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Trésorerie ET EVOLUTION DU Développement DES ENTREPRISES Cahier de recherche n° 9803
Ce travail de recherche a été réalisé sous la direction du Professeur Elie Cohen,. L'auteur remercie la Banque de France pour son soutien financier. Les jugements et opinions exprimés ici n'engagent que son auteur et ne reflètent pas nécessairement la position de ses organismes d'appartenance.
Should responsibility be increasingly limited and risk shifting to finance industry?
Holding companies shall: the holding company shall: an effective transition tool to move from professional to private assets
Le mode de détention des biens professionnels est une problématique actuelle pour les chefs d’entreprises français. La holding apparaît comme un outil intéressant sur le plan fiscal, juridique, comptable et patrimonial. Le thème des holdings étant très vaste, ce mémoire n’a pas vocation à aborder to...
Management control, a lever for the transfer of French public network companies? A longitudinal case study.
Is an implementation of a management control system in a public company a lever of change ? A case study was carried out with the French National Railway Company between 1996 and 1998. The management control adapts to the strategic and structural change. The objectives are to decentralize the respon...
Réglementation du travail et structure financière : Théorie et preuve empirique
This article reveals the existence of a strong negative relationship between employment laws and the financial leverage of firms. Our study uses a large sample of listed firms from the 21 high-income OECD countries. Our hypothesis is that employment laws have an impact on labor-market rigidity and t...
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Managers and accountants
Can establishing dynamics between market players, responsible and accountable for new affluence, be one of Rio+20’s aims ? Raymond Van Ermen analyses how accelerating the great transformation implied by a new financial, economic, demographic, social and ecological context, by requiring a responsible...
L'investissement stratégique : levier de la croissance
This communication proposes a typology of the investments carried out by large companies. Combining the main characteristics of venture capital (aims of the funds and management of the investments) gives 4 principals types of investments (exploratory, financial, enforcement and anticipation). This t...
Financialized growth regime: lessons from Stock Flow Consistent models
The financialized growth rate that settled in most developed economies in the nineties is characterized by the quest for higher shareholders’ profitability, increased financial accumulation at the expense of productive accumulation and the use of leverage effects. Stock Flow Consistent models à la G...
Measuring psychosocial skills in health promotion — what scientific transposition? preparation and pre-testing of a questionnaire in the framework of the project “Promoting children’s health through skills building (CPS)”
: perspectives 2013-2104
La Grande Récession se poursuit pour la cinquième année consécutive. De 2010 à 2013, les efforts budgétaires réalisés et annoncés par les pays développés ont été sans précédent, avec pour objectif une réduction rapide des déficits. Mais dans un contexte de multiplicateurs élevés, l'effort budgétaire...
Asymmetric Smiles, Leverage Effects and Structural Parameters
In this paper, we characterize the asymmetries of the smile through multiple leverage effects in a stochastic dynamic asset pricing framework. The dependence between price movements and future volatility is introduced through a set of latent state variables. These latent variables can capture not on...
The historical evolution of china’s monetary policy
Over the past six decades, China has experienced an institutional change from a planned to a market economy. During the same period, an in-depth change in the instruments and implementation of China’s monetary policy has occurred. However, until now, China’s monetary policy retains considerable diff...
Internal audit as a lever for the modernisation of control and inspection bodies: the example of general economic and financial control
— Internal Auditing, lever of modernisation for inspectorates: The example of the General Economic and Financial Control — The General Economic and Financial Control (CGEFI) has developed since 2008 an audit function, certified by IFACI, which now covers several areas of activity. CGEFI’s investment...
The European Investment Bank: a historic partner on the southern shore of the Mediterranean
The South of Mediterranean region is one of the top priorities for Europe. As such, the European Investment Bank (EIB) is a major financial partner, notably since the establishment of the Euro-Mediterranean Partnership and Investment Facility (FEMIP) in 2003. This represents nearly € 25 billion who...
This paper investigates the relation between liquidity and asset prices. It shows that, when banks balance sheets are marked to market and banks are targeting a financial leverage level - a situation similar to current environment - formation of Leverage Bubble phenomenon and suggests a new regulati...
Financial leverage and betas
Cahier de recherche du Groupe HEC, N° 35 bis
Monetary policy and financial stability
Central banks practices have gradually adjusted, since the 90s, to the fundamental principles of the New synthesis, and converged towards a normalization that has proved its worth. On one hand, this normalization is based on the doctrine of price stability, under the form of an inflation targeting s...
Refined model of the covariance/correlation matrix between securities
A new methodology has been introduced to clean the correlation matrix of single stocks returns based on a constrained principal component analysis using financial data. Portfolios were introduced, namely "Fundamental Maximum Variance Portfolios", to capture in an optimal way the risks defined by fin...
‘Evidence to understand’, a lever for building the meaning of the letter in class 5
L'algèbre est un enjeu majeur de l'enseignement des mathématiques au collège. Son introduction pose de nombreux problèmes aux enseignants et aux élèves. Dans cet article, nous rendons compte d'une expérimentation menée en classe de 5e au moment de l'introduction de l'algèbre. L'activité utilise un p...
Urban furniture, an uncertain factor in the profitability of public roads
Econometric model of the agro-food industry
It concerned to apprehend, by econometric analysis, a part of determinant andphenomenen of competitive trought flux of exchange with exterior of food industry sector ; to explicit the factors contributing to a physical capital formation of sector by cherching determinants of theses investments, and...
On the hybrid nature of convertible bonds
Convertible bonds are the privileged instrument of corporations willing to rai se capital white benefiting from both debt and equity advantages. They are complex corporate securities which incorporate within a single derivative instrument man y features at the boundary of option theory. Three main r...
Financial leverage in periods of inflation
International audience The currency depreciation combined with the high indebtedness of French industry and a systematic policy of cheap credit, has destroyed a natural mechanism for optimal orientation of financial resources to firms: the effect of financial leverage.
Patent pledge and innovation growth
`titrebPatents as collateral and the growth of innovations `/titreb The effect of the imperfection of collateral assignments of patents on the growth of innovations and the equilibrium interest rate is studied in this paper. It leads to the following results: security interests in patents leverage t...
Specificities and recent developments in banking taxation
The nature of banking justifies the application of a specific taxation for banks. First, considering that financial leverage cannot be disassociated from bank intermediation, it is hardly pertinent to adjust for the “fiscal bias of debt” or to place a ceiling on interest charges as is the case with...