27 research outputs found
THREE ESSAYS ON INTERNATIONAL ASSET PRICING
No full textThe common thread running through my research is to explore the asset price dynamics across countries and across asset classes. In the first chapter of this thesis, I apply Newton's law of universal gravitation to investigate the determinants of the bilateral relationships in returns. Examining the gravity effect in a large set of countries, I find that the size of economies and geographical distance are significant determinants of the contemporaneous as well as the lead-lag correlation patterns observed in stock returns across countries. In addition, decomposing stock market returns into cash-flow and discount-rate news shows that the international transmission of country specific news is more pronounced through discount-rate news, and that the size of economies and geographical distance are significant determinants for both components of returns.
In the second chapter, based on a joint work with Redouane Elkamhi and Mikhail Simutin, we propose a diversification approach that exploits the global connectedness of developed countries to gain exposure to emerging countries' overall economies rather than their shallow equity markets. In doing so, we demonstrate that developed markets still offer substantial diversification benefits beyond those available through equity indices, contrary to a large body of literature claiming that the benefits of international diversification via developed markets have dramatically declined. Our results also suggest that relying on equity indices to assess diversification benefits understates diversification gains.
The third chapter explores the potential risk of investing in global markets. Specifically, my co-author Redouane Elkamhi and I study the two widely-known speculation strategies in the FX market, carry and momentum trades, and provide a risk-based explanation for the excess returns. We construct a common factor that drives correlation across international equity markets and show that the cross-sectional variations in the average excess returns across carry and momentum portfolios can be explained by different sensitivities to our correlation factor. By using a factor constructed from the equity market to explain abnormal return in the FX market, these findings shed light on the important linkage across the two markets through equity correlations as a main instrument of the aggregate risk.Ph.D
THREE ESSAYS ON INTERNATIONAL ASSET PRICING
No full textThe common thread running through my research is to explore the asset price dynamics across countries and across asset classes. In the first chapter of this thesis, I apply Newton's law of universal gravitation to investigate the determinants of the bilateral relationships in returns. Examining the gravity effect in a large set of countries, I find that the size of economies and geographical distance are significant determinants of the contemporaneous as well as the lead-lag correlation patterns observed in stock returns across countries. In addition, decomposing stock market returns into cash-flow and discount-rate news shows that the international transmission of country specific news is more pronounced through discount-rate news, and that the size of economies and geographical distance are significant determinants for both components of returns.
In the second chapter, based on a joint work with Redouane Elkamhi and Mikhail Simutin, we propose a diversification approach that exploits the global connectedness of developed countries to gain exposure to emerging countries' overall economies rather than their shallow equity markets. In doing so, we demonstrate that developed markets still offer substantial diversification benefits beyond those available through equity indices, contrary to a large body of literature claiming that the benefits of international diversification via developed markets have dramatically declined. Our results also suggest that relying on equity indices to assess diversification benefits understates diversification gains.
The third chapter explores the potential risk of investing in global markets. Specifically, my co-author Redouane Elkamhi and I study the two widely-known speculation strategies in the FX market, carry and momentum trades, and provide a risk-based explanation for the excess returns. We construct a common factor that drives correlation across international equity markets and show that the cross-sectional variations in the average excess returns across carry and momentum portfolios can be explained by different sensitivities to our correlation factor. By using a factor constructed from the equity market to explain abnormal return in the FX market, these findings shed light on the important linkage across the two markets through equity correlations as a main instrument of the aggregate risk.Ph.D
Entrepreneuriat Durable et contraintes de ressources : Apports etperspectives de l’Entrepreneurial Resourcefulness
No full textInternational audienceSustainable entrepreneurship (SE) is gaining attention for its potential to mitigate negative externalities of entrepreneurial activity and address today’s pressing social and environmental challenges (Bonfanti et al., 2024). However, in the Anthropocene era, marked by accelerating ecological disruptions and the reaching of planetary boundaries (Richardson et al., 2023), entrepreneurs increasingly face the challenge of pursuing sustainability goals with limited resources (Voltan & De Fuentes, 2024). Resource constraints thereby emerge as a central concern in sustainable entrepreneurial action (Khan et al., 2023).While the concept of Entrepreneurial Resourcefulness (ER) is increasingly recognized for fostering creative solutions in resource-scarce contexts (Williams et al., 2024), it remains underexplored in the field of SE (Carolina et al., 2024). Furthermore, existing ER research is still nascent (Lange et al., 2024) and paid limited attention to socio-environmental issues, leading to a fragmented and conceptually underdeveloped literature bridging these two areas.We address this gap through a systematic framework-based review (Paul et al., 2024), to examine when, how, and to what extent ER intersects with SE. Our objective is to map and structure the field, develop a conceptual framework that deepens of ER’s role in fostering sustainable entrepreneurial initiatives within resource-constrained, and propose a future theory-driven research agenda.Cette communication vise à mieux comprendre comment les processus d'entrepreneurial resourcefulness peuvent soutenir l'entrepreneuriat durable, dans un contexte où les entrepreneurs devront probablement résoudre de plus en plus de problèmes environnementaux avec de moins en moins de ressources. A l'aide de techniques d'analyse bibliométriques et d'une revue systématique de la littérature, elle apporte des informations utiles sur la façon dont se structurent les connaissances dans ce champ d'étude émergent. Elle conduit également à identifier des pistes de recherche futures, notamment en ce qui concerne la dimension environnementale de l'entrepreneuriat durable, qui demeure très peu étudiée sous l'angle de l'entrepreneurial resourcefulness, malgré la potentiel de ce concept pour analyser comment les entrepreneurs peuvent développer des solutions créatives aux problèmes avec des ressources très limitées
Collaboration et innovation ouverteface aux exigences de l’économie circulaire : une analyse bibliométrique
No full textInternational audienceL’inquiétude croissante quant à la crise environnementale actuelle a fait émerger de nombreuses recherches abordant le rôle de l’innovation dans la résolution des problématiques de développement durable. Toutefois, la littérature scientifique aborde peu la perspective d’une contribution de l’innovation ouverte dans la transition vers une économie circulaire. Pourtant de nombreux auteurs ont mis en avant les bénéfices de l’ouverture des frontières des entreprises en vue d’une collaboration entre parties prenantes. L’objectif de cet article est de réaliser un état de l’art actualisé de la littérature existante en opérant une analyse bibliométrique, associée à une étude qualificative des résultats, en exploitant les bases académiques Web of science et Scopus. Il s’agit de vérifier la relation et les différents niveaux d’implication, entre les deux concepts d’« innovation ouverte » et d’« économie circulaire ». De même, il s’agit d’identifier les fondements théoriques et de faire émerger d’éventuelles pistes de réflexion pour de futures recherches. Les premiers résultats de l’analyse bibliométrique offrent un aperçu du niveau de la production scientifique, son évolution, les influences et les réseaux de coopération ainsi que des thématiques émergentes. Quant à l’analyse qualitative des résultats, elle apporte des éléments de compréhension relatifs au rôle joué par la collaboration entre parties prenantes (sous le paradigme de l’innovation ouverte) dans la réussite de l’intégration de la circularité dans les activités des entreprises, sur les trois niveaux de performance (macro, méso et micro)
Coopetition and CSR in health crisis context.The case of the “Lightspeed” project - The Pfizer-BioNTech vaccine.
No full textInternational audienceThe Covid-19 pandemic has generated a global health, economic and social crisis requiring collab-oration and commitment from all stakeholders to address the different dimensions of the pandem-ic. Collaborating and innovating in a context of sustainable development and health crisis, with the objectives of economic, environmental and social performance, is a real challenge for compa-nies. As early as 2013, Schaltegger et al. (2013) warned that we were only at the beginning of partnerships linked within the framework of a CSR approach and based on the principles of “win-win” coopetition. Thus, the consideration of coopetition strategies by companies in a sustainable development context is very recent and has been little studied (Christ et al., 2017). Since then, the results of recent work by Boucken et al. (2024) confirm that coopetition as part of a CSR strategy has a positive impact on the economic and social performance of firms. The interest of our re-search will be to explore from a theoretical point of view the link between the two concepts (coopetition and CSR), the application prospects, the benefits as well as the points of attention following the study of case (Katsaliaki et al., 2024). Our research proposal is therefore the follow-ing: Can coopetition strategies contribute to achieving CSR performance for companies in a crisis context? To answer our research questions, we adopted a qualitative approach based on a single case study of BioNTech's Lightspeed project. Our results show that from the start of the Covid-19 pandemic, BioNTech leaders were convinced of the impossibility of carrying out their mission alone. Collaborating with one of the world’s major laboratories became essential. Indeed, it was not only a question of developing a vaccine against the Covid-19 virus but of making it available to everyone, including populations in low- and middle-income countries. Our results also show that BioNTech has significant debts and it was not possible at the very beginning to distribute the vaccine at cost of production. The Comirnaty (Pfizer-BioNTech) vaccine distribution scheme in Africa, and the level of vaccination targets achieved, offered us an insight into the limits of man-agement's willingness to deploy their CSR approach
Commitment to Corporate Social Entrepreneurship in the context of a health crisis. The case of the scientist-entrepreneur couple who founded BioNTech.: Best Paper Award - ICSB 2024 -
No full textInternational audienceIf Corporate Social Responsibility calls for a virtuous process in which health for all becomes egalitarian, ethical and equitable, the health crisis (Covid-19) revealed certain limitations to this process.The aim of our research is to identify the limitations that can hinder Corporate Social Entrepreneurship' commitment of coentrepreneurs (founders of BioNTech) in the dissemination of "their" vaccine in the context of a health crisis. The difficulties encountered in disseminating the Comirnaty vaccine (Pfizer-BioNTech) in the African continent are exemplary in this respect. A literature review presents the concept of CSE (Corporate Social Entrepreneurship). We then present 2 research proposals: How can the CSE influence the CSR performance of copreneurs? What kinds of limitations may hinder CSE's commitment to success in a health crisis context? Concerning the research method, we use a qualitative approach with the investigation of a unique case study of the scientist-entrepreneur couple who founded BioNTech and led the Lightspeed project that gave birth to the Cominarty vaccine (Pfizer-BioNTech) during the health crisis. Concerning the results, CSE expands the scope of companies' activities and their organizational values, pushing them to rethink their current CSR approaches by combining team commitment, will and desire to create common economic and social values
Collaboration et innovation ouverteface aux exigences de l’économie circulaire : une analyse bibliométrique
No full textInternational audienceL’inquiétude croissante quant à la crise environnementale actuelle a fait émerger de nombreuses recherches abordant le rôle de l’innovation dans la résolution des problématiques de développement durable. Toutefois, la littérature scientifique aborde peu la perspective d’une contribution de l’innovation ouverte dans la transition vers une économie circulaire. Pourtant de nombreux auteurs ont mis en avant les bénéfices de l’ouverture des frontières des entreprises en vue d’une collaboration entre parties prenantes. L’objectif de cet article est de réaliser un état de l’art actualisé de la littérature existante en opérant une analyse bibliométrique, associée à une étude qualificative des résultats, en exploitant les bases académiques Web of science et Scopus. Il s’agit de vérifier la relation et les différents niveaux d’implication, entre les deux concepts d’« innovation ouverte » et d’« économie circulaire ». De même, il s’agit d’identifier les fondements théoriques et de faire émerger d’éventuelles pistes de réflexion pour de futures recherches. Les premiers résultats de l’analyse bibliométrique offrent un aperçu du niveau de la production scientifique, son évolution, les influences et les réseaux de coopération ainsi que des thématiques émergentes. Quant à l’analyse qualitative des résultats, elle apporte des éléments de compréhension relatifs au rôle joué par la collaboration entre parties prenantes (sous le paradigme de l’innovation ouverte) dans la réussite de l’intégration de la circularité dans les activités des entreprises, sur les trois niveaux de performance (macro, méso et micro)
L’engagement en faveur de l’entrepreneuriat social d’entreprise dans un contexte de crise sanitaire : le cas du couple scientifique-entrepreneur et fondateur de BioNTech.
No full textInternational audienc
Corrigendum to: Enhanced Long-term Stability and Carbon Resistance of Ni/MnxOy-Al2O3 Catalyst in Near-equilibrium CO2 Reforming of Methane for Syngas Production [15(2), 2020, 331-347]
No full textAccording to Authors request (10th December 2020), Corrigendum to: Djebarri, B., Touahra, F., Aider, N., Bali, F., Sehailia, M., Chebout, R., Bachari, K., Halliche, D. (2020). Bulletin of Chemical Reaction Engineering & Catalysis, 15(2), 2020, 331-347 (doi:10.9767/bcrec.15.2.6983.331-347). First Author (Baya Djebarri) is added as member of Corresponding Author because of his largest contribution in the article and his expertise.
Correction:
The Authors Names were corrected to:
Baya Djebarri1,*, Fouzia Touahra2,*, Nadia Aider4, Ferroudja Bali3, Moussa Sehailia2, Redouane Chebout2, Khaldoun Bachari2, Djamila Halliche3
The information detail of Corresponding Authors was corrected to:
* Corresponding Authors.
Email: [email protected] (F. Touahra); [email protected] (B. Djebarri)
Copyright © 2020 by Authors, Published by BCREC Group. This is an open access article under the CC BY-SA License (https://creativecommons.org/licenses/by-sa/4.0)
Temps et fonctionnement textuel chez Rachid Mimouni
No full textTime and Textual Functioning at Rachid Mimouni
The temporal dimension is a variable as important as space, and it is far from lacking in interest in the work of Rachid Mimouni. In fact, the issue of time considered as a structuring factor of the event representations which punctuate the story (1) is at the very heart of his romantic enterprise. To show how temporality exercises a locating and regulating function in the Mimounian text, we distinguish four temporal aspects to which the author focuses in his writing universe: romantic time, lived time, historical time and social time
