Finance d’Entreprise et Finance de Marché

This summary covers two papers. The first is a paper examining the relationship between sovereign credit ratings and investor protection legislation. The paper finds that higher levels of investor protection are associated with stronger sovereign credit ratings.   The second is a paper which compares the use of econometrics to the use of machine learning algorithms to estimate the pre-money valuat...

This summary covers two papers. The first is a paper examining the relationship between sovereign credit ratings and investor protection legislation. The paper finds that higher levels of investor protection are associated with stronger sovereign credit ratings.   The second is a paper which compares the use of econometrics to the use of machine learning algorithms to estimate the pre-money valuat...

Cette étude montre que les controverses ESG augmentent le coût de financement des entreprises, mais que leur impact varie selon la culture nationale. Les investisseurs et prêteurs réagissent différemment aux risques ESG en fonction des valeurs et normes propres à chaque pays.

Le Bitcoin, au-delà de son aspect spéculatif, devient un outil de protection dans les économies en crise. L’étude montre que sur les plateformes décentralisées (DEX), son usage augmente lorsque les institutions financières sont fragiles ou que les contrôles de capitaux se durcissent, permettant ainsi aux utilisateurs de contourner les restrictions.

La courbe des taux représente les rendements des obligations selon leur échéance, la référence étant les emprunts d’État. Dans un contexte stable, les taux augmentent avec la maturité pour rémunérer le risque à long terme. Les investisseurs font face à trois risques : taux, inflation et défaut de remboursement. Les obligations d’entreprises sont normalement plus risquées, avec une prime de risque...

Gender equality goes beyond numbers it’s about inclusion. While laws like Copé-Zimmermann have increased women’s representation, true equality means ensuring their voices influence decisions and their contributions are valued. Intersectionality shows that barriers are often compounded by factors like ethnicity or age. The real transition is moving from diversity to inclusion creating cultures wher...

Even when women earn more than their partners, they still take on more household work, which holds back their careers. This imbalance is driven by persistent social norms around masculinity and women’s roles. Only couples with equal incomes escape this dynamic. Addressing it requires open conversations between partners, but also public policies and company initiatives.

Cette thèse propose des solutions innovantes pour répondre aux défis posés par l’utilisation de l’intelligence artificielle (IA) durant le processus d''évaluation de la solvabilité d'un emprunteur. Le premier chapitre introduit un cadre d’analyse permettant de détecter et de corriger les biais de discriminations potentielles des algorithmes d’IA, tout en maintenant leur niveau de performance. Le d...

Le risque de change est le danger financier lié aux variations des taux entre devises, affectant entreprises, investisseurs et particuliers dans leurs transactions internationales. Il peut impacter les revenus, les investissements ou les remboursements de prêts selon l'évolution des monnaies. On distingue le risque de transaction, de conversion et économique. Sa gestion repose sur des mécanismes i...

Résumé en français (une dizaine de lignes maximum) Le coût du capital est le coût moyen des ressources financières utilisées par une entreprise pour financer ses actifs. Il se calcule comme suit : CMPC= x + x x(1-t) CP : Capitaux propres D : Dette : Cout des capitaux propres : Cout de la dette t : Taux d’imposition Il représente le taux de rendement minimal qu'une entreprise doit générer pour pouv...

La finance comportementale se différencie de la finance classique en faisant l'hypothèse que les agents financiers ont une rationalité cognitive, plus proche de la réalité des comportements observés, plutôt qu'une rationalité axiomatique.

L'affacturage est une solution financière permettant aux entreprises de céder leurs créances clients à une société spécialisée, appelée factor. En échange, le factor avance la quasi-totalité du montant des créances, améliorant ainsi la trésorerie de l'entreprise. Une fois le paiement reçu, le factor reverse le solde restant, déduction faite de ses frais et commissions. Cette pratique offre aux ent...

Recently, ensemble-based machine learning models have been widely adopted and have demonstrated their effectiveness in bankruptcy prediction. However, these algorithms often function as black boxes, making it difficult to understand how they generate forecasts. This lack of transparency has led to growing interest in interpretability methods within artificial intelligence research. In this paper,...

La gestion de portefeuille consiste à sélectionner et assembler des actifs financiers pour optimiser le risque et le rendement selon les objectifs du client. Elle est assurée par une société de gestion, composée du gérant de portefeuille, des analystes, des traders et de l’équipe commerciale. Les clients privés incluent les petits épargnants, qui investissent via des fonds indiciels (ETF) ou actif...

We experimentally investigate whether and how the potential presence of algorithmic trading (AT) in human-only asset markets can influence humans’ price forecasts, trading activities and price dynamics. Two trading strategies commonly employed by high-frequency traders, spoofing (SP) – associated with market manipulation – and market making (MM) – seen as liquidity provision – are considered.

Le dispositif pédagogique « Crowdfund Your Business » est un challenge intermaster en équipe, permettant de déployer une analyse de la stratégie financière et digitale d’une campagne de levée de fonds participatif (crowdfunding). La formation est structurée afin d’être accessible quel que soit le niveau initial des participants dans les domaines considérés. Il réunit deux promotions de l’Ecole Uni...

Drawing from women's testimonials in The Guardian and from contributions of feminist writers, Virginia Woolf, Julia Kristeva, and Margaret Mead, we start a conversation on the positive and energizing aspects of menopause in the workplace. We propose a social interpretation of menopause that challenges a pervasive perspective of medical decline: A theorization of “the dialectic of zest,” as inspire...

This study investigates how green investment assets improve optimal portfolio diversification in terms of tail downside risk. We use the wavelet conditional value-at-risk ratio to explore the benefits of adding green assets to conventional portfolios. We quantify risk based on the contagion between conventional stock market indices and green environmental assets, including a sustainability index,...

Increasing awareness of climate change and its potential consequences on financial markets has led to interest in the impact of climate risk on stock returns and portfolio composition, but few studies have focused on perceived climate risk pricing. This study is the first to introduce perceived climate risk as an additional factor in asset pricing models. The perceived climate risk is measured bas...

Technical analysis involves studying historical price movements and trading volumes to predict future trends in financial assets. It relies on charts and technical indicators and does not consider the intrinsic value of a company.

Fundamental analysis involves assessing a stock’s intrinsic value by reviewing financial statements, industry trends, and economic factors. It helps investors determine whether a stock is undervalued or overvalued, guiding their investment decisions.

A financial market is a marketplace where financial assets like stocks, bonds, and commodities are traded. These markets help businesses and governments raise capital and enable the efficient allocation of financial resources. Financial markets are vital for economic growth.

Financial assets are monetary instruments that can be traded in financial markets, such as stocks, bonds, and mutual funds. They allow investors to generate income or capital appreciation. Unlike physical assets, financial assets derive their value from contractual claims.

Risk in investing refers to the chance that actual returns may differ from expected ones, possibly leading to a loss of capital. High-risk investments often offer higher potential returns but are more volatile. Diversification is a key method for managing risk by spreading investments across different asset classes.

An investment is the allocation of resources, typically money, with the goal of generating returns or profit. Investments can take many forms, such as stocks, bonds, or real estate. While they inherently carry risk, smart strategies and diversification can help mitigate potential losses and increase gains.