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Management > FINANCE D'ENTREPRISE > INVESTISSEMENT > CRITERE D'INVESTISSEMENT
CRITERE D'INVESTISSEMENTSynonyme(s)Capital budgeting Méthode MAPI |
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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
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
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
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
Titre : ASSET ALLOCATION AND STRUCTURED PRODUCTS : EUROPEAN STRUCTURED PRODUCTS AND RISK INVESTOR PROFILES Type de document : Mémoire Auteurs : Antoine BANDITTINI, Auteur Année de publication : 2019 Importance : 29 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
EUROPE ; PRODUIT STRUCTURE ; INVESTISSEMENT ; STRATEGIERésumé : Structured products are the financial instruments that have emerged in Europe and are constantly increasing on popularity in the continent. French and German banks are particularly keen to create new and sophisticated products to meet investors' needs. On the other hand, the products are largely traded on European stock exchanges and it is particularly in Switzerland that the number of exchanges of structured products is the most important. There exist a large variety of financial products and each investor is able to find a customized product that fulfill his needs and for the strategy he would like to develop. Structured products can be divided into four categories: capital protected structured products, yield enhancement structured products, participation structured products and leverage products. Structured products categories are composed of types of products with in particular different categories of underlying and different levels of risk. On the other hand, there exists as well, three different investors risk profiles: the defensive risk profile, the moderate risk profile and the aggressive risk profile. Naturally, the risk profiles are different depending on the type of investor, for example, an individual acting on his own account will not have the same capacity to accept a high level than a big investment bank which is able to cover itself in the event of any losses. Thus, in summary, capital protected structured products are suitable for investors with a defensive attitude to the risk of losing initial capital, meaning that they have a certain acceptance of risk. Secondly, yield enhancement and participation structured products can be adapted for moderate risk profile. And finally, leverage structured products are for investors who can face a significant level of risk. In the European market, all types of investors, with different risk profiles and strategies, will find some usefulness in the many structured products offered. For this, the investor must identify his attitude to accepting the risk, which are his needs to know how long he wants to invest, what level of volatility its portfolio can have and what returns are expected in order to define his strategy and find the products that are best suited for him. Note de contenu : PGE: Bibliogr.P. 29 Programme : PGE-Rouen Spécialisation : Finance de marché - Financial markets, Assets and Risk Management Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=497036 Can asset management firms adapt to the growing pressure on the industry and regulatory issues? / Boris LOLMEDE / 2019
PermalinkPermalinkDCG 6 Finance d'entreprise - Manuel - Réforme Expertise comptable 2019-2020 / Jacqueline DELAHAYE / PARIS : DUNOD (2019)
PermalinkPermalinkPermalinkInvestir 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 / 2019
PermalinkPermalinkPermalinkThe Difference of asset allocation and performance between individual investors (retail banking clients, private individuals) and professional investors (wealth manager, asset managers). / Rindra RAMIARASON / 2019
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