Fin 2012, l’actif net des OPCVM français repasse légèrement au-dessus de son niveau de fin 2008 : la gestion collective française reste la deuxième de la zone euro.

Le secteur des OPCVM français est un des plus importants de la zone euro. En réponse à la crise et aux évolutions réglementaires, les OPCVM monétaires ont modifi é la répartition de leurs portefeuilles, renforçant la part des titres émis par des institutions financières au détriment...

The French investment fund industry is one of the biggest in the euro area. In response to the crisis and regulatory changes, money market funds have adjusted the structure of their portfolios, increasing the share of securities issued by financial institutions at the expense of those issued by...

According to Islamic principles for investments in stocks, market price per share should be greater than net liquid assets per share. It may suggest that this principle restricts investments in the stock of liquid companies. Creditors prefer a favorable Current and Quick ratio but shareholders...

À fin 2013, la France occupe la quatrième place dans la zone euro pour la valeur de ses organismes de placement collectif (OPC), derrière le Luxembourg, l’Irlande et l’Allemagne. Sur l’année, l’actif net des OPC non monétaires français enregistre une progression, les effets de...

We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European countries. Using a unique monthly dataset that spans about two decades, we find that both the accession process toward EU membership and EU entry have a direct impact on...

We propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate...

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...

At end-2012, net assets held by French investment funds stood at a slightly higher level than at end-2008: France remained in second place for investment funds in the euro area.