Les facteurs déterminants la performance des actifs financiers marocains et tunisiens

Cet article se propose d’appliquer les variantes des modèles classiques de gestion de portefeuille sur un échantillon d’entreprises cotées sur les places de Casablanca et de Tunis, dans un cadre hypothétique d’efficience des marchés financiers. Le modèle d’équilibre des actifs financiers (MEDAF) est ainsi connu pour être le modèle ayant eu plus grand nombre d’évolutions en Finance. Nous appliquons les différentes versions du modèle sur un échantillon d’actions issues des places financières marocaine et tunisienne sur la période 2006-2015, qui tourne autour des événements du printemps arabe. Nous avons trouvé que, selon notre période d’étude, et contrairement à l’évolution de la théorie dans ce domaine, ce sont plutôt les modèles à trois facteurs de Fama French (1993) et celui de Carhart (1997) qui permettent d’améliorer sensiblement le pouvoir explicatif et peuvent donc mieux servir en gestion de portefeuille. Tout en restant  dans le paradigme rationnel et sans aller à la finance comportementale, l’apport de cette recherche pour les gestionnaires de portefeuille demeure dans le constat que  les modèles les plus récents n’apportent pas plus de pouvoir explicatif

Causality between investor sentiment and the shares return on the Moroccan and Tunisian financial markets

This paper aims to test the relationship between investor sentiment and the profitability of stocks listed on two emergent financial markets, the Moroccan and Tunisian ones. Two indirect measures of investor sentiment are used, SENT and ARMS. These sentiment indicators show that there is an important relationship between the stocks returns and investor sentiment. Indeed, the results of modeling investor sentiment by past observations show that sentiment has weak memory; on the other hand, series of changes in sentiment have significant memory. The results of the Granger causality test between stock return and investor sentiment show us that profitability causes investor sentiment and not the other way around for the two financial markets studied. Thanks to four autoregressive relationships estimated between investor sentiment, change in sentiment, stock return and change in stock return, we find firstly that the returns predict the changes in sentiments which confirms with our hypothesis and secondly, the variation in profitability negatively affects investor sentiment. We conclude that whatever sentiment measure is used there is a positive and significant relationship between investor sentiment and profitability, but sentiment cannot be predicted from our various variables

Anticipation of ratings during crises and investor behaviour: The case of MENA countries

The study explores the reaction of stock markets to anticipated or unexpected rating announcements by the market in a crisis context by conducting an empirical study on the MENA (Middle East and North Africa) stock market over the period from December 2010 to August 2022. The results show that the crisis context support the anticipation of bad ratings and neutral ratings as opposed to good ratings. These results validate the asymmetry in investor reaction to announcements of anticipated rating downgrades compared with announcements of upgrades in times of crisis. This reaction highlights the irrational behave of investors in times of crisis. In fact, when investors detect a risk concerning the financial situation of a stock, they anticipate a downgrade and react quickly, even before the official announcement of the downgrade, by selling their shares on masse. This action will cause the share price to fall. Similarly, the market’s weak reaction to early good announcements is explained by the fact that this type of announcement does not provide them with any unknown information to guide their financial decisions

Effect of Algerian Varieties Dates on Glycemic, Arterial Blood Pressure and Satiety Responses

The purpose of our study is to determine the Glycemic Indexes (GIs)of three Algerians varieties of dates in healthy subjects, evaluate the satiety and effect on arterial pressure after their consumption. We have first documented the chemical composition of the dates. 10 healthy subjects consumed the dates (carbohydrates content of 50 g) in order to determine the GIs. The responses of glycaemia were monitored during two hours after the dates taking and compared to the reference glucose. In a randomized trial, 20 healthy adults consumed the dates after 12h of fast. We reported the level of satiety on a Visual Analog Scale for 2h further to the ingestion of the dates. Furthermore, 28 normotensive and 45 hypertensive individuals ingested the three varieties in randomized order during 21 days to assess their impact on the Pressure Arterial Systolic (PAS) and Pressure Arterial Diastolic (PAD). We noted significant differences (p<0.05) for the different fractions of sugars, soluble fibers, polyphenols, K+, Mg2+. The low GIs are denoted among 44.31-52.35, deducting a moderate impact on blood glucose level. The dates reduced hunger and increased satiety. Our varieties studied following their ingestion induced a significant hypotensive activity (p<0.05)on the PAS and, PAD from hypertensive subjects

Reviewers Acknowledgements

Reviewers Acknowledgement

Les rachats d actions régulent-ils le marché?

This paper studies the repurchase of their own shares by companies quoted to the Tunis stock exchange. It examines, first of all, the peculiarities of this practice. It presents then the evolution of the Tunisian law in this domain with the passage of the ban to the permission under conditions. More third of the quoted corporations to the stock Market announced their decision to use this technique. This are essentially stocks of the first market and of weak capitalization. At last, this study analyzes the behavior of the Tunisian market facing these practices. It puts thus in evidence of positive cumulative abnormal returns after repurchase decision of mostly concerned firms. In any case studied, these return weaken with the time and confirming temporary effect of these operations

Corporate gouvernance et les déterminants de la pratique du e-vote

The communication questioned if the e-vote introduced recently into the companies listed on Euronext100 is the required result of a policy of corporate governance in favour of a better transparency of information and a stronger participation of the shareholders in the decisions. The results of the investigation carried out are first of all presented. It is found that these companies are rather of more important size but of performance generally worse. Then, we carried out comparative tests of some explanatory data, in term of corporate governance, with the quality of the practice of the e-vote. It is observed that these are companies whose capital is more diffuse and which there is not statistical differences in term of presence at the Annual General Meetings. The e-vote thus exceeds the simple stage of the improvement of the administrative process of the management of these meetings. Lastly, the discussion relates to the impact of new rules of transparency for the corporate governorship

Impact of the COVID-19 pandemic on banking and financial sector stock returns

Using the Indian banking and financial services stocks, this study set out to examine the impacts of the global pandemic and government measures on the stock returns around four pandemic-related events. This study employs the event study methodology with the market model estimation for a 210-day estimation window [-214,-5] and a 15-day event window [-4,+10]. The reaction was mild to the announcement of \u27Health Emergency of Global Concern\u27, but as soon as the coronavirus outbreak was declared a \u27global pandemic\u27, the market reacted significantly. Further, due to the expected economic stimulus, the Reserve Bank of India\u27s financial measures resulted in a positive response from the market. The public and private sector banks are almost non-reactive to the first event. The findings deny that with the available prices, during an event, abnormal returns are impossible. The analysis results make it easier for them to formulate sustainable policies and constitute a high-yield moderate-risk portfolio during such emergencies