Articles de revues sur le sujet « Stock exchanges – France »

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.

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.

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.

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.

The issue of whether stock prices and exchange rates are related or not has received considerable attention after the East Asian crisis. During the crisis the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices, then the crisis in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries. Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilise the stock market. If the two markets/prices are related then investors can use this information to predict the behaviour of one market using the information on other market.1 Most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the developed countries with very little attention on the developing countries. The results of these studies are, however, inconclusive. Some studies have found a significant positive relationship between stock prices and exchange rates [for instance Smith (1992); Solnik (1987) and Aggarwal (1981)] while others have reported a significant negative relationship between the two [e.g., Soenen and Hennigar (1998)]. On the other hand, there are some studies that have found very weak or no association between stock prices and exchange rates [for instance, Franck and Young (1972); Bartov and Bodnor (1994)].

The daily data of the stock price index and the foreign exchange rate in G7 were utilized for the period between January 4, 1999 and June 30 2015. From the empirical study of Granger causality test in quantiles, there are three main findings. Firstly, there is no long-run significant relationship between the stock price index and exchange rate in G7. Secondly, different types of short-run relationships exist between the two variables among G7 countries. In Canada, Italy, and U.S.A., the relationship is bidirectional, and the asymmetric effect is at different quantiles. In France and Japan, the relationship is unidirectional, from the stock price index to the exchange rate, and the relationship is at different quantiles for the two countries. In Germany and U.K., the relationship is unidirectional in the opposite direction and is also at different quantiles. Lastly, it shows that international trading effects at different quantiles exist in Canada (at high quantile), Italy (at median quantile), and U.K. (at low quantile). On the other hand, portfolio balance effects at different quantiles exist in Germany (at low and median quantiles) and U.S.A. (at high quantile). The study shows neither effect in France and Japan. The empirical findings in this paper have important implications for academicians, international institutional investors, and policy-makers on the G7 markets.

The present study examines the effects of the steep surge in crude oil prices which has also been considered as an oil price shock on the stock price returns and currency exchange rates of G7 countries, namely Canada, France, Germany, Italy, Japan, the United Kingdom (UK) and the United States (US), in the context of the Russia–Ukraine conflict. Due to the outbreak of the war, the steep surge in Brent crude oil price returns is seen as an exogenous shock to stock price returns and exchange rates during the period from 2 January 2017 to 29 June 2022. The paper applies the Fractionally Integrated GARCH (FIGARCH) model to capture the effect of the crude oil price shock and the Breakpoint unit root test to examine the structural breaks in the dataset. Structural breakpoints in the dataset for the entire stock price returns and exchange rates are observed during the period commencing from the last week of February, 2022, to the last week of March, 2022. Except for TSX, NASDAQand USD, noteworthy long memory effects running from Brent crude oil priceto all the stock price returns along with the currency exchange rates for all G7 countries were also found.

We examine the influence of country exchange traded funds (ETFs) on the country’s stock market indices, irrespective of their underlying benchmark. A pooled ordinary least square (OLS) analysis of a sample of 28 India ETFs listed in the US, UK, Canada, France, Japan, Israel and Singapore reveals that India ETFs have a significant impact on the country’s stock indices. We also document reverse causal dynamics between country ETFs and the country’s stock indices. The results are robust even after controlling for global effects, stock market volatility, foreign institutional investor (FII) flows, foreign exchange rate and asset size of India ETFs. The findings of the study have implications for global investors and policymakers in both emerging and developed markets. Policymakers would find it compelling to monitor country ETFs’ fund flows into the underlying country, as withdrawal of country ETFs could have a cascading effect on the economy. JEL Classification: G11, G15, G23

Purpose The stock market is vulnerable to various exogenous factors, and its fluctuations can reflect the effects of political, economic and market factors. The purpose of this paper is therefore to choose the stock market as a representative to analyze the potential impact of the Brexit event on global financial markets and how to prevent the spread of risks across global financial markets. Design/methodology/approach This study chooses the auto-regressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model to fit the financial series and uses it as the marginal distribution model to establish the vine copula model. The maximum spanning tree algorithm is used to select the optimal rattan structure model and pair-copula function. According to the final ARMA-GARCH-R-vine copula model, the tail correlation coefficients of the UK, France, Germany, USA and China stock markets are calculated and used to analyze their dependence structure. Findings The negative impact of the Brexit event on the British stock market is greater and is more likely to be transmitted to France and Germany. China and the USA are less likely to be impacted by the Brexit incident. The US financial market is more closely linked to France, and it may benefit from the Brexit incident due to the impact of the exchange rate. Although the Chinese stock market is directly connected to the British stock market, due to the existence of national macro-controls and other factors, it will be less affected by the Brexit incident. The main impact comes from the dual devaluation pressure on the RMB. Originality/value This paper selects the optimal combination model based on actual data, and the results obtained can accurately reflect the interdependence between relevant stock markets and can guide risk aversion in the financial investment field.

The article focuses on analyzing and commenting on the nature of cryptocurrency (typically Bitcoin) and the legal position of this cryptocurrency in Vietnam through comparison with countries like France (Europe) and Thailand in order to make a perfect recommendation for Vietnamese law on this issue. Accordingly, the paper shows that in France, cryptocurrency is considered a kind of asset, although the French law currently does not recognize the ability to pay in encrypted money for all transactions, though in fact, it can be converted into real money. In Thailand, cryptocurrency is seen as a type of stock and can be traded on the stock exchange. Meanwhile in Vietnam, although there are many conflicting opinions, however, with the current regulations, cryptocurrency is sufficient to be considered a kind of property rights recorded in Vietnam Civil Code in 2015. And therefore, although not used as a means of payment as legal money, cryptocurrency should have been the object of exchange and transaction activities as a type of securities in Thailand. The management of cryptocurrency under the securities model could help Vietnam to control well the illegal cryptocurrency transactions such as money laundering, terrorist financing, etc. Besides, it also helps increase revenue for the State budget through taxation on transactions and income generated from such transactions.

Local apparel and textile manufacturing industry in Taiwan is a sector of great importance for sustainable economicgrowth. A stock market is an effective barometer indicating the economic health of a country and Taiwan is a case evenmore special. However, is Taiwan a black swan phenomenon for local apparel and textile manufacturing industryconsidering its economic growth and financial perspectives? In addition to existing literature, this research articleprovides a new robust nonlinear regression-based model for stock exchange prediction for Taiwan stock market. Thefinancial data series used for the econometric analysis include the period from January 2000 to July 2018 for 13 mainstock markets from countries all around the globe, such as: Taiwan, Spain, Poland, Hungary, Romania, Canada, USA,Japan, Germany, France, UK, India, and China. The final multiple regression equation provides a new prediction modelfor Taiwan’s main stock market index. A sustainable economic growth in Taiwan is necessary to achieve major objectivessuch as social justice, poverty alleviation and natural environment protection. The stock market in Taiwan plays anessential role in order to stimulate economic growth and technological progress by attracting foreign investment andforeign capital. In a globalized economy, the inter-linkages between stock markets are complex and can significantlyinfluence Taiwan’s sustainable development.

Local apparel and textile manufacturing industry in Taiwan is a sector of great importance for sustainable economicgrowth. A stock market is an effective barometer indicating the economic health of a country and Taiwan is a case evenmore special. However, is Taiwan a black swan phenomenon for local apparel and textile manufacturing industryconsidering its economic growth and financial perspectives? In addition to existing literature, this research articleprovides a new robust nonlinear regression-based model for stock exchange prediction for Taiwan stock market. Thefinancial data series used for the econometric analysis include the period from January 2000 to July 2018 for 13 mainstock markets from countries all around the globe, such as: Taiwan, Spain, Poland, Hungary, Romania, Canada, USA,Japan, Germany, France, UK, India, and China. The final multiple regression equation provides a new prediction modelfor Taiwan’s main stock market index. A sustainable economic growth in Taiwan is necessary to achieve major objectivessuch as social justice, poverty alleviation and natural environment protection. The stock market in Taiwan plays anessential role in order to stimulate economic growth and technological progress by attracting foreign investment andforeign capital. In a globalized economy, the inter-linkages between stock markets are complex and can significantlyinfluence Taiwan’s sustainable development.

This paper examines the linkages in financial markets during coronavirus disease 2019 (COVID-19) pandemic outbreak. For this purpose, daily stock market returns were used over the period of December 31, 2019–April 20, 2020 for the following economies: USA, Spain, Italy, France, Germany, UK, China, and Romania. The study applied the autoregressive distributed lag (ARDL) model to explore whether the Romanian stock market is impacted by the crisis generated by novel coronavirus. Granger causality was employed to investigate the causalities among COVID-19 and stock market returns, as well as between pandemic measures and several commodities. The outcomes of the ARDL approach failed to find evidence towards the impact of Chinese COVID-19 records on the Romanian financial market, neither in the short-term, nor in the long-term. On the other hand, our quantitative approach reveals a negative effect of the new deaths’ cases from Italy on the 10-year Romanian bond yield both in the short-run and long-run. The econometric research provide evidence that Romanian 10-year government bond is more sensitive to the news related to COVID-19 than the index of the Bucharest Stock Exchange. Granger causality analysis reveals causal associations between selected stock market returns and Philadelphia Gold/Silver Index.

ABSTRACT This study examines the impact on the comparability of earnings of two important events that occurred in 2005 in the Scandinavian region: the European Union-mandated adoption of International Financial Reporting Standards (IFRS) and the mergers between the three national exchanges of Denmark, Finland, and Sweden. Our tests follow two approaches. The first approach relies on mean-centered earnings/price multiples following Land and Lang (2002) to determine if the multiples converge in the 2005–2008 period. Our results show that all countries except Finland experienced a lower mean-centered earnings/price ratio in the 2005–2008 period. Additionally, in the 2005–2008 period, the mean-centered earnings/price ratio in Norway deviates from the region's mean more than it deviates from the mean in Finland, Denmark, and Sweden, even after controlling for other firm and country factors. Our second approach uses a firm-year comparability measure (De Franco et al. 2011) calculated during the 2001–2004 and 2005–2008 periods to assess whether comparability increases during the 2005–2008 period. Since the two events in our study are contemporaneous, we use Norway as a benchmark to separate the effect of IFRS from that of harmonized regulation after the merger. The results generally show that comparability is significantly higher during the 2005–2008 period in all countries. Our multivariate tests also confirm that comparability increases (although marginally) for all OMX Nordic Exchange countries, relative to Norway, from the 2001–2004 to the 2005–2008 period. Data Availability: Data are available from public sources indicated in the paper.

The stock market efficiency is the idea that equity prices of listed companies reveal all the data regarding the company value (Fama, 1965). In this way, there isn’t possible to make additional returns. However, evidence against the Efficient Market Hypothesis is growing. Researchers studied Calendar Anomalies (CAs) that characterised financial markets. These CAs contradict the efficient hypothesis. This research studies some of the most important market anomalies in France, Germany, Italy and Spain stock exchange indexes in the first decade of new millennium (2001-2010). In this study, to verify the distribution of the returns and their auto correlation, we use statistical methods: the GARCH model and the OLS regression. The analysis doesn’t show strong proof of comprehensive Calendar Anomalies. Some of these effects are country-specific. Furthermore, these country-anomalies are instable in the first decade of new millennium, and this result demonstrates some doubt on the significance of CAs.

This study determines the effect of parameters used for cash holding in hospitality sector (HS) of target countries i-e France, Spain and United State of America for the period of 14 years (2005-2018). The parameters consist of firm size, leverage, capital expenditure, growth opportunity, liquidity, cash flow, cash flow volatility, asset intangibility, dividend payments and stock exchange. Dynamic panel data is employed for empirical estimation i-e Generalized Method of Moments (GMM). System GMM model estimation reveals that leverage, cash flow volatility and asset intangibility influence cash holdings positively while size, capital expenditure, growth opportunities and cash flow affect cash holdings negatively.

Exchange traded funds (ETFs) are financial innovations that may be considered as a part of the index financial instruments category, together with stock index derivatives. The aim of this paper is to explore the trajectories and formulates predictions regarding the spread of ETFs on the financial markets in six European countries. It demonstrates ETFs’ development trajectories with regard to stock index futures and options that may be considered as their substitutes, e.g., in risk management. In this paper, we use mathematical models of the diffusion of innovation that allow unveiling the evolutionary patterns of turnover of ETFs; the time span of the analysis is 2004–2015, i.e., the period of dynamic changes on the European ETF markets. Such an approach has so far rarely been applied in this field of research. Our findings indicate that the development of ETF markets has been strongest in Italy and France and weaker in the other countries, especially Poland and Hungary. The results highlight significant differences among European countries and prove that diffusion has not taken place in all the cases; there are also considerable differences in the predicted development paths.

The author of the study note that the extensiveness of a country’s international accounting disclosure requirements is a good for the overall disclosure extensiveness of the exchange in that foreign country, which, in turn, is bigly correlated with the cost of listing such as United States, Canada, United Kingdom, The Netherlands, France, Japan, and Germany. The United States and the national over-the-counter market have enjoyed significant growth in foreign listing. In absolute terms, the U.S. numbers are even more impressive. As of December 2019, the 1,420 foreign companies whose shares are traded in the United States reparent the largest amount of foreign listings of any major stock exchange in the world., which reflects, at least in part, recognition by multinational entities that the U.S. securities market represents the most efficient market in the world, thus translating into a lower cost of capital for issuer of securities. This technical research review article may support both the public trade companies and policymakers around the World.

Abstract The objective of the paper is to analyse the impact of the Swiss National Bank’s decision to introduce the floating exchange rate of the franc on January 15th, 2015, upon the market value of commercial banks operating in the Polish banking sector. The analysis involved twelve commercial banks quoted on the Warsaw Stock Exchange. The results are inconclusive. The predicted reduction of the banks’ market value was less significant than indicated by market investors’ reaction on the day after the announcement of the decision to introduce the floating exchange rate of the franc. The banks most prone to granting credit denominated in CHF did experience the largest reduction of their share quotations. However, the Pearson product-moment correlation coefficient calculated for the correlation between the average cumulative abnormal returns on shares for the entire analysed sample, and the proportion of credits denominated in Swiss francs in the total credit portfolio, indicated only a moderate correlation between both variables.

The debate over Corporate Governance has been gathering pace in France for several years. Most of the studies on this topic are based on the Anglo-Saxon view. It should nevertheless be noted that French capitalism has peculiarities, which have their origin in its methods of Corporate Governance. Carminatti-Marchand and Paquerot [2000] underline the specificities of the principles of Corporate Governance in France. An essential aspect of this is the nature of the leaders of major companies: more than 50% of the bigger French firms CEOs are graduated from Polytechnic Institute (familiarly referred to as “X”) and of ENA (Ecole Nationale d’Administration). Since 1995, however, the economic and financial environment of French companies has changed considerably. We note today the omnipresence of foreign investors on the Paris Stock Exchange. That presence alters the rules of Corporate Governance and gives us reason to believe that a movement of convergence towards the directors and managers who are graduates of ENA and/or Polytechnic? The results of the study reveal significant losses of posts for graduates of X and ENA in the management structures of large French companies between 1995 and 1999

The relationship between the deliberate reinvention of the wheel, for macroeconomic indices such as interest rate, inflation, exchange rate, stock prices, index of industrial output within the electoral windows and the political parties’ (incumbent and opposition) ideology is the focus of this study. Monthly macroeconomic data for UK, USA, Japan, China, Hong Kong, Egypt, South Africa, Brazil, Nigeria, France and Germany from Morgan Stanley Capital International (MSCI) as well as World Bank for the period of 2000-2015 were used in the study. Employing majorly, the dynamic Genaralized Method of Moment (GMM) estimation technique, the study reveals that the coefficients of partisanship effects have the same negative signs and is significant for all the countries except Nigeria and Egypt. Also, the coefficients are similar in terms of size (US and China). Hence, the results show that party orientation does have significant impact on stock market returns of the selected countries with greater impact on Nigeria and Egypt. Strengthening the various regulatory agencies in charge of these macroeconomic policies is recommended to avoid this uncessary manoeuvring in governance. We are of the view that automation of capital markets activities will reduce the chances of manipulating capital market economic data.

The supposedly authoritativeÖsterreichisches Staatswörterbuch (1905 edition) states unequivocally that the only joint-stock bank that existed before 1850 was a land bank founded in 1841 by the Galician estates. März, who has written the definitive work on the Credit-Anstalt, also found no place in his otherwise excellent study for the Schwarzenberg Bank, asserting that the Credit-Anstalt was founded simply on the model of the Crédit Mobilier of contemporary France. The only publication that concerned itself with the Schwarzenberg Bank, formally known as the Wiener oktroyirte Commerzial-, Leih- und Wechselbank (Chartered Commercial, Loan, and Exchange Bank of Vienna) in some detail was written in 1918, with the observation that it strongly resembled the Crédit Mobilier type of bank. This work was obviously ignored both in Austria and elsewhere where the history of banking and banks has been discussed.

Douglas-fir (Pseudotsuga menziesii var. menziesii (Mirb.) Franco) zygotic seedlings and seedlings produced through somatic embryogenesis were grown in a field test on southern Vancouver Island, British Columbia. The two stock types were compared in a number of adaptive attributes evaluated during two growing seasons (1999 and 2000). The attributes were related to gas exchange, water relations, phenology, and fall frost hardiness. In both years, somatic and zygotic seedlings had similar rates of net photosynthesis in optimum and reduced light conditions, similar mesophyll conductance, and dark respiration rates. Small differences (P [Formula: see text] 0.05) were found for water relation attributes measured on irrigated plants: intrinsic water use efficiency (WUEi), transpiration (E), stomatal conductance (gwv) and midday xylem water potential (Ψ). Somatic seedlings had marginally higher E and gwv and lower Ψ in 2000 and lower WUEi in 1999 and 2000. Zygotic seedlings had higher WUEi because of their lower gwv while maintaining the same rates of net photosynthesis as somatic seedlings. There were no differences between somatic and zygotic seedlings in frost hardiness throughout the fall. Zygotic and somatic seedlings had similar timing of spring bud break pointing to a comparable level of spring frost hardiness in both stock types. Findings from this study indicate that somatic and zygotic seedlings had a similar pattern of physiological performance throughout 2 years of assessment.

Purpose – The purpose of this paper is to highlight the differences in terms of economic and financial performance, between family firms (FFs) and non-family firms (NFFs) in the wine sector in Italy and France, where this sector is one of the most representative national economic activities. Design/methodology/approach – This study is based on a sample of Italian and France companies operating in the wine sector. The sample, including medium and large firms, includes 288 FFs and 302 NFFs, for a total of 590 firms. Amadeus database represents the data source. According to Astrachan and Kolenko (1994), a firm is classified as a FF if family had to own over 50 per cent of the business in a private company or more than 10 per cent of a public company. Findings – This study confirms that the family variable is relevant to achieve good economic and financial performance, and endow firms with different features. In terms of economic performance, FFs both in Italy and France outperform in. terms of return on equity and return on assets, though only Italian NFFs outperform in earnings before interest and taxes. In terms of financial performance, both in Italy and France NFFs outperform FFs in current ratio and liquidity ratio, while FFs outperform in solvency ratio. Research limitations/implications – Limitations of the study concern the method adopted, as it could be integrated with some econometrical models. The implications of the paper are relevant for families and regulatory bodies because it helps them to better understand the effects of governance on economic and financial performance. Moreover, the findings of the study can influence the decision-making process of investors in order to identify the long-term outperformers listed on a stock exchange. Originality/value – This study contributes to the literature on family businesses phenomenon on wine sector, which represents one of the most representative of the economy of several countries and in which family businesses are widespread.

Based on 1575 firms-year observations from French companies listed on the Paris stock exchange from 2009 to 2017, this research study investigates the linkage between accounting conservatism and highest-paid chief executive officers (CEOs) and if this linkage increases as executive remuneration-performance sensitivity increases. The study’s findings show that there is a negative association between accounting conservatism and highest-paid CEOs. These findings suggest that the highest-paid CEOs can manage and restrict managerial accounting choices for their own gains, and, in turn, this has a negative effect on accounting conservatism. Firstly, in order to achieve generally discretionary goals, they distort the accounting figures by overvaluing their companies’ gains. Secondly, the negative linkage between accounting conservatism and highest-paid CEOs increases when they receive greater remuneration incentives for accounting performance. These findings indicate that powerful CEOs are incentivized to adjust earnings since the greater incentives help them to inflate their companies’ accounting results; to distort accounting performance, and provide investors with misleading information. In turn, such actions generate the ex-post settling up problems and end, unfortunately, in fraudulent behaviors. This study contributes to the literature that studies the relationship between accounting conservatism and the highest-paid senior executives in order to identify accounting conservatism (Iwasaki, Otomasa, Shiiba, & Shuto, 2018; Li, Henry, & Wu, 2019; Haider, Singh, & Sultana, 2021).

A series of experiments were conducted to examine the importance of current photosynthate for development of new roots in planted conifer seedlings and to assess the possible importance of carbohydrate reserves. Douglas-fir (Pseudotsugamenziesii (Mirb.) Franco) and Sitka spruce (Piceasitchensis (Bong.) Carr.) seedlings, labelled with 14CO2 in October, contained 14C in old roots but little in new roots when placed into growing conditions in January. New roots of seedlings labelled after 12 days growth in January were highly radioactive, indicating that current photosynthate was the primary carbon source for new roots. These results agreed with an experiment in which the amount of new root growth of 1 + 1 Douglas-fir transplants was proportional to light intensity. Net photosynthesis (Pn) of similar Douglas-fir nursery stock was inadequate to supply carbon for respiration and new root growth at 200 μE•m−2•s−1, although new root growth occurred. The ability to achieve gas exchange from the moment of planting in moist soil was evident from photosynthesis measurements and transpiration weighings, but although preconditioning affected new root growth in lodgepole pine (Pinuscontorta Loud.), no relationship between new root growth and Pn was observed.

The study employs panel methodology and Ordinary Least Squares (OLS) multiple regression to examine the impact of board gender diversity on firm performance for a sample of 137 Johannesburg Stock Exchange (JSE) listed firms during the period 2002 and 2011. The results show that board gender diversity among South African firms have been improving substantially since 2002 when King II came into force. In 2002, the average South African board had only 4 per cent of women and by 2011, this had increased to 13 per cent. Notably, the findings also show that large South African firms have a greater representivity of women on their boards than small firms. By inference this could mean that gender diversity has a positive influence on firm value as findings further show that firm value in large firms is higher than that in small firms. This study contribute to the debate of whether board gender diversity influences firm value and whether the South African government should consider adopting quota legislation such as in Spain, Norway, The Netherlands and France. The findings suggest that there is evidence of a business case to advocate the implementation of quota legislation in South Africa. Empirical findings proceed to confirm that theories of corporate governance such as agency, resource-dependence, signalling and stakeholding surely provide some support to understanding the relationship between board gender diversity and firm performance.

The study investigates the effect of factors explaining the cash holdings of hospitality sector in five countries of Western Europe, namely, France, Germany, Spain, Italy and United Kingdom for a period of 12 years (2005-2016). The effect of parameters i.e., size, leverage, capital expenditures, growth opportunities, liquidity, cash flow, asset intangibility, cash flow volatility, dividend payments and stock exchange on cash holdings has been empirically tested by employing dynamic estimation methodology i.e., Generalized Method of Moments (GMM). The findings reveal that growth opportunities and dividend payments have a positive effect on cash holdings, while size, leverage, liquidity, cash flow, asset intangibility, cash flow volatility and stock exchange pose a negative effect. Moreover, the subsectors such as airlines, gambling and restaurants and bars are holding more cash in comparison to the travel and tourism. The study empirically supports the trade-off, pecking order and free cash flow theories of cash holdings for the hospitality sector. The academic implications of the study reflect that larger companies in the hospitality sector of Western Europe are more diversified and hence amass more cash. Similarly, supporting the cash flow theory, larger hospitality sector companies hold more cash to bar the agency issues. Moreover, companies in the hospitality sector keep less cash as such companies face close monitoring and attain leverage cheaply. Supporting the trade off theory, companies in the hospitality sector hold considerable fund of cash to counter cash shortages for making investments. Furthermore, companies in the hospitality sector experiencing more cash flows keep less cash, as influx of cash flows serve as a source of liquidity. Furthermore, to be able to pay stable dividends, the hospitality sector companies amass more cash and hence support the trade off theory. The practical implications of the study shows that by utilizing the empirical findings in this study, an investor sensitive to empire-building traits of managers for their private benefits, can infer that large hospitality companies with more leverage and capital expenditures will hold less cash. However, holding excessive cash in such companies can create agency problems. On the other hand, large hospitality companies holding more cash would have an ease in practicing debt financing as holding more cash is an indication of diversification and expansion, making shareholders more heedful about their net earnings.

Volatile organic compounds (VOCs) are commonly found in consumer products, including furniture, sealants and paints. Thus, indoor VOCs have become a public health concern, especially in high-income countries (HICs), where people spend most of their time indoors, and indoor and outdoor air exchange is minimal due to a lack of ventilation. VOCs produce high levels of reaction with the airway epithelium and mucosa membrane and is linked with pulmonary diseases. This paper takes a stock of the literature to assess the strength of association (measured by effect size) between VOCs and pulmonary diseases with the focus on asthma and its related symptoms by conducting a meta-analysis. The literature was searched using the PubMed database. A total of 49 studies that measured VOCs or VOC types and pulmonary health outcomes were included in the analysis. The results of these studies were tabulated, and standard effect size of each study was computed. Most studies were conducted in high-income countries, including France (n = 7), Japan (n = 7) and the United States (n = 6). Our analysis suggests that VOCs have a medium-sized effect on pulmonary diseases, including the onset of asthma (effect size (or Cohen’s d) ~0.37; 95% confidence interval (CI) = 0.25–0.49; n = 23) and wheezing (effective size ~0.26; 95% CI = 0.10–0.42; n = 10). The effect size also varied by country, age and disease type. Multiple stakeholders must be engaged in strategies to mitigate and manage VOC exposure and its associated pulmonary disease burden.

Purpose This paper aims to investigate whether a high level of voluntary disclosure attracts sell-side analysts. In other words, the authors check whether the number of analysts following a given firm increases with the extent of voluntary information that corporate managers provide in annual reports. Design/methodology/approach The paper relies on regression analyses to study the relationship between the level of coverage by sell-side analysts and the extent of voluntary disclosure for a sample of 155 non-financial firms listed on the Euronext Paris stock exchange and members of the SBF 250 index. Findings The empirical results show that the number of analysts following a given firm increases with the extent of voluntary disclosure. Consequently, the authors conclude that analysts are interested in the volume of information provided voluntarily by corporate managers. Their interest varies across the voluntary-information categories (strategic, financial, non-financial and governance) disclosed in annual reports. Originality/value This study extends previous research by investigating sell-side analysts’ preferences in terms of voluntary-information categories in annual reports. A better understanding of the effects of sub-categories of voluntary information is useful to corporate managers wishing to meet market expectations and attract sell-side analysts. In fact, the authors verify how each category of disclosed information (strategic, financial, non-financial and governance) affects the analyst coverage intensity. In addition, the authors apply our study in the rather interesting empirical setting that is France, which is characterized by a low investor protection and a large number of active analysts.

It is now quite clear that growth slowed in Europe around the end of 1995, and that it remained low in the first quarter of 1996. However, the most recent information suggests that the slowdown is likely to prove temporary. Early indicators for the second quarter suggest that growth has begun to accelerate, much in line with our forecast published in May. We have made no further adjustment to our forecast for EU wide growth this year, with output still expected to rise by around 1½ per cent this year and around 2¾–3 per cent next year. Recent exchange rate developments should help support demand, as the D-mark, the French franc and other currencies within the D-mark bloc have all depreciated against the dollar in the last few months. A number of economies in Europe appear to have some spare capacity, and can increase output, whilst the US is operating at or above capacity, and a reduction in demand should ease incipient inflationary pressures rather more than it reduces output. The depreciation of the D-mark has been associated with a loosening of monetary policy, with short-term interest rates in Germany being a full point lower than they were a year ago. French short-term interest rates have fallen much more, reflecting the disappearance of a significant risk premium last year. The loosening of policy was timely, and should help offset the deflationary pressures that have come from a slowdown in stock accumulation in both France and Germany and from low investment, especially in Germany.

Purpose – This paper aims to analyze the evolution of the marketing of paintings and related visual products from its nascent stages in England around 1700 to the development of the modern art market by 1900, with a brief discussion connecting to the present. Design/methodology/approach – Sources consist of a mixture of primary and secondary sources as well as a series of econometric and statistical analyses of specifically constructed and unique data sets that list nearly more than 50,000 different sales of paintings during this period. One set records sales of paintings at various English auction houses during the eighteenth and nineteenth centuries; the second set consists of all purchases and sales of paintings recorded in the stock books of the late nineteenth-century London art dealer, Arthur Tooth, during the years of 1870/1871. The authors interpret the data under a commoditization model first introduced by Igor Kopytoff in 1986 that posits that markets and their participants evolve toward maximizing the efficiency of their exchange process within the prevailing exchange technology. Findings – We found that artists were largely responsible for a series of innovations in the art market that replaced the prevailing direct relationship between artists and patron with a modern market for which painters produced works on speculation to be sold by enterprising middlemen to an anonymous public. In this process, artists displayed a remarkable creativity and a seemingly instinctive understanding of the principles of competitive marketing that should dispel the erroneous but persistent notion that artistic genius and business savvy are incompatible. Research limitations/implications – A similar marketing analysis could be done of the development of the art markets of other leading countries, such as France, Italy and Holland, as well as the current developments of the art market. Practical implications – The same process of the development of the art market in England is now occurring in Latin America and China. Also, the commoditization process continues in the present, now using the Internet and worldwide art dealers. Originality/value – This is the first article to trace the historical development of the marketing of art in all of its components: artists, dealers, artist organizations, museums, curators, art critics, the media and art historians.

Introduction: PJI is the most dramatic complication after joint arthroplasty. In patients with chronic infection, prosthesis exchange is in theory the rule. However, this surgical approach is sometimes not desirable especially in elderly patients with multiple comorbidities, as it could be associated with a dramatic loss of function, reduction of the bone stock, fracture, or peroperative death. We propose here to report different approaches that can help to maintain the function in such patients based on a pathophysiology-, multidisciplinary-, and an experience-based approach. Methods: We describe the different points that are needed to treat such patients: (i) the multidisciplinary care management; (ii) understanding the mechanism of bacterial persistence; (iii) optimization of the conservative surgical approach; (iv) use of suppressive antimicrobial therapy (SAT); (v) implementation of innovative agents that could be used locally to target the biofilm. Results: In France, a nation-wide network called CRIOAc has been created and funded by the French Health ministry to manage complex bone and joint infection. Based on the understanding of the complex pathophysiology of PJI, it seems to be feasible to propose conservative surgical treatment such as “debridement antibiotics and implant retention” (with or without soft-tissue coverage) followed by SAT to control the disease progression. Finally, there is a rational for the use of particular agents that have the ability to target the bacteria embedded in biofilm such as bacteriophages and phage lysins. Discussion: This multistep approach is probably a key determinant to propose innovative management in patients with complex PJI, to improve the outcome. Conclusion: Conservative treatment has a high potential in patients with chronic PJI for whom explantation is not desirable. The next step will be to evaluate such practices in nation-wide clinical trials.

Purpose The purpose of this paper is to examine how corporate social responsibility (CSR) reporting influences leverage ratios. In particular, this paper aims to determine whether firms with higher CSR disclosure scores have better access to debt financing. Design/methodology/approach This paper uses a panel data analysis of non-financial French firms listed on the Euronext Paris Stock Exchange and members of the SBF 120 index from 2010 to 2015. The environmental, social and governance (ESG) disclosure scores that are collected from the Bloomberg database are used as a proxy for the extent of ESG information disclosures by French companies. Findings The empirical results demonstrate that leverage ratios are positively related to CSR disclosure scores. In addition, the results show that the levels of long-term and short-term debt increase with the disclosure of ESG information, thus suggesting that CSR disclosures play a significant role in reducing information asymmetry and improving transparency around companies’ ESG activities. This finding meets the lenders’ expectations in terms of extrafinancial information and attracts debt financing sources. Research limitations/implications The research is based only on the quantity of the ESG information disclosed by French companies and does not account for the quality of the CSR disclosures. The empirical model omits some control variables (e.g. the nature of the industry, the external business conditions and the age of the firm). The results should not be generalized, since the sample was based on large French companies for 2010–2015. Practical implications France is a highly regulated context that places considerable pressure on French firms in terms of CSR policies. The French Parliament has adopted several laws requiring transparency in the environmental, social, and corporate governance policies of French firms. In this context, firms often regard CSR policies as constraints rather than opportunities. This study highlights the benefits that result from transparent CSR practices. More precisely, it provides evidence that the high disclosure of ESG information is a pull factor for credit providers. Originality/value This study extends the scope of previous studies by examining the value and relevance of CSR disclosures in financing decisions. More precisely, it focuses on the relatively little explored relationship between the extent of CSR disclosures and access to debt financing. This paper demonstrates how each category of CSR disclosure information (e.g. social, environmental and governance) affects access to debt financing. Moreover, this study focuses on the rather interesting empirical setting of France, which is characterized by its highly developed legal reforms in terms of CSR. Achieving a better understanding of the effects of ESG information is useful for corporate managers desiring to meet lenders’ expectations and attract debt financing sources.

ABSTRACT This research aimed to compare BRIS stock performance before and after the merger. The research method was comparative quantitative that is by comparing the data used to determine differences in variables from two different groups or from the same variable in different time periods. The population and sample for this study are monthly reports of Price to Book Value, Earning per Share, Return on Equity, Debt to Equity Ratio, and Price Earning Ratio from BRIS for the period January 2020-January 2022 so that a total sample of 25 is obtained. The data analysis were the normality test and the Wilcoxon test. The requirement to carry out this test is the data normality test which functions to measure whether the data is normally distributed or not. Meanwhile, the Wilcoxon test is a non-parametric test to measure the significance of differences between two groups of paired data or similar data but at different times. This study found that stock performance as measured by PBV and EPS showed differences in performance before and after the merger. Whereas ROE, DER, PER there is no difference in stock performance before and after the merger. With this research, it can be used reference for investors to choose an analytical method as a decisive step in investing. For company owners, this research can be used as a consideration when merging. Keywords: Stock performance, BRIS, Merger, Islamic banking. ABSTRAK Penelitian ini bertujuan untuk membandingkan kinerja saham BRIS sebelum dan setelah merger. Metode yang digunakan dalam penelitian ini adalah kuantitatif komparatif yakni dengan membandingkan data-data yang digunakan untuk mengetahui perbedaan variabel dari dua kelompok berbeda ataupun dari variabel yang sama dalam jangka waktu yang berbeda. Untuk teknik pengambilan data menggunakan teknik pengambilan data dokumentasi. Pada penelitian ini menggunakan populasi dan sampel laporan bulanan Price to Book Value, Earning per Share, Return on Equity, Debt to Equity Ratio, dan Price Earning Ratio dari BRIS dengan jangka waktu Januari 2020-Januari 2022 sehingga mendapatkan total sampel 25 sampel. Untuk menguji hipotesis teknik pengujian data yang dilakukan yakni uji normalitas dan uji Wilcoxon. Syarat untuk melakukan pengujian ini yakni uji normalitas data yang berfungsi untuk mengukur apakah data berdistribusi normal atau tidak normal. Sedangkan uji Wilcoxon adalah pengujian non-parametris untuk mengukur signifikansi perbedaan dua kelompok data berpasangan ataupun data sejenis tetapi berbeda waktu. Penelitian ini mendapatkan hasil bahwa kinerja saham yang diukur melalui proksi Price to Book Value dan Earning per Share terdapat adanya perbedaan kinerja sebelum dan setelah merger. Sedangkan pada proksi Return on Equity, Debt to Equity Ratio, dan Price Earning Ratio tidak terdapat adanya perbedaan kinerja saham sebelum dan setelah merger. Dengan adanya penelitian ini dapat menjadi referensi bagi investor untuk memilih metode analisis sebagai langkah untuk menentukan dalam menanam modal. Bagi pemilik perusahaan dengan adanya penelitian ini dapat digunakan sebagai pertimbangan ketika akan melakukan merger. Kata Kunci: Kinerja saham, BRIS, Merger, perbankan syariah. DAFTAR PUSTAKA Adawiyah, A. R., & Lisiantara, G. A. (2022). Pengaruh pandemi covid-19 terhadap kinerja keuangan perbankan. Jurnal Ilmiah Komputer Akuntansi, 15(2), 465–474. https://doi.org/10.51903/kompak.v15i2.834 Alfi. (2020). Aset perbankan syariah tetap bertumbuh di tengah pandemi. Retrieved from https://finansial.bisnis.com/read/20200923/231/1295698/aset-perbankan-syariah-tetap-bertumbuh-di-tengah-pandemi Amalia. (2022). Kinerja keuangan PT. Bank Syariah Indonesia Tbk. sebelum dan efek instan merger. YUME: Journal of Management, 5(1). https://doi.org/10.2568/yum.v5i1.1184 Andre, A., Marpaung, A. M., & Mekaniwati, A. (2019). Analisis implikasi kebijakan dividen terhadap pertumbuhan perusahaan dan kinerja saham. Jurnal Ilmiah Manajemen Kesatuan, 7(1), 153–161. https://doi.org/10.37641/jimkes.v7i1.208 Anshori, M., & Iswati, S. (2009). Buku ajar metodologi penelitian kuantitatif. Pusat Penerbitan dan Percetakan UNAIR. Asbaniar, A., & Setiawan, S. (2022). Analisis kinerja saham pada industri farmasi sebelum dan setelah adanya pandemi covid-19. IQTISHADequity, 4(1), 45. https://doi.org/10.51804/iej.v4i1.1664 Bella, S., & Sari, F. (2021). Perbandingan kinerja keuangan sebelum dan sesudah akuisisi pada perusahaan yang terdaftar di BEI. Jurnal Manajemen Dan Bisnis, 1(2), 143–153. http://dx.doi.org/10.30651/imp.v1i2.10619 BNI Syariah. (2020). Laporan tahunan 2020. BNI Syariah Brigham, E. F., & Houston., J. F. (2016). Dasar-dasar manajemen keuangan. Salemba Empat. BSI. (2021). Laporan tahunan 2021: Energi baru untuk Indonesia. PT Bank Syariah Indonesia, Tbk. Cahyarini, I. (2017). Analisis perbedaan kinerja keuangan perusahaan sebelum dan sesudah merger dan akuisisi (Studi empiris pada perusahaan merger dan pengakuisisi yang terdaftar di BEI. Skripsi tidak dipublikasikan. Universitas Negeri Yogyakarta. Covey, S. (1997). The 7 habits of highly effective people, restoring the character ethic. Simon & Sschuster Inc. Dewi, N. S., & Suwarno, A. E. (2022). Pengaruh ROA, ROE, EPS dan DER terhadap harga saham perusahaan (Studi empiris pada perusahaan LQ45 yang terdaftar di bursa efek Indonesia tahun 2016-2020). Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 1, 472–482. https://doi.org/10.36441/snpk.vol1.2022.77 Diaw, A. (2014). The effect of mergers and acquisitions on shareholder wealth: The case of European banks. First International Conference of Cost Action IS0902, Systemic Risks, Financial Crises, and Credit, COST, May 2011, Saint-Denis, France. ffhal-01184673. Dilshad. (2013). Profitability analysis of mergers and acquisitions: An event study approach. Business and Economic Research, 3(1), 89-125. https://doi.org/10.5296/ber.v3i1.2781 Faruquee, M. (2013). Impact of fundamental factors on stock price: A case based approach on pharmaceutical companies listed with Dhaka stock exchange. International Journal of Business and Management Invention, 2(9), 34–41. Filbert, R., & Prasetya, W. (2017). Investasi saham ala fundamentalis dunia. PT. Gramedia. Fiqri, A. A. A., Azzahra, M. M., Branitasandini, K. D., & Pimada, L. M. (2021). Peluang dan tantangan merger bank syariah milik negara di Indonesia pada masa pandemi covid-19. El Dinar, 9(1), 1–18. https://doi.org/10.18860/ed.v9i1.11315 Firdaus, I., & Kasmir, A. N. (2021). Pengaruh Price earning (PER), earning per share (EPS), debt to equity ratio (DER) terhadap harga saham. Jurnal Manajemen dan Bisnis, 1(1), 40–57. Gumanti. (2017). Keuangan korporat: Tinjauan teori dan praktik empiris. Mitra Wacana Media. Hadyarti, V. (2022). Analisis perbedaan kinerja keuangan sebelum dan setelah merger dan akuisisi pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia periode 2016-2020. Eco-Entrepreneur, 8(1), 31–42. https://doi.org/10.21107/ee.v8i1.16495 Halim, A. (2015). Analisis investasi dan aplikasinya, dalam aset keuangan dan aset rill. Salemba Empat. Harvey, S. K. (2015). The role of merger and aquisition in firm performance a Ghanaian case study. Journal of Applied Business and Economics, 17(1), 1–12. Rudy, H. (2021). Manajemen pemasaran bank syariah (Teori dan praktik). Duta Media Publishing. Hutauruk, D. M. (2021a). Bank BRI Syariah meraup laba bersih Rp 248 miliar atau melonjak 235,14%. Retrieved from https://newssetup.kontan.co.id/news/bank-bri-syariah-meraup-laba-bersih-rp-248-miliar-atau-melonjak-23514 Hutauruk, D. M. (2021b). Laba bersih BRI Syariah (BRIS) melesat sebelum resmi merger. Retrieved from https://keuangan.kontan.co.id/news/laba-bersih-bri-syariah-bris-melesat-sebelum-resmi-merger Jiang, J. (2019). An empirical study on M&A performance: Evidence from horizontal mergers and acquisitions in the United States. Open Journal of Business and Management, 07(02), 976–997. https://doi.org/10.4236/ojbm.2019.72066 Khairudin, M., & Wulandari, T. (2017). Merger, akuisisi, dan kinerja saham perusahaan di bursa efek Indonesia (BEI). Jurnal Akuntansi Dan Bisnis, 17(1), 27-37. http://dx.doi.org/10.20961/jab.v17i1.220 KNKS. (2019a). Global Islamic Finance Report 2019 menempatkan Indonesia di posisi teratas dalam pasar keuangan syariah global. Siaran Pers KNKS, 1–2. Retrived from https://knks.go.id/storage/upload/1571570175-Siaran Pers Penghargaan GIFR 2019.pdf KNKS. (2019b). Kajian konversi, merger, holding, dan pembentukan bank BUMN Syariah. KNKS. Kusnandar. (2022). Sebanyak 86,93% penduduk Indonesia beragama Islam pada 31 Desember 2021. Retrieved from https://databoks.katadata.co.id/datapublish/2022/02/12/sebanyak-8693-penduduk-indonesia-beragama-islam-pada-31-desember-2021 La Pade, A. (2020). Kinerja portofolio saham syariah dan faktor yang memengaruhi kinerja saham syariah di Indonesia. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 5(1), 17-41. https://doi.org/10.31332/lifalah.v5i1.1884 Lyman, C. (2022). Apa itu standar deviasi dan penerapannya dalam investasi? Retrieved from https://pintu.co.id/blog/apa-itu-standar-deviasi-adalah Mahargiyantie, S. (2020). Peran strategis bank syariah Indonesia dalam ekonomi syariah di Indonesia. Al - Misbah, 1(2), 83–94. Maryanti, D., Siregar, H., & Andati, T. (2017). Perbandingan kinerja keuangan perusahaan perkebunan sebelum dan setelah akuisisi. 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Penerapan good corporate governance dan kinerja keuangan terhadap nilai perusahaan. Jurnal Syntax Transformation, 1(10), 709–721. https://doi.org/10.46799/jst.v1i10.164 Prijanto, B., Damayanti, N., & Sari, A. R. (2022). Analisis perbandingan harga saham PT. Bank Rakyat Indonesia Syariah, Tbk sebelum dan sesudah merger menjadi PT. Bank Syariah Indonesia, Tbk. Jurnal Penelitian Pendidikan Indonesia, 8(2), 390. https://doi.org/10.29210/020221501 Putri, L. P. (2017). Pengaruh inflasi dan nilai tukar rupiah atas dollar as terhadap kinerja saham perusahaan property dan real estate di Indonesia. Ekonomikawan: Jurnal Ilmu Ekonomi dan Studi Pembangunan, 17(1). http://dx.doi.org/10.30596%2Fekonomikawan.v17i1.1178 Putri, L. P., & Christiana, I. (2017). Pengaruh kinerja keuangan terhadap kinerja saham pada perusahaan property dan real estate di Indonesia. Jurnal Riset Akuntansi Dan Bisnis, 17(2), 1–12. http://dx.doi.org/10.30596%2Fjrab.v17i2.1726 Putri, N. M., & Ratnawati, D. (2022). 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This paper is meant to study the apocalyptic scenario of the at the perspectives of the Great Acceleration. the apocalyptic scenario is not a pure imagination of the literature works. Instead, scientific evidences are in favour of dramatic change in the climatic conditions related to the climax of Man actions. the modelling of the future climate leads to horrible situations including intolerable temperatures, dryness, tornadoes, and noticeable sear level rise evading coastal regions. Going far from these scientific claims, Homo Sapiens Sapiens extended his imagination through the Climate-Fiction (cli-fi) to propose a dramatic end. Climate Fiction is developed into a recording machine containing every kind of fictions that depict environmental condition events and has consequently lost its true significance.
 Introduction
 The Great Acceleration may be considered as the Late Anthropocene in which Man actions reached their climax to lead to dramatic climatic changes paving the way for a possible apocalyptic scenario threatening the existence of the humanity. So, the apocalyptic scenario is not a pure imagination of the literature works. Instead, many scientific arguments especially related to climate change are in favour of the apocalypse1. As a matter of fact, the modelling of the future climate leads to horrible situations including intolerable temperatures (In 06/07/2021, Kuwait recorded the highest temperature of 53.2 °C), dryness, tornadoes, and noticeable sear level rise evading coastal regions. These conditions taking place during the Great Acceleration would have direct repercussions on the human species. Considering that the apocalyptic extinction had really caused the disappearance of many stronger species including dinosaurs, Homo Sapiens Sapiens extended his imagination though the Climate-Fiction (cli-fi) to propose a dramatic end due to severe climate conditions intolerable by the humankind. The mass extinction of animal species has occurred several times over the geological ages. Researchers have a poor understanding of the causes and processes of these major crises1. Nonetheless, whatever the cause of extinction, the apocalyptic scenario has always been present in the geological history. For example, dinosaurs extinction either by asteroids impact or climate changes could by no means denies the apocalyptic aspect2.At the same time as them, many animal and plant species became extinct, from marine or flying reptiles to marine plankton. This biological crisis of sixty-five million years ago is not the only one that the biosphere has suffered. It was preceded and followed by other crises which caused the extinction or the rarefaction of animal species. So, it is undeniable that many animal groups have disappeared. It is even on the changes of fauna that the geologists of the last century have based themselves to establish the scale of geological times, scale which is still used. But it is no less certain that the extinction processes, extremely complex, are far from being understood. We must first agree on the meaning of the word "extinction", namely on the apocalyptic aspect of the concept. It is quite understood that, without disappearances, the evolution of species could not have followed its course. Being aware that the apocalyptic extinction had massacred stronger species that had dominated the planet, Homo Sapiens Sapiens has been aware that the possibility of apocalyptic end at the perspective of the Anthropocene (i.e., Great Acceleration) could not be excluded. This conviction is motivated by the progressive defaunation in some regions3and the appearance of alien species in others related to change of mineralogy and geochemistry4 leading to a climate change during the Anthropocene. These scientific claims fed the vast imagination about climate change to set the so-called cli-fi. The concept of the Anthropocene is the new geological era which begins when the Man actions have reached a sufficient power to modify the geological processes and climatic cycles of the planet5. The Anthropocene by no means excludes the possibility of an apocalyptic horizon, namely in the perspectives of the Great Acceleration. On the contrary, two scenarios do indeed seem to dispute the future of the Anthropocene, with a dramatic cross-charge. The stories of the end of the world are as old as it is, as the world is the origin of these stories. However, these stories of the apocalypse have evolved over time and, since the beginning of the 19th century, they have been nourished particularly by science and its advances. These fictions have sometimes tried to pass themselves off as science. This is the current vogue, called collapsology6. This end is more than likely cli-fi driven7and it may cause the extinction of the many species including the Homo Sapiens Sapiens. In this vein, Anthropocene defaunation has become an ultimate reality8. More than one in eight birds, more than one in five mammals, more than one in four coniferous species, one in three amphibians are threatened. The hypothesis of a hierarchy within the living is induced by the error of believing that evolution goes from the simplest to the most sophisticated, from the inevitably stupid inferior to the superior endowed with an intelligence giving prerogative to all powers. Evolution goes in all directions and pursues no goal except the extension of life on Earth. Evolution certainly does not lead from bacteria to humans, preferably male and white. Our species is only a carrier of the DNA that precedes us and that will survive us. Until we show a deep respect for the biosphere particularly, and our planet in general, we will not become much, we will remain a predator among other predators, the fiercest of predators, the almighty craftsman of the Anthropocene. To be in the depths of our humanity, somehow giving back to the biosphere what we have taken from it seems obvious. To stop the sixth extinction of species, we must condemn our anthropocentrism and the anthropization of the territories that goes with it. The other forms of life also need to keep their ecological niches. According to the first, humanity seems at first to withdraw from the limits of the planet and ultimately succumb to them, with a loss of dramatic meaning. According to the second, from collapse to collapse, it is perhaps another humanity, having overcome its demons, that could come. Climate fiction is a literary sub-genre dealing with the theme of climate change, including global warming. The term appears to have been first used in 2008 by blogger and writer Dan Bloom. In October 2013, Angela Evancie, in a review of the novel Odds against Tomorrow, by Nathaniel Rich, wonders if climate change has created a new literary genre. Scientific basis of the apocalyptic scenario in the perspective of the Anthropocene
 Global warming
 All temperature indices are in favour of a global warming (Fig.1). According to the different scenarios of the IPCC9, the temperatures of the globe could increase by 2 °C to 5 °C by 2100. But some scientists warn about a possible runaway of the warming which can reach more than 3 °C. Thus, the average temperature on the surface of the globe has already increased by more than 1.1 °C since the pre-industrial era. The rise in average temperatures at the surface of the globe is the first expected and observed consequence of massive greenhouse gas emissions. However, meteorological surveys record positive temperature anomalies which are confirmed from year to year compared to the temperatures recorded since the middle of the 19th century. Climatologists point out that the past 30 years have seen the highest temperatures in the Northern Hemisphere for over 1,400 years. Several climatic centres around the world record, synthesize and follow the evolution of temperatures on Earth. Since the beginning of the 20th century (1906-2005), the average temperature at the surface of the globe has increased by 0.74 °C, but this progression has not been continuous since 1976, the increase has clearly accelerated, reaching 0.19 °C per decade according to model predictions. Despite the decline in solar activity, the period 1997-2006 is marked by an average positive anomaly of 0.53 °C in the northern hemisphere and 0.27 °C in the southern hemisphere, still compared to the normal calculated for 1961-1990. The ten hottest years on record are all after 1997. Worse, 14 of the 15 hottest years are in the 21st century, which has barely started. Thus, 2016 is the hottest year, followed closely by 2015, 2014 and 2010. The temperature of tropical waters increased by 1.2 °C during the 20th century (compared to 0.5 °C on average for the oceans), causing coral reefs to bleach in 1997.
 In 1998, the period of Fort El Niño, the prolonged warming of the water has destroyed half of the coral reefs of the Indian Ocean. In addition, the temperature in the tropics of the five ocean basins, where cyclones form, increased by 0.5 °C from 1970 to 2004, and powerful cyclones appeared in the North Atlantic in 2005, while they were more numerous in other parts of the world. Recently, mountains of studies focused on the possible scenario of climate change and the potential worldwide repercussions including hell temperatures and apocalyptic extreme events10 , 11, 12.
 Melting of continental glaciers
 As a direct result of the global warming, melting of continental glaciers has been recently noticed13. There are approximately 198,000 mountain glaciers in the world; they cover an area of approximately 726,000 km2. If they all melted, the sea level would rise by about 40 cm. Since the late 1960s, global snow cover has declined by around 10 to 15%. Winter cold spells in much of the northern half of the northern hemisphere are two weeks shorter than 100 years ago. Glaciers of mountains have been declining all over the world by an average of 50 m per decade for 150 years. However, they are also subject to strong multi-temporal variations which make forecasts on this point difficult according to some specialists. In the Alps, glaciers have been losing 1 meter per year for 30 years. Polar glaciers like those of Spitsbergen (about a hundred km from the North Pole) have been retreating since 1880, releasing large quantities of water. The Arctic has lost about 10% of its permanent ice cover every ten years since 1980. In this region, average temperatures have increased at twice the rate of elsewhere in the world in recent decades. The melting of the Arctic Sea ice has resulted in a loss of 15% of its surface area and 40% of its thickness since 1979. The record for melting arctic sea ice was set in 2017. All models predict the disappearance of the Arctic Sea ice in summer within a few decades, which will not be without consequences for the climate in Europe. The summer melting of arctic sea ice accelerated far beyond climate model predictions. Added to its direct repercussions of coastal regions flooding, melting of continental ice leads to radical climatic modifications in favour of the apocalyptic scenario.
 
 Fig.1 Evolution of temperature anomaly from 1880 to 2020: the apocalyptic scenario
 
 Sea level rise
 As a direct result of the melting of continental glaciers, sea level rise has been worldwide recorded14 ,15. The average level of the oceans has risen by 22 cm since 1880 and 2 cm since the year 2000 because of the melting of the glaciers but also with the thermal expansion of the water. In the 20th century, the sea level rose by around 2 mm per year. From 1990 to 2017, it reached the relatively constant rate of just over 3mm per year. Several sources contributed to sea level increase including thermal expansion of water (42%), melting of continental glaciers (21%), melting Greenland glaciers (15%) and melting Antarctic glaciers (8%). Since 2003, there has always been a rapid rise (around 3.3 mm / year) in sea level, but the contribution of thermal expansion has decreased (0.4 mm / year) while the melting of the polar caps and continental glaciers accelerates. Since most of the world’s population is living on coastal regions, sea level rise represents a real threat for the humanity, not excluding the apocalyptic scenario.
 Multiplication of extreme phenomena and climatic anomalies
 On a human scale, an average of 200 million people is affected by natural disasters each year and approximately 70,000 perish from them. Indeed, as evidenced by the annual reviews of disasters and climatic anomalies, we are witnessing significant warning signs. It is worth noting that these observations are dependent on meteorological survey systems that exist only in a limited number of countries with statistics that rarely go back beyond a century or a century and a half. In addition, scientists are struggling to represent the climatic variations of the last two thousand years which could serve as a reference in the projections. Therefore, the exceptional nature of this information must be qualified a little. Indeed, it is still difficult to know the return periods of climatic disasters in each region. But over the last century, the climate system has gone wild. Indeed, everything suggests that the climate is racing. Indeed, extreme events and disasters have become more frequent. For instance, less than 50 significant events were recorded per year over the period 1970-1985, while there have been around 120 events recorded since 1995.
 Drought has long been one of the most worrying environmental issues. But while African countries have been the main affected so far, the whole world is now facing increasingly frequent and prolonged droughts. Chile, India, Australia, United States, France and even Russia are all regions of the world suffering from the acceleration of the global drought. Droughts are slowly evolving natural hazards that can last from a few months to several decades and affect larger or smaller areas, whether they are small watersheds or areas of hundreds of thousands of square kilometres. In addition to their direct effects on water resources, agriculture and ecosystems, droughts can cause fires or heat waves. They also promote the proliferation of invasive species, creating environments with multiple risks, worsening the consequences on ecosystems and societies, and increasing their vulnerability. Although these are natural phenomena, there is a growing understanding of how humans have amplified the severity and impacts of droughts, both on the environment and on people. We influence meteorological droughts through our action on climate change, and we influence hydrological droughts through our management of water circulation and water processes at the local scale, for example by diverting rivers or modifying land use. During the Anthropocene (the present period when humans exert a dominant influence on climate and environment), droughts are closely linked to human activities, cultures, and responses. From this scientific overview, it may be concluded apocalyptic scenario is not only a literature genre inspired from the pure imagination. Instead, many scientific arguments are in favour of this dramatic destiny of Homo Sapiens Sapiens.
 
 Fig.2. Sea level rise from 1880 to 2020: a possible apocalyptic scenario (www.globalchange.gov, 2021)
 
 Apocalyptic genre in recent writing
 As the original landmark of apocalyptic writing, we must place the destruction of the Temple of Jerusalem in 587 BC and the Exile in Babylon. Occasion of a religious and cultural crossing with imprescriptible effects, the Exile brought about a true rebirth, characterized by the maintenance of the essential ethical, even cultural, of a national religion, that of Moses, kept as pure as possible on a foreign land and by the reinterpretation of this fundamental heritage by the archaic return of what was very old, both national traditions and neighbouring cultures. More precisely, it was the place and time for the rehabilitation of cultures and the melting pot for recasting ancient myths. This vast infatuation with Antiquity, remarkable even in the vocabulary used, was not limited to Israel: it even largely reflected a general trend. The long period that preceded throughout the 7th century BC and until 587, like that prior to the edict of Cyrus in 538 BC, was that of restorations and rebirths, of returns to distant sources and cultural crossings. In the biblical literature of this period, one is struck by the almost systematic link between, on the one hand, a very sustained mythical reinvestment even in form and, on the other, the frequent use of biblical archaisms. The example of Shadday, a word firmly rooted in the Semites of the Northwest and epithet of El in the oldest layers of the books of Genesis and Exodus, is most eloquent. This term reappears precisely at the time of the Exile as a designation of the divinity of the Patriarchs and of the God of Israel; Daily, ecological catastrophes now describe the normal state of societies exposed to "risks", in the sense that Ulrich Beck gives to this term: "the risk society is a society of catastrophe. The state of emergency threatens to become a normal state there1”. Now, the "threat" has become clearer, and catastrophic "exceptions" are proliferating as quickly as species are disappearing and climate change is accelerating. The relationship that we have with this worrying reality, to say the least, is twofold: on the one hand, we know very well what is happening to us; on the other hand, we fail to draw the appropriate theoretical and political consequences. This ecological duplicity is at the heart of what has come to be called the “Anthropocene”, a term coined at the dawn of the 21st century by Eugene Stoermer (an environmentalist) and Paul Crutzen (a specialist in the chemistry of the atmosphere) in order to describe an age when humanity would have become a "major geological force" capable of disrupting the climate and changing the terrestrial landscape from top to bottom. If the term “Anthropocene” takes note of human responsibility for climate change, this responsibility is immediately attributed to overpowering: strong as we are, we have “involuntarily” changed the climate for at least two hundred and fifty years. Therefore, let us deliberately change the face of the Earth, if necessary, install a solar shield in space. Recognition and denial fuel the signifying machine of the Anthropocene. And it is precisely what structures eco-apocalyptic cinema that this article aims to study. By "eco-apocalyptic cinema", we first mean a cinematographic sub-genre: eco-apocalyptic and post-eco-apocalyptic films base the possibility (or reality) of the end of the world on environmental grounds and not, for example, on damage caused by the possible collision of planet Earth with a comet. Post-apocalyptic science fiction (sometimes abbreviated as "post-apo" or "post-nuke") is a sub-genre of science fiction that depicts life after a disaster that destroyed civilization: nuclear war, collision with a meteorite, epidemic, economic or energy crisis, pandemic, alien invasion.
 Conclusion
 Climate and politics have been linked together since Aristotle. With Montesquieu, Ibn Khaldûn or Watsuji, a certain climatic determinism is attributed to the character of a nation. The break with modernity made the climate an object of scientific knowledge which, in the twentieth century, made it possible to document, despite the controversies, the climatic changes linked to industrialization. Both endanger the survival of human beings and ecosystems. Climate ethics are therefore looking for a new relationship with the biosphere or Gaia. For some, with the absence of political agreements, it is the beginning of inevitable catastrophes. For others, the Anthropocene, which henceforth merges human history with natural history, opens onto technical action. The debate between climate determinism and human freedom is revived. The reference to the biblical Apocalypse was present in the thinking of thinkers like Günther Anders, Karl Jaspers or Hans Jonas: the era of the atomic bomb would mark an entry into the time of the end, a time marked by the unprecedented human possibility of 'total war and annihilation of mankind. The Apocalypse will be very relevant in describing the chaos to come if our societies continue their mad race described as extra-activist, productivist and consumerist. In dialogue with different theologians and philosophers (such as Jacques Ellul), it is possible to unveil some spiritual, ethical, and political resources that the Apocalypse offers for thinking about History and human engagement in the Anthropocene. What can a theology of collapse mean at a time when negative signs and dead ends in the human situation multiply? What then is the place of man and of the cosmos in the Apocalypse according to Saint John? Could the end of history be a collapse? How can we live in the time we have left before the disaster? Answers to such questions remain unknown and no scientist can predict the trajectory of this Great Acceleration taking place at the Late Anthropocene.
 When science cannot give answers, Man tries to infer his destiny for the legend, religion and the fiction. Climate Fiction is developed into a recording machine containing every kind of fictions that depict environmental condition events and has consequently lost its true significance. Aware of the prospect of ecological collapse additionally as our apparent inability to avert it, we tend to face geology changes of forceful proportions that severely challenge our ability to imagine the implications. Climate fiction ought to be considered an important supplement to climate science, as a result, climate fiction makes visible and conceivable future modes of existence inside worlds not solely deemed seemingly by science, however that area unit scientifically anticipated. Hence, this chapter, as part of the book itself, aims to contribute to studies of ecocriticism, the environmental humanities, and literary and culture studies.
 
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This study was conducted to analyze the comparison of the impact of Britain to Exit (Brexit) on the UK Stock Price Index in the European region. The sampling countries in this study include four European countries, namely Denmark, France, Germany, and England. This research method uses quantitative research by comparing stock price index data before and after the UK's exit from the European Union. This research is an event study research that is analyzing the market reaction due to an event or the publication of an announcement. Results from this study were that the CSE index Denmark, France CAC index, the index HDAX Germany has a significant influence before and after Brexit Britain while Britain's FTSE index had no impact on the stock price index volatility before and after Brexit. This shows that the investment decisions of investors in Denmark, France, and Germany were greatly influenced by the Brexit announcement so that the stock price indexes in these three countries experienced significant movements. While the Brexit announcement does not affect the decisions of investors in the UK itself because this Brexit event does not contain strong information so that market participants do not react before and after the event.

This paper analyzes the relationship between growth opportunity measures and the future growth of companies. If there is a correlation between a company’s growth potential and its real growth, then the markets are more predictable and effective. The survey was conducted on the example of the following European markets: Austria, the Baltic Countries[1], Hungary, France, Poland, and Germany. The goal of this paper is to assess the relationship between growth opportunity measures and the future growth of companies listed on the stock exchanges of some markets in the European Union. The countries considered can be classified according to the size of the state, market liquidity, and the maturity of the exchange. Those external factors were expected to influence the strength of the growth and its opportunity relationship. It was found that growth opportunity measures based on market prices have predicting power for the future growth of companies. They are also strongly related to companies’ future growth in large countries and weakly related to future growth in small countries. This paper adds to the literature on the application of growth opportunity measures regarding market characteristics. These results are in line with the view that market liquidity should increase its efficiency in revealing the value of stocks and the Comprehensive Advantage of Large Countries hypothesis. [1] By Baltic Countries, we understand Lithuania, Latvia, and Estonia. Together, they form Nasdaq Baltic, with exchanges in Tallinn, Riga and Vilnius. The core idea is to minimize the differences between the three markets to facilitate cross-border trading and attract more investments to the region. This includes sharing the same trading system and harmonizing rules and market practices, all with the aim of reducing the costs of cross-border trading in the Baltic region. The Baltic exchanges belong to Nasdaq, the world’s largest exchange company.

Bitcoins Usage By Cybercriminals – Evolution And Current Mitigating Approaches Daniel Tibina Apuri Digital Forensics & Cyber Security Graduate Programme Department Of Information Systems & Innovations Ghana Institute of Management & Public Administration Greenhill, Accra, Ghana E-mail: dapuri@gimpa.edu.gh Phone: +233205967243 ABSTRACT The issue of security is one of the most pressing concerns about the emergence and adoption of cryptocurrencies. There is currently a serious concern regarding the security of blockchain technology. Although cryptocurrencies offer a high level of network security by keeping transactions anonymous, it also raises the possibility of bitcoin being used for illegal reasons. Furthermore, the technology that underpins the operation of a cryptocurrency, like any other information system, is vulnerable to many forms of attacks. A connection where bitcoin is traded for traditional money is a weak spot in the cryptocurrency circulation chain. Because this occurs on newly unregulated exchanges, they are frequently targeted by hackers. Other dangers exist in the bitcoin industry. For example, with the fast appearance of new cryptocurrency exchanges, determining their previous performance and just hoping for their dependability becomes challenging. There are "grey" stock exchanges, which can halt operations at any time after withdrawing assets. The potential of a cryptocurrency to launder money or support terrorists is the most serious security concern for many nations. To combat money laundering, the Japanese government, finance ministers, and chiefs of central banks in France and Germany have proposed making cryptocurrency regulation international. The IMF also believes that worldwide regulatory oversight of the digital currency sector is required. Keywords: Cryptocurrencies, Blockchain, Security, Transaction, Distributed, Network, Encryption, Privacy, Regulations, Decentralised, Dark Web BOOK Chapter ǀ Research Nexus in IT, Law, Cyber Security & Forensics. Open Access. Distributed Free Citation: Daniel Tibina Apuri (2022): ): Bitcoins Usage By Cybercriminals – Evolution And Current Mitigating Approaches Book Chapter Series on Research Nexus in IT, Law, Cyber Security & Forensics. Pp 251-258 www.isteams.net/ITlawbookchapter2022. dx.doi.org/10.22624/AIMS/CRP-BK3-P40

AbstractCervids, and especially the red deer Cervus elaphus, are among the most regularly and abundantly recorded ungulates in Pleistocene/Paleolithic bone assemblages. Numerous Pleistocene or Holocene subspecies have been described, reinforcing their status as essential proxies for environmental and chronological reconstructions. Despite this, at the beginning of the Late Pleistocene, their diversity seems to have decreased. In this study, we analysed teeth and some postcranial elements of Cervus and Capreolus from north-eastern Iberia and south-eastern France to clarify their morphological characteristics and ecological adaptations. We describe a transitional form in north-eastern Iberia between the western European stock and the current form C. e. hispanicus. Such sub-speciation processes are connected to biogeographical factors, as there were limited exchanges between north-eastern Iberia and the northern Pyrenees, whereas the north-western part of the peninsula seems more connected to the northern Pyrenees. The anatomical plasticity (morpho-functional adaptation and body size) of red deer is connected to dietary flexibility (dental meso- and microwear). Conversely, Capreolus shows greater morphological and ecological homogeneity. Body size variations seem directly correlated with their ability to browse throughout the year. The marked differences between the eco-bio-geographical responses of the two taxa can be explained by their habitat selection.

This study examines the stock market integration in cross-regional countries of developed, emerging, and frontier markets based on low correlation. The objective of the study is to identify the diversification opportunities and link between correlation and integration among country-level stocks. For this purpose, we select 62 countries from all three classifications of developed, emerging, and Frontier Markets. We constructed portfolios by selecting least 5 correlated countries denoted with Pjt in which each country has a correlation of less than .10 with base country Pit. Thirty-two countries fulfill the criteria of low correlation; 7, 13 and 12 from developed, emerging and frontier markets, respectively. Panel co-integration and VECM are applied to test the stock market integration and long & short-run linkages between country-level portfolios designed based on low correlation criteria. After conditioning for oil price movements, S&P 500 and exchange rate, we found Canada, France and Germany from developed category; Chile, Colombia, Greece, South Korea, Malaysia, Pakistan and Philippine from emerging category; and Bahrain, Jordan, Kuwait, Morocco, and Sri Lanka from frontier category have long-run diversification opportunities. Countries including; Canada and Italy from developed category; Argentina, Chile, China, Colombia, India, Indonesia, South Korea, Mexico and the Philippine from emerging category; and Bahrain, Kuwait, Morocco, Nigeria, and Tunisia from emerging category have short-run diversification opportunities.

This study examines the stock market integration in cross-regional countries of developed, emerging, and frontier markets based on low correlation. The objective of the study is to identify the diversification opportunities and link between correlation and integration among country-level stocks. For this purpose, we select 62 countries from all three classifications of developed, emerging, and Frontier Markets. We constructed portfolios by selecting least 5 correlated countries denoted with Pjt in which each country has a correlation of less than .10 with base country Pit. Thirty-two countries fulfill the criteria of low correlation; 7, 13 and 12 from developed, emerging and frontier markets, respectively. Panel co-integration and VECM are applied to test the stock market integration and long & short-run linkages between country-level portfolios designed based on low correlation criteria. After conditioning for oil price movements, S&P 500 and exchange rate, we found Canada, France and Germany from developed category; Chile, Colombia, Greece, South Korea, Malaysia, Pakistan and Philippine from emerging category; and Bahrain, Jordan, Kuwait, Morocco, and Sri Lanka from frontier category have long-run diversification opportunities. Countries including; Canada and Italy from developed category; Argentina, Chile, China, Colombia, India, Indonesia, South Korea, Mexico and the Philippine from emerging category; and Bahrain, Kuwait, Morocco, Nigeria, and Tunisia from emerging category have short-run diversification opportunities.

PurposeThe purpose of this paper is to study the effectiveness of the risk management system in the European context, especially with regard to the risk management committee, the uncertainty of the environment and company performance. In summary, it evaluates European companies listed on the stock exchange in France, Germany and the United Kingdom to determine how risk management systems influence financial companies' performance.Design/methodology/approachTo study the effectiveness of risk management systems and their influence on performance, the large companies selected in our sample are fairly representative of the European market, according to the Dutch indices of each country (SBF 120 in France, HDAX 110 in Germany and FTSE 100 in United Kingdom).The empirical evidence is based on an international quantitative analysis, using a data set involving 320 companies listed on the stock exchange over a ten-year period from 2005 to 2014.FindingsThe results indicate that the establishment of a risk management and control system by a company positively influences its management, and its performance level and value creation also improve. The results of this study demonstrate a significant strengthening of the role of the risk management committee in the three countries. The surveillance function is reinforced, and in particular, the internal control system is accentuated.Research limitations/implicationsThis study has some limitations that can form leads for future research. One of these limitations is the sample size. The authors have represented the European context by three countries that certainly constitute great European powers, but have regulations different from other countries. The company size is also a possible research element. Indeed, risk management system varies between large, small and medium-sized enterprises, so it is important to study each type of company well.Originality/valueThis study identifies the risk management committee as a mechanism of control that is highly important in the company, and it proposes an international framework that comparatively and empirically evaluates how the risk management system used in large European companies can improve their financial performance.

The economic crisis of 2008, better known by the Subprime Mortgage crisis, greatly affecting the economic conditions and the capital markets at that time, especially for the economy and capital markets in the country where was the crisis came from, the U.S. and also in other developed countries, such as Japan Germany, France, etc. Behind of gloomy capital market conditions in some of these countries, there are still a few other countries that are not affected at all and even influence those that experience an increase in capital market transactions. According to economic experts, one of these countries is Indonesia, with one of the indications is that the share purchase transaction to the consumer sector firms in Indonesia was increased significantly. That's why this study was conducted to examine the effect of the economic crisis of 2008 to the indicators stock return sector consumption listed on Indonesia Stock Exchange (BEI). This study uses data of annual financial statements published by companies in the consumer sector from 2004 up to 2012. Analysis techniques used in this study is a multiple linear regression with different test of an average value and test of different regression models. The results showed, there were significant differences in the regression model stock returns in the period before and after the economic crisis, and there was significant difference in the average value of the variable ROA and CR as a result of the economic crisis Subprime Mortgage