To What Extent Crude Oil, International Stock Markets and Exchange Rates Are Interdependent in Emerging and Developed Countries?

Investors in stock markets under react to oil price changes in the short run. As a consequence changes in oil prices predict future stock market and exchange rates returns. Recent volatility in crude oil prices has affected economies around the world, especially the US, which is the largest consumer of oil. This paper uses monthly crude oil, stock indexes and exchange rates prices data from April 2003 until December 2014 to test and model the international markets’ volatility in both emerging and developed countries. Trivariate BEKK GARCH (1, 1) model and statistical tests show several co-movements and interactions between international stock markets, exchange rates and crude oil. Keywords: volatility spillovers, international markets, Granger causality test, variance decomposition, Trivariate GARCH BEKK (1, 1)

TAR channel access mechanism for VANET safety-critical situations

International audienceVehicular Ad-hoc Network (VANET) is among the most relevant forms of mobile ad-hoc networks. VANET helps improving traffic safety and efficiency. By exchanging information between each others, vehicles can warn drivers or even prepare for dangerous situation. These warnings can be about critical situations like vehicles merging in a highway. Detecting and warning about such situations require a reliable communication between vehicles increasing thus the need for an efficient medium access control (MAC) protocol. In this paper, we propose to apply Transmit And Reserve (TAR), an ad-hoc medium access protocol, to vehicular communications. We integrated TAR into NS-3 simulator and evaluated its performance compared to IEEE 802.11 DCF in a vehicular network context. The evaluation results show that TAR is an efficient medium access protocol for VANET critical situations as it increases the throughput reduces the medium access delays and provides close to optimal short term fairness

L'effet des caractéristiques du conseil d'administration et de la qualité de l'information financière sur le coût de la dette (Cas des entreprises industrielles françaises)

L'objectif de cet article est d'étudier le rôle du conseil d'administration dans la détermination de la qualité de l'information financière et d'évaluer l'impact de la qualité de l'information financière sur le coût de la dette. Les tests menés, sur un échantillon de 67 entreprises industrielles françaises cotées sur une période allant de 2003 à 2005, montrent que les petits et indépendants conseils d'administration permettent une meilleure qualité de l'information financière et que les firmes qui diffusent une information financière de qualité bénéficient d'un faible coût de la dette. En outre, l'indépendance des administrateurs constitue, dans le cadre de notre échantillon, un levier d'action qui permet l'amélioration de la qualité de l'information financière et la diminution du coût de la dette.conseil d'administration; information financière; coût de la dette

Accounting Information Quality and Investment Decisions

Accounting information quality has been said to play an important role in reducing information asymmetry. Thus, firms with high accounting information quality may enhance more investors’ decisions. This paper aims to empirically examine the association between accounting information quality and investment decisions among firms in Tunisia. The sample of this study consists of 50 firms listed on the Tunis Stock Exchange covering 2012 to 2016. The findings imply that accounting information quality is significantly negatively related to investment inefficiency. The inclusion of control variables and the use of alternative models to measure accounting information quality provide consistent findings. This paper has several important contributions. First, this paper provides new empirical evidence in an emerging market. Although emerging markets make up the vast majority of economic activity around the world, they have received limited attention in academic research. Second, this paper can also help researchers to better understand and realize the governance role of accounting information, and push them to investigate the other role of accounting information deeply and broadly

Increasing Reliability of a TSCH Network for the Industry 4.0

International audienceTime Slotted Channel Hopping (TSCH) networks are emerging as a promising technology for the Internet of Things and the Industry 4.0 where ease of deployment, reliability, short latency, flexibility and adaptivity are required. Our goal is to improve reliability of data gathering in such wireless sensor networks. We present three redundancy patterns to build a reliable path from a source to a destination. The first one is the well-known two node-Disjoint paths. The second one is based on a Triangular pattern, and the third one on a Braided pattern. A comparative evaluation is carried out to analyze the reliability achieved, the number of failures tolerated, the number of message copies generated and the energy consumed by each node to ensure that at least one copy of the message is delivered to the destination. These results are validated by simulations

Comparison between Thermo-Alkaline and Electro-Fenton Disintegration Effect on Waste Activated Sludge Anaerobic Digestion

Disintegration of municipal waste activated sludge (WAS) using thermo-alkaline (TA) and electro-Fenton (EF) methods was investigated and compared in terms of the efficiency of sludge solubilisation and enhancement of anaerobic biodegradability. Performance of organic matter solubilisation (soluble COD, proteins, polysaccharides) of sludge pretreated with EF was proved to be better than that with TA pretreatment, which resulted in the enhancement of anaerobic biodegradability. Comparison of results indicated that percentages of PN and PS release obtained after EF pretreatment (68.95 and 65.22%) were higher than those obtained by TA method (45.25 and 35.22%) respectively. An improvement of biogas potential about 2 and 1.6 times was achieved respectively by EF and TA pretreatment in comparison to raw sludge. During semi-continuous fermentation study in continuous stirred tank reactor, EF pretreated sludge gave the best biogas yield (0.6 L biogas/g COD) at an OLR of 2.5 g COD/L. d in comparison to TA pretreated sludge (0.3 L biogas/g COD), where low biogas yield about 0.1 L biogas/g COD was registered by raw sludge in the same CSTR. Therefore, the integration of EF process to anaerobic digestion might be a promising process for sludge reduction and biogas recovery.Scopu

Le modèle comptable de l’évaluation à la juste valeur : impact sur la création de valeur actionnariale

L'objectif de notre article est d’étudier dans le contexte français l’impact de l’application de la juste valeur sur la création de valeur actionnariale en comparant la pertinence « value relevance » du contenu informationnel des indicateurs comptables des groupes de sociétés françaises du secteur industriel incluses dans l’indice CAC All-Tradable entre la période pré-juste valeur (2001-2003) et celle post-juste valeur (2005-2007). Le recours à la méthode de la régression logistique permet de démontrer, d’une part, que les variables du caractère traditionnel (BPA, CP) conservent toujours leur rang comme des indicateurs clés déterminant la rentabilité boursière quelque soit le principe de comptabilisation y afférant et nous avons remarqué, d’autre part, qu’il existerait une nette amélioration des contenus informationnels des variables si et seulement si elles ont été soumises sous des prescriptions compréhensibles et non complexes d’évaluation à la juste valeur

Country- specific characteristics influencing Websites based information disclosure practices

This paper aims to examine and explain the Websites- based financial disclosure practices differences between developed European countries. The development of Internet financial reporting (IFR), as a new corporate reporting practice, was rapidly exploited by large listed companies in the world. A number of accounting research was analyzed the development of online reporting in various countries and they showed that firm specific incentives are the most important factors explaining the IFR practices, however, there was ignored the importance from the politico-socio conditions, as others factors influencing the IFR practices differences (as a accounting practices). As a refinement of Gray (1988)’ framework and an extension of Debrency et al. (2002) model, this study explore an empirical investigation validating the influence of culture, institutional factors on the financial disclosure level through corporate Websites in France, Germany, Italy, Netherlands, Spain and UK. It reveals the importance of technological and media presentation format as Web- based communication index component. The findings showed that environmental factors were significantly related to Websites technology index and economic development is an important factor determining the Websites financial disclosure practices differences

Rôle des caractéristiques et des compétences des entrepreneurs dans la défaillance des entreprises

L’objectif de ce travail de recherche est d’étudier le rôle des caractéristiques et des compétences des entrepreneurs dans le déclenchement de la faillite et de le rapprocher aux situations vécues par les entreprises tunisiennes. Ce rapprochement fait à travers un survol de la littérature existante ainsi que sur la base d’une enquête sur le terrain, nous a permis de conclure que l’entrepreneur tunisien failli est généralement un jeune, avec une faible expérience professionnelle et sociale, incapable de déléguer les responsabilités, de communiquer et de travailler en équipe.The aim of this research is to study the role of manager’s characteristics and skills in the bankruptcy and its closer to the experiences of Tunisian companies. The study is conducted through an overview of the existing literature as well as on the basis of a field investigation. The achieved results led us to conclude that the Tunisian bankrupt manager is usually a young man with low professional and social experience, unable to delegate responsibilities, to communicate and to work in teams