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Management > FINANCE D'ENTREPRISE > INVESTISSEMENT > INVESTISSEMENT SOCIALEMENT RESPONSABLE
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The impact of negative interest rates on corporate debt / Loubna LAMLI / 2020
Titre : The impact of negative interest rates on corporate debt : The case of European firms Type de document : Mémoire Auteurs : Loubna LAMLI, Auteur Année de publication : 2020 Importance : 27 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management
TAUX D'INTERET ; INVESTISSEMENT ; CAPITAL ; LIQUIDITERésumé : This paper examines the impact of negative interest rates on corporate debt. This is a much less studied topic in the field related to the negative interest rate policy as all studies are primarily done on banks profitability and risk taking. The goal of this paper is to show how negative rates make non- financial European firms increase their long term investment but also their cash holdings and short term assets. The related literature suggests that leverage influence these results as there is a negative relation between debt and investment but also between leverage and cash holdings. Moreover the negative rate environment increased the use of senior bonds and notes. The method I chose is an empirical study by data visualization as it is the most suited for evaluating the consequences of the negative interest rate policy as seen in the balance sheet. The study will be made on a sample of twenty non-financial European companies chosen from EURO STOXX 50. Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531046 To what extent does the emergence of ETFs have an impact on Open-End Mutual Funds / Nicolas BOUTHORS / 2020
Titre : To what extent does the emergence of ETFs have an impact on Open-End Mutual Funds : Substitutability and complementarity of both investment vehicles through a cross-analysis of evolutions and ownership Type de document : Mémoire Auteurs : Nicolas BOUTHORS, Auteur Année de publication : 2020 Importance : 67 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management
CRITERE D'INVESTISSEMENT ; FINANCE DE MARCHE ; INVESTISSEMENT ; FONDS COMMUN DE PLACEMENTRésumé : In the USA, the emergence of ETFs over the past 20 years simultaneously occurs at the same time as Open-End Mutual Funds downturn. This report describes and analyses to what extent ETFs have influenced this recent Mutual Funds trend. A cross-analysis of their evolutions and ownership was performed and different conclusions have emerged. ETFs turn out to be a substitute of Mutual Funds for specific asset classes and for a particular investor profile and thus, to some extent, contributed to their decline. However, on a general basis, they are imperfect substitutes due to structural differences and inability to deal with the same issues. Thus, the emergence of ETFs simultaneously increased the market completeness by offering new products and services previously unavailable, as well as it created a competition that forced Mutual Funds to improve and to be more sophisticated in specific areas where they remain more efficient. Finally, this resulted in enhanced competitiveness for each investment vehicle that led to a more efficient market for the ultimate benefit of investors. Programme : MSc Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=532898 Valuation methods in light of business cycles / Naima ECHALHI / 2020
Titre : Valuation methods in light of business cycles Type de document : Mémoire Auteurs : Naima ECHALHI, Auteur Année de publication : 2020 Importance : 36 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management
CYCLE ECONOMIQUE ; FINANCE D'ENTREPRISE ; INVESTISSEMENT ; EVALUATION D'UNE ENTREPRISERésumé : The main question that an investor poses is whether to buy or sell the shares of a company. Should she keep a long position or short her securities? The key metric, and the most objective one, that she can rely on is the entreprise value. However, for the aim of having an accurate entreprise value, professionals need to make correct projections of Earnings Before Interests and Taxes, Depreciation and Amortization (EBITDA) in a DCF model. This paper focuses on this crucial indicator and analyzes how impactful the business cycles can be on its forecast. A case study based on two scenarios was conducted, wherein data since 1998 of Companie Générale des Etablissements Michelin for three regions North America (mainly USA), Europe and Asia where the company operates were examined with the purpose to capture the impact that business cycle phases have on the growth of the firm’s EBITDA. The paper demonstrates how it is important to consider in a valuation model the fact that a successful forecast of any metric is not only correlated with the choice of obvious parameters like the infinity growth rate or the volatility photographed by Beta, but also by looking upon the implicit ones (e.g., the elasticity to business cycles’ expansions and contractions). Especially, if the metric itself is the edge of a model that is basically structured as a waterfall process. Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531012 Valuation of corporation possessing crypto-assets / Nicolas LIM / 2020
Titre : Valuation of corporation possessing crypto-assets Type de document : Mémoire Auteurs : Nicolas LIM, Auteur Année de publication : 2020 Importance : 24 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Français (fre) Mots-clés : Management
MONNAIE ELECTRONIQUE ; EVALUATION D'UNE ENTREPRISE ; MONNAIE ; INVESTISSEMENTRésumé :
Firms can invest in assets when they have savings on the same basis as individuals. Most of the time, the preferred assets are foreign currencies, stocks, bonds, etc. Now there is Bitcoin. This new currency, which surfs on the wave of new technologies and more precisely, the blockchain, is however relatively new and whose price is unstable.
On the other hand, we also have start-ups that have decided to raise funds through these new currencies that are the crypto-currencies. Indeed, in the classic business model, companies carry out IPOs, i.e. classic stock market flotations: funds are raised in euros in exchange for shares in the company. Whereas ICOs, on the other hand, raise funds in euros in exchange for crypto assets. As they’re taking more and more space into the economy, are traditional valuation models functional within the crypto-asset framework?
First, I will explain the different variable that affect corporate valuation possessing crypto-assets with qualitative criteria and in the second part and third part, use models with quantitative data provided by official site and academic research paper.
Thereby, valuation is an art and hasn’t a precise value. That is why traditional models can be adaptable to crypto-currencies, but also new tools are there to provide a comparative analysis. The time notion is quite important from moment the analysis of valuation is made because crypto-currencies are affected by their volatility through the criteria exposed in the first part.Programme : PGE-Rouen Spécialisation : Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=529181 What is the impact of negative interest rates on French people’s savings? / Dino THELISSON / 2020
Titre : What is the impact of negative interest rates on French people’s savings? Type de document : Mémoire Auteurs : Dino THELISSON, Auteur Année de publication : 2020 Importance : 33 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management
SOCIALISME ; CAPITALISME ; ROI ; INVESTISSEMENTRésumé : Since the end of 2018, France has been experiencing a kind of social revolt, leading to numerous strikes and protests on a regular basis, with a common demand to improve the living conditions of French citizens. In this context, many topics have been put forward, such as the different types of pensions, the current level of wages, the right to unemployment. However, in all these debates and demands, we have heard very little about French people's savings, which play a major role in their purchasing power and therefore their living conditions.
In this Seminar Paper, we demonstrate that the two investments most frequently used by the French people have a negative real rate of return, and that few people realize this. This situation leads savers to make bad choices for their investments and then decrease their purchasing power. The current situation of negative interest rates tends to accentuate and perpetuate this phenomenon. We will then see that the main solution to maintain a positive return is to accept more risk, by building a portfolio that is as diversified as possible in order to maximize the risk/return ratio.
We will first define the terms and elements necessary to understand the subject, then we will see that fees, taxation, and inflation are elements that are not considered when making investment choices, whereas they are decisive on the real return perceived by the saver. Finally, the strong impact on the allocation and return on financial savings will be described.
Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=529808 ASSET ALLOCATION AND STRUCTURED PRODUCTS / Antoine BANDITTINI / 2019PermalinkCan asset management firms adapt to the growing pressure on the industry and regulatory issues? / Boris LOLMEDE / 2019PermalinkPermalinkDCG 6 Finance d'entreprise - Manuel - Réforme Expertise comptable 2019-2020 / Jacqueline DELAHAYE / PARIS : DUNOD (2019)PermalinkImproving the standard multiples valuation method / Quentin PLESSIS / 2019PermalinkInvestir dans les grands crus viticoles permet-il d’avoir un rendement régulier de son épargne et de s’affranchir des fluctuations et de la volatilité des marchés financiers ? / Adrien SAURON / 2019PermalinkRéussir son business plan - 5e éd. / Michel SION / PARIS : DUNOD EDITEUR (2019)PermalinkThe common industries in dead coin / Hai Dang NGUYEN / 2019PermalinkThe Difference of asset allocation and performance between individual investors (retail banking clients, private individuals) and professional investors (wealth manager, asset managers). / Rindra RAMIARASON / 2019PermalinkThe FAMA-FRENCH Model applied to S&P 500 / Adrien LEFEBVRE / 2019Permalink
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