Le coût implicite de la pollution industrielle imputé aux entreprises : une étude de valorisation

L’objet de la présente recherche est de quantifier l’incidence sur la valeur d’une entreprise de la prise en compte, par les investisseurs, de son bilan environnemental. Il est présumé qu’un coût implicite est imposé à chaque entreprise par les marchés boursiers selon la qualité de son bilan environnemental. Ce coût implicite n’apparaît pas aux états financiers de l’entreprise, mais son existence peut avoir des conséquences explicites sur sa performance financière future.La relation statistique entre le bilan environnemental d’une firme, mesuré par son niveau de pollution, et sa valeur boursière est quantifiée au moyen de deux modèles de valorisation : un premier modèle est basé sur l’équation comptable fondamentale (bilan) et un second, sur le bénéfice comptable, alors considéré comme indice de valeur. L’échantillon comprend des entreprises canadiennes cotées à la Bourse en provenance de trois secteurs d’activité différents.Pour les secteurs des pâtes et papiers, des produits chimiques et des raffineries, il apparaît que le marché attribue un coût implicite important à une mauvaise performance environnementale. Toutefois, pour le secteur de l’acier, des métaux et des mines, les résultats sont plus mitigés. En outre, il semble que le multiple de valorisation du bénéfice est plus élevé (plus faible) pour les entreprises (ne) se conformant (pas) aux normes environnementales.The purpose of this study is to evaluate how investors take a firm's industrial pollution into account when determining its stock market value. In fact, it is assumed that an implicit cost is attributed to a firm's stock market valuation as a result of its industrial pollution performance. Such a cost is deemed to be implicit since it does not appear in a firm's financial statements. However, its existence could well have an explicit impact of a firm's future financial performance.The relation between a firm's industrial pollution performance, as proxied by its water pollution level, and its stock market value is inferred from two valuation models: the first model relies on the accounting identity and focuses on the balance sheet while the second model relies on the income statement and focuses on reported net earnings. The sample is comprised of Canadian fîrms from three different industries that are listed on a major stock exchange.Results show that pulp and paper firms, as well as chemical and oil refining firms, appear to bear a significant implicit cost as a result of their industrial pollution. However, the magnitude of the implicit cost assigned to steel, metal and mining firms appears to be relatively weak. Moreover, it appears that firms' earnings multiples are higher (lower) if they (do not) conform to environmental regulations

Le coût implicite de la pollution industrielle imputé aux entreprises

The purpose of this study is to evaluate how investors take a firm's industrial pollution into account when determining its stock market value. In fact, it is assumed that an implicit cost is attributed to a firm's stock market valuation as a result of its industrial pollution performance. Such a cost is deemed to be implicit since it does not appear in a firm's financial statements. However, its existence could well have an explicit impact of a firm's future financial performance. L’objet de la présente recherche est de quantifier l’incidence sur la valeur d’une entreprise de la prise en compte, par les investisseurs, de son bilan environnemental. Il est présumé qu’un coût implicite est imposé à chaque entreprise par les marchés boursiers selon la qualité de son bilan environnemental. Ce coût implicite n’apparaît pas aux états financiers de l’entreprise, mais son existence peut avoir des conséquences explicites sur sa performance financière future.

Improving Portfolio Performance with Option Strategies: Evidence from Switzerland

This paper presents a simulation of a global investment strategy that combines diversification and option strategies, in particular the covered call strategy, on the Swiss Exchange. As the return distributions of portfolios including options are possibly non-normal, the mean-variance framework may not be appropriate to assess the relative performance of such portfolios. Stochastic dominance and modified betas are the alternative approaches used in this paper to compare portfolios. The results show that the use of option strategies consistently improves the performance of stock portfolio

Comportements pratiques d'entreprises et cheminement vers l'optimum micro-économique?

info:eu-repo/semantics/publishe

Forecasting crude oil market volatility in the context of economic slowdown in emerging markets

Crude Oil is a commodity with huge strategic importance to all countries in the world. But in the recent years, the oil market as well as all commodities market has crossed an intense period of changes due to a volatile international economic context. After a decade of rapid economic growth rates, China and the other emerging markets are slowing down. After a harsh and unpredictable crisis, the financial and commodity regulation has changed; the uncertainty and distrust have increased, and, implicitly, the prices volatility in financial and commodity markets has also increased. In this paper we empirically investigated the crude oil market price behaviour and proposed an econometrical GARCH model (Engle, 1982; Bollerslev, 1986) to forecast the volatility of this market. Our research questions are how crude oil price volatility has changed in the recent years? In order to answer to this question we developed an empirical analysis using daily future one month quotation of Brent, Dubai and WTI crude oil over the last three years. These quotations were extracted from Thomson-Reuters Database. Our results suggest a relatively small volatility in crude oil market on a short run with a price fluctuation around the level of 110 USD/barrel for Brent crude oil. Moreover, our final conclusion is that: the economic slowdown in emerging markets, but also the new regulations in commodity markets represent new challenges for economists and researchers, and ask for structural reforms to adjust to new context

Structural Equation Modeling in a Rationalization Tentative of Balanced Scorecard

This paper examines the relationship between structural equation modeling and the balanced scorecard in a health care institution. Using financial and non-financial data taken from the social-medical establishment, the paper propose a rational construction of Balanced Scorecard by choosing the right indicators for the right axes. This choice is made by implementing the Partial Least Squares (PLS) in our model. In addition, the scheme gives us the cause-and-effect chain, the one described by Kaplan and Norton as : measures of organizational learning and growth - measures of internal business processes - measures of the customer perspective - financial measures. We will observe that is a health care institution the cause-and-effect chain will change as the primordial goal for a medical-social establishment is not maximizing profitability, but maximizing patient satisfaction. At the end of our article we will proceed to a comparison between two SEM methods : Covariance Based Method (CBM) and Partial Least Squares (PLS)