This article looks inside the black box of order flows to understand why order flows models of exchange rate are more competitive than traditional models of exchange rate. We set a theoretical model that relies on a behavioural exchange rate model and a microstructure model. The model puts...

The volume of transaction varies according to several factors. Of a point of view of the behavioural finance, a high level of this last can be assigned to a phenomenon of overconfidence or a disposition effect. This paper studies these two phenomena as well as the one of the asymmetry of the...

The post-crisis financial reforms address the need for systemic regulation, focused not only on individual banks but also on the whole financial system. The regulator principal objective is to set banks' capital requirements equal to international minimum standards in order to mimimise systemic...

This study extends the traditional set of central bank's interventions to include official announcements in order to provide empirical evidence on two pivotal questions: (i) are FX authorities able to influence market expectations with different instruments? (ii) how should interventions be...

La finalité de cet ouvrage est pédagogique. Il est destiné à faciliter l’acquisition des connaissances dans le domaine de la finance internationale et celui de la gestion des risques. Cette nouvelle édition, actualisée et rénovée, regroupe tous les thèmes importants de ces deux...

Recueil d'exercices et de QCM corrigés pour faciliter l'acquisition des compétences minimales, dans le domaine de la finance internationale.

The recent financial crisis has triggered radical criticism against financial markets. In this paper, we propose to analyse this criticism in the perspective drawn by Boltanski and Thevenot (1991/2006) around the notion of justification. We see the main debate as opposing the critics and the...

This article proposes a new approach to liquidity on financial markets : do not considers liquidity individually, or stock by stock, but takes a common or systematic approach. Common factors in liquidity do exist, and they can cause the liquidity of each stock to vary simultaneously. This point...