In this paper we consider a family of investment projects defined by their deterministic cash flows. We assume stationarity—that is, projects available today are the same as those available in the past. In this framework, we prove that the absence of arbitrage opportunities is equivalent to...

The organization of securities markets has not benefited from the feigned attempts of reform presented by authorities since the outbreak of the current crisis. However, speculative opportunities like the risks incurred also depend on the markets on which one operates. The Markets in Financial...

Les sociétés immobilières cotées n'ont pas encore fait, en France, l'objet de travaux académiques importants, alors que leurs actifs sous-jacents ont un intérêt économique fondamental parce qu'ils représentent la moitié de la richesse nationale. Cette étude, après avoir construit des...

Le capitalisme financier est entré dans une crise profonde en 2007. Cette crise, d'abord bancaire et localisée dans le marché du crédit immobilier américain, est rapidement devenu mondiale,financière et réelle. Elle a remis en cause la forte croissance dont bénéficiait l'économie...

The thesis draws lessons from behavioural finance and nonlinear econometrics to build models that provide better explanatory and predictive powers of exchange rate dynamics than traditional models. The first article justifies the failure of traditional models by the failure of their underlying...

The aim of this thesis is to model the dynamics of international term structure of interest rates taking into consideration several dependence channels.Thanks to a new international Treasury yield curve database, we observe that the explained variability decision criterion, suggested by the...

The aim of this thesis is to analyze, from an empirical point of view, both the different varieties of economic and financial crises (typological analysis) and the context’s characteristics, which could be associated with a likely occurrence of such events. Consequently, we analyze both: years...

This thesis aims to analyze the impact of IPO analyst coverage on the quality of the secondary market and on the future market life of the firm. For this purpose, three empirical studies are conducted on the French market. The first one provides a new explanation for the positive relation...