Impacts de la notation financière surévaluée sur la création de valeur de l'entreprise

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (951 download)

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Book Synopsis Impacts de la notation financière surévaluée sur la création de valeur de l'entreprise by : Meriem Seffar

Download or read book Impacts de la notation financière surévaluée sur la création de valeur de l'entreprise written by Meriem Seffar and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Les agences de notation n'ont pu anticiper la faillite de plusieurs entreprises. Des recherches se sont intéressées à la qualité des notations et à leurs impacts sur les cours boursiers et les spreads de taux. Elles se sont focalisées, davantage, sur l'utilisation des notations par les investisseurs et dans les réglementations bancaires. Cette thèse s'inscrit dans le prolongement de ces travaux. Néanmoins, elle s'intéresse, particulièrement, aux conséquences des surévaluations sur les émetteurs. La principale contribution théorique attendue de ce travail est de fournir un éclairage sur ces notations, leur exactitude, et leur contribution dans la création de valeur de l'entreprise émettrice. Nous étudierons si la notation d'une entreprise peut être considérée comme un facteur explicatif de son recours excessif au marché de la dette, et nous analyserons les répercussions sur sa situation financière.

Impacts de la notation financière sur le prix des actions

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Publisher : Editions Universitaires Européennes
ISBN 13 : 9786131532108
Total Pages : 432 pages
Book Rating : 4.5/5 (321 download)

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Book Synopsis Impacts de la notation financière sur le prix des actions by : François Lantin

Download or read book Impacts de la notation financière sur le prix des actions written by François Lantin and published by Editions Universitaires Européennes. This book was released on 2010 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Les agences de notation financi re font l'objet de critiques li es la sous- valuation de certains risques de d faut. Les d bats oscillent entre une remise en cause de leur utilit fond e sur leurs retards de r action et une mise en avant de leur responsabilit dans la volatilit des march s financiers dans le cas contraire. Cette recherche apporte des l ments objectifs d'analyse et de nouvelles pistes de r flexion sur l'influence r elle des agences de rating sur les march s financiers au niveau europ en. Les travaux empiriques s'appuient sur l' tude de 1 035 annonces publi es par Standard and Poor's concernant 212 soci t s cot es europ ennes sur la p riode comprise entre 1998 et 2006. Les r sultats confirment d'abord l'asym trie moyenne de r action des march s d'actions et apportent des approfondissements sur les niveaux de r action par cat gorie de changement de note. Les travaux pr cisent galement les circonstances qui conduisent une diminution effective du prix des actions et qui influencent leur niveau de correction dans le cas d'entreprises confront es une annonce n gatives.

Évaluation de la faisabilité financière des projets, la création de valeur et l’analyse financière de l’entreprise

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Publisher :
ISBN 13 : 9782890943636
Total Pages : 434 pages
Book Rating : 4.9/5 (436 download)

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Book Synopsis Évaluation de la faisabilité financière des projets, la création de valeur et l’analyse financière de l’entreprise by : Wilson O'Shaughnessy

Download or read book Évaluation de la faisabilité financière des projets, la création de valeur et l’analyse financière de l’entreprise written by Wilson O'Shaughnessy and published by . This book was released on 2018 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Notation financière et comportement des acteurs sur le marché financier

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (862 download)

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Book Synopsis Notation financière et comportement des acteurs sur le marché financier by : Neila Dammak

Download or read book Notation financière et comportement des acteurs sur le marché financier written by Neila Dammak and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: L'objectif de cette thèse est d'analyser le rôle des agences de notation sur le marché financier. Notre contribution consiste à mieux comprendre l'influence des annonces de notation sur les acteurs du marché français des actions (investisseurs et analystes financiers).La première question porte sur l'apport informatif délivré par les agences de notation et l'impact de leurs décisions. Afin de répondre à cette question, nous avons conduit une étude d'évènement à l'annonce de notation en distinguant les annonces par nature, type et catégorie.Cette recherche permet de prouver que les annonces de notation ont globalement un impact sur le marché des actions. L'impact dépend de la nature de l'annonce, des informations fournies dans les rapports de notation, des changements de note entre catégories et de ceux effectués dans la catégorie spéculative. Enfin, le niveau de la note dépend des caractéristiques financières et comptables de l'entreprise notée.La seconde question porte sur le rôle bénéfique des agences de notation sur les marchés. Afin de répondre à cette deuxième question, nous avons conduit une recherche qui consiste à analyser l'évolution de l'asymétrie d'information entre les investisseurs et de la liquidité autour des annonces de notation.Cette recherche prouve que les annonces positives (respectivement négatives) entraînent une diminution (respectivement augmentation) de l'asymétrie d'information sur le marché des actions. Les résultats prouvent également que les annonces positives et neutres, à l'inverse des annonces négatives, entraînent une réduction des fourchettes de prix et une amélioration des volumes de transactions. Ces deux effets concomitants traduisent une amélioration (respectivement détérioration) de la liquidité du marché lors des annonces positives et neutres (respectivement négatives).La troisième question porte sur l'utilité des annonces de notation pour les analystes lors de leurs prévisions. Afin de répondre à cette question, nous avons mené une recherche qui consiste à étudier l'évolution de la dispersion et de l'erreur des prévisions des analystes autour des annonces de notation.Les résultats mettent en évidence une relation inverse entre les caractéristiques des prévisions des analystes financiers et la nature de l'annonce de notation. Les annonces positives et neutres réduisent l'erreur et la dispersion des prévisions d'analystes.Ce travail de recherche permet d'attester de la réelle importance du contenu informationnel des annonces de notation pour le marché des actions et de la réelle contribution des annonces à l'amélioration de la communication financière sur le marché.

Décisions financières et création de valeur

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Publisher :
ISBN 13 : 9782717869415
Total Pages : 521 pages
Book Rating : 4.8/5 (694 download)

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Book Synopsis Décisions financières et création de valeur by : Michel Albouy

Download or read book Décisions financières et création de valeur written by Michel Albouy and published by . This book was released on 2017-02-02 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bank Profitability - Statistical Supplement

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Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Bank Profitability - Statistical Supplement by : Organisation for Economic Co-operation and Development

Download or read book Bank Profitability - Statistical Supplement written by Organisation for Economic Co-operation and Development and published by . This book was released on 1987 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bankrupt

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Publisher : Stanford University Press
ISBN 13 : 0804760756
Total Pages : 537 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Bankrupt by : Terence Halliday

Download or read book Bankrupt written by Terence Halliday and published by Stanford University Press. This book was released on 2009-04-20 with total page 537 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through the lens of the Asian Financial Crisis, this book documents how international organizations and national governments crafted legal responses, through corporate bankruptcy reforms, to the fragility of financial markets in East Asia and worldwide.

Money and Credit

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Publisher : John Wiley & Sons
ISBN 13 : 0745655343
Total Pages : 284 pages
Book Rating : 4.7/5 (456 download)

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Book Synopsis Money and Credit by : Bruce G. Carruthers

Download or read book Money and Credit written by Bruce G. Carruthers and published by John Wiley & Sons. This book was released on 2013-05-03 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a fresh and uniquely sociological perspective on money and credit. As basic economic institutions, money and credit are easy to overlook when they work well. When they malfunction, as they did in the new millennium’s global financial crisis, their importance becomes obvious and demands further investigation. Bruce Carruthers and Laura Ariovich examine the social dimensions of money and credit at both the individual and corporate levels, from the development of personal credit and a consumer society, to the role of government in the creation of money. In clear prose, they illustrate how the overall future of the economy is governed by the financial system and the flow of capital into, and out of, firms operating in particular industrial sectors, as well as the social meanings money itself acquires and the ways people distinguish between “dirty” and “clean” money. This accessible and engaging book will be essential reading for upper-level students of economic sociology, and those interested in how the bills, coins and plastic in our pockets shape the world we live in.

Economy/Society

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Publisher : Pine Forge Press
ISBN 13 : 9780761986416
Total Pages : 268 pages
Book Rating : 4.9/5 (864 download)

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Book Synopsis Economy/Society by : Bruce G. Carruthers

Download or read book Economy/Society written by Bruce G. Carruthers and published by Pine Forge Press. This book was released on 2000 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economy/Society provides an introduction to the ways in which economic exchanges are embedded in social relationships. It offers insights into advertising, consumer behaviour, conflicts in the work place, social inequality and other issues.

Born Losers

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Publisher : Harvard University Press
ISBN 13 : 9780674015104
Total Pages : 396 pages
Book Rating : 4.0/5 (151 download)

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Book Synopsis Born Losers by : Scott A. Sandage

Download or read book Born Losers written by Scott A. Sandage and published by Harvard University Press. This book was released on 2006-04-30 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: What makes somebody a Loser, a person doomed to unfulfilled dreams and humiliation? Nobody is born to lose, and yet failure embodies our worst fears. The Loser is our national bogeyman, and his history over the past two hundred years reveals the dark side of success, how economic striving reshaped the self and soul of America. From colonial days to the Columbine tragedy, Scott Sandage explores how failure evolved from a business loss into a personality deficit, from a career setback to a gauge of our self-worth. From hundreds of private diaries, family letters, business records, and even early credit reports, Sandage reconstructs the dramas of real-life Willy Lomans. He unearths their confessions and denials, foolish hopes and lost faith, sticking places and changing times. Dreamers, suckers, and nobodies come to life in the major scenes of American history, like the Civil War and the approach of big business, showing how the national quest for success remade the individual ordeal of failure. Born Losers is a pioneering work of American cultural history, which connects everyday attitudes and anxieties about failure to lofty ideals of individualism and salesmanship of self. Sandage's storytelling will resonate with all of us as it brings to life forgotten men and women who wrestled with The Loser--the label and the experience--in the days when American capitalism was building a nation of winners.

Seventy-five Years of the Mercantile Agency, R.G. Dun & Co., 1841-1916,

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Publisher : Legare Street Press
ISBN 13 : 9781014432285
Total Pages : 202 pages
Book Rating : 4.4/5 (322 download)

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Book Synopsis Seventy-five Years of the Mercantile Agency, R.G. Dun & Co., 1841-1916, by : Edward Neville 1870- Vose

Download or read book Seventy-five Years of the Mercantile Agency, R.G. Dun & Co., 1841-1916, written by Edward Neville 1870- Vose and published by Legare Street Press. This book was released on 2021-09-09 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Standards and Their Stories

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Publisher : Cornell University Press
ISBN 13 : 9780801474613
Total Pages : 268 pages
Book Rating : 4.4/5 (746 download)

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Book Synopsis Standards and Their Stories by : Martha Lampland

Download or read book Standards and Their Stories written by Martha Lampland and published by Cornell University Press. This book was released on 2009 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standardization is one of the defining aspects of modern life, its presence so pervasive that it is usually taken for granted. However cumbersome, onerous, or simply puzzling certain standards may be, their fundamental purpose in streamlining procedures, regulating behaviors, and predicting results is rarely questioned. Indeed, the invisibility of infrastructure and the imperative of standardizing processes signify their absolute necessity. Increasingly, however, social scientists are beginning to examine the origins and effects of the standards that underpin the technology and practices of everyday life. Standards and Their Stories explores how we interact with the network of standards that shape our lives in ways both obvious and invisible. The main chapters analyze standardization in biomedical research, government bureaucracies, the insurance industry, labor markets, and computer technology, providing detailed accounts of the invention of "standard humans" for medical testing and life insurance actuarial tables, the imposition of chronological age as a biographical determinant, the accepted means of determining labor productivity, the creation of international standards for the preservation and access of metadata, and the global consequences of "ASCII imperialism" and the use of English as the lingua franca of the Internet. Accompanying these in-depth critiques are a series of examples that depict an almost infinite variety of standards, from the controversies surrounding the European Union's supposed regulation of banana curvature to the minimum health requirements for immigrants at Ellis Island, conflicting (and ever-increasing) food portion sizes, and the impact of standardized punishment metrics like "Three Strikes" laws. The volume begins with a pioneering essay from Susan Leigh Star and Martha Lampland on the nature of standards in everyday life that brings together strands from the several fields represented in the book. In an appendix, the editors provide a guide for teaching courses in this emerging interdisciplinary field, which they term "infrastructure studies," making Standards and Their Stories ideal for scholars, students, and those curious about why coffins are becoming wider, for instance, or why the Financial Accounting Standards Board refused to classify September 11 as an "extraordinary" event.

The Familiarity of Strangers

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Publisher : Yale University Press
ISBN 13 : 0300156200
Total Pages : 485 pages
Book Rating : 4.3/5 (1 download)

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Book Synopsis The Familiarity of Strangers by : Francesca Trivellato

Download or read book The Familiarity of Strangers written by Francesca Trivellato and published by Yale University Press. This book was released on 2009-06-30 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking a new approach to the study of cross-cultural trade, this book blends archival research with historical narrative and economic analysis to understand how the Sephardic Jews of Livorno, Tuscany, traded in regions near and far in the seventeenth and eighteenth centuries. Francesca Trivellato tests assumptions about ethnic and religious trading diasporas and networks of exchange and trust. Her extensive research in international archives--including a vast cache of merchants' letters written between 1704 and 1746--reveals a more nuanced view of the business relations between Jews and non-Jews across the Mediterranean, Atlantic Europe, and the Indian Ocean than ever before. The book argues that cross-cultural trade was predicated on and generated familiarity among strangers, but could coexist easily with religious prejudice. It analyzes instances in which business cooperation among coreligionists and between strangers relied on language, customary norms, and social networks more than the progressive rise of state and legal institutions.

Credit Reporting Systems and the International Economy

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Publisher : MIT Press
ISBN 13 : 9780262134224
Total Pages : 484 pages
Book Rating : 4.1/5 (342 download)

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Book Synopsis Credit Reporting Systems and the International Economy by : Margaret J. Miller

Download or read book Credit Reporting Systems and the International Economy written by Margaret J. Miller and published by MIT Press. This book was released on 2003 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive review of credit reporting systems worldwide, including their institutional forms and evidence of their impact on financial markets. Credit reporting is a critical part of the financial system in most developed economies but is often weak or absent in developing countries. It addresses a fundamental problem of credit markets: asymmetric information between borrowers and lenders that can lead to adverse selection and moral hazard. The heart of a credit report is the record it provides of an individual's or a firm's payment history, which enables lenders to evaluate credit risk more accurately and lower loan processing time and costs. Credit reports also strengthen borrower discipline, since nonpayment with one institution results in sanctions with others. This book provides the first comprehensive review of credit reporting systems worldwide and documents the rapid growth in the industry. It offers empirical and theoretical evidence of the impact of credit reporting on financial markets, using examples from both developed and developing economies. Credit reporting, it shows, significantly contributes to predicting default risk of potential borrowers, which promotes increased lending activity. The book also covers the role of public policy in the development of credit reporting initiatives, including the role of public credit registries managed by central banks; and the role of legal, regulatory, and institutional factors in supporting credit reporting.

The Commercial Agency

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Publisher :
ISBN 13 : 9783337185817
Total Pages : 318 pages
Book Rating : 4.1/5 (858 download)

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Book Synopsis The Commercial Agency by : Thomas Francis Meagher

Download or read book The Commercial Agency written by Thomas Francis Meagher and published by . This book was released on 2017-06-13 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The commercial agency is an unchanged, high-quality reprint of the original edition of 1876. Hansebooks is editor of the literature on different topic areas such as research and science, travel and expeditions, cooking and nutrition, medicine, and other genres. As a publisher we focus on the preservation of historical literature. Many works of historical writers and scientists are available today as antiques only. Hansebooks newly publishes these books and contributes to the preservation of literature which has become rare and historical knowledge for the future.

The Values of Precision

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Publisher : Princeton University Press
ISBN 13 : 0691218129
Total Pages : 384 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Values of Precision by : M. Norton Wise

Download or read book The Values of Precision written by M. Norton Wise and published by Princeton University Press. This book was released on 2020-09-01 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Values of Precision examines how exactitude has come to occupy such a prominent place in Western culture. What has been the value of numerical values? Beginning with the late eighteenth century and continuing into the twentieth, the essays in this volume support the view that centralizing states--with their increasingly widespread bureaucracies for managing trade, taxation, and armies--and large-scale commercial enterprises--with their requirements for standardization and mass production--have been the major promoters of numerical precision. Taking advantage of the resources available, scientists and engineers have entered a symbiotic relationship with state and industry, which in turn has led to increasingly refined measures in ever-widening domains of the natural and social world. At the heart of this book, therefore, is an inquiry into the capacity of numbers and instruments to travel across boundaries of culture and materials. Many of the papers focus attention on disagreements about the significance and the credibility of particular sorts of measurements deployed to support particular claims, as in the measures of the population of France, the electrical resistance of copper, or the solvency of insurance companies. At the same time they display the deeply cultural character of precision values. Contributors to the volume include Ken Alder, Graeme J. N. Gooday, Jan Golinski, Frederic L. Holmes, Kathryn M. Olesko, Theodore M. Porter, Andrea Rusnock, Simon Schaffer, George Sweetnam, Andrew Warwick, and M. Norton Wise.

Institutions and the Path to the Modern Economy

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Publisher : Cambridge University Press
ISBN 13 : 9780521480444
Total Pages : 536 pages
Book Rating : 4.4/5 (84 download)

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Book Synopsis Institutions and the Path to the Modern Economy by : Avner Greif

Download or read book Institutions and the Path to the Modern Economy written by Avner Greif and published by Cambridge University Press. This book was released on 2006-01-16 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description