Is active portfolio management a more profitable alternative than passive portfolio management for investors in a context of economic downturn / Lucas PLANCHON / 2020

Titre : Is active portfolio management a more profitable alternative than passive portfolio management for investors in a context of economic downturn Type de document : Mémoire Auteurs : Lucas PLANCHON, Auteur Année de publication : 2020 Importance : 30 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 GESTION DE PORTEFEUILLE ; GESTION ACTIF PASSIF ; CYCLE ECONOMIQUE Résumé : Investment industry have known for a long time a debate opposing passive portfolio management to active portfolio management. These last years, passive management has accentuated its domination over active management. It benefits from lower operating costs, less needs in terms of investment skills and finally on average higher returns for investors. Nevertheless, when stock markets face uncertainty, when volatility increases and when economic environment face important difficulties, one might wonder whether active portfolio managers are able to better resist to economic downturns and to overperform passively managed funds. This question is analyzed through the prism of a theoretical approach of passive and active management which highlights the superior profitability of passive funds for investors. Then it is analyzed through the case study of the covid-19 crisis during year 2020 and the performance of passive and active investment funds in the world and in Europe. Results of this study show that active funds investing in different stock markets in the world have been outperformed by passive funds investing in the same geographical area. On the same time, active funds investing only on the European stock market have overperformed passive funds on a yield-to-date basis, but not even on a one year-basis. The conclusion of this study is that there is no evidence on average of a particular advantage of active portfolio management over passive portfolio management even in a context of economic downturn. Programme : MSc Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=532901

Minsky’s hedge financing and leverage buyouts / Marine WOIMBÉE / 2020

Titre : Minsky’s hedge financing and leverage buyouts Type de document : Mémoire Auteurs : Marine WOIMBÉE, Auteur Année de publication : 2020 Importance : 26 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 LBO ; CYCLE ECONOMIQUE ; PERFORMANCE ; DETTE Résumé : Against the backdrop of the financial instability hypothesis (FIH) theorized by Minsky and the explosion of leverage buyouts deals, this paper aims to study the impacts of this financial model on the value creation since its beginnings in 1980. More precisely, the objective is to determine whether the gains generated by this financial model come from hedge financing, speculation, or Ponzi schemes. The flourishing literature on LBOs since the 80s allows us to better understand their functioning within their cyclic industry. Although many authors defend the interest of LBOs as a catalyst for value creation, many also emphasize both the fragility of the LBO model and its internal limitations. This study aims to identify the different levers of value creation and how to measure it. After a review of the theoretical methods, this paper focuses on the case of Legrand. The company has been bought by two investment funds, Wendel and KKR, in 2002, after the bursting of the Internet bubble. We will measure the impact of the funds on value creation during the investment period. Lastly, the limits to value creation and, more generally, to the LBO model will be discussed. Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531700

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 ENTREPRISE Résumé : 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

Start-Up Enterprises and Contemporary Innovation Strategies in the Global Marketplace / BUSINESS SCIENCE REFERENCE (2017)  

Titre : Start-Up Enterprises and Contemporary Innovation Strategies in the Global Marketplace Type de document : e-book Editeur : BUSINESS SCIENCE REFERENCE Année de publication : 2017 Importance : 341 p. ISBN/ISSN/EAN : 978-1-5225-4832-4 Langues : Anglais (eng) Mots-clés : Management EXPANSION ; INNOVATION TECHNOLOGIQUE ; RESPONSABILITE SOCIALE DE L'ENTREPRISE Résumé : In an ever-expanding economic world, the need for new businesses with the ability to create and evolve simultaneously is paramount to ensure success. Hybrid business models are essential to foster growth and promote prosperity.Start-Up Enterprises and Contemporary Innovation Strategies in the Global Marketplace is a critical scholarly resource that examines the relationship between worldwide industry and the need for up-to-date technologies and methods to support such an inclusive market. Featuring coverage on a diverse range of topics such as corporate social responsibility, collaborator empowerment, and start-up enterprise ecosystems, this book is geared toward managers, researchers, and students seeking current research on the interaction between modernization and the expansion of markets to accommodate worldwide industry. Nombre d'accès : Illimité En ligne : http://www.vlebooks.com/vleweb/product/openreader?id=Neoma&accId=9169105&isbn=97 [...] Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=230483

L'économie mondiale 2016 / CEPII CENTRE D'ETUDES PROSPECTIVES ET D'INFORMATIONS INTERNATIONALES / Paris : EDITIONS LA DECOUVERTE (2015)

Titre : L'économie mondiale 2016 Type de document : Livre Auteurs : CEPII CENTRE D'ETUDES PROSPECTIVES ET D'INFORMATIONS INTERNATIONALES ; Isabelle BENSIDOUN, ; Jézabel COUPPEY-SOUBEYRAN, Editeur : Paris : EDITIONS LA DECOUVERTE Année de publication : 2015 Collection : Repères Importance : 127 p. Présentation : ill. ISBN/ISSN/EAN : 978-2-7071-8678-2 Prix : 10.00 EUR Langues : Français (fre) Mots-clés : Management ECONOMIE INTERNATIONALE ; INDE ; CYCLE ECONOMIQUE ; FINANCEMENT ; POLITIQUE MONETAIRE ; ANALYSE FINANCIERE ; MARCHE FINANCIER ; COMMERCE INTERNATIONAL Index. décimale : 333.55 ECONOMIE INTERNATIONALE Résumé : Les thèmes suivants sont abordés dans l'ouvrage : Vue d'ensemble : le temps des doutes ; La stagnation séculaire dans les cycles financiers de longue période ; Les politiques monétaires non conventionnelles ; Financement de l'économie : le modèle européen remis en question ; Inégalités et instabilité financières : des maux liés ; Ralentissement du commerce mondial : vers une nouvelle ère de la mondialisation ? et Inde : une économie émergente au défi de ses faiblesses structurelles. Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=113901

Exemplaires(2)

Code-barres	Cote	Support	Localisation	Section	Disponibilité
J4517	333.55 CEN	Livre	Library Campus de Rouen	Salle de lecture	Disponible
J4518	333.55 CEN	Livre	Library Campus de Rouen	Salle de lecture	Exclu du prêt

Les États-Unis et le monde de 1898 à nos jours / Yves-Henri NOUAILHAT / Paris : A. COLIN (2015)

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La fin de la mondialisation / François LENGLET / [Paris] : FAYARD (2014)

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Business and Managerial Economics / Araceli BARRINGER / WORLD TECHNOLOGIES (2012)  

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Business Cycles / Lars TVEDE / John Wiley & Sons (2006)

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