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Adopting Digital Signatures for Complex Financial Products in the French Banking Sector: How Technology Acceptance and User Literacy Matter
No full textInternational audienceThe advent of digital banking has transformed the financial landscape. However, the uptake of complex financial products (CFPs) with digital signatures (DSs) in European banks remains unexplored and warrants in-depth investigation. In this article, we address the gap by examining the online acquisition of CFPs, focusing on factors beyond the conventional parameters. By integrating the technology acceptance model (TAM), user literacy, and the dimension of human interaction, we analyze client acceptance of DSs in CFP transactions. We present an analysis of qualitative data from 716 clients of a French bank. Our findings reveal that DS adoption for CFPs hinges on TAM variables, combined with perceived risk, trust, and the levels of digital and financial literacy, along with the aspect of human interaction. We propose a novel risk management approach that blends the traditional risk management with client–bank coproduction, advocating for a collaborative model of risk sharing facilitated by DSs. Our article details the theoretical framework, methodology, findings, and discussions and concludes by offering theoretical insights, managerial recommendations, limitations, and avenues for future research
The impact of green public finance and green taxes on environmental and non-environmental innovation
No full textInternational audienceThis article investigates the impact of green public finance and green taxes on total, environmental, and non-environmental innovation in developed economies from 1994 to 2019. The findings reveal that in the short run, these variables do not significantly influence any of the three types of innovation. However, over the long run, green taxes are found to enhance both environmental and non-environmental innovation, whereas green public finance only promotes environmental innovation. Additionally, the Granger non-causality test indicates that past values of green taxes can predict future values across all three categories of innovation. The policy implications of this research are significant: increasing allocations toward green public finance and implementing green taxes can accelerate the development of various technologies, thereby contributing to the achievement of carbon neutrality in developed economies. Nonetheless, policymakers should justify the adoption of these measures by focusing on their positive long-term impacts on innovation
Price magnitude, trading behavior and mispricing: An experiment
No full textInternational audienceEmpirical evidence shows that stock price magnitude influences portfolio choices and/or future returns, an observation at odds with standard finance theory. Authors most often refer to stock characteristics such as high variance and positive skewness of returns to justify this result. In this paper, we show that price magnitude matters independently of stock characteristics. Using experimental markets, which allow us to neutralize the effect of asset characteristics, we find that subjects process "small"and "large"prices differently. Small price markets exhibit greater mispricing than large price markets. Our findings cannot be explained by stock characteristics (lottery-like features or perceived skewness), which indicates that the price magnitude in itself has a direct impact on how the subjects' brain perceives the distribution of future returns. Though at odds with standard finance theory, our findings are consistent with: (1) evidence in neuropsychology on the use of different mental scales for small and large numbers, and (2) empirical results in the finance literature
How underinvestment reduces underpricing
No full textInternational audienceAbstract We develop an economic model demonstrating that firms can benefit from committing to underinvestment. The model considers a firm's IPO, secondary‐market trading and subsequent investment decision. We analyse the conditions under which underinvestment can paradoxically be advantageous despite reducing the fundamental value of the firm. The benefit of committing to underinvest post‐IPO is expressed in reduced underpricing and thus a higher valuation during the IPO. We furthermore show that the firm may commit to an inefficient investment policy by appointing a manager with biased expectations or risk aversion. Our findings imply that, under certain conditions, firms are better off relying on biased managers when their initial outlook is poor, but risk‐averse managers when their initial outlook is good
Innovation collaborative entre startups et grandes entreprises : de l’asymétrie aux signaux de confiance mutuelle
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Doit-on être gentil au travail ?
No full text*La gentillesse favorise l’ambiance et la stabilité d’une organisation… à condition toutefois de ne pas en abuser. Découvrez le travail de recherche qui a démontré ce résultat et qui a été adaptée en bande dessinéé
The relationship between Chinese and FOB prices of rare earth elements – Evidence in the time and frequency domain
No full textInternational audienceThis paper investigates the relationship between domestic and export prices of rare earth elements (REEs) taking into account both, the time and the frequency domain using Granger causality tests and cross wavelet analysis. We find areas of significant comovement between both, returns and volatility of domestic and export prices, with the degree of connection being low at higher frequencies, increasing over medium frequencies and lower frequencies. Moreover, the lead-lag effects between the Chinese and the export market are time-varying and heterogenous, with no particular market as the leader. The analysis of volatility transmission shows that own-market volatility rather than spillover from the Chinese to the export market or vice versa accounts for the biggest share of volatility. While volatility transmission shows substantial variation over time, the Chinese market is generally a net giver of volatility to the export market, especially at the medium frequency band. Accordingly, market participants buying REEs in the export market might want to track Chinese prices as leading indicators of price fluctutations due to spillovers
Mission-oriented approach in green economy : innovation at the heart of development banks
No full textInternational audienceThis study investigates how national development banks contribute to bridging the financing gap for climate adaptation and attaining sustainable development goals through innovation. To this end, we focus on the case of the Brazilian Development Bank (BNDES). We analyze the importance of green economy and innovation in the last decade of the 21st century. With documentary research, we present the green innovation projects that BNDES has supported to reach sustainable development goals. As a result, we can observe the great capacity of BNDES to act as the main government promoter of innovation and the Brazilian tendencies for innovative projects and innovative tools to generate investment resources