This paper deals with the moral hazard problem associated with the behavior of corporate managers. The stockholders (shareholders) cannot control ex ante the managers, because the latter’s action is unobservable to the former, and the stockholders cannot oblige the managers to choose an action...

In most of case, the insider trading is a behavior transgression of law, it is a practice deemed illegal by law. This practice is unfair and opaque; it distorts the confidence and equality of investors to make trading in the market. An insider acting or allows other intermediaries to act in the...

The uncertainty plays a central role in most of the problems which addressed by the modern financial theory. For some time, we know that the uncertainty under the speculative price varies over the time. However, it is only recently that a lot of studies in applied finance and monetary economics...

The management of financial risks, which is a branch of financial theory, is defined as a process that begins with risk factors identification, continues with measurement of risk and concludes with the coverage of that risk. This work focuses on the second phase of management process, namely the...

In this study, the reliability of the Fama-French Three-Factor model (FF3F) and the Carhart Four-Factor model (C4F) is examined thoroughly. In order to determine which of the asset pricing models is the best to explain portfolio returns on the Moroccan share market, these two models are indeed...