Pourcentage

Résumé

thumb|upright=0.5|signe pour cent, %. Le pourcentage d'une partie d'un ensemble, ou d'un système physique, est le rapport d'une mesure (effectif ou grandeur extensive) de cette partie à la mesure correspondante de l'ensemble total (ou du système physique), exprimé sous la forme d'une fraction de cent. Le pourcentage est donc un nombre sans dimension (un nombre pur), mais pour en rappeler l'origine on le fait généralement suivre du signe « % », ou parfois de « /100 », de « pour cent » ou de l'abréviation « p.c. ». Un rapport de 0,052 correspond ainsi à un pourcentage de 5,2 % (ou « 5,2/100 », « 5,2 p.c. » voire « 5,2 pour cent »). Notation % La notation des pourcentages semble tirer son origine de l'italien. Dans les textes du Moyen Âge, on peut voir des notations comme « per cento ». ou « per c. » ou « p. cento ». Selon David Eugene Smith, la première trace d'un symbole voisin de celui utilisé actuellement, se trouve dans un manuscrit italien anonyme écrit vers 1425 sous

Source officielle

https://fr.wikipedia.org/wiki/Pourcentage

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In the first chapter of this thesis, I empirically show that the time delay firms face in raising outside capital affects cash holdings. I exploit the 2005 US Securities Offering Reform (the Reform) as a quasi-natural experiment. For a subset of large public US firms, the Reform relaxed the requirement to undergo the standard review process with the Securities and Exchange Commission (SEC) before raising new public capital, leading to a reduction in regulatory delay of approximately 1-1.5 months on average and exceeding half a year in extreme cases. Difference-in-differences estimates based on the event suggest a causal channel from time delay to cash holdings. Over the course of the year following the Reform, affected firms reduced their cash holdings by approximately 2-3% as a fraction of book assets relative to unaffected control-group firms. As predicted by theory, the effect is strongest among firms in cash flow volatile industries. The second chapter investigates whether seasoned equity offerings (SEOs) are accompanied by price pressure effects that models of investor inattention and slow-moving capital predict. In line with theoretical predictions, I find that the share prices of issuing firms exhibit a drop in the pre-offer week, and a positive trend in the first four to eight weeks thereafter. The pattern is systematically related to the size of an offering and to measures of the amount of attention the issuing firm receives by market participants. The resulting costs to the issuing firm are on the order of 2% as a fraction of offer proceeds for the average firm, and nearly twice as large for the tercile of firms issuing the largest quantities of illiquid stock. The price impact is so sizable and long-lasting that simple monthly trading strategies that purchase SEO stocks in the first calendar month after an offering yield monthly five-factor alphas exceeding 1.5 percentage points. The abnormal returns are most pronounced in periods of low aggregate stock market liquidity, as measured by the Pástor and Stambaugh (2003) liquidity index. The results are consistent with the interpretation that the return pattern represents a compensation to temporary liquidity providers, who require the largest compensation during periods in which funding liquidity is scarce. The third chapter is joint work with Cornelius Schmidt from the University of Lausanne. We propose a novel setting to test how the presence of attention constraints affects stock prices. Our setting exploits the particular industry exposure of vertically integrated firms. Because of inter-segment sales of goods, the relative size of individual segments within such firms, in an accounting sense, is a misleading indicator for the firm's overall exposure to industry shocks. We hypothesize that attention constrained investors will tend to neglect this detail, leading to systematic pricing mistakes after confounding, industry-specific news shocks. In line with this hypothesis, we find evidence of predictable price corrections in post-news periods – in particular in the time around firms' earnings announcements. A fully implementable long-short equity strategy based on the phenomenon leads to significant risk-adjusted excess returns. Security analysts' earnings forecasts exhibit a predictable error in the same direction as stock prices.

EPFL2012

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Pricing Electricity Through a Stochastic Non-Convex Market-Clearing Model

Farzaneh Abbaspourtorbati, Antonio J. Conejo

This paper proposes a pricing scheme for the day-ahead market in power systems with a large percentage of renewable stochastic production. To clear the day-ahead market, instead of a simplistic deterministic model, we use a two-stage stochastic programming model that embodies a prognosis of future operating conditions. Non-convexities due to start-up costs and the on/off status of generators and their minimum power outputs are properly taken into account. Our goal is to obtain uniform day-ahead clearing prices that deviate in the least possible manner from marginal prices and that allow producers to recover their costs without uplifts. The proposed methodology is illustrated using a simple example and a realistic case study.

Ieee-Inst Electrical Electronics Engineers Inc2017

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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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EPFL2012