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Sideshow or center stage? Information transmission between CDS and equity markets
No full textInternational audienceRecent studies provide strong evidence that credit default swap (CDS) markets play a leading role in information intermediation. This paper proposes a model to rationalize the information transmission mechanism between the CDS and equity markets. In our model, informed traders with an informational advantage obtained from monitoring credit markets engage in capital structure arbitrage and trade strategically to exploit mispricings between individual stocks and CDS. In line with our model’s prediction, our empirical results provide evidence of a contemporaneous channel transmitting structural CDS shocks to equities. A positive shock to CDS decreases stock returns contemporaneously and over the long run. This credit-to-equity channel dominates the reverse transmission channel from stocks to CDS. Robustness tests confirm the role of the CDS market as a preferred venue for informed trading, independently of credit rating events or business sectors
Media amplification under the floodlight: Contextualizing 20 years of US risk news
No full textInternational audienceThis paper addresses the question of identifying and distinguishing risk amplification incidents and patterns in the news media. To meet this objective, our study incorporates a novel “floodlight” approach utilizing the Society for Risk Analysis Glossary in conjunction with topic modeling and time‐series analysis, to investigate risk‐focused stories within a corpus of 271,854 US news articles over the past two decades. We find that risk amplification in the US news media is concentrated around seven core risk news categories—business, domestic affairs, entertainment, environment, geopolitics, health, and technology—which also vary in the risk‐related terms that they predominantly employ. We also identify 14 signal events that can be distinguished relative to general risk news within their categories. Across these events, the “War on Terror” and COVID‐19 are seen to display uniquely dynamic media reporting patterns, including a systemic influence between risk news categories and the attenuation of other risk news. We discuss possible explanations for these findings along with their wider research and policy implications
Clay influence on compaction and strength of unfired sediment bricks
No full textInternational audienc
Quand les générations se rencontrent : réinventer le management
No full textNational audienceUne première historique : quatre générations coexisteront désormais dans le monde du travail, alors que l’âge médian de la population active devrait augmenter de 5,5 ans, passant de 44,7 ans en 2024 à 50,2 ans en 2100. Dans ce contexte de transformation continue, le management intergénérationnel devient un enjeu
« Les listes de personnages dans les cycles de fantasy romanesque sont-elles si annexes ? »
No full textInternational audienceThe use of lists of characters, or dramatis personae, provided to the reader as appendices, at the beginning or, more often than not, at the end of the book, is a specific feature of fantasy within genre literature. It can be explained by quantitative considerations – the huge number of characters in fantasy cycles – and generic codes – the almost interchangeable nature of many of these characters, always understood as collective. If such lists can be considered as minor, a sub-category within fantasy appendices, both accessory and functional in nature, we will aim to highlight the place held by the dramatis personae among the markers of the genre and what it tells us about the status of the character, by drawing on a large corpus of English-language cycles representative of the concerned sub-genres.L’usage de listes de personnages, ou dramatis personae, fournis au lectorat en annexe, en début ou le plus souvent en fin d’ouvrage, est une spécificité de la fantasy au sein des littératures de genre. Elle s’explique par des considérations quantitatives – le nombre énorme de personnages figurant dans les cycles de fantasy –, et des codes génériques – le caractère presque interchangeable de nombre de ces personnages, toujours saisis comme collectifs. Si de telles listes peuvent être considérées comme mineures, sous-catégorie au sein des annexes de fantasy, au caractère à la fois accessoire et fonctionnel, nous nous attacherons à faire ressortir quelle place tient le dramatis personae parmi les marqueurs du genre et ce qu’il nous apprend du statut qu’y occupe le personnage, en prenant appui sur un large corpus de cycles anglophones représentatif des sous-genres concernés par ce procédé
Lucas Pacotte, Clothilde Chamussy, La grande histoire du climat, Paris, Robert Laffont, 2024, 222 pages
No full textNational audienc
Machines, Money, and Strategy: A Financing Dilemma at Bristol Industries
No full textThe Case Centre, case study 125-0038-1, teaching note 125-0038-8, teaching note supplement 125-0038-8BThis case study provides a dynamic and applied learning experience in the context of capital budgeting, designed for students pursuing both general management and specialized finance programs. It presents a real-world inspired decision-making scenario, connecting core financial theories with essential accounting practices. Students are guided step-by-step through hands-on tasks to reinforce their quantitative reasoning and analytical thinking. In this exercise, students take on the role of junior financial analysts at Bristol Industries, a mid-sized industrial firm. Their assignment involves evaluating multiple financing strategies for purchasing a new Computer Numerical Control (CNC) milling machine. Through the case, learners work with spreadsheet modeling and compute key financial indicators to assess each financing alternative. By engaging with the case, students strengthen their understanding of capital budgeting fundamentals, improve their proficiency with Excel, and develop their capacity to interpret data-driven financial decisions. This case is versatile and suitable for undergraduate, master's, and post-graduate levels