Дисертації: "Formations en finance"

1

Laurence, Lisa. "La fabrique des financiers : une socialisation scolaire aux normes professionnelles." Electronic Thesis or Diss., Université Paris sciences et lettres, 2024. http://www.theses.fr/2024UPSLD053.

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Ce travail de thèse présente et analyse les processus de socialisation professionnelle au sein des formations en finance. Il montre dans quelle mesure les étudiantes et étudiants en finance sont positionnés par leurs études et selon leurs origines sociales au sein de l’espace hiérarchisé des professions financières, mais également les façons dont ils intériorisent différemment des normes spécifiques, telle que la recherche systématique de profits, en fonction de leur socialisation antérieure. Il conclut que la socialisation professionnelle en finance favorise l’acceptation du fonctionnement économique capitaliste de la société
This thesis presents and analyzes the processes of professional socialization within finance education programs. It shows how finance students are positioned by their studies and according to their social backgrounds within the hierarchical space of financial professions, but also the ways in which they internalize specific norms differently, such as the systematic pursuit of profits, depending on their prior socialization. It concludes that professional socialization in finance promotes the acceptance of the capitalist economic structure of society

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2

Kaestner, Michael. "Biais cognitifs et formation des prix sur les marchés financiers." Montpellier 1, 2004. http://www.theses.fr/2004MON10020.

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Les travaux en finance comportementale tentent, depuis quelques années, d'expliquer certaines des anomalies constatées, en abandonnant l'idée de rationalité de l'investisseur, pourtant centrale à l'hypothèse d'efficience des marchés. En effet, des travaux empiriques et expérimentaux récents ont confirmé qu'au lieu de se compenser, les erreurs de jugements commises par les individus, influencent le comportement des cours des titres sur les marchés financiers. L'objectif de notre travail est de permettre une meilleure compréhension des biais cognitifs, lesquels affectent les processus mentaux de traitement de l'information et de prise de décision. Nous proposons, dans un premier temps, un cadre de modélisation général de la formation des prix sur les marchés, en introduisant, dans un second temps, des erreurs cognitives particulières. Les caractéristiques de prix, telles que le prix d'équilibre espéré, sa volatilité, mais également les volumes d'échanges, peuvent être analysées pour chaque forme fonctionnelle spécifique à chaque biais. Ce travail théorique sur certains des biais cognitifs a été complété par une étude empirique à partir de données prévisionnelles et réelles relatives aux annonces trimestrielles de résultat d'entreprises américaines cotées sur la période 1983-1999. Nous avons sélectionné ceux des événements qui indiquent des biais cognitifs potentiellement importants : soit un biais d'ancrage aux bénéfices passés, soit alternativement un biais de représentativité qui intervient en raison d'une série de surprises d'annonces passées similaires. Nos résultats montrent que ces événement sont marqués, au moment de l'annonce de résultat récente, par des rentabilités anormales, importantes et significatives et indiquent un phénomène de correction de la phase de sous ou sur-réaction antérieure supposée.

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3

Dieudonné, Marion. "Emergence et développement de la théorie financière de l'entreprise avant 1929 : la contribution de Thorstein Veblen." Thesis, Paris Sciences et Lettres (ComUE), 2017. http://www.theses.fr/2017PSLED053/document.

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Ma thèse s'intéresse à la théorie financière de l'entreprise qui émerge entre 1880 et 1929, ainsi qu’à l’apport de Veblen.Tout d'abord nous mettons en exergue les contributions analytique et macroéconomique que livre Veblen concernant la business enterprise. Il met en avant un triptyque crédit-actions-goodwill grâce auquel nous affirmons qu'il est un théoricien "pré-moderne" de la finance d'entreprise. Sa vision du goodwill lui permet de dresser une théorie de l'investissement qui s'ancre dans la filiation de la Q-Theory. Il propose ainsi un regard pionnier sur le management d'entreprise, avec son analyse du comportement de l'insider et de l'outsider. Dans un second temps, à travers un travail d'archives et une investigation dans les premiers manuels de finance d'entreprise, nous présentons une lecture de l'émergence de cette discipline académique, issue de la pratique des grandes entreprises. Un premier vocabulaire et les premières théories émergent. Par ailleurs, un débat plus large prend place concernant l'éducation aux Etats-Unis et l'institutionnalisation de l'enseignement des affaires dans la higher education, auquel Veblen prend part
My PhD dissertation focuses on the theory of the corporate finance that emerged between 1880 and 1929, as well as the contribution of Veblen.First, we highlight Veblen’s analytical and macroeconomic contributions to the business enterprise. He highlights a trinity credit-equity-goodwill by which we assert that he is a "pre-modern" theorist of corporate finance. His vision of goodwill allows him to draw up a theory of investment that is rooted in the affiliation of the Q-Theory. It thus offers a pioneering look at the management of an enterprise, with its analysis of the behavior of the insider and the outsider.Secondly, through an archival work and an investigation into the first corporate finance manuals, we present a reading of the emergence of this academic discipline, resulting from the practice of large companies. A first vocabulary and the first theories emerge. In addition, there is a wider debate about education in the United States and the institutionalization of business education in higher education, in which Veblen takes part

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4

Aikio, S. (Samuli). "Blockchain technologies and trust formation in trade finance." Master's thesis, University of Oulu, 2018. http://urn.fi/URN:NBN:fi:oulu-201806062475.

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This thesis focuses on distributed ledger technologies, commonly known as blockchain technologies. In this study, blockchain technology is seen as an innovation that will change how trade finance industry will function in the future. In general, trade finance industry is based on risk mitigation, and this thesis studies how the implementation of a trust-free blockchain technology will affect how this industry operates. The study aims at understanding the effect of blockchain technology being implemented into the trade finance industry. In general, blockchain technology affects both, trade finance operations and how trust formation between the trade partners. This study combines model of diffusion innovation by Rogers (2003) and trust categorization of Jøsang et al. (2005). These models formulate the theoretical framework for the research. The nature of this study is qualitative research, which utilizes abductive reasoning, and has both theoretical and empirical part. Theoretical part consists of three chapters, focusing on the basics of blockchain technology, trade finance industry and the concept of trust. Empirical part is based on documentary data and semi-structured interviews of blockchain and trade finance professionals. Results show that trade finance, which is based on risk mitigation of international trade is slowly progressive, manually handled and paper-based process which has not been able to grasp the potential of automation advances made in other financial sectors. Trust between trading partners has previously been based on context-dependent trust, but the there is a shift towards more context-independent trust that is based on algorithms and ratings. Blockchain technology is based on immutable ledger technology and thus possesses the capability to change how trade finance functions.

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5

Taranto, Damian Eduardo. "Price formation and liquidity modeling in high frequency finance." Doctoral thesis, Scuola Normale Superiore, 2017. http://hdl.handle.net/11384/85727.

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6

Kanik, Zafer. "Networks in Macroeconomics and Finance." Thesis, Boston College, 2018. http://hdl.handle.net/2345/bc-ir:108184.

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Thesis advisor: Matthew O. Jackson
In this dissertation, I focus on networks in macroeconomics and finance. In Chapter 1, I develop a theoretical model of rescue of distressed financial institutions. I study rescues in a coalition formation framework, which provides new insights into the financial contagion and stability and rescue of systemically important financial institutions. The findings show that the levels of negative shock, bankruptcy costs, interbank obligations of each financial firm and the topology of the interbank network all together determine financial firms’ contributions in rescues, where government assistance in rescues is not required in certain types of network structures. In Chapter 2, which is a joint work with Matthew O. Jackson, we study the impacts of sector level technological changes on wage inequality and GDP growth in production networks. Our results show that the macroeconomic implications of sector level technological changes depend on additional factors than the input-output structure such as type of the intermediate good (e.g., substitutes for labor vs complements to labor), task weights in production processes and labor supply. Chapter 1. I model bank rescues in a setting where banks hold each other’s financial instruments creating a network of financial linkages. Costly bankruptcies reduce interbank payments, which creates incentives for rescues by other banks. Accordingly, I analyze the sources of inefficiencies in bank rescues and show that the social welfare is maximized if regulators promote financial networks that are evenly connected (without disconnectedness/clustering) and have intermediate levels of interbank liabilities at bank level. Such networks maximize banks’ total contributions to the rescue of a distressed bank hit by a relatively small negative shock, but also ensure that banks do not fail sequentially like dominos when a bank hit by a large shock does actually fail. The results also provide a rationale for why some systemically important banks were not rescued in 2007-2008. In the model, a social welfare maximizing government assists the rescues designed to prevent the potential contagious failures and maintain financial stability instead of assisting the rescue of a bank that is hit by a large shock. Chapter 2. We study the impact of technological change on wage inequality and GDP growth in production networks. We do this in a simple model that contrasts the effects of changes in intermediate goods that substitute for labor with those that complement labor. Technological changes in intermediate goods that complement labor result in increased GDP and do not change relative wages. Technological changes in intermediate goods that substitute for (low-skilled) labor involve three phases: pre-automation, transition to automation, and post-automation. During the transition phase, technological changes in such intermediate good lead to increased wage inequality and relatively smaller increases in GDP than comparable changes in complementary goods. In addition, our results show that firm-level weights of tasks performed by different types of labor play key roles in macroeconomic network consequences of interconnectedness
Thesis (PhD) — Boston College, 2018
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics

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7

Konté, Mamadou. "Investisseurs et Marchés Financiers : du comportement des agents à la formation de prix d'équilibre." Phd thesis, Université Panthéon-Sorbonne - Paris I, 2010. http://tel.archives-ouvertes.fr/tel-00618863.

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Ce document est basé essentiellement sur mes travaux de recherche, effectués lors de mon cursus de doctorat. Il intègre également mes travaux en tant qu' enseignant-chercheur à l'université Panthéon Sorbonne. Le document traite des questions relatives à la dynamique des prix d'actifs financiers. Principalement, trois points sont investis. Premièrement, peut-on parler d'efficience de marché ? Cette question a été longtemps débattue dans la littérature et notre propos a été de montrer pourquoi il était difficile de répondre par oui ou non à cette problématique. La conclusion obtenue a été que les marchés financiers ne sont efficients qu'en moyenne. Le deuxième point consistait à approfondir ce concept d'efficience en moyenne qui signifie ici qu'on retrouve à la fois les arguments de la finance néo-classique aussi bien que ceux de la finance comportementale dans la formation des prix d'équilibre. Qu'est-ce cela implique en termes de modélisation au niveau macro-économique ? Nous montrons, sous certaines hypothèses, que la dynamique des prix appartient à la classe des modèles auto-régressifs à coefficients aléatoires dénoté RCA(p). Dans la troisième partie, on propose deux applications. La première utilise le modèle économétrique RCA(p) pour créer des stratégies d'investissement. La deuxième application propose un modèle pour la variance conditionnelle des rentabilités financières qui se comporte comme un GARCH mais en 'moyenne'. Le point commun de ces deux applications est qu'on étend respectivement le modèle auto-régressif AR(P) et le modèle GARCH(P,Q) en leur permettant d'avoir des coefficients stochastiques pour plus de flexibilité.

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8

Brien, Spencer T. "Three essays on the formation and finance of local governments." Diss., Georgia Institute of Technology, 2011. http://hdl.handle.net/1853/42890.

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This dissertation follows a three-essay format. Each essay evaluates a different fiscal institution from a public administration perspective. In the first essay I examine whether state-funded property tax exemptions are effective in reducing the property taxes. This class of exemption is characterized by a grant from state to local governments that is intended to replace property tax revenue and lower property tax payments. Two separate theories of local fiscal behavior predict that that price effects and fiscal illusion will reduce the effectiveness of this type of tax relief. I test these predictions using panel regression analysis on county-level data from Georgia. I find that only two thirds of the revenue allocated to this program is actually used for tax relief. In the second essay I test a model of the property tax in which the levy is set to balance the difference between budgeted expenditures and expected receipts from all other revenue sources. This model demonstrates how the property tax can be used to offset unexpected changes to other revenues given a change in personal income. This model is contrasted with an alternative model in which expenditures are budgeted after expected total revenues have been determined. I will estimate both models for local governments in Georgia and test which more accurately describes local fiscal performance. I will also use both to predict changes to the property tax over a period of time and measure which model generated the more accurate forecast. Unlike the first two papers, which are quantitative analyses of fiscal data, this chapter is a case study of the contract city model of governance as implemented in the newly incorporated city of Sandy Springs, Georgia. I investigate whether the scope of outsourcing in contract cities creates additional challenges for city officials that manage contractor performance. I evaluate the incentive structures in the contract agreements that influence the principal-agent relationship using a textual analysis research method. I find that certain combinations of municipal functions in a single public-private partnership creates the potential for negative synergies to arise which would increase the difficulty of monitoring and managing the private partner.

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9

Spencer, Brien T. "Three Essays on the Formation and Finance of Local Governments." Digital Archive @ GSU, 2012. http://digitalarchive.gsu.edu/pmap_diss/37.

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This dissertation follows a three-essay format. Each essay evaluates a different fiscal institution from a public administration perspective. In the first essay I examine whether state-funded property tax exemptions are effective in reducing the property taxes. This class of exemption is characterized by a grant from state to local governments that is intended to replace property tax revenue and lower property tax payments. Two separate theories of local fiscal behavior predict that that price effects and fiscal illusion will reduce the effectiveness of this type of tax relief. I test these predictions using panel regression analysis on county-level data from Georgia. I find that only two thirds of the revenue allocated to this program is actually used for tax relief. In the second essay I test a model of the property tax in which the levy is set to balance the difference between budgeted expenditures and expected receipts from all other revenue sources. This model demonstrates how the property tax can be used to offset unexpected changes to other revenues given a change in personal income. This model is contrasted with an alternative model in which expenditures are budgeted after expected total revenues have been determined. I will estimate both models for local governments in Georgia and test which more accurately describes local fiscal performance. I will also use both to predict changes to the property tax over a period of time and measure which model generated the more accurate forecast. Unlike the first two papers, which are quantitative analyses of fiscal data, this chapter is a case study of the contract city model of governance as implemented in the newly incorporated city of Sandy Springs, Georgia. I investigate whether the scope of outsourcing in contract cities creates additional challenges for city officials that manage contractor performance. I evaluate the incentive structures in the contract agreements that influence the principal-agent relationship using a textual analysis research method. I find that certain combinations of municipal functions in a single public-private partnership creates the potential for negative synergies to arise which would increase the difficulty of monitoring and managing the private partner.

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10

Cheng, Cheuk-sang Arnold, and 鄭卓生. "Government finance and capital formation in Hong Kong since 1945." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B42574067.

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11

Cheng, Cheuk-sang Arnold. "Government finance and capital formation in Hong Kong since 1945." Click to view the E-thesis via HKUTO, 1986. http://sunzi.lib.hku.hk/hkuto/record/B42574067.

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12

Foucault, Thierry. "Formation des prix et stratégies de placement d'ordres dans les marchés financiers." Phd thesis, Jouy-en Josas, HEC, 1994. http://pastel.archives-ouvertes.fr/pastel-00994931.

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L'objectif de notre recherche est de contribuer à la théorie de la microstructure des marchés financiers. Le premier essai est consacré à la révélation d'information par les prix dans un marché de fixing. Nous proposons un modèle qui permet d'analyser le rôle des hypothèses traditionnellement utilisées dans les modèles de microstructure étudiant la formation des prix en présence d'asymétries d'information. Nous mettons en évidence que les hypothèses portant sur l'origine du bruit qui empêche l'équilibre d'être parfaitement révélateur sont particulièrement importantes. Ainsi selon que l'on considère que ce bruit est exogène ou endogène, des résultats complètement différents sont obtenus en ce qui concerne les propriétés des équilibres en anticipations rationnelles (existence, unicité, quantité d'information révélée par les prix). Dans le deuxième essai, nous étudions l'impact des coûts de transaction sur la révélation d'information par les prix. Dans le cadre d'un modèle à la Grossman et Stiglitz, nous montrons qu'une augmentation des coûts de transaction se fait toujours au détriment de l'efficience informationnelle. Pour cette raison, les coûts de transaction augmentent la valeur de l'information et incitent les agents à s'informer. Ainsi, dans certains cas, un accroissement des coûts de transaction peut se traduire par une augmentation de la proportion des agents informés. Par ailleurs, les coûts de transaction diminuent le volume d'échange que désirent réaliser les agents informés. Ceci permet d'obtenir un équilibre en anticipations rationnelles même lorsque ces agents sont neutres au risque ou lorsqu'ils reçoivent une information dont la précision est infinie. Le troisième essai propose une modélisation du mécanisme d'enchère mis en jeu dans un marché gouverné par les ordres. Nous analysons, dans un cadre dynamique, la façon dont les agents déterminent leurs stratégies de placement d'ordres (choix ordre au mieux/ordre à cours limité). Par ailleurs, nous caractérisons les prix offerts et demandés par les agents qui placent des ordres à cours limité. Nous montrons qu'il n'existe pas de stratégies strictement préférées par tous les agents. D'autre part, le déséquilibre entre le nombre des ordres d'achat et le nombre des ordres de vente s'avère être un déterminant essentiel des prix offerts et demandés. Enfin, nous expliquons la fourchette de prix entre le meilleur prix offert et le meilleur prix demandé par les comportements stratégiques des acheteurs et des vendeurs et la nécessité de compenser les agents qui placent des ordres à cours limité pour le risque de non-exécution

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13

Chen, Shiyuan. "Three essays in public finance." unrestricted, 2008. http://etd.gsu.edu/theses/available/etd-08132008-203055/.

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Thesis (Ph. D.)--Georgia State University, 2008.
Title from file title page. Sally Wallace, committee chair; Yongsheng Xu, David L. Sjoquist , Dillon Alleyne, committee members. Electronic text (142 p.) : digital, PDF file. Description based on contents viewed Nov. 20, 2008. Includes bibliographical references (p. 125-141).

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14

Cook, Audrey Ciceley Heloise. "A study of identity formation in the London investment banking sector." Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/1947/.

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This thesis seeks to investigate identity formation within the London investment banking sector in the context of career development. The sector has undergone a host of changes in the past two decades. The ‘Old City’ was distinguished by trust, reputation and stability which was informally regulated through a kinship network comprised of a social elite. De-regulation in 1986 ushered in the ‘New City’ characterised by individualistic competition, inflated capital sums, truncated careers, volatility and diversification. Existing research concerning identity has largely focussed on how ‘Old City’ class and gender relations continue to predominate and shape career opportunities. Scholars have highlighted how patterns of privilege and exclusion are reproduced through a variety of ‘performances,’ disadvantaging those who are unable to access a limited range of acceptable class and gender positions. This study takes a different starting point to explore how ‘performance’ may play a role in identity work to further careers but in a way which is attentive to the distinctive conditions of the New City. Specifically, this research explores how identity may be constructed and constantly re-worked and revised, drawing upon a range of different resources within a highly diverse setting. The thesis seeks to engage with this research agenda by applying Giddens (1984; 1991) theoretical framework on self-identity, reflexivity and performance. A longitudinal research design was used to elicit qualitative data from six senior investment bank employees, gathering accounts on changes experienced over the period of a year as well as past events. The thesis investigates how a biographical narrative was reflexively maintained via the accommodation and perpetuation of a variety of different performances within a series of social terrains. These in turn served to reproduce the broader financial institutional context. A further contribution is developed which focuses on the theoretical interplays between selfidentity, reflexivity and performance through a detailed analysis of the empirical materials.

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15

Wattanasupachoke, Teerayout. "International strategic alliances of Thai financial enterprises : a study of the formation process." Thesis, University of Warwick, 1999. http://wrap.warwick.ac.uk/2955/.

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This thesis is aimed at exploring and understanding important issues concerning the formation process of international strategic alliances of Thai financial enterprises (TFEs). International alliance strategies have been deployed as an important device to stabilise and internationalise a number of TFES. In addition, as the Thai financial industry has been growing rapidly and changing over the past few decades, the industry was chosen as representative of an industry that is dynamic and in a period of transformation. The study focuses on TFEs' international strategic alliances that had been established up to the end of 1996. This period is considered to be the introductory and growth stages of the Thai financial industry. The main context of the research involves the formation stage of international alliances of Thai financial enterprises, comprising motives, criteria, and the timing of alliance development. The motives and underlying reasons stimulating international alliances, major considerations in foreign partner selection, and the strategic timing of alliance arrangements lie at the heart of the research. Moreover, co-operative performance of the alliances also supplements the above issues. The final conclusions of the thesis are drawn from a comparative analysis of the quantitative and qualitative approaches. The empirical data obtained from both surveys and case study research are cross-examined and discussed. The main conclusions of the study are as follows. Thai financial enterprises (TFEs) seemed to pay significant attention to both major aspects of alliance motives, including opportunistic (offensive) and risk-concerned (defensive) approaches. In greater detail, these motives are composed of market-defensive motives, resource-defensive motives, market-offensive motives, and resource-defensive motives. This was due to intense competitive pressures from both domestic and foreign markets as well as the increasingly unpredictable demand conditions in the industry. However, as the economic performance of the Thai financial industry had been prosperous for decades and the long-term view of the industry remained promising, TFEs' cross-border alliances were also aimed at acquiring and utilising partners' resources as well as further advancing their market and operational scope.

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16

Cheriyan, Vinod. "Models of human behavior with applications to finance and pricing." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/52310.

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This thesis presents two classes of models of boundedly rational decision makers - one with application to finance and the other to pricing. It consists of three parts. The first part of the thesis investigates the impact of investors' boundedly rational forecasting on asset price bubbles. We present a class of models, called extrapolation-correction models, of boundedly rational investor behavior. That is, the investors in our model, quite reasonably, use data available to them, i.e. past price data, to form forecasts about future prices. We relate the model parameters to various behavioral aspects like investor memory, caution/confidence, and panic. We present the resulting dynamical system model of asset price bubbles and relate the behavior of the dynamical system to the parameters capturing investor forecasting behavior. We show that, depending on the behavioral parameters, the associated dynamical system can converge to the fundamental value, go into predictable price cycles, or go into unpredictable price cycles. In particular, we find that the greater the weight investors' forecasts put on the most recent observations, the greater the tendency for the asset prices to exhibit cycles, forming positive and negative bubbles. We also find that when forecasts are strongly affected by recent prices, the price process becomes chaotic and it becomes increasingly difficult to forecast future prices accurately. The second part of the thesis addresses the question: How do investors make their price forecasts? We present the design of an experiment where investors participate in a virtual asset market run over a computer network. During the course of the experiment, the participants report their price forecasts and enter buy and sell orders. The computer software determines the market clearing prices. Despite full disclosure of the assets' dividends and the fundamental value, the price trajectories in all three experimental sessions exhibited cycles. We calibrated various models, including rational expectations based models and the extrapolation-correction family of models presented in the first part of the thesis. The results indicate that rational expectations hypothesis does not provide an accurate model of forecast formation. Moreover, a simple one-parameter exponential smoothing model is much better at modeling forecast formation, with the extrapolation-correction models making the fit slightly better. The third part of the thesis explores a different aspect of customer rationality - that of customer impatience - and its effect on pricing of product versions. We consider a setting in which impatient customers are faced with frequent product introductions, for example, products like Apple iPhones. This raises the following questions regarding customers: Given the pricing strategy of the firm, what are the optimal buying behaviors of the customers? How does customer buying behavior change in relation to impatience? We consider two settings. In the first setting, the firm offers a trade-in price for existing customers and a higher full price for new customers. In the second setting, the firm offers the same prices to new and existing customers, however there is an introductory full price and a discounted price later in the product cycle. We model the customer's problem in these two settings and characterize their optimal actions as a function of the price parameters. We also analyze the bilevel program for the firm's pricing decisions. We see that in both settings considered there are certain well-defined regions in the price space wherein the firm's optimal decision lies. We also provide some numerical computations to study the behavior of the optimal prices as the cost per unit increases.

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17

Kashif, Muhammad. "Application of Stochastic Optimal Control in Finance." Doctoral thesis, Università degli studi di Bergamo, 2018. http://hdl.handle.net/10446/77397.

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Asset allocation theory and practice has been applied to many problems of institutional investors. In this dissertation, we consider the following two problems: Abstract i) Optimal portfolio and spending rules for endowment funds. Abstract ii) Capital adequacy management for banks in the Lévy market. Abstract Part I: We investigate the role of different spending rules in a dynamic asset allocation model for an endowment fund. In particular, we derive the optimal portfolios under the consumption-wealth ratio rule (CW strategy) and the hybrid rule (hybrid strategy) and compare them with a theoretically optimal (Merton's) strategy for both spending and portfolio allocation. Furthermore, we show that the optimal portfolio is less risky with habit as compared with the optimal portfolio without habit. Similarly, the optimal portfolio under hybrid strategy is less risky than both CW and Merton's strategy for given set of constant parameters. Thus, endowments following hybrid spending rule use asset allocation to protect spending. Our calibrated numerical analysis on US data shows that the consumption under hybrid strategy is less volatile as compared to other strategies. However, hybrid strategy comparatively outperforms the conventional Merton's strategy and CW strategy when the market is highly volatile but under-performs them when there is a low volatility. Overall, the hybrid strategy is effective in terms of stability of spending and intergenerational equity because, even if it allows fluctuation in spending in the short run, it guarantees the convergence of spending towards its long term mean. Abstract Part II: We investigate the capital adequacy management and asset allocation problems for a bank whose risk process follows a jump-diffusion process. Capital adequacy management problem is based on regulations in Basel III Capital Accord such as the capital adequacy ratio (CAR) which is calculated by the dividing the bank capital by total risk-weighted assets (TRWAs). Capital adequacy management requires a bank to reserve a certain amount for liquidity. We derive the optimal investment portfolio for a bank with constant absolute risk aversion (CARA) preferences and then the capital adequacy ratio process of the bank is derived, conditional on the optimal policy chosen.

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18

Buettner, Haiko R. M. "The European Alternative Investment Fund Manager Directive (AIFMD) : impacts on existing alternative fund managers' traditional business models." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/5445/.

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This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.

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19

Rohm, Martin. "Modelling critical success factors of international joint ventures in real estate development : perspective of a capital investor." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/5641/.

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The aim of this dissertation, undertaken between 2012 and 2017, is to contribute towards the improvement of international joint venture (“IJV”) management in real estate development projects by analysing performance and factors, critical for the success of real estate IJVs. The assumption is that a real estate capital investor acts as the international partner of the IJV-construct, while local developers, operators and/or real estate professionals represent the local partner. The thesis focuses on the perspective of the real estate capital investor as a key actor in an IJV. The thesis adopts a systems approach in identifying and discussing the critical success factors of IJVs in the literature review, followed by the development of an integrated, theory-based framework that offers a theoretical conceptualisation of the research problem and key research questions. The methodology and research design were compiled using quantitative (questionnaire survey) and qualitative (focus group and semi-structured interviews) approaches. Data were collected from international capital providers investing as IJV-partners in real estate development using a mixed method approach, the thesis proposes and elaborates on a performance model for IJVs in real estate development, with an aim to ensure empirically valid performance measurement. The focus was to identify and justify determinants and their relationships. The empirical investigation in the thesis supports the notion that the investment process and the selection of the partner are particularly important for a project’s success in real estate development IJVs. In addition, aspects related to the structural and organisational dimension are relevant to the overall IJV performance. Moreover, the model has shown significant relationships between the (1) structural, organisational and investment dimensions on the one hand, and the (2) external, organisational and investment dimensions, on the other hand, for the overall success in the formation-stage. With respect to the post-formation stage, relationships between (1) partner and organisational dimension, (2) partner and investment dimension and (3) investment and organisational dimensions have been proven relevant to improve IJV performance in the context of real estate development IJVs.

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20

Sakullelarasm, Phornchai. "International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth." Thesis, University of North Texas, 1991. https://digital.library.unt.edu/ark:/67531/metadc332538/.

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The purpose of the study is to empirically investigate the effect of international joint venture formation on shareholder wealth. The period under investigation was from 1972 to 1987. Based on the theoretical and empirical researches done in this area, several hypotheses were tested. The statistical significance of the capital market reation to the joint venture formations was examined by using the standard event study methodology. The Ordinary Least Squares method was used to estimate the coefficients of each firm's market model parameters. The results, in general, support the wealth effect of international joint venture formation. The capital market seems to react to the unexpected information of the international joint venture formation announcements. There is evidence to indicate that international joint ventures will provide firms' shareholders with positive net present values.

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21

Hagel, Michael W. "An exploration of international acquisition and Joint Venture collaboration as means for closing strategic deficiencies of automotive suppliers : providing an evidence-based advisory framework for cross-border transactions with US partners." Thesis, University of Gloucestershire, 2018. http://eprints.glos.ac.uk/5709/.

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Purpose/objectives: The study considered international Joint Venture projects (‘IJV’) and international acquisitions (for recognition purposes, the term of international Mergers & Acquisitions ‘IM&A’ is used even though mergers are not specifically part of the study) with a focus on automotive suppliers in the passenger car market and regionally on US partners. The objective was to analyse how suppliers in the automotive industry can close their strategic deficiencies through these IJV and IM&A transactions. The regional focus on US partners was chosen, as the USA is a major market for automotive suppliers (volumes/size and innovation-focus). The idea was to identify, categorise, and subsequently analyse decision-making parameters of the engagement in IJV and IM&A. Design/methodology/approach: The research had two main areas: a general literature review and an empirical part with a case study approach. As the research drew on a constructivist perspective, the empirical part of the research was conducted with a qualitative approach. At the centre were three case studies of a major German supplier analysed in depth: one IM&A, one IJV and one ‘hybrid’ transaction. These studies examined good practices, highlights, and challenges through semi-structured interviews. Senior experts in the Business Units and collaboration teams involved in these strategic projects were interviewed. Documentation reviews and the researcher’s own observations flanked these interviews. Findings: Bringing together ideas from the existing literature, and enriching them with insights from projects in the real automotive world, the current study contains valuable considerations about these complex strategic transactions. In order to enhance the deliberate use of these collaborations, the research reflected on the possible alignments of the various parameters and strategic factors. Contributions: The study represents a contribution to the practice and to the academic world, since it is a study to bridge the relevant theory/practice literature with real casestudy- based insights of German-USA inter-firm collaborations in the automotive industry. On that basis, an ‘advisory framework’ was developed to enhance decisionmaking in that area of corporate strategy. It focuses on important factors to consider when engaging in cross-border IJV and IM&A in a specific industry. Research limitations/implications: The research results would need to be further explored in practice, which could be the subject of future research. Limitations from the current study stem from the chosen research design and sample size.

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22

Yerbury, Graham. "Economics and its role in strategy formation in the mining industry." Thesis, Queensland University of Technology, 1993. https://eprints.qut.edu.au/36393/1/36393_Yerbury_1993.pdf.

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Mining companies are large capital intensive enterprises that generally trade in the international commodity markets. The finite nature of resources and the need to maintain international competitiveness presents specific challenges to mining companies. This paper reviews the economics of mining and attempts to relate these to the strategic choices available to mining companies. To support this analysis, the work of major writers in strategic management is reviewed. The interrelationship between strategic management and economics is considered and a series of generic strategies for mining companies developed. These strategies are then compared with the actual behaviour of four major mining companies over the past decade. This analysis supports the general propositions advanced in the review of both the economics of mining and the strategic management literature. It also identifies organisational issues that impact on the effective implementation of strategy.

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23

Stephans, Mandla-Kayise. "The effects of the unexpected cautionary and annual earnings announcements on the Price Formation Process: evidence from the JSE." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33948.

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Certainly, a decision to (dis) invest (buy/sell) in securities is largely influenced by future expectations to which in turn is informed by the fundamental analysis of historical prices. The investor supposedly extrapolated on the historical prices if below the mean you buy and vice versa. The average security prices must be the product of the passing of time but most importantly the direction must be susceptible to a particular point in time. Investor decision-making involves a selection of a combination of the individual security characteristic with the market sentiment (bearish or bullish). The market sentiments are measured on time passed, i.e., market prices are either higher or lower relative to historical prices and the investor holding period wish. Valuation is nothing but a timing exercise to which the future perspective is forged on the future outlook of both micro and macro-economic factors. The valuation is relative to a true return generating process for a ‘true' single security market portfolio, i.e., expected future earnings. The occurrence of ‘unexpected earnings' creates an expectation of above ‘true' market portfolio returns, i.e., abnormal returns (ARs). This study is premised on the appreciation and understanding of the manifestation of a ‘true' single stock market portfolio. The study presents the analysis of the contemporaneous association of unexpected earnings also referred to as cautionary earning or ‘earnings surprise' published in the Trading Statement releases (hereinafter referred to as ‘releases') and security price movement. This research study is the second to investigate, at least to the researcher's knowledge after Cata (2015), the entire price formation process on the effects of unexpected cautionary and annual earnings announcements on security market prices of the JSE listed. Firstly, the expectations are that security prices adjust immediately to earnings and /or price-sensitive market information when made public. Secondly, since earnings information is fully impounded onto security prices a not statistically significant ARs are earned on and around the disclosures. Lastly, no statistically significant cumulative abnormal returns (ie CARs) post-earnings releases and announcements (I.e., PEADs) and any non-random security return drift indicate a level of inefficiency. The study adopted a return based unexpected earnings measures or model of Foster, Olsen and Shevlin (1984), and Van Rensburg's (2002) two-factor Arbitrage Pricing Theory (APT) to be a factor analytic procedure for assessment of a true return generating process for a ‘true' single stock market portfolio. The empirical evidence suggests investors revise the security valuations to an extent of 85 to 90 (Ball and Brown, 1968) and 85 to 98 (Kornik, 2005) percentage before an unexpected earnings announcement. This observation strengthens the argument that other timelier sources of information are already factored into share price prior to unexpected earnings releases. An alternative argument on legitimate information dissemination and other timelier sources of information provides a compelling argument for an all-encompassing multi factor-model in the context of JSE. According to Dr. Holman (20181 ) a measured or weighed multi factor-model consisting of a metal index, interest rate (i.e., 5 or 10 years repo rate), inflation rate, currency, beta, economy (i.e., GDP growth), stock size (small vs large capitalisation), leverage, unemployment rate, values such as price to book value or price-earnings (P/E) ratios, momentum (market biases – a big thing). Perhaps this to provide an explanatory power or rationale of the full market reaction when all price-sensitive factors are considered at once and rated accordingly is to explain the extent of the usefulness of the market information from a piece of specific unexpected event news. In so doing provide for an opportunity to improve on the true return generating process for a ‘true' single stock market portfolio from Van Rensburg's (2002) two-factor Arbitrage Pricing Theory (APT). The study's results come from an observation of five unexpected earnings models or measures and the trading statement news sign and size to ascertain the size of the security price movement and return drift. The evidence gathered is conclusive concerning the association of the information content generated through unexpected earnings disclosures and the average CARs and their t-statistic test found to be significantly different from the theoretical or expected zero return. However, the outcome of t-statistic tests is not statistically significant at a 5% significance level of significance over the observation period, therefore, they cast doubt on the use of the initial response to consistently earn earnings above average normal returns. The study observed a security price movement in line with ‘good' and ‘bad' news portfolios on [-3; -1] and [-1; -1] releases and [-2; -1] announcements in support of Kornik's (2005) observation of a significant portion of the market reaction occurring in the two days prior to the announcement date. Kornik (2005) suggests that either a substantial information leakage or simply legitimate information dissemination and /or anticipation (ie from other timelier sources of information) allows for investors to correctly adjust their earnings prediction through 1 From the lecture notes company analysis and /or interviews with management prior to unexpected earnings announcements. This study conclusion is that there is evidence of significant association to suggests an investor reassessment of their beliefs/expectations on the occurrence and the size of ‘earnings surprise' and unexpected annual earnings. The finding violates the Efficient Markets Hypothesis (EMH) which assumes that security prices are instantly and fully reflective of all available information and that investors cannot use public information to consistently gain above-normal returns (Cata, 2014). It important to highlight that, contrary to Murie's (2014) and Cata's (2015), the study found no suggestion that investors wait to determine the uncertainty regarding the specific reason for the change in earnings on the releases date to be alleviated via the announcement or publication of actual earnings to conclude on inconsistencies observed with semi-strong form market efficiency. First and foremost a conclusion must be reached based on significant abnormal returns earned on the market news in periods surrounding earnings releases and announcements strengthened by the outcome of the unexpected earnings measures or models. Secondly, Murie (2014) correctly pointed out that unexpected earnings models or measures are not an information source to the market, unlike trading statement releases or earnings announcements. Thirdly, Murie (2014) did not investigate the entire price formation process and his [+3;+60] post-release would have included the effects of earnings announcements considering that on average it trails by approximately 9 trading days from the releases. What is known based on this study observation and Kornik's (2005) assertion is that new information should be impounded into the security price within a week (i.e., 5 days on average) of the announcement. The significant price movements appear to be taking place on intraday releases, previous studies show that the focus was only on closing and opening security prices. The observed price movement prior to, on the event date and after the release date supports the findings of Ball and Brown (1968) that the market uses other timelier sources of information available in the market to revise share valuations (Murie, 2014). However, the unexpected earnings are partly timely to the extent of approximately 15 to 10 (Ball and Brown, 1968) and /or 15 to 2 percent (Kornik, 2005) resulting from investors' revision of the security valuations to between 85 to 90 percent (Ball and Brown, 1968) and 85 to 98 (Kornik, 2005) percent before an unexpected earnings announcement. The researcher's view is that, since the expectations, in most cases, are influenced by the analysis of previous earnings announcements, the actual results and analysts' estimation, therefore, to a certain extent the price movement reflects the evolution of the investor/market sentiment and overtime change in earnings is judged in this context (i.e., reaction). At this point, it is advisable that future research looks into or considers subdividing the releases into voluntary (i.e., management forecast) and compulsory release (i.e regulatory requirement since 2010) as the latter appears to influence the extent of investors' response.

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24

Dubreuille, Stéphane. "Formation des prix et liquidite sur le matif." Lille 2, 1999. http://www.theses.fr/1999LIL20004.

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L'objectif de notre recherche est l'analyse de la liquidite des contrats a terme fermes proposes par le matif. Nous avons modelise la formation des prix traites sous les hypotheses d'anticipations rationnelles et de comportements strategiques des operateurs en couverture et des speculateurs. Nous montrons que leurs strategies optimales sont des fonctions de la qualite de l'information, de l'heterogeneite des besoins de couverture, de l'attitude face au risque, du nombre d'acteurs presents sur le marche et de la sensibilite des prix cotes par les negociateurs pour compte propre a la taille des ordres places. Cette formalisation est completee par une etude empirique de la liquidite du systeme electronique de transaction et de cotation, nsc-vf. Nous avons constate des saisonnalites coincidant avec les diffusions d'informations sur le marche
Develop a competive rational expectations model in wich prices play a significant role in information spreading. We show that optimal strategies depend on private signals, adverse selection, hedging needs and locals strategies. We complete this model by an empirical research on the electronical transactions system, nsc-vf. We show saisonalities during the opening session

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25

Leignel, Élodie. "Système national de formation professionnelle continue et régulation étatique : le cas français." Lille 1, 2000. https://pepite-depot.univ-lille.fr/LIBRE/Th_Num/2000/50374-2000-35.pdf.

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Cette these analyse l'investissement en formation professionnelle continue (fpc) et vise a contribuer a la comprehension des modes de regulation de la fpc en se referant plus particulierement au cas de la france. Il s'agit alors de cerner les effets de la politique publique d'incitation au developpement de la fpc. La premiere partie souligne qu'en depit de sa necessite, l'investissement en fpc est risque en raison des imperfections de marche. La gestion de ces risques et obstacles a conduit les etats a mobiliser des moyens varies qui generent des systemes nationaux de formation dont nous proposons une typologie. Cette derniere met en evidence le choix fait par la france d'un systeme particulier reposant sur l'institutionnalisation. Ce systeme, motive notamment par des imperatifs de developpement de la fpc en entreprise, n'est toutefois pas exempt de dysfonctionnements. Les effets du systeme francais sont alors analyses dans la seconde partie de notre these, qui s'appuie sur l'exploitation de donnees de panel non cylindre, panel constitue par le cereq. Sur la base d'une etude econometrique, nous apprecions les effets incitatifs du modele francais. Nous revelons les distorsions potentielles de deux des instruments principaux mobilises en france : le seuil legal et le systeme d'aides au developpement de la fpc. L'identification des determinants de l'effort effectif de formation des entreprises, nous permet de tester le bien-fonde de l'uniformite du seuil legal. Nos resultats nous amenent a affirmer que l'uniformite du seuil legal ne permet pas de reduire les ecarts de participation entre entreprises. Ces derniers s'averent, par ailleurs, renforces par l'octroi d'aides publiques. Une voie de differenciation du seuil legal reposerait sur une association des criteres de taille et de qualification.

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26

Cognard, Etienne. "Economie politique des employeurs et néo-corporatisme : financer la formation professionnelle continue en Europe." Thesis, Lyon 2, 2010. http://www.theses.fr/2010LYO22012/document.

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Notre travail se penche sur le financement de la formation professionnelle continue tel qu'il a été négocié par les partenaires sociaux dans les pays européens post-fordistes. A travers une approche des associations patronales centrée sur la distribution inégale des ressources entre grandes firmes et PME, nous montrons que l'émergence d'une gestion corporatiste (les fonds de mutualisation) peut s'interpréter comme le résultat d'alliances inter-classes entre les syndicats, les associations patronales et les PME, contre les grandes entreprises. Bien que nous mobilisions un corpus centré sur les employeurs à l’image de ce que fait l'approche en termes de Variétés du Capitalisme (VoC – Hall et Soskice, 2001), la thèse soutenue est plus proche de l’institutionnalisme historique de l'Ecole française de la Régulation. En effet, l'attention accordée à l'hétérogénéité des firmes et au rôle du politique est difficilement compatible avec l’institutionnalisme rationnel de la VoC et sa conception des associations patronales comme simples outils de coordination des firmes
Our work tackles the issue of the financing of the continuous vocational training as it has been negotiated by social partners in the post-fordist European countries. The reflection is centered on the unequal distribution of resources among the large and small firms affiliated to employer associations. It is shown that the emergence of a corporatist governance (the training funds) can be interpreted as the result of cross-class coalitions between trade unions, employer association and SMEs, against big companies. Although we mobilize a theoretical corpus centered on employers as the ‘Varieties of Capitalism’ approach does (VoC – Hall and Soskice, 2001), our dissertation is closer to the historical institutionalism of the French Régulation School. Indeed, the attention granted to the firms’ heterogeneity and to the role of politics is hardly compatible with the VoC rational institutionalism and its conception of employer organizations as mere employer coordination instruments

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27

Alami, Randa. "The political economy of official external debt formation in Arab countries 1975-1990." Thesis, SOAS, University of London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.321902.

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28

Schmidt, Daniel. "Corporate syndicated loan pricings in Germany : an exploration of the hidden drivers." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/4809/.

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Syndicated loans are a common debt financing format for large corporations in general. For those situated in Germany—with its bank-based financial system—such loans play a vital role. Given the multibillion volumes raised annually, the pricing of syndicated loans is economically significant, with its levels, structure, and determination having attracted the interest of researchers around the world. A critical review of the existing worldwide literature of syndicated loan pricing revealed notable gaps, including an almost complete absence of studies on the German corporate market. The overall research aim was to address this gap by exploring and analysing the “hidden drivers” of banks’ pricing of syndicated loans to German corporate borrowers, thereby developing an enriched understanding of the elements and determinants of pricing and its underlying processes and decisions. Adopting a pragmatist research paradigm, I chose a sequential mixed-methods approach, with a limited quantitative analysis preceding an extensive qualitative study. The first stage of the research was designed to evaluate the availability of reliable quantitative pricing data in the public domain—this being the main data source for the clear majority of extant studies. I found the availability and quality of pricing data for the German corporate market to be extremely limited, particularly in comparison to that available relating to the U.S. market. There was clearly much that remained unexplained; hence, primary research was required to illuminate syndicated loan pricing and the decision processes that contribute to it. The main element of the qualitative study was a series of semi-structured, in-depth interviews with a sample of bank lending professionals and key informants. The purpose of these interviews was to explore the complex realities of syndicated lending through the eyes and experiences of the people involved and to interpret the socially constructed phenomena surrounding the pricing of German corporate syndicated loans. The study succeeded in revealing and substantiating important and to date hidden phenomena concerning numerous dimensions of syndicated lending in general and pricing in particular. An explanation was developed for the relative opacity of the German corporate syndicated loan market. The study enabled significant enhancements to the understanding of the concept of pricing and its complex and interwoven elements. More broadly, a new and richer perspective was developed of syndicated lending as a behavioural phenomenon, involving a complex interplay of relationships and strategies, and involving individuals and departments within banks, between banks as members of the syndicate, and between lenders and borrowers. The insights gained informed the development of a comprehensive model of the pricing elements of syndicated lending and their determinants. This research is the first to conduct and produce an in-depth study of the internal workings of syndicated corporate lending in the German market and a study that does not rely on secondary data that are at best incomplete. It has resulted in many rich and original insights and a conceptualisation of syndicated lending that differs radically from the classical understanding of lender-borrower relationships as founded on theories of asymmetric information. The research presented here, therefore, makes significant contributions to the literature, in helping to close notable gaps in the banking and financial intermediation literature.

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29

Alfordy, Faisal D. "The impact of Saudi Arabian culture on minority shareholders' rights." Thesis, University of Gloucestershire, 2016. http://eprints.glos.ac.uk/4259/.

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The aim of this research study is to examine the impact of Saudi Arabian culture on corporate governance (CG) and its regulatory compliance with respect to the protection of minority shareholders’ interests. The protection of minority shareholders is a primary concern in the area of CG and particularly as defined by the Organization for Economic Co-operation and Development (OECD) principles. In Saudi Arabia, CG is a newly introduced regime. Its set of CG principles was initially issued after the first market crash in 2006, which signified the need for appropriate CG standards in Saudi Arabia because minority shareholders suffered catastrophic losses. Moreover, CG legislation in Saudi Arabia is still slowly moving from voluntary to obligatory because family-owned firms, which is the dominant form of incorporation, are stifling corporate growth by their reluctance to open their equity to outside shareholders, as argued by the OECD report of Koldertsova (2011). Hence, the conceptual framework for understanding how Saudi Culture affects minorities is based upon Hofstede’s (1980-2010) Cultural Value Dimension (CVD) model linking societal constructs with the legal and political milieu. Thus, this research sets out to examine this link in relevance to Saudi Culture. In addition, this undertaking will extend, via the second research question, to uncover other factors, such as the legal and political, influencing the level of compliance of listed Saudi corporations with the OECD principles with respect to the protection of minority shareholder rights. The findings of this study provides significant correlations between each of Hofstede’s CVDs: Individualism, Power Distance, Uncertainty Avoidance, Femininity, and Long Term Orientation and the quality of the exercise of minority shareholders’ rights as defined by the OECD’s principles of CG in Saudi Arabia. Moreover, the distribution of each CV dimension was found not to be the same when comparing groups of Majority and Minority shareholders. Hence, the significant correlations expose two different subcultures: an active culture pertaining to Majority shareholders and a passive culture pertaining to Minority shareholders in Saudi Arabia. Moreover, the current legal environment guiding the CG procedures in Saudi Arabia was found to attach a low level of significance to minority shareholders in terms of: ease of litigation, establishment of specialised courts, appointment of competent qualified judges in CG commercial cases, and creation of awareness programmes for minority shareholders’ rights. In addition, the lack of a solid constitution was found to weaken popular pressure to safeguard shareholders' rights and promote a block-holding model of corporate control. Hence, due to governmental institutions falling short on their responsibilities, Saudi controlling families can practically be considered as an institution, as indicated by Institutional Theory, and this familial institution is likely to continue to manifest itself in the governance of emerging economic systems such as Saudi Arabia's as its survival is dependent on the institutional context.

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30

Song, Gui Chang. "Institutional analysis of the formation of abnormal loans in loan portfolios of China's state banks." Thesis, University of Macau, 1996. http://umaclib3.umac.mo/record=b1636254.

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31

Descours-Gatin, Chantal. "Opium et finances coloniales la formation de la Régie générale de l'opium en Indochine, 1860-1914 /." Lille 3 : ANRT, 1988. http://catalogue.bnf.fr/ark:/12148/cb376052991.

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32

Piégay, Pierre. "Distinction des sphères monétaire et financière et formation de l'intérêt dans l'analyse keynésienne." Dijon, 1999. http://www.theses.fr/1999DIJOE008.

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On limite traditionnellement l'analyse monétaire de Keynes à l'exposé de la théorie générale. Dans cette optique, les développements orthodoxes du concept de préférence pour la liquidité visent à perfectionner l'étude de la fonction de demande de monnaie. Mais l'originalité de l'analyse monétaire de Keynes repose sur l'explication de l'existence du chômage involontaire dans le cadre d'une économie monétaire de production. Dans ce schéma, l'intérêt joue un rôle majeur dans la mesure où, lié aux caractéristiques de l'actif monétaire, son niveau limite le développement de la production et de l'emploi. Dans cette perspective, l'originalité et la pertinence de l'analyse keynésienne de l'intérêt reposent sur la conception d'un taux d'intérêt purement monétaire et supposent par conséquent une distinction rigoureuse des sphères monétaire et financière. Cependant, le critère du degré de liquidité ne permet pas de distinguer la nature de la monnaie de celle de l'épargne. En revanche, le concept de circuit des revenus permet d'établir cette distinction. Des lors, comme Keynes l'avait pressenti, la monnaie est bien le parent, et non le jumeau de l'épargne. Ainsi, les flux monétaires de paiements donnent naissance aux stocks d'actifs financiers. Le revenu crée étant immédiatement épargné, on ne peut considérer l'intérêt comme le prix d'équilibre du marché de la monnaie. Pour expliquer la formation de l'intérêt, il est nécessaire de développer l'analyse des phénomènes de répartition des revenus dans le cadre du circuit
The study of Keynes' monetary analysis is traditionally limited to his general theory. As a consequence, the aim of the orthodox developments of the liquidity preference concept is to develop the analysis of the money demand function. However, the essential feature of Keynes' monetary analysis is to seek to explain why there is involuntary unemployment in a monetary production economy. Indeed, the rate of interest, linked to the essential properties of money, fix a limit to the development of the volumes of production and employment. In this theoretical framework, Keynes' analysis of the interest rate is relevant if the rate of interest is a monetary phenomenon. Therefore, Keynes has to establish a rigorous distinction between money and savings. In the general theory, money is distinct from savings because money is considered as the liquidity par excellence. As a consequence, the nature of money can not be distinguish from the nature of savings. The only distinction between money and savings is about their different degree of liquidity. However, if we use the concept of the income circuit, it is possible to distinguish the monetary sphere from the financial sphere rigorously. Following Keynes' insights, money is the parent, not the twin of savings. The monetary flows of payments generate the stocks of financial assets. Insofar as income is instantaneously saved as soon as it is created, the interest rate can not be the price which equilibrate the money market. To explain the determination of the interest rate, it is necessary to develop an analysis of income distribution

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33

Reber, Michael. "A study of cultural influence on the valuation of patents." Thesis, University of Gloucestershire, 2016. http://eprints.glos.ac.uk/5701/.

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The regimes of today that regulate and protect Intellectual Property Rights are based on Western cultural and philosophical values. This realization leads to the supposition that culture may influence the notion of patents. This raised the question of whether patent valuation would underlie a cultural bias. If patents are important in international business it is evident that a cultural impact on patent valuation would have significant implications and necessitate dedicated investigation. A literature review confirmed a knowledge gap in this area. This work, therefore, aims to investigate cultural impact on patent valuation. A distinction is made between a valuation from an ethical point of view and an economic valuation. Following a mixed methods approach, this research applies semi-structured interviews to create survey items for a questionnaire that then provides data that can be analyzed statistically and qualitatively. For quality assurance, a pre-questionnaire is used as an intermediate step. The results of the quantitative and qualitative analyses are subject to a between-method triangulation, which is interpreted in the following discussion in the light of relevant theory. The findings of this investigation confirm that there is indeed a cultural impact on the notion of patents. Two cultural dimensions, “Uncertainty Avoidance” and “Institutional Collectivism” correlate significantly with ethical patent valuation. Furthermore, it is not the complete cultural dimension, “Future Orientation”, but a specific aspect of it that correlates with economic patent valuation. A relationship between standpoints towards the ethical valuation of patents and economic patent valuation could not be proven. The research questions of what cultural dimensions have an impact on patent valuation and how and why they impact are answered. In addition, this work provides a model that represents cultural impact on patent valuation.

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34

Jottreau, Benoît. "Financial models and price formation : applications to sport betting." Thesis, Paris Est, 2009. http://www.theses.fr/2009PEST1031.

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Cette thèse est composée de quatre chapitres. Le premier chapitre traite de l'évaluation de produits financiers dans un modèle comportant un saut pour l'actif risque. Ce saut représente la faillite de l'entreprise correspondante. On étudie alors l'évaluation des prix d'options par indifférence d'utilité dans un cadre d'utilité exponentielle. Par des techniques de programmation dynamique on montre que le prix d'un Bond est solution d'une équation différentielle et le prix d'options dépendantes de l'actif est solution d'une équation aux dérives partielles d'Hamilton-Jacobi-Bellman. Le saut dans la dynamique de l'actif risque induit des différences avec le modèle de Merton que nous tentons de quantifier. Le second chapitre traite d'un marché comportant des sauts : les paris sur le football. Nous rappelons les différentes familles de modèles pour un match de football et introduisons un modèle complet permettant d'évaluer les prix des différents produits apparus sur ce marché ces dix dernières années. La complexité de ce modèle nous amène à étudier un modèle simplifié dont nous étudions les implications et calculons les prix obtenus que l'on compare à la réalité. On remarque que la calibration implicite obtenue génère de très bons résultats en produisant des prix très proches de la réalité. Le troisième chapitre développe le problème de fixation des prix par un teneur de marche monopolistique dans le marché des paris binaires. Ce travail est un prolongement direct au problème introduit par Levitt [Lev04]. Nous généralisons en effet son travail aux cas des paris européens et proposons une méthode pour estimer la méthode de cotation utilisée par le book-maker. Nous montrons que deux hypothèses inextricables peuvent expliquer cette fixation des prix. D'une part, l'incertitude du public sur la vraie valeur ainsi que le caractère extrêmement risque-averse du bookmaker. Le quatrième chapitre prolonge quant à lui cette approche au cas de produits financiers non binaires. Nous examinons différents modèles d'offre et de demande et en déduisons, par des techniques de programmation dynamique, des équations aux dérivées partielles dictant la formation des prix d'achat et de vente. Nous montrons finalement que l'écart entre prix d'achat et prix de vente ne dépend pas de la position du teneur de marche dans l'actif considère. Cependant le prix moyen dépend lui fortement de la quantité détenue par le teneur de marche. Une approche simplifiée est finalement proposée dans le cas multidimensionnel
This thesis is composed of four chapters. The first one deals with the pricing of financial products in a single jump model for the risky asset. This jump represents the bankrupcy of the quoted firm. We study the pricing of derivatives in the context of indifference of utility with an exponential utility. By means of dynamic programming we show that the bond price is solution of an ordinary differential equation and that stock price dependent options are solutions of an equation with partial derivatives of Hamilton-Jacobi-Bellman type generalizing the Black-Scholes one. We then try to quantify differences in the price obtained here and the one from Merton model without jump. The second chapter deals with a specific jump market : the soccer betting market. We recall the different model families for a soccer match and introduce some full model which allows to price the products recently born in this market in last ten years. Nevertheless the model complexity leads us to study a simplified model introduced by Dixon and Robinson from which we are able to derive closed formulas and simulate prices that we compare to market prices. We remark that implicit calibration gives pretty goof fit of market data. Third chapter developps the approach of Levitt [Lev04] on price formation in binary betting market held by a monopolistic market-maker operating in a one time step trading. We generalize Levitt results with european format of betting. We show that prices are distorded on the pressure of demand and offer, that phenomena introducing a market probability that allows to price products under this new measure. We identify some best model for demand and offer and market maker strategy and show that probability change is obvious in case of imperfect information about the value of the product. Fourth chapter generalizes this approach to the case of general payoffs and continuous time. The task is more complex and we just derive partial derivative equations from dynamic programming that enable us to give the bid-ask prices of the product traded by the market-maker. One result is that, in most models, bid-ask spread does not depend on the inventory held by the dealer whereas mid-quote price strongly reflects the unbalance of the dealer

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35

Foucault, Thierry. "Formation des prix et stratégies de placement d'ordres dans les marchés financiers." Jouy-en Josas, HEC, 1994. http://www.theses.fr/1994EHEC0019.

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L'objectif de notre recherche est de contribuer à la théorie de la microstructure des marchés financiers. Le premier essai est consacré à la révélation d'information par les prix. Nous proposons un modèle qui permet d'analyser le rôle des hypothèses traditionnellement utilisées dans les modèles étudiant la formation des prix en présence d'asymétries d'information. Nous mettons en évidence le rôle déterminant des hypothèses portant sur l'origine du bruit qui empêche l'équilibre d'être parfaitement révélateur. Dans le deuxième essai, nous étudions l'impact des coûts de transaction sur la révélation d'information par les prix. Nous montrons qu'une augmentation des coûts de transaction se fait toujours au détriment de l'efficience informationnelle. Pour cette raison, les coûts de transaction augmentent la valeur de l'information et peuvent accroitre la proportion d'agents informés. Le troisième essai propose une modélisation du mécanisme d'enchères mis en jeu dans un marché gouverné par les ordres. Nous analysons dans un cadre dynamique la façon dont les agents déterminent leurs stratégies de placement d'ordres (choix ordres au mieux ordres à cours limités). Par ailleurs, nous caractérisons les prix offerts et demandés par les donneurs à cours limité
This dissertation is devoted to the theory of financial markets microstructure. The first part analyses information revelation by prices. The impact of different hypotheses on the existence and informativeness of rational expectations equilibria is analysed within a simple synthetic model. In particular, we prove the sensibility of the hypotheses concerning the noise, which prevents prices from being fully revealing. In a second part, we study the impact of trasnsactions costs on the inforlationnal efficiency of prices. It is proved that an increase in transactions costs is always detrimental to price efficiency. For this reason, transactions costs can increase the value of being informed and can induce more traders to become informed. In the third part, amodel of the trading process in an order driven system is proposed. We analyse in a dynamic framework how traders determine their order placement strategies. On the other hand, bid and ask prices of the limit order traders are characterized

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36

Chedrawy, Charbel. "La formation continue et l'implication organisationnelle : Quels enjeux pour la fonction publique libanaise?" Paris 1, 2010. http://www.theses.fr/2010PA010029.

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Анотація:

Cette recherche dévoile, qu'au ministère des finances libanais, seule la formation est indépendamment contrôlable par la gestion des ressources humaines qui souhaite augmenter l'implication des fonctionnaires surtout en période de réforme actuelle d'où la nécessité d'étudier l'effet de la formation sur l'implication organisationnelle des fonctionnaires. Une enquête par questionnaire a été effectuée auprès des fonctionnaires de la troisième et quatrième catégorie au Ministère des Finances Libanais. Le modèle de recherche proposé prend en compte l'influence du support des superviseurs, des bénéfices perçus et de la motivation pour la formation sur l'implication affective, continue et normative des fonctionnaires, en plus de l'effet médiateur de l'épuisement professionnel et de la justice procédurale. Les résultats confirment l'importance de la formation dans l'augmentation de l'implication affective et normative des fonctionnaires et dans la réduction souhaitable de l'implication continue. Ils soulignent aussi l'importance de réduire l'épuisement professionnelle et l'injustice procédurale qui interviennent négativement dans la relation formation-implication.

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37

Tao, WeiXu. "Réforme bancaire, défis économiques : La stratégie de développement du secteur bancaire, la formation du tissu industriel et rural en Chine." Paris 1, 2010. http://www.theses.fr/2010PA010026.

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La crise financière de 2007 a mis en lumière les déséquilibres du développement chinois. A l'intérieur du pays, elle se caractérise par une disparité entre régions et entre ville et campagne de plus en plus forte cela n'encourage pas la demande intérieure et engendre des instabilités sociales et menace la cohésion du pays; de l'extérieur, son modèle de croissance extrêmement extraverti place la Chine dans une situation de dépendance vis-à-vis des marchés extérieurs de plus en plus incertains et son industrie de plus en plus intégrée dans la division internationale du travail. L'économie chinoise se trouve donc devant une bifurcation, où elle doit rééquilibrer son développement économique afin que tous profitent du fruit de la croissance et de retrouver un modèle de croissance basé sur la demande interne qui lui redonnera une plus grande autonomie. Cette thèse a pour objectif d'analyser le rôle du système bancaire dans le développement et les déséquilibres économiques chinois, notamment dans l'arriération de l'agriculture et du développement rural, point pourtant crucial, selon nous, pour le rééquilibrage de l'économie chinoise. Nous avons tenté de proposer une restructuration du système bancaire dans son ensemble afin de rationaliser et d'équilibrer les appovisionnements financiers à l'ensemble des acteurs, condition sine qua non pour un développement plus sain.

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38

Broihanne, Marie-Hélène. "Comportements stratégiques et formation des prix sur les marchés financiers." Université Louis Pasteur (Strasbourg) (1971-2008), 2002. http://www.theses.fr/2002STR1EC04.

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Ce travail est consacré à l'étude du processus de formation des prix sur les marchés financiers. L'approche utilisée relève du courant de la finance comportementale. Nous nous intéressons plus particulièrement aux comportements ludiques des investisseurs individuels en les comparant aux parieurs sur les courses de chevaux. La présence d'heuristiques comportementales est démontrée à l'aide de la méthode expérimentale et de l'analyse de données de terrain. Nous montrons que la rationalité atténuée des investisseurs semble être à l'origine des anomalies à la théorie de l'efficience des marchés. Notre méthodologie permet en outre d'estimer le comportement de prise de risque des parieurs et des investisseurs. Les théories alternatives à la l'espérance d'utilité rationalisent ces comportements et sont susceptibles de réhabiliter la théorie de l'efficience des marchés
This work investigates the price formation process on financial markets. Our approach relies on the behavioural finance paradigm. We particularly analyse investors who exhibit gambling behaviours. In this respect, we compare these investors to bettors at the racetrack. The analysis of experimental and field data leads us to show that people generally use a lot of heuristics when they take decisions. This attenuated rationality of investors seems to generate empirical anomalies to the efficient market hypothesis. Our methodology allows us to give an estimation of the risk taking behaviour of investors and bettors. Observed behaviours are well in line with theoretical explanations given by non expected utility theories. Our conclusions catch sight of a possible reconciliation of the efficient market hypothesis and empirical anomalies by allowing investors and bettors to exhibit subjective attitudes towards probabilities

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39

Dayri, Khalil Antoine. "Microsturcture des marchés et modelistion des flux de trading." Phd thesis, Ecole Polytechnique X, 2012. http://pastel.archives-ouvertes.fr/pastel-00689127.

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On propose une perspective originale d'analyser les différents flux hautes fréquences d'information provenant des marchés financiers et fournit des modèles simples et intuitives qui reflètent étroitement la réalité. On observe les données empiriques et note certains faits stylisés et propose des modèles pour capturer ces faits. Dans le chapitre 1, on passe en revue les définitions et propriétés de base des marchés électroniques. En particulier, on revoit les travaux de microstructure et de modélisation du marché, et leurs relations à ce travail. On introduit la taille du "tick", qu'on utilise pour classifier les actifs et interpréter les différents résultats. Dans le chapitre 2, on montre empiriquement que l'impact d'une seule transaction dépend de la durée inter-transactions. En effet, lorsque le taux des échanges devient plus rapide, la variance des rendements des transactions augmente fortement et que ce comportement persiste à des échelles de temps plus grossières. On montre également que la valeur du spread augmente avec l'activité et on en déduit que les carnets d'ordres sont plus vide lorsque le taux des échanges est élevé. Dans le chapitre 3, on présente un modèle pour capturer le bruit de microstructure. Les prix des actifs sont représentés par la somme des rendements "tick" arrivant à des temps de Poisson aléatoires. Le modèle se compose d'une martingale diffusive contaminée par un bruit autocorrélé mais disparaissant aux échelles grossières. On est capable de capturer la signature de la variance et l'autocorrélation faible mais significative des rendements "tick". Dans le chapitre 4, on utilise les processus ponctuels de Hawkes pour modéliser l'arrivée aléatoire des transactions. On modélise la transformation échelle fine - échelle grossière des prix et en particulier l'effet sur les moments des rendements des prix. On propose une technique simple d'estimation non paramétrique de la structure de dépendance des processus de Hawkes dans le cas unidimensionnel et dans quelques cas particuliers multidimensionnels. On applique la méthode à des actifs de Future et trouve des noyaux de dépendance en loi de puissance.

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40

Burkhardt, Kirsten. "Le rôle des sociétés de capital-investissement dans la formation d'alliances stratégiques." Thesis, Dijon, 2014. http://www.theses.fr/2014DIJOE009/document.

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Ce travail analyse le rôle des sociétés de capital-investissement dans la formation d’alliances stratégiques sur le marché français du capital-investissement. Après nous être fait une idée de l’importance du phénomène à l’aide des informations nouvelles que nous avons générées par notre propre enquête, nous apportons une explication au phénomène observé. L’analyse théorique se fait sous l’angle de la création de valeur actionnariale, en recourant conjointement aux théories contractuelles et cognitives. Les théories sociologiques des réseaux viennent compléter les principaux arguments de ces deux cadres théoriques. Le modèle explicatif qui en découle est ensuite mis à l’épreuve empirique à l’aide d’une étude multi-méthodes à visée infirmationniste, combinant une analyse économétrique et une étude de cas multiples. Nos résultats permettent de conclure que les sociétés françaises de capital-investissement jouent un rôle tant intentionnel que non intentionnel dans la formation d’alliances stratégiques pour leurs participations. Ces rôles mettent en avant une intervention tant passive qu’active des sociétés françaises de capital-investissement. Bien que l’argumentation cognitive trouve, dans son ensemble, plus de support que l’argumentation contractuelle, l’analyse fait ressortir l’intérêt de recourir à une utilisation conjointe des théories contractuelles et cognitives qui se révèlent complémentaires
This research analyses the role of Private Equity firms in the formation of strategic alliances within the field of the French Private Equity market. We start to provide evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon. The study addresses the questions of how and why Private Equity firms act as relational intermediaries to help their portfolio companies form alliances. Both questions are investigated in the light of the Private Equity firms’ contribution to the value creation process that comes with alliance formation. Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (transaction cost theory and the positive theory of agency); (2) the knowledge based view; and 3) social network theories to complement the resulting from jointly use of the previous two theories. The theoretical construct is then tested empirically by means of a multi-method study with explanatory design, based on the pattern of joint evidence from both statistical tests and a multiple case study. Results show that French Private Equity firms do play a role in alliance formation. This role can be intentional as well as non-intentional. Furthermore, although arguments from the knowledge-based perspective finds more support in explaining this behavior than from the mainstream theories, our study highlights the benefits of the joint use of these theories and the complementary nature of them to better explaining the phenomenon as a whole

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41

Hofstätter, Lukas [Verfasser], Sighard [Gutachter] Neckel, Norbert [Gutachter] Ebert, and Birgit [Gutachter] Blättel-Mink. "Class formation in the global field of finance: A comparative study of Frankfurt and Sydney / Lukas Hofstätter ; Gutachter: Sighard Neckel, Norbert Ebert, Birgit Blättel-Mink." Frankfurt am Main : Universitätsbibliothek Johann Christian Senckenberg, 2018. http://d-nb.info/1166900150/34.

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42

Kallias, Antonios. "Managing uncertainty in the process of going public." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/60423/.

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This thesis explores the potential of novel mechanisms towards the reduction of issuers' ex ante uncertainty in the process of going public: i) the recruitment of directors with exceptional academic backgrounds and ii) obtaining credit ratings. Given the information scarcity in the private domain, IPO firms can use these strategies to provide investors with solid, readily identifiable benchmarks to assess their standing. Notwithstanding whether these informational cues are associated with positive or negative prospects, they cause a significant portion of uncertainty in valuation to subside. Ultimately, this should act to constrain the phenomenon of IPO underpricing causing firms to claim a larger portion of the surplus value created on the issue day. First, we examine whether CEO educational and professional attainments are associated with short-run IPOs performance. We find that returns are negatively associated with Ivy-League education, the existence of at least one University degree and the total number of qualifications. After controlling for endogeneity and self-selection bias, the results show that at the graduate level of education the Master of Arts, the MBA, the Juris and Medical Doctor titles exhibit negative relation with the money left on the table. The same is true for any professional qualification. It is also reported that only in the case of the PhD title the Nobel Elite group of Universities outperforms the rest of the sample. Second, we examine the effect of multiple credit ratings on IPO performance. The evidence comes from the U.S. and shows that the acquisition of credit ratings constitutes a valid investment decision for the issuing firm as it leaves less money on the table. Both individual as well as any combination of ratings from the three largest agencies associates with lower underpricing. This effect exacerbates with higher grade levels which are also found to decrease initial returns. Additionally, rated IPOs systematically experience negative filing price revisions. The results offer new insight to the facilitation of the going public process. Finally, we contribute to the large literature associating IPOs with earnings management. In this respect, we explore a special niche, i.e. politically connected firms. A priori, these issuers can be expected to refrain from discretionary accruals manipulation to avoid causing discontent to their contacts. Alternatively, the case may be that the powerful acquaintances fuel managers with overconfidence which permeates the financial statements. Assembling a hand-collected database on firms' political donations, we come up with strong support for the latter conjecture. In particular lobbying activity and candidate campaign financing are both shown to be among the important determinants of aggressiveness in reporting. Our findings tie in with a growing body of literature showing businesses actively involved in politics to be prone to abuses and professional misconduct.

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43

Chandorkar, Pankaj. "A systematic review of the determinants and the behaviour of equity risk premium." Thesis, Cranfield University, 2013. http://dspace.lib.cranfield.ac.uk/handle/1826/12492.

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Анотація:

Understanding the Equity Risk Premium (ERP) and the factors affecting it is cardinal to financial economics, particularly to equity research analysts, domestic and international institutional investors and financial economist. Since the seminal work of Mehra and Prescott (1985) there has been an exponential rise in the research explaining the reasons for ERP puzzle. This review, systematically, investigates the literature related to ERP in four key dimensions. The first dimension is regarding the issues related to different techniques of estimating the ERP. The second dimension is regarding the studies that explain the reasons of existence of the ERP puzzle by making modifications to the preference structures. The third is regarding the macroeconomic variables that help in predicting ERP and the fourth deals with studies that are conducted in the international context. In addition to this, this review meticulously captures some important limitations of the existing literature regarding the estimation of ERP and identifies the domestic and international determinants of ERP, in particular the UK ERP and proposes novel future directions of research. These future research directions have two important implications for my PhD. The first is the academic contribution that predominantly comes from methodological contribution of estimating the ERP. The second is the practical contribution that comes mainly from identifying the unique set of variables (UK domestic and international), which are of prime importance to the domestic and foreign institutional investors because of the financial crisis of 2008-2009 and which should affect the UK ERP.

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44

Neunhoeffer, Frieder <1989&gt. "Cognitive biases in expectation formation : lab evidence on preferences for redistribution, financial forecasting, and subscription traps." Doctoral thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19533.

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Chapter 1: Bringing existing inequality in South Africa (high) and Switzerland (low) to the lab, we study how people’s preferences for redistribution change with the level of income inequality, income mobility, uncertainty of initial income positions, source of income (random or based on real-effort). We find that uncertainty and overconfidence undermine demand for redistribution. The effect magnifies with larger income disparity (South Africa). It further induces a reverse POUM effect: since wealth ambitions of rich aspirants are better preserved under low than under high mobility, demand for redistribution grows with the degree of mobility. These results combined propose an inequality trap: today’s inequality favors income overestimation, winding up less demand for redistribution with less mobility, which propels advanced inequality tomorrow. Chapter 2: Learning-to-Forecast experiments have been found to replicate price volatility of demand-driven markets quite accurately. Yet, the scope of prior studies neither exceeded 50 periods nor limited severely decision time, and thereby neglected two central features of financial markets: long runtime and time pressure. This work studies whether “bubble and crash” dynamics persist in the long run (150 periods) and how decision time (6 vs. 25 seconds) influences market volatility? We observe converging prices to the fundamental value with increasing market length. Parallel to the change in dynamics, we identify a switch from trendextrapolating to rather adaptive strategies in the low time pressure condition. Increasing time pressure in contrast, limits trend-chasing behavior and aggregated coordination right from the beginning. Both seems to exert a stabilizing effect on prices. Chapter 3: This paper explores a novel menu effect in the context of subscriptions. Providers typically capitalize on arranging offers such that the longer, but costlier option is chosen over its cheaper alternative. We find that sizing the shorter subscription down to single use raises its attraction. This suspects that the presence of single-use prompts rational evaluation based on a realistic estimate to use the subscription again. Alternatives in the former case, both time spans, are instead decoded into the same category - referred to pigeonholing - with the consequence that other comparative criteria come to the fore. Two-dimensional models present in most behavioral theories fail to explain this type of preference reversal. Inspired by the intuition of transaction utility and the availability heuristic we propose a generalization of salience theory to capture the effect of pigeonholing.

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45

Boulahrir, Lotfi. "Efficience, comportement spéculatif et formation des habitudes sur les marchés financiers : application à un marché émergent : le cas de la bourse de Casablanca." Paris 11, 2007. http://www.theses.fr/2007PA111006.

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46

Mansour, Wael. "Essays on human capital formation of youth in the Middle East : the role of migrant remittances in Jordan and armed conflict in Lebanon." Thesis, University of Sussex, 2012. http://sro.sussex.ac.uk/id/eprint/42948/.

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Human capital formation is a fundamental requirement for countries' long term economic development and societal prosperity. This process can be enhanced or disrupted by internal factors such as migration and remittances, or external ones like wars. This thesis is interested in investigating both phenomena. The following questions are addressed: what is the impact of migrant remittances on human capital formation, do these private inflows induce any changes in the behavior of remittance-receivers towards education expenditure, and finally what is the short term micro-economic effect of armed conflicts on education in post war countries. In investigating these issues, focus is made on two perspectives: first youth, an active group in the society whose age matches up higher education levels and labor force entry simultaneously; second gender differentials both in terms of impact and behavior. The research explores new surveys from the Middle East, datasets that have not been analyzed previously from an education angle and that are not generally available to researchers. These datasets come from Jordan and Lebanon, two middle income non-oil producer countries. The thesis is composed of three independent essays. The first examines the impact of migrant remittances on human capital accumulation among youth in Jordan and highlights the various ways in which remittances influence education outcomes. The analysis takes a gender dimension and examines whether the effects and magnitude of such impact is different between males and females. The second essay considers remittances receipt, from both domestic and international sources, and examines their impact on Jordanian households' education spending patterns. Following the literature on intra-household bargaining and gender expenditure preferences, the analysis examines whether such impact is potentially different between male and female headed households. The third essay tackles the impact of the 2006 war on education attendance of youth in Lebanon. The chapter captures households' schooling responses in the aftermath of the war. By looking at the implications of a diversified array of damages sustained; reflecting physical, human, income and employment losses; the chapter examines possible linkages between the nature of the damage incurred and the manner and magnitude in which such damage affects education.

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47

Stanciu-Viziteu, Lucian Daniel. "L'influence des processus cognitif, d'apprentissage et d'interaction sociaux des investisseurs sur le processus de formation des prix : une analyse grâce à la conception d'un simulateur de marché financier." Phd thesis, Université de Grenoble, 2013. http://tel.archives-ouvertes.fr/tel-00996394.

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Анотація:

Nous construisons un simulateur de marche financier multi-agent. Dans cette marche l'échange des actions n'est pas fait en continu. Le prix de marché est formé à l'aide d'un carnet d'ordres. Les investisseurs que l'on modélise reçoivent de l'information biaisée et ils essayent de maximiser leur richesse. Les différents types d'investisseurs, comme les bruiteurs, chartistes ou informées, coexistent dans notre marche. On montre comment les faites stylises peuvent être causée par la présence des investisseurs chartistes ou par des simple délais dans l'information. Nous montrons comment les bulles de prix sont possibles dans un marché avec des investisseurs bien informés. On découvre que c'est profitable, pour un investisseur informé, d'adopter dans certaines moments des stratégies techniques. A partir de nos résultats nous proposons une nouvelle théorie sur la dynamique des marchés financiers, appelé " marches parfois efficientes ".

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48

Boco, Hervé. "Modèles de dynamique des prix sur les marchés financiers et processus de formation de bulles spéculatives." Toulouse, ISAE, 2010. http://www.theses.fr/2010ESAE0011.

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Анотація:

Cette thèse porte sur des modèles de dynamique des prix sur les marchés financiers. Elle se concentre en particulier sur la révélation de l'information dans les marchés et la distorsion possible de leur interprétation sur les cours boursiers pouvant conduire à la formation de bulles spéculatives. Les deux premiers chapitres présentent une revue de la littérature et un résumé extensif des principaux résultats de notre thèse. On développe en particulier les notions d'efficience informationnelle, de finance comportementale et d'équilibre bayésien. Le troisième chapitre présente des investisseurs qui peuvent diviser leurs ordres entre plusieurs teneurs de marché. Puisque tous les intervenants sont averses au risque ils échangent sur une base informationnelle et sur un niveau optimal d'actifs risquésà détenir. Nous montrons que plus les teneurs de marché sont averses au risque moins ilsfournissent de liquidité. De plus, la concurrence entre les marchés n'est pas à l'avantage automatique des investisseurs. Dans le chapitre quatre, nous confrontons des agents informés rationnels à des agents surconfiants et à des agents qui échangent sur la base de la tendance boursière. Nous avons établi que la rétroaction augmente la volatilité des prix et est la cause principale de la formation de bulles spéculatives. Les agents surconfiants augmentent la qualité des prix en présence de rétroaction. Le chapitre cinq est une généralisation du modèle de Kyle (1985) avec plusieurs initiés qui ont des signaux bruités hétérogènes. Nous établissons que l'efficience d'un tel marché est très forte at que les signaux doivent être d'autant plus précis que le nombre d'enchères ou le nombre d'initiés est élevé.

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49

Loukil, Faten. "La normalisation et la certification dans la branche formation continue." Phd thesis, Université des Sciences Sociales - Toulouse I, 2002. http://tel.archives-ouvertes.fr/tel-00011413.

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Анотація:

L'appareil de formation connaît aujourd'hui une nouvelle phase dans laquelle la
stabilisation et l'amélioration de son fonctionnement sont les principaux enjeux. Face aux
risques de dérives d'une régulation accentuée par un pouvoir administratif, le renforcement du
rôle des organismes de normalisation semble une meilleure opportunité de structuration de
l'offre.
Cette thèse s'interroge sur la normalisation et la certification comme supports de
coordination dans la branche formation continue. Elle adopte l'hypothèse de la diversité des
institutions de normalisation comme facteur de structuration de l'offre. Sur le plan théorique,
on montre que c'est la dimension compétence des organismes de formation qui doit faire
l'objet de normalisation. Cette donnée replace le choix des normes et labels dans une
perspective de renforcement de la cohérence de la firme. La diversité des institutions de
normalisation apparaît comme le support des modalités de coordination distinctes.
Ce travail apporte également une vision empirique des pratiques de normalisation et de
certification dans la branche formation continue. A partir des données d'une enquête du
CEREQ de 1997 portant sur l'utilisation des normes et labels par les organismes de formation,
on montre que la diversité des institutions de normalisation trouve sens dans la diversité des
positionnements d'organismes de formation mais aussi au travers de la structure dualiste de
l'offre de formation continue régie par un financement public et privé.

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50

Campanac, Catherine. "Biofilms bactériens : intérêt dans l'utilisation de l'activité détergente : approche des facteurs impliqués dans la formation et la résistance finale." Toulouse 3, 2002. http://www.theses.fr/2002TOU30025.

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Дисертації з теми "Formations en finance"

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