What is the impact of social well-being factors on happiness?

Purpose – The purpose of this study is to examine the effect of social support, healthy life expectancy, freedom to make life choices, generosity, corruption perception, real gross domestic product per capita and the Gini index on happiness. Design/methodology/approach – In this study, the sample consists of 137 countries observed over the period 2017–2019. A multidimensional approach is used consisting of a principal component analysis and an econometric linear regression model. Findings – The findings indicate that perception, taking care of other people, corruption perception, freedom to make life choices and healthy life expectancy are the most determining factors of social well-being. Practical implications – Well-being benefits countries by improving living standards. Indeed, taking care of other people, corruption perception, freedom to make life choices and healthy life expectancy directly and positively correlate with social well-being. Originality/value – This study contributes to the previous literature in three ways. First, this paper provides fresh and recent data on social well-being. Second, the author introduced a multidimensional approach using a principal component analysis of the different social well-being factors to detect correlation between these indicators and to determine homogeneous clusters. Third, through these indicators, a country’s leaders can formulate policies to enhance social well-being because it is closely linked to the improvement of the standard of living, good governance and therefore an increase in GDP.info:eu-repo/semantics/publishedVersio

The Euro-Zone; is it the crisis ahead!

The turmoil affecting capital markets since summer 2007 and its intensification since mid-September 2008 inflicted noticeable blows to the world economy. Although the high-risk real estate American market is believed to be the immediate source of such turmoil, these last years the euro-zone capital markets and financial institutions seem to absorb a continued credit cycle phenomenon and are seriously hit by aggravating tensions. It is the first financial crisis the Eurozone witnesses. Today, the priority for member states is to quickly find and implement solutions. In this paper, we analyse the recent developments in the Eurozone, mainly the Greek and Irish financial crises and the threats the Eurozone risks. Finally, we propose some solutions for the crises

Overreaction on the Tunisian stock market: an empirical test

The financial market interest several researchers, especially in the domain of assessment of the financial assets and their performances. The previous research identified several anomalies of the market, as size, Monday, January, PER effects, etc. putting in question the notion of market efficiency and thereafter the predictability of assets returns. In the same context, W.F.M. De Bondt and R. Thaler [1985] disclosed one stock course overreaction: assets having recorded bad performances in the past in stock market would know performances subsequently superior to the average and vice-versa for assets having recorded excellent performances. In this paper we study the overreaction effect on the Tunisian stock market and we show that the hypothesis of basis that consists at exploiting the negative dependence of returns is a necessary condition but not sufficient so that a market reacts giving an explanation thus to the results contradictory of the different authors on the overreaction effect.Assets pricing anomalies, portfolio selection, efficiency, performance, overreaction, momentum strategies.

Impact du passage aux normes IFRS pour le secteur des assurances : Cas de la Réévaluation de l’actif de placement d’une compagnie d’assurance Tunisienne

La transition attendue du secteur des assurances en Tunisie vers les normes International Financial Reporting Standards (IFRS), annoncée depuis 2018 par le conseil national de comptabilité, nécessite la préparation d’une feuille de route pour être à la hauteur des enjeux multiples et importants non seulement au niveau du reporting mais également sur les plans opérationnels, organisationnels et stratégiques. Ce travail vise à déterminer l’impact de la réévaluation de l’actif de placement selon les normes IFRS sur les résultats d’une compagnie d’assurance tunisienne en passant d’une évaluation basée sur le principe du « coût historique » à une évaluation basée sur la « valeur économique » des actifs. Il vise également à étudier l’impact de l’écart de réévaluation « IFRS-coût historique » sur les ratios en relation avec l’actif de placement de cette compagnie. Les résultats de la présente étude sont d’une grande utilité pratique pour les compagnies d’assurance tunisiennes. Ils ont montré l’existence des écarts de réévaluation touchant les différentes lignes réévaluées ce qui implique principalement qu’une réallocation stratégique et tactique de l’actif de placement de la compagnie devrait être engagée préalablement à la transition afin d’éviter les impacts susceptibles de peser lourdement sur l’équilibre financier de la compagnie

The new models of decision in risk: A review of the critical literature

The aim of the risk decision theory is to describe the behavior of agents in the face of several random prospects. Since it is difficult to describe these preferences, we seek to represent them. The use of a representative function of preferences has been for a long time, the usual method of describing behavior in a random context. The obvious advantage of this method is that it allows including these data in a formalized model and, by extension, to understand the optimization process underlying any decision. The determination of the representative function of preferences must be based on an axiomatic basis. From these axioms, an accurate specification of the value function will be derived. The purpose of this article is to examine the history of theories that have sought to determine a satisfactory criterion for responding to the risk decision problem and to analyze the contribution of these models

L’islamisme Politique : Echec de Gouvernance et Chute Inévitable

This paper aims at examining the impact of political transitions on democracy, corruption and growth in countries which knew democratic changes. The results of our study indicate that these changes positively affect implementation of democratic principles, the struggle against corruption and economic growth. We examined also the case of the Arab spring countries focusing on the main political and socio-economic challenges and most importantly the religious challenge which is a characteristic of these countries. Indeed, religion may be considered as a relevant variable in these transitions and consequently it is very difficult to claim short-term or long-term triumph of these transitions as Arabs are now in a political boiling phase where religion may gather unexpected results

The impact of the financial crisis on the global economy: Can the Islamic financial system help?*

Research Question/Issue - The aim of this article is to analyse the different measures taken by the G7 and G20 leaders to face this crisis and to show whether such decisions represent a return to protectionism. Research Findings/Insights - We proposed the introduction of a new economic system based on Islamic banks’ principle which calls for cancelling interests. This line of thinking might solve speculation problems and put this type of crisis to an end. Theoretical/Academic Implications - Our article represents a point of view on the financial crisis, the return to protectionism and the role of Islamic banking. Practitioner/Policy Implications - This financial crisis pushed most developed countries to lower their banking rates and to implement null- approximating interest rates, a move which replicates the principle adopted by Islamic banks

Sélection de portefeuille via la stratégie de sur-réaction

The inefficiency of the stock markets is often bound to the stake in evidence of anomalies noticed in the behavior of returns by several authors. These anomalies are revealing of inefficiency if their knowledge permits to make a profit ex-ante of strategies based on them. De Bondt and Thaler [1985] disclosed one stock course overreaction: assets having recorded bad performances in the past in stock market would know performances subsequently superior to the average and vice-versa for assets having recorded excellent performances. This article aims at presenting the overreaction strategy adopted by most managers in Tunisia and to put in evidence a new strategy which turned out to be the best one

Les nouveaux modèles de décision dans le risque et l’incertain : quel apport ?

Abstract: The decision theory under risk or uncertainty has for object to describe the behavior of agents facing several uncertainty perspectives, waited that every agent is characterized by preferences that are him clean. As it is difficult to describe these preferences exhaustively, we try to represent them: thus, while associating a numeric value to each uncertain perspective, we can order an agent's preferences as merely that one orders some real numbers. The recourse to a representative function of preferences (called as function value) constitutes a long time since the usual method of behavior description in uncertainty. The interest obvious of this method is to permit to integrate these data directly in a formalized model and, by extension, to understand the underlying optimization process to all decision. The determination of the representative function of preferences must rest on an axiomatic foundation. One hears by there that a certain number of rules or general behaviors (called axioms) are reputed common to all human beings. Of these axioms one will drift a precise specification of the function value. The objective of this paper is to examine the historic of theories having looked for to determine a satisfactory criteria to answer to the problem of decision under risk or uncertainty and to analyze the approach of these models

Overreaction and Portfolio Selection Strategies in the Tunisian stock market

Purpose - This article aims to present a new strategy of portfolio selection. Design/methodology/approach- After having made a comparative survey of different strategies of portfolio selection adopted by portfolio managers in Tunisia, we propose a new strategy, which we call weighted overreaction strategy. This strategy consists in over-weighting the stocks having bad performances in the past. Findings - The new proposed strategy turned out to be more performing than size, PER and overreaction strategies in the Tunisian stock market via a mean equality test. Those who adopt it should create a loser portfolio and should sell it at a later period (12 months) and generate average annual returns of 241.75 %. Research limitations/implications - This result deserves generalization to other stock markets. As the Tunisian stock market is marked by its looseness and low capitalization, applying this strategy over similar or more developed market would open the way for research aiming to define other strategies and to select the best one for each market. Indeed, it should investigate investors’ behaviour which is certainly not the same in each stock market and outline the specific strategy for each market. Practical implications - The weighted overreaction strategy generated a considerable gain compared to other portfolios. Originality/value - The new proposed strategy turned out to be more performing than the other ones