French abstract: Dans le présent papier, nous essayons d’étudier les actions de la bourse régionale de valeur mobilière (BRVM) tout en mettant en relief le modèle de Fama-French et les dérivés du modèle d’évaluation des actifs financiers (MEDAF). Les résultats montrent que le...

Already evoked in the years 1970 by American economists such as Sargen, the concept of country risk returned to the front of the economic scene following the financial crises of the years 1990.The concept of country risk is not new insofar as it is inherent in the swaps between two economic...

We study portfolio allocation and characterize contracts issued by firms in the international financial market when investors exhibit ambiguity aversion and perceive ambiguity in assets issued in foreign locations. Increases in the variance of their risky production process cause firms to issue...

English Abstract: Following the COP21 Summit, we've reached a point in economic history where real change can be expected – even if policy makers are unable or unwilling to curb the activities of oil companies in the United States… It's likely oil companies won't be in a position to reverse...

French Abstract: Nicolas Firzli nous fait partager certains des travaux menés par le World Pensions Council (WPC) et résume ici une partie des interventions du G7 Pensions qui s'est tenu fin août dernier, en marge du Sommet du G7 de Biarritz. Il livre des pistes de réflexions précieuses...

Les réserves de change se sont accrues de façon spectaculaire, principalement dans les pays asiatiques. Les modalités de gestion de ces réserves par les banques centrales pourraient avoir un impact sur les marchés financiers.

Developing a model with a switching mechanism, we show how complex dynamics can be generated even though heterogeneity arises among agents with the same trading rules (fundamentalists). We assume that there are two experts which are imitated by other operators. We show that (i) market...

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and...

Due to non-linear transaction costs, the fi nancial performance of a trading strategy decreaseswith portfolio size. Using a dynamic trading model a la Garleanu and Pedersen (2013), wederive closed-form formulas for the performance-to-scale frontier reached by competitive tradersendowed with a...

Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial...