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thumb|Cours de plusieurs bourses européennes en 2020 subissant le krach de mars 2020 avant une remontée progressive. Un krach est une baisse brutale des prix d'une classe d'actifs, comme un marché financier à la suite d'un afflux massif d'ordres de vente. Un krach intervient parfois après l'éclatement d'une bulle spéculative, comme le krach boursier de 2001-2002 après celui de la bulle Internet. L'histoire des bourses de valeurs est jalonnée de krachs. Étymologie Krach est un mot d'origine allemande qui signifie « grand bruit », « boucan » (comme celui d'un effondrement - d'où son emploi au sens figuré pour désigner l'effondrement des cours de la bourse), et de manière métaphorique « dispute, conflit». Le terme apparaît dans la presse germanique lors de la chute des bourses de Vienne et de Berlin durant l'été et l'automne 1873. De fait, les prononciations (allemande) ou (française) sont usitées. En anglais, krach est devenu crash ou stockmarket crash. Faisant généraleme

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Are green bonds priced lower than their conventional peers?

Yue Wu

The green bond market's rapid growth has alerted issuers and investors to this sustainable area of investment. This study ascertains whether green bonds are priced lower than conventional bonds-whether a negative green bond premium exists in both Chinese and global bond markets-and the driving forces behind any such green bond premium. First, an event study is set up to observe stock market's reaction upon issuance of green bonds to test whether green bonds are embedded with additional value by improving the issuer's equity market performance. Then, using the matching method and a two-layer regression process, the study estimates the green bond premium in the Chinese and global markets, respectively, and analyses factors affecting the green bond premium. The event study reveals that green bond issuance could reduce the issuer's equity return performance. The regression models found no significant negative green bond premium in either Chinese or global markets, indicating that green bonds are not priced significantly lower than conventional bonds. However, global market models show that issuing green bonds in CNY could reduce the green bond premium, unlike in USD or EUR.

ELSEVIER2022

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Essays in Financial Economics

Kevin Marc Rageth

This thesis consists of two chapters that study separate subjects in the area of corporate finance.The first chapter, titled âEconomic Gains in Bank Mergers and Acquisitions â Evidence from Targetsâ, investigates economic gains in bank mergers and acquisitions (M&A) by focusing on bank targets. Demonstrating efficiency increases resulting from bank M&A has been elusive to the banking literature. Imake use of a novel hand-collected dataset, which allows to observe financial statements for transacted target banks both before and after the deal effective date. Addressing endogeneity concerns by constructing the counterfactual frommergers that fail for reasons exogenous to target performance, I show evidence that acquiring banks create economic value by pursuing M&A deals. Cost reductions and higher post-deal securities productivity constitute bankM&A related value sources. The results are consistent with banks pursuingM&A to realize economies of scale.The second chapter, which is co-authored work with RÃŒdiger Fahlenbrach and RenÃ© Stulz, is titled âHow Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisisâ. We use the COVID-19 shock as a laboratory to investigate the value of financial flexibility. Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26%, or 9.7 percentage points, lower than those with low financial flexibility. This differential return persists as stock prices rebound. Firms more exposed to the COVID-19 shock benefit more from cash holdings. No evidence suggests that recent payouts worsened the average firmâs drop in stock price. Our results cannot be explained by a leverage effect.

EPFL2022

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Essays on Corporate Governance

Rüdiger Fahlenbrach

This dissertation comprises two essays oncorporate governance. The second essay, "Founder-CEOs and Stock MarketPerformance," compares the stock market performance of firms headed byfounder-CEO firms with successor-CEO firms. Eleven percent of the largest U.S.public firms are headed by their founder. This essay examines how these firmsdiffer in firm behavior, valuation, and performance. Study was based on asample drawn from2,327 large, publicly listed U.S. firms for 1992-2002; asample of 361 founder-CEO firms was identified. Found that founder-CEO firms produce higher return on assets and have higherfirm valuation; these results are robust when controlled fro managerialownership, which is due to founder-CEO's role. Founder-CEO firms invest more inR&D, have higher capital expenditures, and execute more focused mergers andacquisitions. It is the founder-CEO who adds value, not characteristics of thefounder-CEO firm. Founder-CEOs make management decisions that positively affectvaluation and performance. Annual stock market returns for founder-CEO firms for 1992-2002 were 8.3percent (equal-weighted strategy) or 10.7 percent (value-weighted strategy)when compared against industry and performance matched benchmarks. Whencontrolling for firm characteristics, CEO characteristics, and industryaffiliation, return was 4.4 percent. Three hypotheses are examined to explain stock market results: (1)unexpected abnormal accounting performance, (2) an implicit target premium, and(3) corporate governance premium. None of these hypotheses explained the excessstock market performance. Also found little evidence that excess performance isdue to corporate governance mechanisms. The main difference appears to be dueto composition of boards of directors and boards' subcommittees.(TNM)

University of Illinois2005

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Crise financière

thumb|Gravure du numéro du 24 mai 1884 du Harper's Weekly décrivant la situation à Wall Street le matin du 14 mai, lors de la . Une crise financière est un terme polysémique qui recouvre des réalités

Stock market

A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include securities

Dow Jones Industrial Average

Le Dow Jones Industrial Average souvent raccourci en Dow Jones est un indice du New York Stock Exchange. C'est le plus vieil indice boursier du monde. L'indice repose sur la capitalisation boursi

FIN-406: Macrofinance

This course provides students with a working knowledge of macroeconomic models that explicitly incorporate financial markets. The goal is to develop a broad and analytical framework for analyzing the interaction of financial decisions, macroeconomic events and policy decisions.

FIN-407: Financial econometrics

This course aims to give an introduction to the application of machine learning to finance. These techniques gained popularity due to the limitations of traditional financial econometrics methods tackling big data. We will review and compare traditional methods and machine learning algorithms.

FIN-609: Asset Pricing

This course provides an overview of the theory of asset pricing and portfolio choice theory following historical developments in the field and putting emphasis on theoretical models that help our understanding of financial decision making and financial markets.