Search results for " finance"

Failure of the normalization of the RAS method : absorption and fabrication effects are still incorrect

2000

The r and s vectors of the RAS method of updating matrices are presented often as corresponding to an absorption effect and a fabrication effect. Here, it is proved that these vectors are not identified, so their interpretation in terms of fabrication and absorption effect is incorrect and even if a normalization was proposed to remove underidentification, this normalization fails and poses many difficulties.. Keywords : Input-Output ; RAS ; Biproportion

L'euro à la lumière des théories monétaires holistes contemporaines

2008

The thesis begins by explaining, in a first part, the genealogy of a heterodox tradition called “holist monetary approach”, which refuses dichotomic theories and the classical conception of the veil of money. It shows the proximities of these positions with a tradition consisting in thinking money as a “total social fact” involving far more than the three usual economic functions attributed to money. Recent research works conducted in France around Aglietta and Orléan fit in with this tradition. The thesis also leans on theories developed in Keynes' wake, sharing with the “social fact” approaches a holist methodology. The latter involves a main focus on macroeconomic analysis, which is, in …

Positioning the Supply of Live Performance: Innovative Managerial Practices Relating to the Interaction of Spectator, Performance and Venue

2006

Because of the abundance of offerings, the question of positioning with regard to live performances is becoming increasingly crucial for managers in the cultural sector. The authors address this issue by proposing original means of differentiation that managers can use in order to reinforce the identity of their offerings. The authors point to the need for analysis of the relationship between the public and the spectacle (central focus of positioning), highlighting the various facets that structure this positioning. They then examine the interaction between the public and the cultural venue (peripheral focus of positioning). Such a framework of consumption experiences offers promising solut…

Comment on interjurisdictional regulatory competition in Canada.

2005

Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz

2004

International audience; With the usual debates trumpeting the usual merits of fixed versus flexible exchange rates, or some various incarnations thereof, the authors draw attention to Keynes's original plan for an international clearing union. The paper takes a close look at Joseph Stiglitz's recent suggestions to deal with financial crises along with Paul Davidson's Keynes-Post Keynesian clearinghouse. In the former case, the analysis is left wanting: the author offers nothing more than simple solutions to a system in need of dramatic changes. On the other hand, Davidson's analysis of the current state of affairs requires more than mere "plumbing" and addresses the root causes of the crise…

Reforming the international payment system : an assessment

2006

Ségrégation spatiale, nouvelles approches, nouveaux résultats

2013

International audience

Le point sur ...Décision d'investissement et création de valeur.

2004

International audience; Si la théorie financière traditionnelle offre des outils permettant de choisir les investissements optimaux pour les actionnaires, elle ne permet d'expliquer ni leurs caractéristiques (nature des actifs, horizon...), ni les différentes dimensions du processus décisionnel (acteurs impliqués, règles de décision...) qui les régit. Comme le montre cet article, l'élargissement du paradigme néoclassique permet d'intégrer certaines dimensions organisationnelles pouvant contribuer à construire une véritable théorie explicative de l'investissement.

Do Investors Care About Noise Trader Risk?

2011

International audience; The link between investor sentiment and asset valuation is at the center of a long-running debate in behavioral finance. Using a new composite sentiment indicator, we show that the conventional risk does not explain the abnormal returns of portfolios most sensitive to the sentiment factor. Our result supports the existence of a sentiment risk valued by financial markets. We also find that the firms more impacted by the sentiment risk correspond to difficult-to-arbitrage and hard-to-value stocks, e.g. small stocks, growth stocks, young stocks, unprofitable stocks, lower dividend-paying stocks, intangible stocks and high volatility stocks.

Is Sentiment Risk Priced By Stock Market?

2012

International audience; This study tests if the financial markets price the investors sentiment risk. We construct portfolios based upon the stock returns exposure to sentiment. Our results show that the portfolio returns are positively correlated with the exposure of stocks to sentiment. The strategy that consists of buying stocks with the highest exposure to sentiment and selling stocks with the lowest exposure to sentiment generates a significant raw profit. Exploring the sources of profit, we find that neither the traditional risk factors nor the momentum factor can account for the profit. However, we find that the addition of the sentiment risk premium contributes to explain the profit.