Two main claims are associated with the Efficient Market Hypothesis (EMH). First of all, the price changes are nearly random in the financial markets. Secondly, the prices reflect the economic fundamentals. The relation between these two claims remains unclear in the actual literature. The purpose of this article is to show that this confusion is n...
L'interdiction de création de la monnaie par les crédits bancaires fera l'objet d'un vote en Suisse en juin 2018. L'article réfute les principaux arguments à l'encontre de la proposition.
Islamic banks face specific risks related to Sharia-compliant contracts. We provide an exhaustive literature review addressing the methodological issues of the measurement of performance and document the main stylised facts regarding the performance of Islamic banks (IBs) in the MENA region. We investigate 53 IBs in 11 MENA countries over 2007-2014...
We investigate whether stock returns of international markets are predictable from a range of fundamentals including key financial ratios (dividend-price ratio, dividend-yield, earnings-price ratio, dividend-payout ratio), technical indicators (price pressure , change in volume), and short-term interest rates. We adopt two new alternative testing a...
This article applies the capabilities approach in order to analyse microcredit as a tool for resource conversion permitting poor households to take advantage of latent opportunities. This approach calls for linking microcredit with the choices of the poor themselves. A sample of 290 rural households from the Madagascar highlands has been surveyed t...
The safe haven property of the Swiss franc presents a specific challenge for Swiss-based investors in their international investments. The central issue is whether the traditional under performance of Swiss assets is compensated by the currency risk associated with the safe haven and the secular appreciation tendency of the franc. In this paper we ...
In this paper we analyze the impact of the French cancel order tax on market quality measured by market liquidity and volatility. Additionally, this paper raises the question whether this tax leads to reduction of high-frequency trading (HFT) activities and a declining in trading volume. Moreover, we test market rules that have not been yet introdu...
This study examines the association between political patronage and banks' financing decision in a sample of 34 commercial banks operating in Middle East and North Africa region for the period 2003-2014. Linear and nonlinear Panel Data analysis is used to investigate this relationship. The results reveal that politically backed banks tend to be mor...
In examining the global imbalance by the excess liquidity level, the argument is whether commercial banks want to hold excess reserves for the precautionary aim or expect to get better return through risky decision. By pictorial representations, risk preference in the Machina's triangle (1982, 1987) encapsulates motivation to hold excess liquidity....
