Academic literature on the topic 'Effet spillover'

Cette thèse est consacrée à l’étude de l’impact des annonces macroéconomiques françaises et américaines, sur le marché d’actions français. La démarche suivie consiste à combiner des approches théoriques et empiriques de façon à mettre en évidence empiriquement les canaux de transmission économiques, par lesquels les annonces macroéconomiques peuvent agir sur les marchés boursiers. Le premier volet consiste à étudier l’impact des annonces portant sur l’économie réelle sur les principales caractéristiques du marché boursier, à savoir la rentabilité et la volatilité. D’après les résultats obtenus, l’impact des annonces macroéconomiques passe par une revalorisation -parfois simultanée- des différentes composantes théoriques des rentabilités boursières. En outre, l’impact des annonces passe non seulement par un effet direct sur le marché boursier français, mais il résulte aussi d’une transmission de la volatilité du marché américain vers le marché français. Le second volet est consacré à l’étude de l’impact des annonces de politique monétaire de la Fed et de la BCE sur le marché boursier français, selon les cycles financiers. D’après les résultats obtenus, la réaction du marché boursier français est plus marquée pendant les périodes de déclin que pendant les périodes de hausse. Il s’avère, en outre, que l’impact de la politique monétaire américaine sur le marché boursier français transite en partie par la prime de risque. La présente thèse a ainsi apporté de nouveaux résultats par rapport à la littérature et a montré que l’impact des annonces macroéconomiques sur les marchés boursiers est complexe et nécessite d’aller au-delà des études d’événements classiques<br>The aim of this thesis is to study the impact of both French and U.S. macroeconomic announcements on the French Stock market. The methodology used allows us to combine theoretical and empirical approaches, in order to identify the sources of the stock market reaction. The first part of this thesis is devoted to the study of the French stock market’s reaction to announcements of news about the real economy. We find that these announcements can have simultaneous effects on different theoretical components of stock returns. We also find that the impact of those macroeconomic announcements on the French stock market is not only attributable to a direct effect, as documented in the literature, but also is due to a spillover effect from the American stock market. In the second part of the thesis, we investigate the impact of monetary policy announcements on the French stock market, bycombining the event study approach and the ICAPM theory. We find that the announcements of the US Federal Reserve have an impact on different components of the risk premium on the French Stock market

Les carbones poreux ont été largement utilisés et étudiés ces dernières années. Ce travail de recherche porte sur la préparation de matériaux carbonés mésoporeux modifiés ou non par de l'azote. Tout d'abord, un carbone mésoporeux pur a été synthétisé. Puis des atomes d'azote ont été introduits dans ce carbone mésoporeux par deux méthodes de dopage ("in situ" et "post-synthèse" respectivement). La comparaison des propriétés acido-basiques dans des conditions différentes pour les trois types de matériaux mésoporeux carbonés, avec ou sans diazote, a été faite grâce à des techniques calorimétriques. Ces carbones mésoporeux ont aussi été utilisés dans l'adsorption de polluants, le stockage de l'hydrogène et en tant que supports pour les métaux précieux et l'oxyde de fer en catalyse. Les différentes performances dans ces applications ont été mises en relation avec les différentes propriétés structurelles et surfaciques causées par le dopage au diazote<br>Porous carbon materials are widely used and studied in recent years. In this work, three kinds of mesoporous carbon materials were prepared. Firstly, cost-effective pure mesoporous carbon was synthesized. Then nitrogen atoms were introduced into the mesoporous carbon by “in situ” and “post” doping methods respectively. The comparisons of the acid-base properties in different conditions of the three kinds of mesoporous carbon materials with or without nitrogen were studied and revealed by different calorimetric techniques. The three kinds of mesoporous carbons were also applied in pollutants adsorption, hydrogen storage and as supports of precious metals and iron oxide in catalysis. The different performances in applications were related to the different structural and surface properties caused by the N-doping

La gestion du risque est un sujet primordial au niveau d’une entreprise et au niveau de l’Etat. Cette thèse investigue ce thème au travers de trois essais empiriques. Le premier essai s’intéresse à la gestion du risque de change par les entreprises. Les résultats montrent que les Fusions &amp; Acquisitions transfrontalières offrent une couverture opérationnelle contre le risque de change. De plus, cette technique de couverture crée de la valeur pour les actionnaires. La baisse de l’exposition au risque de change (en valeur absolue) est positivement associée avec les rentabilités anormales cumulées (CAR) pour les acquéreurs. Le deuxième et le troisième essai se concentrent sur la gestion du risque au niveau de l’État - le plan de sauvetage (dit « plan Paulson ») pendant la crise financière récente aux États-Unis. Le deuxième essai confirme dans un premier temps l’effet positif du plan sur les CAR et la réduction des probabilités de défaut pour les banques participantes autour de son annonce initiale. Pourtant, l’effet du plan n’est pas neutre au sein des banques : les grands joueurs ont été les gagnants. Le dernier essai analyse les effets de bord du plan Paulson sur les pratiques d’octroi de prêts. Nos résultats révèlent qu’il y a un effet de bord positif et significatif de l’intervention gouvernementale sur la maturité des prêts syndiqués pendant la période postérieure à la crise, de 2010 à 2012. Néanmoins, cet impact positif n’apparaît pas pour la taille des prêts syndiqués. En somme, cette thèse empirique met en lumière d’une part les moyens efficaces d’une gestion du risque de change pour les entreprises, comme par exemple la couverture opérationnelle, et ses implications positives pour les actionnaires des acquéreurs, et d’autre part les résultats attendus d’une intervention de l’Etat, comme celle du plan Paulson, les effets de bord et les effets hétérogènes entre les établissements financiers<br>The risk management is a crucially important topic at firm and country level. This thesis investigates this subject across three empirical essays. The first essay is interested in firm’s currency risk management. The results show that the cross-border Mergers &amp; Acquisitions offer an operational hedging to the currency risk. Moreover, this hedging creates value for acquirers’ shareholders. The decrease in currency risk exposure (in absolute value) is positively associated with acquirers’ cumulative abnormal returns (CAR). The second and the third essay concentrate on the risk management at country level - the bailout plan (the Paulson plan) during the recent financial crisis in United States. The second essay in a first step confirms the positive effect of the plan on bank participants’ CAR and on the decrease of default probability around the plan’s initial announcement. Nevertheless, the effect of the plan is not neutral among banks and big players were the winners. The last essay analyzes the Paulson plan’s spillover effect on the loan supply. Our results reveal that there is a positive and significant spillover effect of the government intervention on syndicated loans’ maturities during the post-crisis period from 2010 to 2012. However, this positive impact is not found for the size of syndicated loans. In sum, this empirical thesis from one side sheds light on the efficient ways of firm’s currency risk management, such as the operational hedging, and its positive effect for acquirers’ shareholders; from another side for the country-level government intervention, it highlights the Paulson plan’s spillover effect on syndicated loans and the heterogeneous impact among financial institutions

The Swedish population is rapidly increasing in educational level in the past two decades and educational level has long been a topic of interest for labor productivity. This increase in educational level brings up an interesting discussion of whether the remoteness of a university helps create productivity and if so by how much. This is a study that will try and explain the impact on regional productivity by having a university closer, using the distance to the closest university of each municipality in Sweden, and depending on what quality this university possess. Using simple OLS regressions results have shown some reasons for increased productivity, either positive or negative, while distance showed to not matter for regional productivity at all. This field is somewhat untouched, and with further research and by including other geographical economic theories, it could become an interesting study.

The aim of the research was to investigate how to stimulate sustainable consumer behaviors that lead to a lowering of the carbon footprint. Because of environmental challenges at the individual and societal levels, researchers agree that behavioral change is necessary. We argue that when already performing a sustainable behavior, this behavior can spill over to other sustainable actions, even to more difficult ones. First, we studied whether a positive behavioral spillover occurs between product categories and whether the spillover effect depends on the ease or difficulty of the sustainable behavior. Second, we investigated whether high awareness of sustainability determines the spillover between categories. We conducted three online experiments in Central Europe, investigating whether spillover takes place between behaviors assigned to the same category (transport or food) or between behaviors assigned to different categories (transport or food). In all three studies participants had to make two independent decisions. In studies 1a (N=281) and 1b (N=195), the effect of the ease/difficulty of the behavior was tested. In study 2 (N=164), awareness of CO2 emission reducing effects was manipulated. Findings revealed a behavioral spillover between sustainable choices.

Business Administration/Accounting<br>Ph.D.<br>I examine the spillover effects of the 2013 revision to the U.K. audit report standard, the International Standard on Auditing (ISA) 700 (UK and Ireland), from firms subject to the regulation (i.e., Premium companies listed on the London Stock Exchange (LSE)), to firms not subject to it (i.e., those listed on the Alternative Investment Market (AIM) of the LSE). The new regulation requires increased disclosures in three areas: audit risks, materiality and the scope of the audit. I hypothesize that application of the new rules to regulated clients will result in changes in audit styles and auditor mindsets that would be transferred to other (non-regulated) clients. If so, such effect of the new regulation on audit outcomes – specifically improvement in audit quality - for regulated clients will spill over to non-regulated clients. Because I expect the auditor to be the conduit for the spillover, I examine the difference in changes in audit quality for two groups: (1) AIM clients in audit offices that audit both Premium and AIM clients and (2) AIM clients in audit offices that audit only AIM clients. The results show that AIM firms in the first group (i.e., AIM clients of audit offices that also have Premium clients) experience lower absolute discretionary accruals, reduced propensity to have small positive earnings, and are more likely to receive a modified opinion under the new regulation. However, there is no change in audit quality for the AIM client firms of audit offices with only non-regulated (AIM) clients. These results are consistent with audit quality benefits spilling over from regulated clients to AIM clients, brought about by auditor-level changes. Further analyses indicate that the audit quality spillovers are more prominent for AIM clients with greater audit complexity, AIM clients of large audit offices, and London audit offices.<br>Temple University--Theses