Mathématiques financières

Une première partie est consacrée à la présentation du calcul actuariel. Les parties suivantes abordent les opérations de gré à gré, le calcul obligataire et la mesure du risque de taux, l\u27évaluation sur le marché monétaire ainsi que les principaux modèles d\u27évaluation des actions

Les apports et les limites de l’évaluation des projets innovants par les options réelles

International audienc

Green finance instruments: Exploring minibonds issuance in I taly

In the context of green finance, minibonds play a crucial role. This financial instrument was introduced in 2012 as a valid alternative to bank credit for corporate financing, aimed mainly at small and medium-sized enterprises. Minibonds also represent useful support for implementing the ecological transaction agreed upon in COP 21, held in 2015 in Paris. Indeed, as of 2017, this instrument has been expanded from an environmental perspective by allowing the issuance of green minibonds. This article contributes to the debate on minibonds and the companies issuing them. Specifically, it proposes a cluster analysis approach for comparing the issuance level of minibonds in 2016 and the subsequent performances of the issuing companies in the triennium 2017–2019. Performance is divided into three macrocategories: profitability, productivity, and growth opportunities. The results suggest a nonlinear connection between the variables of interest, showing heterogeneous effects of minibonds on performance. However, the statistical data analysis seems to establish a positive relationship between minibonds' issuance level and companies' performance

Whole Business Securitization in structuring and refinancing of LBO

One of the latest innovations within the securitization field is whole business securitization. Such a technique allows to finance or refinance operating assets of the company. WBS has its origins in structuring and refinancing LBOs where it is known as SBO (Securitization Buy-Out). In fact, SBO is more than just an alternative source of financing of the operations of the company. It is a quite complex instrument of financial management which allows to swap the sources of financing and associated risk of LBO from the banking sector into the capital market, especially under the conditions of deteriorated access to traditional borrowing, due to the public debt crisis and the European economic slowdown. SBO can be treated as an effective tool to solve the problem of the “wall of debt” which will emerge in 2014-2017 in Europe when LBO peak period leveraged loans will mature. The paper presents the idea of WBS, an application of WBS in practice, developments of LBO, structuring and managing LBO through securitization. It also contains an analysis of SBO of the French company, Fraikin SA