L’économie agricole grecque face à la longue crise de la première globalisation

Cette étude traite de la particularité du cas grec au cours de la Grande Dépression (circa 1872-1896). La Grèce, pays agricole, fut protégée par deux facteurs conjoncturels: la destruction imprévue du vignoble français par le phylloxéra et la hausse de la demande en raisin. Dans le même temps, le prix des céréales importées baissait et le bilan commercial du pays s’améliorait. En revanche (et à l’encontre des autres économies européennes), la Grèce devait connaître une grave crise du raisin au début de la relance de l’économie mondiale

The Formation of Early Helenic Nationalism and the Special Symbolic and Material Interests of the New Radical Republican Intelligentsia (ca. 1790-1830)

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L’économie agricole grecque face à la longue crise de la première globalisation

Cette étude traite de la particularité du cas grec au cours de la Grande Dépression (circa 1872-1896). La Grèce, pays agricole, fut protégée par deux facteurs conjoncturels: la destruction imprévue du vignoble français par le phylloxéra et la hausse de la demande en raisin. Dans le même temps, le prix des céréales importées baissait et le bilan commercial du pays s’améliorait. En revanche (et à l’encontre des autres économies européennes), la Grèce devait connaître une grave crise du raisin au début de la relance de l’économie mondiale

Patrick Verley, L’Échelle du Monde

La Révolution industrielle, ou mieux le déclenchement du processus d’industrialisation, contrepartie économique de la formation et de l’essor de la société dite « moderne » en Europe occidentale, reste toujours le plus grand, sinon le grand thème de réflexion pour historiens et économistes, au moins depuis la deuxième moitié du xixe siècle. Expliquer ce phénomène unique et imprévu est essentiel pour s’interroger, ensuite, sur la possibilité de sa répétition dans des sociétés et des économies ..

Investor induced contagion during the banking and European sovereign debt crisis of 2007–2012: Wealth effect or portfolio rebalancing?

This study investigates the way a crisis spreads within a country and across borders by testing the investor induced contagion hypothesis through the liquidity channel on stock-bond relationships of the US and five European countries before and during the global banking and European sovereign debt crisis of 2007–2012. We provide evidence consistent with the wealth effect as a source of contagion for the majority of countries. Nevertheless, we uncover evidence of investor induced contagion sourced by the portfolio rebalancing effect for correlations involving Spanish and Italian bonds during the debt crisis. Further, we find that tight (narrow) credit spreads reduce (magnify) the wealth and portfolio rebalancing effects, which are offset by the opposite effects of risk aversion amongst investors, a dynamic that is not restricted to crisis periods

What drives acquisitions? Market valuations and bidder performance

Given the recent theoretical development that documents stock market misvaluations’ driven acquisition, this paper examines the relation between market valuations and bidder performance. We focus on hot stock markets and find that bidder reactions to mergers, in both the short- and long-run period, are consistent with the predictions of investors’ sentiment (optimism) after controlling for target type and method of payment. Managers that undertake mergers during bullish periods are rewarded by the generalized upward trend of the market in the short-run. However, this is followed by long-term reversals as the market learns only gradually that many of the mergers undertaken during hot periods were not carefully evaluated and were made under the pressure of ‘urge to merge’ to take advantage of the overall market status of a particular period

What Drives Acquisitions? Market Valuations and Bidder Performance

Given the recent theoretical development that documents stock market misvaluations’ driven acquisition, this paper examines the relation between market valuations and bidder performance. We focus on hot stock markets and find that bidder reactions to mergers, in both the short- and long-run period, are consistent with the predictions of investors’ sentiment (optimism) after controlling for target type and method of payment. Managers that undertake mergers during bullish periods are rewarded by the generalized upward trend of the market in the short-run. However, this is followed by long-term reversals as the market learns only gradually that many of the mergers undertaken during hot periods were not carefully evaluated and were made under the pressure of ‘urge to merge’ to take advantage of the overall market status of a particular period