RATING AND OTHER FACTORS EXPLAINING THE CORPORATE CREDIT SPREAD: EMPIRICAL EVIDENCE FROM TUNISIAN BOND MARKET

This is an examination of the determinants of corporate bond credit spreads using both primary and secondary market spreads for Tunisian corporate bonds. The factors which I use as explanatory variables in our estimations can be divided into three categories: market variables, issue and issuer characteristics. To some extent, these three categories correspond to the different types of risk, namely interest rate risk, liquidity risk and credit risk. Using OLS regressions, our empirical results indicate that primary market spreads are sensible to issue characteristics such as rating. Also, spreads observed in secondary market are sensible to market variables namely Exchange Index and Slope, characteristics issuers and issues (Rating and Time to maturity). This is the first study to indicate that the explanatory power of factors depends of spreads modelled. Hence, corporate credit spreads are driven by both default and interest rate risk for the secondary market and only by default risk for the primary market.credit spread, interest rate risk, liquidity risk, rating

Agricultural Sector and Economic Growth in Tunisia: Evidence from Co-integration and Error Correction Mechanism

For the past two decades, Tunisia has been undertaken important structural reforms, which call in most cases for market and trade liberalization (agricultural structural adjustment program, GATT reforms, free trade area with the European Union). The private-led type of growth strategy with less government intervention has culminated these last years into a more rapid economic growth and openness. Within this context, this paper examines the agricultural sector role into the economic growth and its interactions with the other sectors using time-series co-integration techniques. We use annual data from 1961 to 2005 to estimate a VAR model that includes GDP indices of five sectors in Tunisian economy. Empirical results from this study indicate that in the long-run all economic sectors tend to move together (co-integrate). But, in the short-run, the agricultural sector seems to have a limited role as a driving force for the growth of the other sectors of the economy. In addition, growth of the agricultural output may not be conducive directly to non-agricultural economic sector in the short-run.co-integration, economic growth, agricultural sector, Tunisia, International Development, C22, O13, Q18,

CO2 emissions, energy consumption and economic growth in Tunisia

The aim of this country specific study is to understand long and short-run linkages between economic growth, energy consumption and CO2 emission using Tunisian data over the period 1971-2004. Statistical findings indicate that economic growth, energy consumption and CO2 emission are related in the long-run and provide some evidence of inefficient use of energy in Tunisia, since environmental pressure tends to rise faster than economic growth. In the short run, results support the argument that economic growth exerts a positive “causal” influence on energy consumption growth. In addition, results from impulse response do not confirm the hypothesis that an increase in pollution level induces economic expansion. Although Tunisia has no commitment to reduce Greenhouse Gas emissions, energy efficiency investments and emission reduction policies will not hurt economic activities and can be a feasible policy tool for Tunisia.CO2 emissions, Energy Consumption, Economic Growth, Tunisia, Resource /Energy Economics and Policy,

Agricultural and non-agricultural outputs and energy consumption in Tunisia: empirical evidences from cointegration and causality

This short paper investigates the cointegration and causality link between energy consumption and agricultural, non-agricultural outputs (manufacturing sector and services sector) and overall gross domestic product in Tunisia for 1971-2003 period. Empirical results suggest that there is only unidirectional causality running from agricultural and non-agricultural sectors to energy consumption as well as from overall GDP growth to energy consumption. This unidirectional causality signifies a less energy dependent economy and suggests that it is sectoral growth that drives the energy consumption in Tunisia and not vice versa. Empirical results suggest also that Tunisian agricultural sector growth does not depend on energy, and high consumption of energy do not implies more productivity in the short run for this sector.energy consumption, output growth, causality, cointegration, Tunisia, Resource /Energy Economics and Policy,

Agricultural sector and economic growth in Tunisia: Evidence from co-integration and error correction mechanism

For the past two decades, Tunisia has been undertaken important structural reforms, which call in most cases for market and trade liberalization (agricultural structural adjustment program, GATT reforms, free trade area with the European Union). The private-led type of growth strategy with less government intervention has culminated these last years into a more rapid economic growth and openness. Within this context, this paper examines the agricultural sector role into the economic growth and its interactions with the other sectors using time-series co-integration techniques. We use annual data from 1961 to 2005 to estimate a VAR model that includes GDP indices of five sectors in Tunisian economy. Empirical results from this study indicate that in the long-run all economic sectors tend to move together (co-integrate). But, in the short-run, the agricultural sector seems to have a limited role as a driving force for the growth of the other sectors of the economy. In addition, growth of the agricultural output may not be conducive directly to non-agricultural economic sector in the short-run.cointegration, economic growth, agricultural sector, Tunisia

L'impact du changement des limites de rating internes sur la performance du fonds ECOFI Convertibles Euro

L'objectif de ce travail est de réaliser une étude d'événements sur un fonds commun de placement afin de mesurer l'impact d'un changement de limites de rating internes sur la performance du fonds en question. Les données utilisées sont quotidiennes et portent à la fois sur le fonds ECOFI Convertibles Euro de la société de gestion : ECOFI Investissements et sur son benchmark Exane Convertibles Index Euro sur la période allant de juillet 2010 à novembre 2011. Un test non paramétrique, le t-test est appliqué afin de s'assurer de la significativité des résultats, c'est-à-dire, le changement des limites de rating internes a-t-il un effet sur la performance du fonds. Les résultats que nous obtenons montrent que le changement des limites de rating internes a eu un impact sur la performance, l'actif net et la volatilité du fonds. Ces conclusions mettent en évidence l'impact de ce changement qui est intervenu durant la vie de ce fonds. Par ailleurs, nous avons traité une question théorique qui porte sur l'intérêt des obligations convertibles comme moyen de financement des entreprises non cotées

Master's degree in sustainable development in Switzerland, the first master course comprising three faculties

Sustainable development has become a key aspect in society, economics and environment. Therefore, experts dealing with questions relating to people, the environment and its resources are more and more requested. This paper presents the concept and first experiences of a specialised Master's Degree in Sustainable Development (MSD). This is a pioneer course as it is equally anchored in three faculties (Human science, Natural science, Business and Economy) at the University of Basel, Switzerland. It aims to transmit knowledge, teach methodology and enable practical work experience in the field of sustainable development. This interdisciplinary master's degree is composed of several modules. At first, the attendance of modules providing a basic understanding in the disciplines not yet covered by the former Bachelor degree, is mandatory. In optional modules, the acquired knowledge of the compulsory modules is further enhanced, focussing on four different topics and are titled as: Agglomeration and Ecosystems; Conservation and Utilisation of Natural Resources; Environment, Values, Societal Transformation and Health; and Environmental Problems in a Globalised World. In another optional module, students may complete an internship in which they can apply theoretical and thematic knowledge. To work independently on a problem in the context of, interdisciplinary projects are a central request in the MSD. Finally, the master thesis has to be planned and realized by applying the scientific methods and skills acquired in the previous modules. Since the beginning of the programme in the winter of 2005/2006, 45 students have enrolled. They received degrees at 25 different universities, 13 of which are from abroad. Some already have several years of working experience, while others have only just completed their Bachelor's degrees. A analysis has shown that the graduates will have excellent chances in the employment market, since they are well qualified to take over sought-after positions in the business world, in administration, in consultancy, national or international organisations, or to follow academic career