OVERCONFIDENCE BIAS: EXPLANATION OF MARKET ANOMALIES FRENCH MARKET CASE

In this study, we test whether the overconfidence bias explains several stylized market anomalous, including a short-term continuation (momentum), a long-term reversal in stock returns, high levels of trading volume and excessive volatility. Using data of French stocks market, we find empirical evidence in support of overconfidence hypothesis. First, based on a restricted VAR framework, we show that overconfident investors overreact to private information and underreact to public information. Second, by performing Granger-causality tests of stock returns and trading volume, we find that overconfident investors trade more aggressively in periods subsequent to market gains. Third, based on a two GARCH specifications, we show that self attribution bias, conditioned by right forecasts, increases investors overconfidence and trading volume. Fourth, the analysis of the relation between return volatility and trading volume shows that the excessive trading of overconfident investors makes a contribution to the observed excessive volatility.Overconfidence, Behavioural finance, Over (under) reaction, Trading volume, Volatility

The Effect of Free Cash Flow on the Relationship Between Managerial Entrenchment and Debt: Evidence From French Firms

At first, this paper examines the association between managerial entrenchment and corporate leverage in French case. Then, the effect of free cash flow in this relationship is investigated. Using a sample of 98 listed French companies in Euronext Paris from 2000 to 2014, it was found that CEO entrenchment is related positively to debt before financial crisis and negatively after crisis. Also, free cash flow moderates the relationship between CEO entrenchment and corporate debt before crisis. Keywords: CEO Entrenchment- Debt- Free Cash-Flow- moderator variabl

Efficiency concept and investigations in insurance industry: A survey

Most recent studies are based on benchmarking analysis allowing the measure of company efficiency relatively to a reference performance. Benchmarking is a helpful tool to analyze and promote efficiency in insurance companies. The fast development of X-efficiency notion makes traditional performance measures (ROA, ROE, etc.) obsolete. Indeed, various methods have been used, various input-output measures have been proposed and various research fields have been explored in insurance company investigation. So, after reviewing most known efficiency concepts and their definitions, this section explores the literature review of two principal points of discussion: the first point is focused on the different used techniques to measure efficiency, including the developed approaches to define inputs, outputs and their prices. The second point represents an overview of efficiency investigations in insurance industry

La mise a niveau des PME : Quels resultats ?

Ce travail se propose comme objet d’étudier la problématique des programmes de mise à niveau et leur rôle à aider les entreprises algériennes à assurer leur conversion et leur adaptation aux exigences de la compétitivité. Pour ce faire, une investigation empirique tente d’offrir des évidences opérationnelles dans cette voie, en se focalisant sur le secteur des « Industries Manufacturières ». Ainsi, le champ spatial de cette étude couvre un groupe composé de 20 PME Oranaises bénéficiaires du programme EDPME, dont les situations sont présentées avant et après la mise en place du programme de mise niveau (2005 et 2009). Les résultats montrent que la mise à niveau menée en Algérie ne répond nullement aux exigences vérifiées, et que les objectifs visés n’ont pas été atteints. En effet, ces entreprises éprouvent d’énormes difficultés à survivre et à réaliser une compétitivité continue. Un test de Student confirme largement ces résultats. Mots-Clés : Compétitivité, mise à niveau, Programme ED PME, PME d’ORAN, test de Student.   English title: SME upgrade : What results ? The present report suggests studying the problem of a "programs of Upgrade "and their roll to help the Algerians companies to assure their conversion and their adaptation the requirements of the competitiveness. To do it, an empirical investigation tries to offer operational evidences in this way, by focusing on the sector of "Manufacturing industries", which the spatial field of this study covers a group consisted of 20 SME profitable Inhabitants of Oran of the program EDSME, shared according to two different states, so presenting their situations before and after the implementation of the program of stake level (on 2005 and 2009). However, and apparently, the results show that the upgrade led in Algeria answers by no means the verified requirements, and that the aimed objectives were not reached. Indeed, these companies try enormous difficulties surviving and to realize competitiveness continues. Student test confirms widely these results. Keywords: Competitiveness, Upgrade, Program EDSME, ORAN SME, Student Test

Innovation2: Innovative Course on Innovation Takes On the Lebanese Revolution

[EN] The purpose of this paper is to showcase the unique learning outcomes derived from an innovative course facing disruption from unforeseen political events. In spite of the tense events on the streets surrounding the university during the Lebanese revolution, which erupted in the middle of the semester, we were able not only to implement pre-planned innovative teaching methods to challenge student thinking and traditional higher education practices, but also leveraged the revolution context to introduce new topics and approaches to course delivery in the face of road closures and risks to students’ wellbeing. Strategic innovation management topics were complemented by the real time innovative strategies to continue education developed jointly by the course instructor and the students, resulting in an Innovation2 effect. Ultimately, the course learning outcomes were reinforced and broadened by embracing the continued uncertainty and relating to the ongoing situation day by day. As Lebanon and AUB enter its second semester of the political revolution, this paper aims to share lessons learned from both, the initial course innovative design, and its delivery in the crisis circumstances of the revolution in order to help faculty dealing with unstable educational context in Lebanon, Middle East and other challenging regions.Apaydin, M.; Bouri, C. (2020). Innovation2: Innovative Course on Innovation Takes On the Lebanese Revolution. En 6th International Conference on Higher Education Advances (HEAd'20). Editorial Universitat Politècnica de València. (30-05-2020):1435-1444. https://doi.org/10.4995/HEAd20.2020.11314OCS1435144430-05-202

Outliers and Time-Varying Jumps in the Cryptocurrency Markets

We examine the presence of outliers and time-varying jumps in the returns of four major cryptocurrencies (Bitcoin, Ethereum, Ripple, Dogecoin, Litecoin), and a broad cryptocurrency index (CCI30). The results indicate that only Bitcoin returns are contaminated with outliers. Time-varying jumps are present in Bitcoin, Litecoin, Ripple, and the cryptocurrency index. Notably, the presence of jumps in Bitcoin is significant after correcting for outliers. The main findings point to a price instability in some major cryptocurrencies and thereby the importance of accounting for large shocks and time-varying jumps in modelling volatility in the debatable cryptocurrency markets.© 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).fi=vertaisarvioitu|en=peerReviewed