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    • Hachmi Ben Ameur
    • Article classé
    • Risque, prévisions et évaluations en univers complexe
    • Forthcoming

    Assessing downside and upside risk spillovers across conventional and socially responsible stock markets

    Abstract

    Since the aftermath of the recent global financial crisis, socially responsible (SR) investments have become an alternative form of conventional finance, giving rise to further systemic risk between conventional and SR stock markets. In this paper, we assess this risk transmission using Value at Risk (VaR) modeling for the US, Europe and the Asia-Pacific region, over the period covering January 2004–December 2016. We find that socially responsible stock markets exhibit less risk than do conventional markets in terms of the risk hedging properties induced by the SR screening. Second, contributions to systemic risk vary across market phases and return distribution levels, with a larger contribution and spillover effect during the recent global financial crisis. For example, at the downside of the distribution (CoVaR at 5%), the conventional European index shows the highest contribution to the world market’s systemic risk, while the US stock market shows the highest contribution at the upside of the distribution (CoVaR at 95%). This finding is justified by the difference in the risk aversion of investors that varies with the market state as well as the disparities in the development of SR markets.

    Keywords
    Systemic riskRisk transmissionSocially responsible marketValue at riskConditional value at risk

    • Co-auteur(s) JAWADI F., JAWADI N., IDI CHEFFOUD A.
    • Revue(s) Economic Modelling Available
    • Classement(s) CNRS 2
    • Salma Fattoum
    • Article classé
    • Création & Innovation
    • Forthcoming

    Successor Attitudes in Family Firms

    Abstract

    The aim of this paper is to highlight the impact of the predecessor’s role on the successor’s attitude following his integration into the family business. We deploy a combined model that helps to elucidate the process (Le Breton-Miller, Miller and Steier (2004)) and a typology developed by Bauer (1993) that helps to characterize the actors. Four attitudes are distinguished: belated independence, unconstrained independence, forced conservatism and agreed conservatism (FATTOUM, 2010).

    • Revue(s) International Journal of Entrepreneurship and Small Business
    • Classement(s) FNEGE 4
    • Hachmi Ben Ameur
    • Article classé
    • Risque, prévisions et évaluations en univers complexe
    • Forthcoming

    Volatility transmission to the fine wine market

    Abstract

    The goal of this paper is to explore volatility transmission from various markets to the fine wine market. Knowledge of these channels for transmitting volatility to the wine market allows practitioners to anticipate the future volatility and the consequences of a shock on the wine market, to develop their investment strategy and diversify their risk. We especially analyse the impact of U.S. markets (i.e. art, commodities, credit, financial and real estate) during the 2007–2017 period. We shed additional light on how the volatility of the fine wine market varies during an extended period including a financial crisis. Our results indicate that, in the short-term, volatility is transmitted with a negative effect through the financial and commodity markets and with a positive effect through the art, residential real estate, and credit default markets. In the long-term, the wine market is impacted by all other markets. We show that correlations are time-varying.

    Keywords
    ADCC-GARCHAlternative assetCollectiblesFinancial marketsVolatilityWine

    • Co-auteur(s) Le Fur E.
    • Revue(s) Economic Modelling Available
    • Classement(s) CNRS 2
    • Angela Bargenda
    • Chapitre d'ouvrage
    • Smart interactions
    • 2099

    Aesthetic branding

    Abstract

    The chapter focuses on the delivery of brand value through aesthetics. Based on the concepts of aestheticisation and artification, the discussion centres on the use of art and architecture to create and communicate a meaningful and value-laden brand identity.

    • Titre de l'ouvrage Contemporary Issues in Branding
    • Editeur(s) Routledge Taylor & Francis, London
    • Année de parution 2099
    • Page(s) 99-115
    • Numéro de parution 2020
    • Coordination du chapitre d'ouvrage Foroudi, P. and Palazzo, M.
    • Camille Saintives
    • Article classé
    • Transitions sociétales et comportements émergents
    • Forthcoming

    Comment l’autonomie rend-elle une expérience agréable ? Les rôles de la perception du risque et du contrôle personnel

    Abstract

    Cette recherche remet en cause l’idée selon laquelle l’autonomie est bénéfique pour les consommateurs quelle que soit la situation. Plus précisément, cette recherche démontre, à travers deux expérimentations et une étude terrain, que l’autonomie ne donne lieu à du plaisir que lorsque le risque est faible. Ces études identifient également le contrôle personnel comme un mécanisme expliquant pourquoi l’autonomie rend la consommation plus ou moins agréable, et ce, en fonction de la perception du risque. Dans l’étude 1, nous démontrons que le risque perçu modère l’effet que l’autonomie peut avoir sur le fait de rendre une expérience agréable, l’absence de risque permettant à l’autonomie d’accroître le contrôle personnel. L’étude 2 réplique cet effet modérateur du risque au cours d’une étude terrain. Pour tester si de mêmes effets peuvent être retrouvés avec un autre type de risque perçu, l’étude 3 manipule le risque social et réplique l’effet modérateur du risque dans la relation entre autonomie, contrôle personnel et plaisir observé dans les études 1 et 2. D’une manière générale, cette recherche met en avant la nécessité de prendre en considération le risque lorsqu’on rend les consommateurs autonomes, et offre de nouvelles contributions aux recherches sur l’autonomie des consommateurs.

    • Co-auteur(s) LUNARDO R.
    • Revue(s) Recherche et Applications en Marketing
    • Classement(s) FNEGE 2, CNRS 2, HCERES A
    • Zoubeyda Mahamadou
    • Chapitre d'ouvrage
    • Risque, prévisions et évaluations en univers complexe
    • Forthcoming

    Asymmetric Alliances and SME’s Internationalization

    • Titre de l'ouvrage Cross-Cultural Challenges in International Management
    • Editeur(s) Routledge
    • Année de parution Forthcoming
    • Angela Bargenda
    • Article classé
    • Smart interactions
    • Forthcoming

    The artification of brand identity: Aesthetic convergences of culture and capital

    Abstract

    The paper critically examines the claim that artworks and corporate art collections contribute a qualitative dimension to corporate identity by satisfying aesthetic, social and cultural standards.
    To explore the qualitative research purpose, the theoretical framework is supplemented with in-depth interview data from five European banks. The findings show that corporate art achieves synergies between culture and capital, internal and external communication and thus offers significant opportunities for innovative marketing communication and identity-building strategies.


    • Revue(s) Qualitative Market Research
    • Classement(s) FNEGE 4, CNRS 4, HCERES 4
    • Salma Fattoum
    • Article classé
    • Création & Innovation
    • Forthcoming

    A suitable boy? Gendered Roles and Hierarchies in Family Business Sucession

    Abstract

    Our study draws on narratives collected in four case studies of succession. Inspired by recent studies that take an interpretivist and/or narrative approach (Hytti et al, 2016; Hall and Nordvquist, 2008; Hamilton, 2006; Bruni et al, 2005), we examine how gender is ‘done’ by actors in the family business. Our findings demonstrate that the dynamics of gender are much more complicated than a binary view focused on gender category would imply. Specifically, we identify how family members, through discourses and interactions, socially construct the successor role, and how this gendered construction of the role places next generation family members within a hierarchy of potential successors. This hierarchy is not based solely on gender category, but rather on the combination of gender category and the extent to which an individual’s traits, characteristics, and behaviors are perceived to align with that role.

    • Co-auteur(s) BYRNE J. , THEBAUD S.
    • Revue(s) European Management Review
    • Classement(s) FNEGE 2, CNRS 2, HCERES A
    • Domenico Campa
    • Article classé
    • Risque, prévisions et évaluations en univers complexe
    • Forthcoming

    Earnings management strategies during financial difficulties: a comparison between listed and unlisted French companies

    Abstract

    This paper investigates and compares the earnings management strategies of listed and unlisted firms during situations involving financial difficulties. The evidence from a sample of 6,407 French non-financial entities from 2009 to 2016 shows that, in the presence of severe financial problems, both listed and unlisted entities exhibit income-increasing earnings manipulation carried out through real activities rather than discretionary accruals. The findings consistently reveal a more extensive use of income-increasing earnings management behaviours among listed firms compared to unlisted entities, especially in the presence of high levels of indebtedness. Thus, they provide full support for the “opportunistic behaviour” hypothesis about the earnings management behaviours of listed firms, at least in the context where firms are highly dependent on external debt and the institutional setting does not provide strong protection to creditors. Finally, the results indicate that, under such circumstances, entities trade off earnings manipulation strategies and define earnings management behaviours based on the probability of being detected, rather than looking at the cost of such earnings management tools.

    • Revue(s) Research in International Business and Finance, Vol. 50, pp. 457-471
    • Classement(s) FNEGE 4, CNRS 4, HCERES C
    • Domenico Campa
    • Article classé
    • Risque, prévisions et évaluations en univers complexe
    • Forthcoming

    Voluntarily IFRS Adoption by European Unlisted Firms: Impact on Earnings Quality and Cost of Debt

    • Co-auteur(s) CAMERAN M.
    • Revue(s) International Journal of Accounting
    • Classement(s) FNEGE 3, CNRS 3, HCERES B