Does Choosing a Section of the Stock Exchange Matter in the IPO of SMEs? The French Case

The empirical study presented in this article is localized in between two major fields of research in finance: underpricing of Initial Public Offerings (IPOs) and financial markets integration or segmentation.This empirical work proves that the institutional and political intention, translated in a segmentation of financial markets dedicated to Small and Medium-sized Enterprises has an impact on the financial environment of SMEs and consequently on the level with which IPOs are underpriced. The differences between companies listed on both parts devoted to SMEs correspond to the ambition of the French Stock Exchange. And these differences result in surprising pricing: a lower profile in risk does not mean a better valuation. At least, our study on IPOs of SMEs could help managers to choose the appropriate section for their firm.     

Entrepreneurship in post‐conflict transition1

We examine new self‐employment entry and its viability in Bosnia and Herzegovina, using a rich household survey for the years 2001–2004. We find that wealthier households are more likely to engage in viable self‐employment and create employment suggesting an important role for financing constraints. Specifically, although having an existing bank relationship is not significantly related to the entry decision, it is positively related to the survival for new entrepreneurs and their employment creation. We also find a non‐linear relationship between remittances and entry in that individuals not receiving remittances are more likely to enter self‐employment; but, if they do receive them, the likelihood of starting a business increases in the fraction of wealth received from domestic remittances. Finally, people working in the informal sector are more likely to become viable entrepreneurs, particularly those provided with loans from micro‐credit organizations. These findings support the perception of the informal sector as an incubator for formal self‐employment in the early years of transition.     

ECB: Quo Vadis?

The European Central Bank has implemented a very ambitious monetary policy since the financial crisis of 2008, intervening heavily in the eurozone economies. This policy has generated substantial risks to both the ECB’s primary task and its independence. It is therefore time for a fundamental evaluation of the ECB’s monetary policy strategy.     

Macro explanatory factors of Turkish tourism companies’ stock returns

This study examines whether the stock prices of Turkish tourism companies respond to growth in eight macro-economic variables namely, consumer price index, imports, exchange rate, consumer confidence index, oil price, money supply, foreign tourist arrivals, and monthly stock market return. By applying the Granger causality procedure, we find that growth in the consumer confidence index and imports could Granger cause tourism companies’ stock returns among eight macro factors in Turkey during the 2005 to 2013 period. After considering the structural break that occurred in 2007, the pre-break results indicate that the consumer confidence index, exchange rate, and foreign tourist arrivals could Granger cause tourism stock returns. However, the results in the post-structural break period reveal that only growths in oil prices and imports are significant.     

财政分权视角下的地方政府债务研究:一个综述

本文通过在财政分权的框架下对地方政府债务的成因、影响、管控的相关理论分析和经验研究的梳理,总结了较为成熟的财政联邦经济体在地方债务管理实践中的经验教训,同时,也对正处于分权化改革当中的转型国家的地方政府债务问题进行了总结,并最终落脚到中国的地方政府债务问题上来。中国的地方政府债务问题因与分税制度不完善、地方官员激励扭曲、地方融资平台不规范、宏观调控和财政政策需要等问题联系在一起而更加错综复杂,需要在借鉴已有研究的基础上结合中国的现实制度特征做进一步深入研究。     

Shadow prices,fractional Brownian motion,and portfolio optimisation under transaction costs

The present paper accomplishes a major step towards a reconciliation of two conflicting approaches in mathematical finance: on the one hand, the mainstream approach based on the notion of class="EmphasisTypeItalic ">no arbitrage (Black, Merton & Scholes), and on the other hand, the consideration of non-semimartingale price processes, the archetype of which being class="EmphasisTypeItalic ">fractional Brownian motion (Mandelbrot). Imposing (arbitrarily small) proportional transaction costs and considering logarithmic utility optimisers, we are able to show the existence of a semimartingale, frictionless class="EmphasisTypeItalic ">shadow price process for an exponential fractional Brownian financial market.     

Jeux de mots,narrative and economic writing: The rhetoric of anti-physiocracy in French economic periodicals (1764–1769)

Abstract

This article analyses the extensive debate that took place from 1764 to 1769 between, on the one hand, François Quesnay and the Physiocrats and, on the other hand, a group of authors led by François Véron de Forbonnais. In this article, we argue that these exchanges have, to a large extent, structured the anti-physiocratic rhetoric.