Search

Cette étude tente de vérifier s’il existe une interaction entre le risque opérationnel et les autres risques financiers. L'interaction entre le risque opérationnel et les autres risques imprègne toute la gamme des événements défavorables qui affectent les résultats bancaires dans les pays en vois de développement. L'interaction résume la dynamique réelle du risque opérationnel dans le secteur bancaire. De cette façon, un risque opérationnel augmente la probabilité que les contreparties soient en défaut de paiement. Une interaction similaire existe entre le risque opérationnel et le risque de liquidité. Nous effectuons des tests de causalité de Granger dans un cadre dynamique d’estimation de panel GMM sur un ensemble de données sur les banques tunisiennes, qui comprend principalement 10 banques cotées de 1998 à 2016. Nous montrons que le risque opérationnel est positivement corrélé avec le risque de crédit. Cependant, il n’a pas d’impact significatif sur le risque de liquidité.

L’émergence d’un nouveau courant de recherche, la finance comportementale, liant les comportements des marchés et la psychologie humaine, cherche à étudier les biais cognitifs liés au comportement des investisseurs et qui ne sont pas expliqués par la théorie traditionnelle de la finance. Notre étude empirique porte, d’une part, sur l’identification des crises boursières qui ont touché la Bourse de Tunis durant la période allant de 1998 jusqu’à 2018 et d’autre part, sur la mesure du sentiment des investisseurs sur le marché boursier tunisien, pour arriver à vérifier que l’indicateur de sentiment de l’investisseur concorde avec les crises boursières et de trouver que le sentiment de l’investisseur cause les crises boursières tunisiennes au sens de Granger. Une nouvelle preuve est ainsi faite sur le rôle important joué par le sentiment des investisseurs dans la transmission des crises boursières.&nbsp

Cet article a pour objectif d'analyser dans quelle mesure la théorie du financement hiérarchique (Pecking order theory) est d'une application pertinente pour les entreprises familiales. Pour cela, nous avons comparé deux séries d'entreprises familiales et d'entreprises non familiales non cotées dans le contexte français. Nos résultats indiquent que le comportement financier des entreprises familiales diffère en général de celui des entreprises non familiales. Les entreprises familiales privilégient le financement interne au détriment du financement externe et, en cas de recours à un financement externe, l’endettement est préféré à l’augmentation de capital. La théorie du Pecking order se justifie plutôt pour les entreprises familiales que pour les entreprises non familiales.

This research aims to empirically test the relationship between the financial structure and innovation in family businesses. The notion of innovation is, indeed, a sustainability factor for family businesses which favors the conceptual incorporation into the capital structure of family businesses. This paves us the way to analyze the relationship by mobilizing the theory of resources. This research also enables us to verify the moderating role of the generational stage in this relationship. The model estimates are based on a sample of panel data collected over the period 2003-2012 for 100 unlisted French Family firms. The main results indicate that all the traditional determinants of the financial structure, except ROA, play an important role in the financing policy of these firms. We can perceive that innovation can affect the choice of financing and can, also, play a significant role in the choice of debt maturity. Moreover, the financial structure of these family businesses slowly but surely converges towards its target level

The objective of this paper is to measure the degree of Home Bias within holdings portfolio and to identify their determining factors. By following literature and an international CAPM, we have chosen quite a number of susceptible factors that impact Home Bias. This model is, hence, estimated for 20 countries, with cross-section econometrics, between 2008 and 2013. Our results show that all countries have recorded a high level of Home bias in their holdings portfolio. After that, we test if the Home Bias of the emerging markets and that of the developed markets react differently to the determining factors. The volatility of the exchange rate is statistically significant with emerging markets, while it is hardly remarkable for the developed countries. Co-variance, size, distance, language, legal framework and foreign organization stocks prevents American investors to invest abroad.Keywords: International portfolio, Home Bias, exchange rate, emerging market, CAPMJEL Classifications: F31, G11

In the turmoil of the subprime crisis, the Credit Rating Agencies, have become indispensable aids in the treatment of financial information, has been much criticized. After various controversies in United States and Europe, their operational mode has been thoroughly examined and questioned, as was the case with international accounting standards and other means of analysis and synthesis. In this context, this paper points out some details on the birth and development of these agencies.

PurposeCompany disclosures on the web are a useful tool to promote the efficiency of financial markets. Moreover, they can be a source of strategic financial communication. The objective of the study reported in this paper is to make an inventory of the information published on the web sites of companies listed in the Moroccan and Tunisian stock exchanges, and to compare the practices of those companies with those of their European counterparts. The study also seeks to identify the determinants of these disclosures.Design/methodology/approachThe study develops a composite scale to measure the quality of web site disclosures. This scale is used to score the web sites of the top 91 companies listed on the Casablanca and Tunis stock exchanges in 2007. The quality of those web sites is compared with the quality of some web sites of European companies. A number of hypotheses relating to the determinants of web site quality are then tested using linear modeling techniques.FindingsTwo thirds of the firms listed in the Casablanca and Tunis stock exchanges have a web site (www.casablanca‐bourse.com). An average of 39.7 percent of Moroccan web sites and 19.4 percent of those from Tunisia meet the benchmark quality criteria used by this study, compared with between 48 percent and 61 percent for European firms. The average extended score is 32.80 percent; Moroccan firms score 38.34 percent on average, while Tunisian firms score 28.12 percent. The determinants of this information level are found to be accounting performance and the proportion of shares held by foreigners. Web site quality is also linked to firm size. Apart from those characteristics, no effect of the economic sector, the country or market performance could be detected.Originality/valueThe study presents an international comparison (north/south) and builds a novel scale in order to explain web disclosures. This is an area that has not previously been explored, and includes some financial markets that are under‐researched.

We looked for evaluating and comparing the risk and performance of both Islamic and conventional indices during subprime crisis. We used daily closing stock indices data of the Dow Jones Index series and we evaluated the volatilities of Islamic indices over a period of eleven years. The results suggested that Islamic indexes family is not fully sheltered from the subprime crisis. Similar to the conventional indexes, all Islamic indexes recorded lower average returns and higher volatility in the crisis period compared to the pre-crisis as well as after crisis period. However, outcomes results from Sharpe ratio, Treynor index and Jensen’s alpha affirm that the impact of the crisis on ethical investment is as severe as it is on the conventional peers except four Islamic index that prove their resilience versus their counterparts during turbulent time and they continue their outperformance even during calmness period. Meanwhile, geographical factor is shown to be relevant diversification criteria particularly during the crisis period. In term of portfolio diversification benefits, investors should be aware of the market condition in strategizing their capital portfolio in the context of both the level of development and also depending on geographical area and ethics factors.

The aim of this research is to outline board turnover when firms repurchase their own shares. Indeed, to control insiders’ short-swing trading during repurchase events and protect outsiders against speculation, it is useful to know how boards are changed. We examine the introduction of the SEC 2004 disclosure requirement effectiveness on repurchase announcement returns and director’s turnover in a sample of 764 companies over 1998 to 2013. In a broad cross-section of US firms, we argue that the SEC 2004 Rule appears to receive greater weight in turnover decision. However, the more insiders are entrenched into the board, the more they cannot be replaced easily even though 2004 disclosure Rule is adopted. We also find that a large number of board independencecontinue to explain the variation of board turnover.

This study aims to analyze the long-run as well as the short-run relationship between macroeconomic, demographic variables and the Tunisian stock market for the period subsequent to the financial crisis. Monthly data over the period 2008-2014 and ARDL model have been employed. Results indicate that the Tunisian stock market index, macroeconomic and demographic indicators are cointegrated and, therefore, a long-run relationship exists between them. The long-run coefficients suggest that budget deficit, inflation rate and number of unemployed graduates had a negative effect, otherwise, money supply and number of non-resident entries had positive effect on the Tunisian stock market. Moreover, results from the error correction model show that the Tunisian stock market index is influenced positively by money supply and second order difference of the number of unemployed graduated and negatively by first and second order difference of money supply, inflation rate, first order difference of number of non-resident entries and number of unemployment graduates.

Credit rating agencies (CRA) are qualified as 'auxiliaries of the financial information' by all the investors. Ratings are the results of a methodology used by CRA. Within the framework of a demystification of the method of work of agencies, the objective of this paper is to identify the importance of the accounting and financial adjustments in the decisions of rating agencies. This allows estimating the explanation proportion of this type of information that contributes in the forming of the assigned rating. We suggest a statistical and econometrical study that aims at determining the ratings from the accounting and financial variables adjusted by the credit rating agencies to better understand the relation between the adjustments of the ratings and the level of the ascribed score.

This paper aims to analyze whether pecking order theory has a relevant application for family businesses. For this purpose, we compared two series of family and non-family unlisted firms in the French context. Our results indicate that generally the financial behavior of family businesses differs from non-family enterprises. Family business prefer internal financing to external financing and, in the case of external financing, debt is preferred to the capital increase. The Pecking order theory is more appropriate for family businesses than for non-family businesses., Cet article a pour objectif d'analyser dans quelle mesure la théorie du financement hiérarchique (Pecking order theory) est d'une application pertinente pour les entreprises familiales. Pour cela, nous avons comparé deux séries d'entreprises familiales et d'entreprises non familiales non cotées dans le contexte français. Nos résultats indiquent que le comportement financier des entreprises familiales diffère en général de celui des entreprises non familiales. Les entreprises familiales privilégient le financement interne au détriment du financement externe et, en cas de recours à un financement externe, l'endettement est préféré à l'augmentation de capital. La théorie du Pecking order se justifie plutôt pour les entreprises familiales que pour les entreprises non familiales.

L’émergence d’un nouveau courant de recherche, la finance comportementale, liant les comportements des marchés et la psychologie humaine, cherche à étudier les biais cognitifs liés au comportement des investisseurs et qui ne sont pas expliqués par la théorie traditionnelle de la finance. Notre étude empirique porte, d’une part, sur l’identification des crises boursières qui ont touché la Bourse de Tunis durant la période allant de 1998 jusqu’à 2018 et d’autre part, sur la mesure du sentiment des investisseurs sur le marché boursier tunisien, pour arriver à vérifier que l’indicateur de sentiment de l’investisseur concorde avec les crises boursières et de trouver que le sentiment de l’investisseur cause les crises boursières tunisiennes au sens de Granger. Une nouvelle preuve est ainsi faite sur le rôle important joué par le sentiment des investisseurs dans la transmission des crises boursières.

Ouvrage collectif issu du colloque scientifique international en Finance et Assurance, les 11, 12 et 13 décembre 2009 à Djerba (Tunisie)