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Négociation en compte propre et conflits d'intérêts des intermédiaires de marché : le cas de fusions et acquisitions
No full textCette thèse comprend trois chapitres sur les conflits d’intérêts des intermédiaires qui agissent en tant que conseillers en fusions et acquisitions. Nous fournissons dans le Chapitre 1 une synthèse de la littérature académique sur la double négotiation en compte propre et client des intermédiaires de marché. Tout d’abord, nous présentons un aperçu de cette activité, puis explorons des questions comme qui s’engage dans cette activité, pourquoi et les principales préoccupations concernant les conflits d’intérêts. Dans le Chapitre 2, nous effectuons une analyse empirique axée sur l’aspect fusions et acquisitions de la problématique de recherche. Enfin, dans le Chapitre 3 nous étudions le rôle des intermédiaires qui agissent en tant que conseillers financiers dans les transactions de fusions et acquisitions. Nous y parvenons grâce à une analyse empirique d’un échantillon où nous pouvons identifier, autour de l’annonce, dans quelles transactions un conseiller a été impliqué. Les résultats démontrent une création de valeur dans les cibles de fusions et acquisitions le jour de l’événement, la présence du trading informé et d’une fuite d’informations avant l’annonce particulièrement forte pour les transactions dans lesquelles un conseiller était impliqué. Notre analyse nous permet de surligner l’importance de prendre en compte l’aspect réglementaire des opérations de fusions et acquisitions.This thesis contains three chapters on conflicts of interest of intermediaries that act as financial advisors in mergers and acquisitions. We provide in Chapter 1 a survey of academic literature on dual trading activity. First, we present an overview of this activity and then explore questions like who engages in this activity, why, and the main concerns regarding conflicts of interest. In Chapter 2, we conduct an empirical analysis focusing on the mergers and acquisitions aspect of the research problem. Finally, in Chapter 3 we investigate the role of intermediaries who act as financial advisors in M&As deals. We achieve this through an empirical analysis of a sample where we can identify, around the announcement, in which deals an advisor was involved. We found evidence of value creation in targets of Mergers and Acquisitions on the event day, of informed trading and leakage of information before the announcement particularly strong for deals in which an advisor was involved and showed evidence that advocate for the importance of taking into account the regulatory aspect of mergers and acquisitions operations
Essays on banking regulation and the European corporate bond market
No full textCette thèse contient un article théorique sur la réglementation bancaire et deux articles empiriques sur le marché obligataire. Le premier chapitre étudie la répartition optimale des responsabilités du prêteur de dernier ressort dans un contexte où l’effondrement d’une banque systémique en raison d’un choc de liquidité affecte la rentabilité d’une banque non-systémique. Si le choc de liquidité est faible la banque centrale doit être le prêteur de dernier ressort, par contre en cas de choc de liquidité important un renflouement bancaire inconditionnel doit être mis en place. De plus l’existence d’un risque systémique renforce le poids de la banque centrale pour les banques non-systémiques. Enfin le risque systémique amène des résultats ambigus pour les banques systémiques car l’apport de liquidités à l’optimum de premier rang ainsi que l’apport par la banque centrale sont moins stricts. Le deuxième chapitre définit six indicateurs de liquidité basés sur l’information contenue dans les transactions effectuées sur le marché européen de gré-à-gré des obligations d’entreprise. Cette étude mesure ensuite la capacité de ces indicateurs à détecter une prime de liquidité. Le nombre de courtiers, la taille et le volume de transactions sont ainsi les données les plus significatives. Elles sont également complémentaires puisque couvrant des aspects différents de cette notion multidimensionnelle qu’est la liquidité. Le troisième chapitre étudie le pouvoir de marché des courtiers sur le même marché. La position spécifique de ces derniers et leur faible nombre, leur permettent d’influencer les ajustements de prix en leur faveur, notamment du côté offre du marché.This thesis contains a theoretical article concerning banking regulation and two empirical articles about the European corporate bond market.The first chapter studies the optimal institutional allocation of lender of last resort responsibilities in a framework where the collapse of the systemic bank hurts the non-systemic bank but not vice versa. For small liquidity shocks the central banker should be the lender of last resort while for large liquidity shock an unconditional bailout rule should be applied. The existence of the systemic risk allocates more responsibilities to the central banker for non-systemic banks. Finally, the systemic risk causes ambiguous results for the systemic banks because the first-best provision of liquidity and the one of the central banker are both less strict.The second chapter defines six liquidity proxies based on information of transactions conducted on the over-the-counter market for European corporate bonds. Subsequently, this study evaluates the ability of these proxies to detect a liquidity premium. The number of dealers, trade size and volume are the most significant information. These proxies are at the same time complementary since they cover different aspects of the multidimensional concept of liquidity.The third chapter studies the market power of dealers in the same market. Their low number and their specific market position allow them in particular on the bid side of the market to influence the price adjustments in their favour
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Analyse de l'impact de l'extension des horaires de cotation sur la qualité du marché parisien
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Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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