna för prissättningen. Genom att skatta så kallade market triggers, conversion prices och en kontinuerlig ränta är det möjligt att exekvera de undersökta modellerna på ett stort antal obligationer. Dessa skattningar medför dock en viss försämrad noggrannhet. Generellt sett följer priserna från modellerna marknadens rörelser ganska väl, men är samtidigt ganska långt ifrån marknadspriset. Med andra ord är korrelationen hög, men absolutfelet är relativt stort. Parameterstudien visar att parametern som kallas market trigger är mest betydelsefull för prissättningen. Faktumet att vi måste skatta market triggers för att kunna prissätta ett stort antal obligationer tros vara den största anledningen till försämrad noggrannhet. Genom att använda en mer ”obligationsspecifik” skattning av parametrar bör noggrannheten kunna förbättras. I dessa modeller är det en tydlig avvägning mellan att kunna prissätta många obligationer med relativt låg noggrannhet, och att kunna prissätta få obligationer med hög noggrannhet.
Wang, Tingwei. "Three Essays on Sovereign Credit Risk". Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED010.
Texto completoThis thesis studies sovereign credit risk and its impact on banks and industrial firms. The first essay shows that bank credit risk is linked to sovereign credit risk through common exposure to systemic risk instead of implicit bailout or excessive holding of home country bonds. In the second essay, I build a trade-off model of capital structure which predicts negative correlation between optimal leverage of big firms and sovereign credit risk due to implicit bailout. The model prediction is confirmed by empirical evidence from firms in the euro area. The third essay provides a joint pricing model of CDS and bond to disentangle the default and liquidity component in CDS spread and bond yield spread. I find a remarkable liquidity component in the CDS spreads of peripheral euro area countries and conclude that ignoring CDS illiquidity leads to overestimation of default component in bond yield
Casteuble, Cécile. "Bank risk-return efficiency, ownership structure and bond pricing : evidence from western european listed banks". Thesis, Limoges, 2015. http://www.theses.fr/2015LIMO0080/document.
Texto completoThis thesis consists of three empirical essays with an emphasis on bank risk-return efficiency and bond pricing. Chapter 1 aims at a better understanding of the quality of banks’ risk management by providing, for a set of European listed banks, a measure of each bank’s relative efficiency in terms of risk-return trade-off. We show that the level of bank risk-return efficiency is quite stable in the short term, whereas in the long term low performing banks are not condemned to remain inefficient. We also identify some common characteristics for the most risk-return efficient banks, which are assigned, by rating agencies, a more attractive financial strength rating. In chapter 2, we investigate the determinants of bank bond spread and we show that bank managerial ability, proxied by bank risk-return efficiency, improves the explanation of the default premium required by bondholders. Our results underline that standard default risk measures do not entirely reflect the default premium and banks’ managerial ability turns out to be a determinant of bondholders’ confidence in the measure of the effective level of bank default. Chapter 3 examines the effect of divergence between control rights and cash-flow rights of ultimate owners in pyramid ownership structure on the pricing of banking bonds. Whereas before the financial crisis such a divergence does not affect bank bond yield spread, during downturns bondholders require a lower spread from banks controlled by an ultimate owner with excess control rights. The investigation on more restrictive subsets underlines that this result is only significant when banks experience a high level of default risk
Du, Toit Hendrick Cornelius Benjamin. "An analysis of construction related contractual issues (risk, time and claim related) in the context of the construction related contractual obligations of the contractor and the employer in fidic yellow (plant and design-build) general conditions of". Master's thesis, University of Cape Town, 2009. http://hdl.handle.net/11427/4672.
Texto completoArmakolla, Angela. "An assessment of CCP resilience under the new regulatory framework using public data". Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E086.
Texto completoNo English summary available
Banga, Josué. "Essays on climate finance". Thesis, Université Grenoble Alpes, 2020. http://www.theses.fr/2020GRALE001.
Texto completoThis dissertation is a collection of five supportive essays on the topic of climate finance. By combining qualitative and quantitative methods, it provides policymakers and investors with new insights for rethinking their decision making in a time of a changing climate. While climate finance remains critical to addressing climate change, the results of these essays show that it can also be an effective driver of sustainable structural transformation in developing countries, provided it is allocated productively. Furthermore, climate risks would have significant yet differentiated impacts on financial stability. As guardians of this latter, central banks should play a proactive role in addressing climate change. The development of innovative financial instruments, such as green bonds, can help mitigate climate risks while unlocking investment for the low-carbon transition
Gendrault, Elisabeth. "Le principe de précaution en droit de la santé". Thesis, Aix-Marseille 3, 2011. http://www.theses.fr/2011AIX32035.
Texto completoIf the principle of precaution has its roots in the sphere of the environment, it has more recently found relevance, indeed a certain independence, within the domain of human health. With regards to its definition and to its legal regime, its history remains closely linked to community jurisprudence. Many countries have, to a greater or lesser extent, included it within their national rights, and since the environmental Charter of 2005 it enjoys à "special place" in France, where it is now written into the Constitution and has become one of the mostly highly valued norms. When an activity could cause serious harm to the environment or to human health it would appear that the most suitable response, while not directly admitting to the uncertainty of science, would be to ensure that precautionary measures are taken. Philosophically, the principle of precaution finds itself most in harmony when applied to the development of new medicines. To characterise best the principle of precaution, it can be likened to the notion of precaution present in health care since time immemorial. "primum non nocere" is the first rule of health care professionals. The principle of precaution, a useful tool for the management of hypothetical risk, encompasses two imperatives: that of evaluating risk and that of prevention. If on the one hand it is charged with a preventive function in the face of uncertain risk, that is not to say that it is deprived on the other of a reparatory mission. Its legal regime concerns as well public law as private law, and judges can no longer ignore this principle, now seen as "a key for the future"
Arias, Arellano Liliana. "L'impact de la Solvabilité II et de l'Enterprise Risk Management sur le pilotage des sociétés d'assurance". Thesis, Orléans, 2015. http://www.theses.fr/2015ORLE0502.
Texto completoSolvency II implementation constitutes a revolution for insurance companies because it leads to major changes their management practices. Solvency II propositions have thus become a major concern for the insurance sector, especially regarding the potential impact of the standard formula on insurers’ investments and on the economy. Aditionnally, Solvency II governance and risk management principles will modify insurers’ risk management culture and will encourage them to adopt ERM practices. This thesis analyses the impact of Solvency II requirements and ERM on insurer’s management practices.A first analysis focuses on the effects of Solvency II calibration on insurance companies’ bond investments. We analyse the adequacy of bond SCR and the behaviour of the return-SCR couple. The results show that the regulatory risk measure for low risk bonds is overall adequate, but that it is overestimated (underestimated) for high risk bonds in non-crisis periods (in crisis periods). We also show that Solvency II calibration encourages investments in low duration bonds and especially high yield bonds. A second analysis focuses on understanding the determinants of ERM adoption and its benefits. Our main contribution is the creation of a continuous ERM index that measures the level of development of insurance companies’ ERM program. We conclude that insurers’ mutual status, size, and geographical location are determinants of ERM state of progress and that there is a positive and significant relationship between ERM state of progress and companies’ profitability
Drut, Bastien. "Investissement socialement responsable et sélection de portefeuille". Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100131/document.
Texto completoThis thesis aims at determining the theoretical and empirical consequences of the consideration of socially responsible indicators in the traditional portfolio selection. The first chapter studies the significance of the mean-variance efficiency loss of a sovereign bond portfolio when introducing a constraint on the average socially responsible ratings of the governments. By using a sample of developed sovereign bonds on the period 1995-2008, we show that it is possible to increase sensibly the average socially responsible rating without significantly losing in terms of diversification. The second chapter proposes a theoretical analysis of the impact on the efficient frontier of a constraint on the socially responsible ratings of the portfolio. We highlight that different cases may arise depending on the correlation between the expected returns and the socially responsible ratings and on the investor’s risk aversion. Lastly, as the issue of the efficiency of socially responsible portfolios is a central point in the financial literature, the last chapter proposes a new mean-variance efficiency test in the realistic case where there is no available risk-free asset
Benseghir, Chama. "Les limites contemporaines à la liberté de distribuer les crédits bancaires". Thesis, Sorbonne Paris Cité, 2017. http://www.theses.fr/2017USPCB243.
Texto completoThe latest financial crisis and successive sovereign debt crises have highlighted the major challenge of framing the market for the distribution of bank credit. The main question was whether or not it would be appropriate to give up on a bit of freedom for more security in the credit distribution process. In this respect, two paths have basically cohabited in the establishment of limits to total freedom. On the one hand, legislators and regulatory bodies have undertaken, from the internal level to the international level, and also the Community level, to frame the intrinsic characteristics of the players in the credit market and their legal environment. This framework has been driven by international bodies, which are quicker to react in the event of a crisis, but has gradually been adapted and integrated into positive law. This integration has had the primary effect of giving it a normative character. Thus, normative, legal or regulatory provisions have become a major instrument to limit individual risks and prevent systemic risk. As such, the standard, in the broad sense of the term, has been applied whenever a risk has been proven or suspected. The almost natural pitfall has been a near-exponential inflation of standards and a juxtaposition of levels of normativity. Awareness of this situation has led to the coexistence of "hard law", which is both binding and rigid, with a more flexible and pragmatic law. As a result, positive law has seen the emergence of so-called "professional" obligations which govern not the person of the credit grantors, but their behaviour when they establish a contractual credit relationship. The almost natural pitfall has been a near-exponential inflation of norms and a juxtaposition of levels of normativity. The awareness of this situation has led to the coexistence of hard law, binding and rigid, with a more flexible and pragmatic law. Therefore, the positive law has seen the appearance of so-called "professional" obligations, which govern not the person of the credit providers, but their behavior when establishing a contractual credit relationship. Professional obligations are not intended to fulfill the same purpose as the norm in the literal sense, they are intended to provide guidance and information in order to establish flexible, pragmatic and flexible standards for credit agreements. The credit agreement is becoming more complex, requiring the intervention of a flexible and easily adaptable right, the primary motivation of which is not coercion or punishment, but support in the life of the contract. The professional obligation is to be seen as a "standard of behaviour".Thus, this study attempts to demonstrate how the duality of intervention between prudential standard and professional obligation undoubtedly preserves the integrity of the credit distribution market, but that this duality also risks, in certain situations, to call into question its operating principles
Carvalho, Luís Manuel Lopes. "Default correlation implied from portfolio credit derivatives". Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/1652.
Texto completoDespite the absence of good theoretical models to cope with credit portfolio issues, the development of credit derivative markets and the popularity of portfolio credit derivatives have created the need of handling the issue of default correlations in some way. In that context the copula models emerged and became extremely popular within the industry. In recent studies copula models have been criticized for not being flexible enough and for being a static approach. The recent turmoil on the Asset Backed Security market and the failure of Lehman Brothers, Inc brought to discussion the accuracy of these models. Based on data provided by two banks, on default correlation implied from CDO tranche market quotes, we try to draw conclusions about: 1)The credibility of the HLPGC copula model; 2) The power that correlations between single name CDS spreads have to explain those implied by market data, specially during the current. For the empirical study we will use the most popular and liquid portfolio credit derivatives: Collateralized Debt Obligations (CDO based on the iTraxx credit index for 5 years maturity), and implied correlations of CDO tranches written on the same index. The data source will be Bloomberg for single name CDS spreads and Calyon and JP Morgan for implied correlations from a Copula model.
Apesar da inexistência de modelos teóricos robustos para lidar com carteiras de risco de crédito, o desenvolvimento e a popularidade dos mercados de derivados de crédito criaram a necessidade de lidar com a questão das correlações de probabilidades de incumprimento de uma forma simples. Foi neste contexto que surgiram os modelos de cópula associados à indústria do risco de crédito. Estudos recentes criticam os modelos de cópula pela sua falta de flexibilidade e por assumirem uma abordagem estática. A recente crise no mercado de titularizações de hipotecas bem como a falência do Lehman Brothers, Inc reacenderam a discussão sobre a eficácia destes modelos. Com base em informação cedida por dois bancos de investimento sobre correlações implícitas nas cotações de mercado de tranches de CDOs, procurar-se-á concluir acerca da: 1) Credibilidade do modelo de cópula HLPGC; 2) Capacidade que as correlações entre spreads dos CDS individuais têm, na actual crise, para explicar as correlações essas correlações implícitas. Para a análise empírica usamos a carteira mais líquida de derivados de crédito: o índice iTraxx com maturidade de 5 anos e as correlações implícitas para as tranches emitidas sobre esta carteira. As fontes de informação utilizadas são, a Bloomberg para os prémios de risco dos nomes que constituem o iTraxx e JP Morgan e Calyon para correlações implícitas geradas pelos seus modelos de cópula.
Serrand, Charlotte. "Le traitement juridique des risques psychosociaux". Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020022.
Texto completoThe legal obligation for any employer to preserve both the physical and mental health of their employees is complicated by the inner subjectivity of psychosocial risks, making their juridical analysis difficult. The actors interacting with or within any company contribute to a better understanding of those risks : the employer, employees, trade unions, and occupational doctor. Combatting harassment and burn-outs at work helped better consider psychosocial risks. They have become a real topic for collective bargaining as they imply for both the employer and the employees to take responsibility with regards to the nature of specific work accidents or professional illnesses. It stands today as a key element for theim provement of work conditions through an increase in well-being and a higher quality of life at work
Holmgren, Simon y Magnus Larsson. "Hedgefonders avkastningsmönster : En kvantitativ analys av den svenska hedgefondmarknaden". Thesis, Umeå University, Umeå School of Business, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1253.
Texto completoUnder den senaste tioårsperioden har hedgefonder kommit att etablera sig som ett reellt investeringsalternativ på den svenska fondmarknaden. Hedgefonder har friare placeringsregler än vanliga, traditionella värdepappersfonder och kan i princip använda sig av alla tillgängliga investeringsalternativ på marknaden, däribland aktier, obligationer, valutor, råvaror och finansiella derivat. Det finns globalt sett en myriad av olika hedgefondstrategier där de allra flesta syftar till att generera positiv avkastning oavsett marknadens generella rörelser. Vi har studerat fonderna på den svenska hedgefondmarknaden i syfte att öka kunskapen om deras avkastningsmönster. För att möjliggöra detta samlade vi in avkastningsdata från de hedgefonder som är verksamma på den svenska marknaden.
Hedgefondförvaltare och andra aktörer på marknaden gör ofta en kvalitativ och högst subjektiv klassificering av fonderna i olika strategier. Tidigare studier inom ämnesområdet har dock visat att hedgefonder kan grupperas på ett kvantitativt sett med avseende på deras avkastningsmönster. Genom faktoranalys har vi samlat hedgefonder med liknande avkastningsstruktur i olika grupper, med den underliggande tanken att fonder som använder samma strategier och investerar i samma tillgångar bör ha ett liknande avkastningsmönster. Vi kan på så vis konstatera att en mycket stor del av den svenska hedgefondmarknaden går att samla i ett fåtal grupper och att marknaden således framstår som mycket homogen till sin karaktär jämfört med tidigare studier av den globala marknaden. Vi bedömer anledningarna som flera där den huvudsakliga förklaringen är att marknaden fortfarande är ung, vilket medför att förvaltarna saknar expertiskunskaper och att investerarna ännu inte efterfrågar fler strategier. Vi tror därför att marknaden på sikt kommer att bli heterogenare.
Avkastningen från investeringsfonder kan delas upp i två delar; en del som kan förklaras av marknadens generella rörelser och en del som kan tillskrivas förvaltarens skicklighet. Hedgefonder syftar överlag till att skapa positiv avkastning oavsett marknadsrörelser men tidigare studier har visat att en stor del av hedgefondavkastningen kan förklaras av avkastningen på olika traditionella tillgångsklasser, däribland aktieindex, ränteindex och olika optioner på dessa. Med detta som bakgrund använder vi multipel regressionsanalys till att förklara hur hedgefonder på den svenska marknadens avkastning kan återskapas med förhållandevis enkla investeringar. Det utan att behöva betala de förhållandevis höga förvaltaravgifter som ofta är förknippade med hedgefonder. Vi visar att en stor del av avkastningen går att återskapa med investeringar i främst stora svenska aktieindex och optioner på dessa.
Den avkastning som kan tillskrivas förvaltarens unika kunskaper kallas ofta överavkastning. I studiens avslutande del utforskar vi i vilken utsträckning hedgefonderna på den svenska marknaden kan skapa överavkastning. Vi kan visa att endast en mindre del kan generera signifikant positiv avkastning. Det föranleder oss att ifrågasätta hedgefonders relativt höga förvaltningsavgifter.
Auzanneau, Marjolaine. "L'obligation de sécurité de l'employeur : étude de droit comparé". Electronic Thesis or Diss., Université Paris-Panthéon-Assas, 2024. http://www.theses.fr/2024ASSA0014.
Texto completoThe field of occupational health and safety is constantly expanding. At the same time, the prevention of occupational hazards is a major objective for companies, a real imperative. Thus, the employer's obligation to ensure the health and safety of his employees has become an essential obligation arising from the employment relationship. The employer's liability in the event of the occurrence of an occupational hazard, or a simple failure to meet his preventive obligations, hinges on the essential notion of the safety obligation. While this obligation is also enshrined in the legislation of our German and English neighbours, it has undergone an unprecedented development in France, making it unique and original obligation