Bank credit risk : evidence from Tunisia using Bayesian networks

In this article, a problem of measurement of credit risk in bank is studied. The approach suggested to solve it uses a Bayesian networks. After the data-gathering characterizing of the customers requiring of the loans, this approach consists initially with the samples collected, then the setting in works about it of various network architectures and combinations of functions of activation and training and comparison between the results got and the results of the current methods used. To address this problem we will try to create a graph that will be used to develop our credit scoring using Bayesian networks as a method. After, we will bring out the variables that affect the credit worthiness of the beneficiaries of credit. Therefore this article will be divided so the first part is the theoretical side of the key variables that affect the rate of reimbursement and the second part a description of the variables, the research methodology and the main results. The findings of this paper serve to provide an effective decision support system for banks to detect and alleviate the rate of bad borrowers through the use of a Bayesian Network model. This paper contributes to the existing literature on customers’ default payment and risk associated to allocating loans.peer-reviewe

Déterminants de la pratique de l'actionnariat salarié dans les entreprises françaises

Cette étude aborde les déterminants de la présence et du développement des pratiques de l'actionnariat salarié dans les entreprises françaises. Les hypothèses relèvent du cadre théorique de l'agence, dans lequel l'opportunisme des agents justifie la mise en oeuvre de mécanismes disciplinaires, notamment l'actionnariat salarié. L'échantillon est composé de 489 entreprises françaises non financières cotées au 31/12/02 dont 164 entreprises dotées de cette pratique. Les résultats suggèrent que la pratique de l'actionnariat salarié répond à une demande de renforcement du système de gouvernance. Par ailleurs, la pratique de l'actionnariat salarié semble aussi reliée à la nature des actifs existants et à la taille de l'entreprise.actionnariat salarié; théorie de l'agence; gouvernance

L'analyse de l'impact des mécanismes de gouvernance sur le niveau de divulgation volontaire : Cas des sociétés tunisiennes non financières

Cette étude examine les aspects de la gouvernance qui incitent les dirigeants à publier volontairement des informations dans leurs rapports annuels dans un contexte de concentration de propriété. Elle examine les relations entre la publication volontaire et la structure de propriété, le conseil d'administration et les autres mécanismes de contrôle. Les résultats de l'analyse multi variée montrent que la concentration de propriété a un effet négatif et significatif sur le niveau de divulgation volontaire. Cette même relation est trouvée lorsque le détenteur de bloc de contrôle est un individu. Ce pendant, lorsque l'Etat est le détenteur de bloc de contrôle, la relation est positive et significative.Divulgation volontaire; gouvernement d'entreprise; structure de propriété; coûts d'agence

Risk of refunding default in micro-finance institution by Bayesian networks : case of Tunisia

The objective of this paper is twofold: measuring credit of institution microstructure and studying Enda inter-arab Tunisia by bayesian networks. After the data gathering characterizing of the customers requiring of the micro loans, this approach consists initially with the samples collected, then the setting in works about it of various network architectures and combinations of functions of activation and training and comparison between the results got and the results of the current methods used. To address this problem we will try to create a graph that will be used to develop our credit scoring using Bayesian networks as a method. After, we will bring out the variables that affect the credit worthiness of the beneficiaries of microcredit. Therefore this article will be divided so the first part is the theoretical side of the key variables that affect the rate of reimbursement and the second part a description of the variables, the research methodology and the main results.peer-reviewe

Cross-Country Empirical Studies of Banking Crisis: A Spatial Durbin Model

The paper studies the factors associated with the emergence of banking crises during the process of financial liberalization in a large sample of cross-countries in 1989-1997 using a spatial Durbin model in a panel data econometrics. The empirical results suggest that financial liberalization has the tendency to stimulate the banking instability in economies. Financial liberalization played a significant role in the transmission of the banking crisis to emerging market economies. In addition, the results indicate that tighter entry restrictions and more severe regulatory restrictions on bank activities boost bank fragility; these are consistent with the results obtained by Barth et al. (2004). Then we find evidence that the measures of bank regulation variables also contributed, either positively or negatively, towards the observed crisis outcomes, with poor institutional environment playing a particularly significant role. Besides we find that the impact of the determinants differ slightly between whole sample and emerging economies. Keywords: Banking crisis, spatial Durbin model, financial liberalization, regulation, institution

Total Factor Productivity within the Tunisian manufacturing sectors and international convergence with OECD countries

The purpose of this paper is to examine Total Factor Productivity (TFP) of six Tunisian manufacturing sectors and to compare these productivities with those of OECD countries. The analysis covers the period 1983-1999. First, TFP is measured and some of the main economic and financial determinants are identified. In carrying out this econometric exercise we are careful to take into account the problem of the direction of causality between variables. For the empirical analysis, panel data causality tests are conducted. The results suggest that TFP growth rates are sensitive to variables reflecting international openness. Secondly, the paper investigates the evolution of the TFP gaps between Tunisia and OECD countries. A stochastic convergence has been considered here. Two panel data unit root tests are employed. A global convergence is evidenced for five sectors.

OFFRE VOLONTAIRE D'INFORMATIONS SUR LE CAPITAL INTELLECTUEL ET MARCHE FINANCIER

Malgré une controverse de longue date, les normes comptables et les états financiers correspondants semblent intrinsèquement incapables de prendre en compte les actifs intellectuels. Comme les investisseurs ne peuvent plus s'en remettre aux états financiers pour avoir une image complète d'une société, ils se heurtent à de nouveaux problèmes d'évaluation, ce qui touche à la façon dont ils prennent leurs décisions d'investissement. Le principe fondamental de ce travail de recherche est le suivant: la diffusion sur le marché d'une quantité suffisante et substantielle d'informations non financières sur le capital intellectuel permet d'améliorer l'exercice des droits de propriété. Des équations structurelles réalisées à partir des données collectées dans les rapports annuels de l'année 2005 de 71 entreprises multinationales montrent qu'il existe une relation positive entre l'offre volontaire d'informations sur le capital intellectuel et la valorisation boursière.Capital intellectuel, Offre volontaire d'informations, marché boursier

Total Factor Productivity within the Tunisian manufacturing sectors and international convergence with OECD countries

The purpose of this paper is to examine Total Factor Productivity (TFP) of six Tunisian manufacturing sectors and to compare these productivities with those of OECD countries. The analysis covers the period 1983-1999. First, TFP is measured and some of the main economic and financial determinants are identified. In carrying out this econometric exercise we are careful to take into account the problem of the direction of causality between variables. For the empirical analysis, panel data causality tests are conducted. The results suggest that TFP growth rates are sensitive to variables reflecting international openness. Secondly, the paper investigates the evolution of the TFP gaps between Tunisia and OECD countries. A stochastic convergence has been considered here. Two panel data unit root tests are employed. A global convergence is evidenced for five sectors.cerdi

LES DETERMINANTS CULTURELS ET ECONOMIQUES DE LA COMMUNICATION D'INFORMATIONS VOLONTAIRE SUR LE CAPITAL IMMATERIEL: CAS DES ENTREPRISES MULTINATIONALES

Depuis quelques années, les entreprises développent des stratégies de diffusion d'information sur le capital immatériel. La problématique de ce papier consiste à s'interroger sur les facteurs qui poussent les entreprises à diffuser des informations qui dépassent ou complètent les dispositions comptables portant sur le traitement des éléments immatériels. Des caractéristiques propres aux entreprises, issues de la théorie politico contractuelle, et des variables culturelles sont envisagées comme facteurs explicatifs de l'offre d'information sur le capital immatériel. Des analyses des équations structurelles sont réalisées à partir des données collectées dans les rapports annuels de l'année 2005 de 61 entreprises Multinationales. Les résultats montrent que les variables portant sur la performance, la structure de l'actif, la taille du cabinet d'audit et la multinationalisation permettant de prédire le comportement des entreprises multinationales sur l'information immatériel.Capital immatériel; diffusion d'information; théorie politico contractuelle; dimension culturelle

Rotor speed estimation for indirect stator flux oriented induction motor drive based on MRAS scheme

In this paper, a conventional indirect stator flux oriented controlled (ISFOC) induction motor drive is presented. In order to eliminate the speed sensor, an adaptation algorithm for tuning the rotor speed is proposed. Based on the model reference adaptive system (MRAS) scheme, the rotor speed is tuned to obtain an exact ISFOC induction motor drive. The reference and adjustable models, developed in stationary stator reference frame, are used in the MRAS scheme to estimate induction rotor peed from measured terminal voltages and currents. The IP gains speed controller and PI gains current controller are calculated and tuned at each sampling time according to the new estimated rotor speed. The proposed algorithm has been tested by numerical simulation, showing the capability of driving active load; and stability is preserved. Experimental results obtained with a general-purpose 1-kW induction machine are presented showing the effectiveness of the proposed approach in terms of dynamic performance