Littérature scientifique sur le sujet « Stock exchanges – France »
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Articles de revues sur le sujet "Stock exchanges – France"
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Kowalski, Wojciech Szymon. "Economic Policy Towards Domestic Stock Exchanges." Studia Historiae Oeconomicae 35, no. 1 (2017): 143–61. http://dx.doi.org/10.1515/sho-2017-0010.
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Abstract Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh ‘stock market experiment’ that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.
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Enriques, Luca, and Paolo Volpin. "Corporate Governance Reforms in Continental Europe." Journal of Economic Perspectives 21, no. 1 (2007): 117–40. http://dx.doi.org/10.1257/jep.21.1.117.
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The fundamental problem of corporate governance in the United States is to alleviate the conflict of interest between dispersed small shareowners and powerful controlling managers. The fundamental corporate governance in continental Europe and in most of the rest of the world is different. There, few listed companies are widely held. Instead, the typical firm in stock exchanges around the world has a dominant shareholder, usually an individual or a family, who controls the majority of the votes. In this essay, we begin by describing the differences in the ownership structure of companies in the three main economies of continental Europe—Germany, France, and Italy—with comparisons to the United States and the United Kingdom. We next summarize the corporate governance issues that arise in firms with a dominant shareholder. We take a look at a major European corporate scandal, Parmalat, as an extreme example of investor expropriation in a family-controlled corporation. We outline the legal tools that can be used to tackle abuses by controlling shareholders. Finally, we describe the corporate governance reforms enacted by France, Germany, and Italy between 1991 and 2005 and assess the way in which investor protection in the three countries has changed.
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Suciu, Anda Adelina, Dragoș Păun, and Florin Sebastian Duma. "Sustainability of Financial Performance in Relation to Gender Diverse Boards: A Comparative Analysis of French and Romanian Listed Companies on Stock Exchanges." Sustainability 13, no. 18 (2021): 10282. http://dx.doi.org/10.3390/su131810282.
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While the moral argument for gender diversity has already been made and is incontestable, and more and more economical arguments have been brought to support the business case for the presence of women on the boards of directors of publicly listed companies, the bottom-line issue of what kind of impact gender diverse boards have on firm financial performance is still unclear. The aim of this paper is to deliver a comparative analysis of the impact of gender diverse boards on firm financial performance in France and Romania. Our results do not to provide any evidence of a link between boards’ gender diversity and companies’ financial performance, but while the analysis has failed to find a positive link between female presence and firm financial performance, it has not outlined a negative one.
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Rachid, Nedjai, Nedjai Issam, Bensaid Abdelkrim, Azaroual Abdelhamid, and Haouchine Amina. "Pond Energy Dynamics, Evaporation Rate and Ensemble Deep Learning Evaporation Prediction: Case Study of the Thomas Pond—Brenne Natural Regional Park (France)." Water 14, no. 6 (2022): 923. http://dx.doi.org/10.3390/w14060923.
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The energy of water masses is a first-order factor that controls the essential physicochemical dynamics of a water body. Its study allows one to understand the roots of the processes that occur at the water-mass, water-atmosphere and water-sediment interfaces. The analysis of the Thomas Pond in the Brenne region gives a valuable overview of energy stock evolution on a yearly scale. It highlights the direct impact of this evolution on thermal stratification and the potential for evaporation and exchange with the atmosphere. The study of evaporation remains challenging due to the complexity of the energy processes and factors involved. Its estimation using formulas, which are mostly empirical, is one of the most used means for studying the process. The studied pond shows a natural stratification during the summer season, however often fragile and disturbed by other climatic factors such as wind and precipitation. This disruption leads to increased exchanges between the pond and the atmosphere. The methods used to estimate pond-atmosphere exchanges, namely evaporation, vary in values ranging between 1 mm/d to > 15 mm/d. Among these methods, three stand out and seem to give reasonable values. This observation is based on the noticeable drop of the pond’s water level during the period of non-communication with the outside, which corresponds to 65 mm. The energy required for this evaporation varies between 600 W/m2 and 1500 W/m2, except for the Smith model, that slightly overestimates this parameter. The regulation of ponds’ water volumes by managers, the increased duration of bungs closure and the intermittence of precipitations in recent years exacerbate the reduction of direct inputs to ponds and the aggravates the impacts of a changing climate. Under the effect of increasing air temperatures, losses by evaporation will also increase significantly. If we generalise the results obtained to all of the Brenne Park water bodies (4500 ponds of the park), losses by evaporation will lead to a significant water deficit of the Loire basin. From this study, the use of deep learning ensemble models was found to provide better short-term predictions (RMSE between 0.003 and 0.006 for all methods), thus confirming the effectiveness of these methods for similar applications.
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Belesis, Nicholas D., Christos G. Kampouris, and Alkiviadis Th Karagiorgos. "The Effect of COVID-19 on the Value Relevance of European Firms’ Financial Statements." International Journal of Applied Economics, Finance and Accounting 14, no. 1 (2022): 91–99. http://dx.doi.org/10.33094/ijaefa.v14i1.661.
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The main topic of this study was the value relevance of accounting information. It employed a sample of 1,645 companies listed on the stock exchanges of the top six European Economies (in terms of GDP) – France, Germany, Italy, the Netherlands, Spain and the United Kingdom – for the period 2010-2020. The study’s analysis was based on the Ohlson model and used linear regression. The paper examines the difference between these countries in terms of value relevance. In addition, the paper examines the effects that the Covid-19 pandemic outbreak had on the value relevance of financial statements. The purpose is to examine how investors have been affected by the pandemic and the influence it has had on the importance of financial statements and specific accounting variables. Furthermore, we compare the importance of the two most significant accounting variables, earnings and book value (equity) before and after the pandemic. The results suggest that the explanatory power of financial statements is almost the same for all countries, except Germany, where it is significantly higher. The explanatory power of financial statements decreased in all countries after the start of the pandemic. Moreover, in most countries, earnings seem to have lost value relevance compared with book value due to the financial crisis.
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Aubert, François, and Waël Louhichi. "Analyst earnings forecast revision activity around profit warnings across four European countries." Journal of Applied Accounting Research 16, no. 1 (2015): 58–87. http://dx.doi.org/10.1108/jaar-01-2013-0005.
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Purpose – The purpose of this paper is to report on research concerning financial analysts’ activity surrounding profit warnings issued by listed companies in the four largest European stock exchanges (France, Germany, the Netherlands and the UK). The authors address three aspects of analysts’ forecasts: ex-post accuracy of forecasts, earnings forecast revisions, and consensus forecast dispersion. The goal of the analysis is to study the differences between financial analysts’ behavior within different regulatory settings, namely common law vs civil law countries. Design/methodology/approach – The sample is composed of 1,330 profit warnings issued by listed European firms during the period 2000-2010. The authors apply event study methodology and OLS regressions to highlight the impact of the legal information environment on analysts’ reactions. Findings – The empirical analysis reveals that analyst activity depends on each country’s legal context factors, such as the legal information environment of the firm and the index of investor protection. Accordingly, the authors show that both a richer legal information environment and stronger country-level investor protection substantially improve analyst accuracy around profit warnings. Research limitations/implications – The sample is only composed on firms from four European countries owing to a lack of firms from other European countries that disclosed PW during the period 2000-2010. It would be pertinent to conduct future research dealing with an international sample from different continents. Practical implications – The paper contributes to a deeper understanding of analysts’ reactions to profit warnings. The findings can influence firms’ reporting practices and lead to future regulation policies. Originality/value – This work is the first to examine the relationship between profit warning releases and the behavior of financial analysts in a pan-European context where there are different institutional levels of investor protection.
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Le Bris, David, and Pierre-Cyrille Hautcœur. "A challenge to triumphant optimists? A blue chips index for the Paris stock exchange, 1854–2007." Financial History Review 17, no. 2 (2010): 141–83. http://dx.doi.org/10.1017/s096856501000003x.
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We have reconstructed a new blue chips (large caps) stock index for France from 1854 to 1998, based on a modern methodology. Our index differs profoundly from earlier indices, and is more consistent with French financial and economic history. We suggest this result casts some doubt on many historical stock indices, such as those used in Dimson, Marsh and Staunton's Triumph of the Optimists. Investment in French stocks provided a positive real return during the nineteenth century, but a negative one – because of inflation and wars – in the twentieth. Despite this secular negative real performance, stocks proved the best financial asset in the very long run, although with an equity premium lower than in the US.
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Bignon, Vincent, and Marc Flandreau. "The Price of Media Capture and the Debasement of the French Newspaper Industry During the Interwar." Journal of Economic History 74, no. 3 (2014): 799–830. http://dx.doi.org/10.1017/s0022050714000606.
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Measurement of the value of “media capture” (the control of newspapers by business or political interests) is difficult. However, if capture is valuable, it should affect the price of newspaper shares. Useful information about the value of media capture should be retrievable from Stock Exchange data. Interwar France provides a unique setting to implement this idea because key newspapers floated voting and nonvoting stocks. Combined with takeover prices, data yield estimates of the price of media capture and of the time-series evolution of this price. Comparison with Britain sheds new light on a dark episode of French history.
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Thorbecke, Willem. "The Exposure of French and South Korean Firm Stock Returns to Exchange Rates and the COVID-19 Pandemic." Journal of Risk and Financial Management 14, no. 4 (2021): 154. http://dx.doi.org/10.3390/jrfm14040154.
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Rogoff predicted that the U.S. dollar will depreciate and that exchange rate volatility will return. The coronavirus crisis has also roiled the world economy. This paper investigates the exposure of French and Korean firm stock returns to exchange rate appreciations and the pandemic. Both France and Korea are major exporters, but Korea has managed the crisis better than France. The results indicate that Korean firms have come through the pandemic better than French firms. The findings also indicate that the Korean economy is less exposed to appreciations than the French economy. This paper concludes with suggestions to increase firms’ resilience to these shocks.
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Babar, Samreen Fahim, Syeda Faizaq Urooj, and Khalid Usman. "Does Herding Exist? Evidence from Pakistan’s Stock Exchange." Global Economics Review I, no. I (2016): 13–23. http://dx.doi.org/10.31703/ger.2016(i-i).02.
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Herding transpires when an investor imitates the decision of other stockholders or shadow market consensus (Rizzi, 2008). The Chartered Financial Analyst Institute affirms “Herding Behavior Bias” as the principal presumption influencing the investor’s decision. (Kunte, S.2015). Herding behavior contradicts the validity of an Efficient Market Hypothesis (Famma and Franch, 1970). The investigation of herd behavior in the Pakistan stock market is indispensable as the inconsistent behavior of stockholders stems from the inefficient assets pricing and resource misallocation. The study’s result affirms the existence of herd behavior in the stock exchange of Pakistan and contradicts rational assets pricing model and stock price efficiency theory.
Thèses sur le sujet "Stock exchanges – France"
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Ducros, Jérémy. "Rôle des marchés financiers régionaux et concurrence entre bourses : grandeur et décadence de la Bourse de Lyon, 1800-1945." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLEH058/document.
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Cette thèse étudie le rôle et le fonctionnement des marchés boursiers régionaux, et en particulier de la Bourse de Lyon, au cours de la période 1800-1945. Le cadre d'analyse retenu correspond à celui de la littérature sur la concurrence entre bourses. La thèse est structurée autour de cinq chapitres ou papiers indépendants. Le chapitre 1 présente les conditions de l’émergence des bourses régionales dans leur forme moderne au milieu du XIXe siècle, soit près de 40 années après celle de Paris. Les chapitres 2 et 3 abordent le premier point des dynamiques concurrentielles entre les bourses en France, c’est-à-dire la concurrence sur les émetteurs, et fournissent deux mesures du développement financier: le nombre de sociétés cotées sur chaque marché boursier entre 1870 et 1913 et le nombre d’introductions en bourse sur une période plus courte, 1898-1909. Les chapitres 4 et 5 portent sur la concurrence sur l’activité boursière, c’est-à-dire sur les ordres reçus par les agents de change, intermédiaires financiers nommés par le gouvernement. Alors que le chapitre 4 est consacrée à la période de la fin du XIXe siècle et en particulier au krach de l'Union Générale, le chapitre 5 se concentre sur les deux guerres mondiales. Ces deux chapitres proposent deux mesures des volumes boursiers<br>This thesis studies the role played by regional stock markets as well as their functioning between 1800 and 1945, in particular the Lyon Stock Exchange. The analytical framework draws on the literature on competition among stock exchanges. The thesis is structured in five papers. Chapter 1 deals with the creation of regional stock markets during the mid-nineteenth century, i.e. nearly 40 years after the reopening of the Paris Stock Exchange. The second and third chapters address the first aspect of the competitive dynamics between stock exchanges in France, i.e. the competition on issuers, and provide two measures of financial development: the number of companies listed on each stock market between 1870 and 1913 and the number of IPOs between 1898 and 1909. Chapters 4 and 5 deal with competition on stock market activity, i.e. on orders received by stockbrokers. While Chapter 4 is devoted to the end of the nineteenth century and and focuses specifically onthe crash of the Union Générale, Chapter 5 adresses the two World Wars. These two chapters offer two measures of stock market volumes
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Edlinger, Cécile. "Paris Stock Exchange 1870-1914 : financial information and portfolio choices." Thesis, Université de Lorraine, 2016. http://www.theses.fr/2016LORR0055.
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Cette thèse se compose de quatre chapitres dédiés à l'étude de la Bourse de Paris et des investissements français entre 1874 et 1914. Elle relève d'une démarche cliométrique : les faits historiques sont analysés en mobilisant les outils statistiques et théoriques de l'économie financière.Le premier chapitre participe à la réécriture de l'histoire de l'économie financière. Il démontre que les conseils financiers français avant 1914 relèvent d'une proto-science, prémices à la Théorie Moderne du Portefeuille (T.M.P.) développée à partir des années 1960s. Il justifie l'utilisation, dans le second chapitre, de la T.M.P. pour l'évaluation de la rationalité des choix de portefeuilles internationaux. Nous démontrons la rationalité des flux massifs de capitaux à l'étranger et en particulier à destination des pays européens. Nous constatons la rationalité de la préférence européenne des investisseurs français et le biais des investissements britanniques en faveur des "nouvelles nations". Le troisième chapitre présente une base de données inédite composée des rentabilités mensuelles de tous les types de titres cotés à la Bourse de Paris entre 1874 et 1914. Il s'agit d'un indicateur fiable des performances de la Bourse de Paris et de l'information publique en France sur cette période. Dans le quatrième chapitre, nous réalisons la première évaluation des conseils de l'analyste financier français A. Neymarck (1913), à la veille de 1914. Nous montrons que le risque de chaque catégorie d'actifs est correctement perçu, l'existence d'une hiérarchisation des portefeuilles proposés en fonction de la richesse de l'investisseur et mettons en avant les imperfections de ces conseils<br>This PhD dissertation is composed of four chapters dedicated to the study of the Paris Stock Exchange and French investments from 1874 to 1914. It follows a cliometric approach, whereby historical facts are analysed using the statistical and theoretical tools of financial economics.The first chapter contributes to a re-evaluation of the history of financial economics. It shows that French financial advice before 1914 was part of a proto-science which laid the foundations for the Modern Portfolio Theory (M.P.T.) developed from the 1960s onwards. This finding justifies the use of the M.P.T in the second chapter to assess the rationality of international portfolio choices. We demonstrate the rationality of huge capital flows toward foreign countries and in particular toward European countries. We note the rationality of the French investor's preference for European securities, and the bias towards "young nations" in British investments. The third chapter introduces an original database composed of the monthly returns for all the types of securities listed on the Paris Stock Exchange from 1874 to 1914. It is a reliable indicator of Paris Stock Exchange performances and of the public information available in France at that time. In the fourth chapter, we make the first assessment of the advice provided by the French financial analyst A. Neymarck (1913), prior to 1914. We show that the risk of each asset category is correctly evaluated, evidence the ranking of the suggested portfolios according to the investors' wealth, and pinpoint the few imperfections of his advice
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Ungaro, Stefano. "The relationships between money and financial markets in France. 1880-1914." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLEH048/document.
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Cette thèse porte sur la relation entre les marchés monétaire et financier en France sur la période 1880-1914. On y étudie notamment le marché des prêts à court terme. La thèse étudie en détail deux segmentes de ce marché : les avances sur titres (prêts à court terme garantis), et le marché des reports (« sale and repurchase agreements) . Les intermédiaires clé sont la Banque de France, quatre grandes banques de dépôt, les banques régionales, et les deux acteurs du marché boursier : la Compagnie des agents de change et la Coulisse. La thèse est structurée en trois chapitres. Le premier porte sur l’introduction d’une chambre de compensation dans le marché des reports en France, et étudie les conséquences de cette introduction sur le risque de contrepartie. Le deuxième chapitre porte sur la politique monétaire de la Banque de France entre 1890 et 1913 et le rôle du secteur bancaire sur la transmission de la politique monétaire même. Le troisième et dernier chapitre porte sur la crise financière de 1914 en France<br>This thesis deals with the relationship between the money market and the financial market from 1880 to 1914. It focuses in particular on the market for short-term loans. This dissertation studies in detail two segments of this market: the advances on securities (collateralized short-term loans), and the repo market (repurchase agreements). The key financial intermediaries are the Banque de France, four main commercial banks, regional banks, the « coulisse » operating over-the-counter and the « Compagnie des agents de changes ». The dissertation is structured in three chapters. The first deals with the introduction of a clearing house in the French historical repo market, and studies its consequences on counterparty risk. The second chapter deals with Bank of France monetary policy between 1890 and 1913 and the role of the banking sector in the transmission of policy shocks. The third chapter deals with the Great Financial Crisis of 1914
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Angibaud, Mathieu, and Jérémy Buan. "Is there a correlation between the CEO compensation and the firm wealth after the financial crisis of 2007? : Empirical Evidence from the Stock exchange index CAC 40 (2008-2010)." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-57327.
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The empirical results indicate a strong positive link between three important elements: the duration as CEO, the market capitalization of the company and the non-executive ownership. Our findings also indicate an important but negative impact of two variables on the CEO compensation: the institutional and block holder shareholders. We also observed that there is no CEO pay-performance elasticity for the Total and base salary: the control variables do not have a significant impact on changes in CEO compensation. These results are in line with the ones of Ozkan (2011, p. 260-285). Those elements would demonstrate the active monitoring of these investors on the top management and especially on their remuneration. Those are also consistent with the paper of Khan et al. (2002, p. 1078-1088), which demonstrates the negative impact on CEO compensation of institutional ownerships when they are concentrated. Our study didn’t find a strong correlation between the other variables as the board size or sales for example and the level of remuneration of the CEO. That would mean that the number of member of the board doesn’t significantly impact the discussion about the CEO remuneration.
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Langlais, Pierre-Carl. "La formation de la chronique boursière dans la presse quotidienne française (1801-1870) : métamorphoses textuelles d'un journalisme de données." Thesis, Paris 4, 2015. http://www.theses.fr/2015PA040176.
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La médiatisation des activités boursières suscite un regain d’intérêt en sciences humaines et sociales. Cette thèse aborde ce sujet sous l’angle de sa formation historique : nous cherchons à décrire le processus de codification d’une écriture journalistique. En France, la chronique boursière a une date de naissance. Le 29 janvier 1838, le banquier et idéologue saint-simonien Isaac Pereire publie une « Revue de la Bourse de Paris » dans le Journal des débats. Vingt ans plus tard, chaque grand quotidien généraliste emploie un chroniqueur boursier ou bulletinier, qui se rend quotidiennement aux séances du Palais Brongniart. Ainsi se trouvent posés les termes d’une acceptabilité : la chronique boursière se dote graduellement des traits d’une rubrique journalistique standardisée. Le sous-titre de notre thèse en énonce les trois objectifs principaux. Il est successivement question de situer l’avènement du journalisme boursier dans le cadre d’une métamorphose générale des cultures textuelles, de décrire le développement d’une écriture journalistique de la donnée et enfin, de rendre compte de l’état des archives numérisées, qui nous parviennent sous la forme d’un journalisme en données. Nous avons souhaité tirer parti de la numérisation massive de la presse ancienne pour constituer des corpus élargis. À partir de notre application Pyllica, nous avons pu récupérer les chroniques boursières hebdomadaires du Journal des débats parues de 1838 à 1870. Le traitement automatisé des données textuelles (ou text mining) permet de situer avec précision les évolutions structurelles de procédés stylistiques. Cette thèse se présente ainsi comme une contribution à l’étude informatisée des poétiques journalistiques<br>The mediatization of stock exchange activities has stirred a renewed interest in social sciences. This doctoral thesis tackles this topic through its historical development : it aims to describe the codification of a journalistic writing. In France, the stock exchange section has its Anno Dominici : on the 29th January 1838, the businessman and saint-simonian thinker Isaac Pereire launches a « Revue de la Bourse de Paris » in the Journal des débats. Twenty years later, each significant French daily has recruited a stock exchange chronicler. The main purpose of our work consist in identifying the factors that brought a shapeless text into a standard journalistic section. The subtitle of this thesis addresses three subsequent ambitions : to clarify the general setting that has allowed the creation of financial journalism, to analyze the establishment of a vintage form of “data journalism” and, then, to indicate that this older form of “data journalism” has been read as a set of data. The massive digitization of old newspapers has created the opportunity to study wider corpora. We developed an application, Pyllica, to scrap the collections of the French National Library and were able to store in a database all the weekly stock exchange sections published in the Journal des Débats from 1838 to 1870. The use of text mining techniques has allowed to determine precisely the evolution of stylistic and editorial motives. This thesis thus appears as a general contribution to the digital study of newspaper poetics
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Kharrouby, Amina. "La création dramatique sous le Second Empire : questions d'argent." Thesis, Lyon, 2018. http://www.theses.fr/2018LYSE2141.
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Sous Napoléon III, les pièces théâtrales représentant la thématique de l’argent et de la finance remplissent les répertoires parisiens (comédies, vaudevilles, drames, opérettes, mélodrames ou parodies). Plusieurs dramaturges tels que Ponsard, Dumas fils, Augier, Labiche, Clairville, Lubize ou Sardou portent sur scène la question du gain et de l’affairisme en s’intéressant à toutes ses composantes matérielles, juridiques, morales ou sociales : héritage, mariage d’intérêt, dot, mésalliance, affaires spéculatives, jeux d’argent, cupidité et avarice, exploitation et misère. Comment justifier une telle profusion dramatique ? La situation socio-économique (essor industriel, création et développement du système ferroviaire et bancaire) ainsi que les décisions politiques prises dans le domaine culturel (décret du 6 janvier 1864 sur la libéralisation des théâtres) ont-elles une influence sur la production théâtrale à cette période ? L’obsession de l’argent dans les pièces de théâtre s’expliquerait-elle par l’importance des enjeux économiques de la scène ? Notre étude cherchera à apporter un éclairage sur l’argent du théâtre (dans l’institution théâtrale et dans la vie des spectacles à travers l’étude du rapport de l’acteur, de l’auteur et du directeur à cette question) et sur l’argent au théâtre (traitement thématique, dramatique, linguistique et scénique de cette problématique). De nouveaux prismes, comme celui de la censure impériale, seront également sollicités afin de saisir d’autres dimensions de cette question et de voir s’il existe une sévérité censoriale particulière à l’égard de cette thématique de l'argent<br>Under the reign of Napoleon III, theatrical plays representing the theme of money and finance fill the parisian repertoires thanks to numerous comedies, vaudevilles, dramas, operettas, melodramas and parodies. Several playwrights such as Ponsard, Dumas fils, Augier, Labiche, Clairville, Lubize or Sardou take on stage the question of gain and business by taking an interest in all its material, legal, moral or social components : inheritance, marriage of interest, dowry, misalliance, speculative affairs, gambling, greed, exploitation and misery How to justify such a dramatic profusion ? The socio-economic situation (industrial development, creation and development of the rail and banking system), as well as the political decisions taken in the cultural field (decree of January 6, 1864 on the liberalization of theaters) did they influence theatrical production at this period ?Our study will seek to shed light on the money of the theater (in the theatrical institution as well as in the life of the shows through the study of the report of the actor, the author and the director to this question) and on money in the theater (thematic, dramatic, linguistic and scenic treatment of this problem). Could the obsession with money in plays be explained by the importance of the economic of the stage ? New prisms - imperial censorship for example - will also be sought in order to grasp other dimensions of this issue and to question the existence of political opposition to these representations
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Koray, Zoé Zeynep Can. "Le préjudice de l'actionnaire." Thesis, Paris 2, 2018. http://www.theses.fr/2018PA020072.
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Le préjudice de l'actionnaire est un sujet encore peu étudié en France alors qu'il soulève de nombreuses interrogations. A l'inverse de nombre de solutions reçues dans les droits étrangers, le droit français n'admet que peu sa réparation tant il reste lié à la distinction jurisprudentielle fondamentale entre préjudice purement personnel (réparable) et préjudice simple corollaire du préjudice social (non réparable). Pourtant, cette distinction n'est pas des plus satisfaisantes ni sur le plan théorique, ni sur le plan pratique. Elle est en outre remise partiellement en cause dès lors que le préjudice trouve sa source dans une infraction pénale, telle que la communication d'informations mensongères. Par ailleurs, l'internationalisation des mouvements de capitaux soulève de plus en plus fréquemment la question de la loi applicable ou du juge compétent (judiciaire ou arbitral également) relativement aux actions en justice des actionnaires. Cette étude se propose dès lors de fournir une appréciation critique du droit positif afin de tenter l'élaboration d'un droit prospectif. Les solutions existantes peuvent-elles et doivent-elles changer ? Pour adopter quel type de solutions ?<br>The subject of shareholder damages has seldom been studied in France. Nonetheless, it is a topic of much discussion and debate in legal circles. Unlike under some foreign laws, French law rarely permits the direct compensation of shareholder damages because of the summa divisio between the personal damage (recoverable) and the damage of the company (not recoverable). However, this distinction is not relevant both in terms of theory and practice. More doubt is cast on this distinction where the potential damage arises from an infringement of the penal law, such as the use of false or misleading information to induce shareholder reliance or action. Furthermore, the internationalisation of capital introduces conflicts of law and jurisdictional questions, asking the courts to first determine whether they are the proper authority to hear a shareholder’s case, and which nation’s laws to apply.This study presents a critical analysis of the positive law and proposes avenues of reforming French laws concerning shareholder damages. Should the existing remedies be changed ? Which remedies should be adopted to reverse the strict trends in French law against adequately compensating shareholders’ losses ?
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IGLESIAS-RODRÍGUEZ, Pablo. "Ownership, governance and regulatory discretion of stock exchanges : a comparative study." Doctoral thesis, 2010. http://hdl.handle.net/1814/14522.
Texte intégralRésumé :
Defence Date: 17 May 2010<br>Examining Board: Prof. Fabrizio Cafaggi, European University Institute (Supervisor); Prof. Hans W. Micklitz, European University Institute; Prof. Katharina Pistor, Columbia University; Prof. Michel Tison, Ghent University<br>PDF of thesis uploaded from the Library digital archive of EUI PhD theses<br>This book provides a model for the evaluation of potential biased regulatory actions by stock exchanges in relation to their own governance as well as in relation to the governance and activity of their regulatees; based on the analysis of the ownership, governance, allocation of regulatory powers, discretion‘s exercise and rule‘s content, this book gives the reader a comparative analysis that addresses how different exchanges‘ organizational and regulatory structures can lead to different forms of biased regulation as well as externalities in the financial system. The book develops case studies regarding three major stock exchanges‘ holding companies (BME, the LSEG, and NYSE-Euronext) and the markets they operate in Spain, the UK, France and the US. One of the main findings of the book is the relation between the ownership/governance of exchanges and the quality of their regulatory output; stock exchanges subject to concentrated and path dependent ownership structures and weaker governance regimes in which there is low separation between the ownership of the exchange and its governance, tend to produce rules that maximize the interest of the persons exercising control over those exchanges. Moreover, these persons have the incentive to keep a lock on control because, by doing so, they extract important private benefits of control in the form of regulatory power and discretion that can be used in a biased manner in their own interest. This finding has important implications in terms of policy making; if there is such a relation between governance and regulatory output, efforts by public regulators should be put on the governance of exchanges in order to avoiding the possibilities of biased influence over exchanges‘ regulatory processes.
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Liao, Chi-Chu, and 廖啟助. "A Study on the Relationships between Stock and Foreign Exchange Markets of Europe and Asia － Evidence from Taiwan, Japan, South Korea, Germany, England and France." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/33926626274706627007.
Texte intégralRésumé :
碩士<br>東海大學<br>管理碩士學程在職進修專班<br>94<br>This research which is based on the relationships of stock prices and exchange rates among Taiwan, Japan, South Korea, Germany, England and France by using Unit Root test, Johansen Cointegration, Vector Auto Regression Model (VAR), Vector Error Correction Model (VECM), Impulse Response and Forecast Error Variance Decomposition, researched period from January 1, 2000 to June 30, 2005, will explore mutual relationships between long-term and short-term periods for unit country, region and cross regions respectively and obtains the results as below.
Firstly, the result of unit root test shows the original data of Taiwan, Japan, South Korea, Germany, England and France are nonstationary time serials. However, they are all stationary after using first difference.
Secondly, there are cointergration vector and long-term equilibrium relationships in stock prices revealed from Johansen Cointergration test among cross regions of Taiwan, Japan, South Korea, Germany, England and France. It implies that investors can make profits in investment of cross regions through mutual prediction. On the contrary, they can disperse risk by taking different portfolios.
Thirdly, according to the tests of VAR and VECM, there are feedback relations between returns of stock price and exchange rate in Taiwan. The returns of stock prices are unidirectional leading the returns of exchange rates in Korea and Germany. The return of stock price in Japan and the return of exchange rate in Korea affect those in Taiwan respectively. The returns of stock price in Germany and France are unidirectional leading those in England.
Fourthly, from the analysis of Impulse Response and Forecast Error Variance Decomposition, we find the returns of exchange rate are mainly affected by the returns of stock prices in most countries. In addition, the returns of stock prices and exchange rates have higher explanation facing itself respectively, and the explanation of returns of stock prices is higher than that of returns of exchange rates.
Livres sur le sujet "Stock exchanges – France"
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Cheung, Yin-Wong. Macroeconomic determinants of long-term stock market comovements among major EMS countries. City University of Hong Kong, Department of Economics and Finance, 1997.
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2
Schoen, Thierry. The French stock exchange: A practical guide for investors and advisers. Wiley, 1995.
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3
Le droit des sociétés cotées et le marché boursier: Étude des conditions juridiques de la détermination de la valeur de la société par le marché boursier. L.G.D.J., 2007.
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European Court of Human Rights. Affaire Quinn c. France : arrêt du 22 Mars 1995 =: Case of Quinn v. France : judgment of 22 March 1995. Greffe de la Cour, Conseil de l'Europe, 1995.
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Entre gens de bonnes compagnies--: Comment les maîtres de la bourse trompent les actionnaires. Albin Michel, 2005.
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Simon, François-Luc. Le juge et les autorités du marché boursier. L.G.D.J., 2004.
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al-Wahhāb, Ḥamzah ʻAbd. al-Ḥimāyah al-jināʼīyah li-awrāq al-būrṣah: Dirāsah muqāranah. al-Majmūʻah al-ʻIlmīyah lil-Nashr wa-al-Tawzīʻ, 2023.
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Routier, Airy. La République des loups: Le pouvoir et les affaires. Calmann-Lévy, 1989.
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Mūsá, ʻAbd al-Rāfiʻ. al- Hayʼah al-ʻĀmmah li-Sūq al-Māl: Ṭabīʻatuhā, ikhtiṣāṣātuhā, wa-dawruhā. ʻA. al-R. Mūsá, 1988.
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Schoen, Thierry. The French Stock Exchange: A Practical Guide for Intvestors and Advisers (Commercial law series). John Wiley & Sons Ltd (Import), 1996.
Trouver le texte intégralChapitres de livres sur le sujet "Stock exchanges – France"
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Thatcher, Mark. "Transformation and Convergence: Stock Exchanges in France, Germany, and Italy 1986–2005." In Internationalisation and Economic Institutions:. Oxford University Press, 2007. http://dx.doi.org/10.1093/acprof:oso/9780199245680.003.0006.
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Nnadi, Matthias, and Sailesh Tanna. "IFRS Adoption in the EU and the Challenge of Nomenclature Evidence from the UK, France, and Germany." In Advances in Finance, Accounting, and Economics. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-4666-9876-5.ch007.
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Since the adoption of International Financial Reporting Standards (IFRS) and the subsequent directive by the European Union (EU), all companies operating in the EU are required to report their consolidated financial statements in line with the IFRS. This study examines the consolidated financial statements of the top 170 listed companies in three major EU stock exchanges (UK, France and Germany) and uncovered a disparity in the use of common nomenclatures. The findings reveal that the inconsistencies in the application of terminologies such as statement of financial position instead of balance sheet and sequence of arrangement of assets in order of liquidity constitute the main differences for entities operating in the three countries. Such differences pose an imminent challenge in the comparability and interpretation of financial results.
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Büthe, Tim, and Walter Mattli. "The Politics of Setting Standards for Financial Reporting." In The New Global Rulers. Princeton University Press, 2011. http://dx.doi.org/10.23943/princeton/9780691144795.003.0005.
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This chapter examines the political dimensions of setting standards for global financial reporting. Drawing on the results of an international business survey, conducted among hundreds of chief financial officers and other senior financial managers of companies listed on the main stock exchanges in France, Germany, the United Kingdom, and the United States, the chapter asks whether institutional fragmentation of accounting governance in Europe impedes the effective aggregation of European interests and their projection onto the international stage, while the close institutional fit between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) significantly facilitates the representation of American interests. It shows that U.S. firms are considerably more successful than their European counterparts when they try to influence international financial reporting standards.
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Mouna, Aloui, and Jarboui Anis. "The Primary Origin of the Financial Crisis." In Financial Crises - A Selection of Readings. IntechOpen, 2021. http://dx.doi.org/10.5772/intechopen.86173.
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This paper examines the relationship between the stock return volatility, outside directors, independent directors, and variable control using simultaneous-equation panel data models for a panel of 89 France-listed companies on the SBF 120 over the period of 2006–2012. Our results showed that the outside directors (FD) and audit size increase the stock return volatility. Furthermore, the results indicate that the independent directors and ROA have a negative effect on the stock return volatility; this result indicates that these variables contribute to decrease and stabilize the stock return volatility. This study employs a variety of econometric models, including feedback, to test the robustness of our empirical results. Also, we examine the relationship between the corporate governance and the stock returns volatility, exchange rate, and treasury bill using GARCH-BEKK model for a panel of 99 French firms over the period of 2006–2013.
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Galbraith, John Kenneth, and James K. Galbraith. "The Fall." In Money. Princeton University Press, 2017. http://dx.doi.org/10.23943/princeton/9780691171661.003.0011.
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This chapter examines the end of the international gold standard during World War I. The creation of the Federal Reserve System—with its idea of centralized banking carried out by twelve central banks—ended the United States's long struggle to perfect a sensible, conservative monetary system. Everywhere in the industrial countries money of whatever kind was now exchangeable, without pretense or delay, into gold. The chapter considers how the major industrial participants—Germany, France, Britain, Austria—suspended specie payments and went off the gold standard when World War I broke out; the dumping of securities on the New York market in the first nervous days of the war; the shutdown of the New York Stock Exchange; and how the United States eventually abandoned the gold standard. The increase in whole prices in the United States during all the war years is also discussed.
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Firpo, Christina Elizabeth. "Unfree Labor." In Black Market Business. Cornell University Press, 2020. http://dx.doi.org/10.7591/cornell/9781501752650.003.0003.
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This chapter examines two forms of unfree labor — debt-bondage and human trafficking — in which sex workers were not recompensed for their labor and, for a variety of reasons, remained stuck in their place of employment. Women involved in debt-bondage arrangements exchanged work for room, board, and a cash loan. Under debt-bondage agreements, the indebted paid off a monetary debt through labor for a definitive period of time. The chapter discusses how unscrupulous managers used debt-bondage to exploit sex workers. It also talks about trafficked women and how they were typically tricked or abducted and sold against their will to brothels in Tonkin or China, linking the sex industries of both countries. The chapter discusses how the prevalence of trafficking became a thorn in the side of the colonial government as France had already completely abolished slavery and slave trade in its terriroties since 1848. Finally, it discusses the colonial efforts to stop abuses of unfree labor.
Actes de conférences sur le sujet "Stock exchanges – France"
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Elmas, Bekir, and Ömer Esen. "Determining a Dynamic Relationship Between Stock Prices and Exchange Rates: An Empirical Study on Eurasia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2010. http://dx.doi.org/10.36880/c01.00168.
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The stock price has a close relationship with some macroeconomic variables. As examples of the main macroeconomic variables can be shown that exchange rates, inflation, interest rate, growth rates. This paper empirically examined the relationship between the local stock market indexes and exchange rate (USD) in six Eurasian countries namely Turkey, Germany, France, Netherlands, Russia, France and India. The paper set out by testing existence of a long-term relationship between considered two variables using the Engle-Granger (1987), Johansen (1988, 1995) and Johansen-Juselius (1990) cointegration methods. Results of Engle- Granger cointegration test showed that there is no cointegration linkage between two variables under consideration. Furthermore, The Johansen cointegration test found that there is a long-term relationship between two variables (variables in the two countries). Under the VAR (Vector Autoregressive) and VEC (Vector Error Correction) models appllied the Granger causality test, revealed an unidirectional casual relationship between two variables in each of the six countries. In addition as regards the relationship While there is a unidirectional causal relationship running from exchange rate to stock market for four countries. However this relation is casual running from stock market to exchange rate for other two countries. According to the direction of the relationship these results that relationship between stock prices and exchange rate in four countries supports for the “Traditional Approach”. Furthermore, this relation also supports for the “Portfolio Approach” for other two countries.
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Bagão, Margarida, Rui Dias, Paula Heliodoro, and Paulo Alexandre. "THE IMPACT OF COVID-19 ON EUROPEAN FINANCIAL MARKETS: AN EMPIRICAL ANALYSIS." In Sixth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/limen.2020.1.
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The fast spread of coronavirus (COVID-19) had negative impacts on financial markets worldwide. It created uncertainty and a lack of confidence, causing unprecedented levels of risk, causing sharp losses to investors in a very short period. In view of these events, this essay aims to investigate the relationship between Covid-19 (confirmed cases and deaths), and the stock market indexes of Greece (ATG), France (CAC40), Germany (DAX 30), United Kingdom (FTSE 100), Italy (FTSE MID), Spain (IBEX 35), Ireland (ISEQ), and Portugal (PSI 20), from December 31st, 2019 to July 23rd, 2020. In order to achieve such an analysis, we want to validate if: the increase in cases and deaths resulting from Covid-19 have any connection with the financial markets under analysis? If so, do these connections cause shocks in European financial markets? The results suggest structure breaks, mostly, in March 2020. Covid-19 data (confirmed cases) integrate with the Covid-19 data series (deaths), with the Spanish market (IBEX 35), Greece (ATG), and Italy (FTSE MID). However, the Covid-19 data series (deaths), is synchronized with the Covid-19 data (confirmed cases), with the markets of Germany (DAX 30), France (CAC 40), Ireland (ISEQ), Italy ( FTSE MID), United Kingdom (FTSE 100) and Portugal (PSI 20), just does not synchronize with the Greek market (ATG). We can easily see that the Covid-19 data series (deaths) has a major impact on Europe's financial markets. The results of the VAR Granger Causality / Block Exogeneity Wald Tests model suggest 2 bidirectional causal relationships between confirmed cases and deaths from the Covid-19 virus. However, there were no shocks between Covid-19 data (confirmed cases and deaths) and the financial markets under analysis. As a final discussion, we consider that investors should avoid investments in the stock exchange, at least while this pandemic lasts, and rebalance their portfolios in hedging and/or sovereign debt assets, to mitigate risk and improve the efficiency of their portfolios.