Long-Run Retail Interest Rate Pass-Through In The Euro Area: The Effect Of The Financial Crisis

This paper analyzes the long-run pass-through of money market rates to retail interest rates (both lending and deposit rates).  We rely on fully harmonized data from MIR statistics (MFI Interest Rates) for 8 countries of the euro area. From January 2003 to February 2014, interest rates are observed on a monthly basis on new contracts related to the three largest segments of the banking market (consumer, mortgage, and Non-Financial Corporations - NFCs). The long-term pass-through is measured following the Phillips and Loretan (PL) approach which is proved to be more effective than the Engle-Granger OLS (EG-OLS) approach.  We also investigate the effect of the financial crisis on the degree of the long-run pass-through. Results suggest that the financial crisis deepens the heterogeneity of the speed and degree of the bank rates adjustment mechanism. Moreover, within the same country, the characteristics of long-run pass-through differ both among banking products and time horizon

CryptoGPT: a 7B model rivaling GPT-4 in the task of analyzing and classifying real-time financial news

CryptoGPT: a 7B model competing with GPT-4 in a specific task -- The Impact of Automatic Annotation and Strategic Fine-Tuning via QLoRAIn this article, we present a method aimed at refining a dedicated LLM of reasonable quality with limited resources in an industrial setting via CryptoGPT. It is an LLM designed for financial news analysis for the cryptocurrency market in real-time. This project was launched in an industrial context. This model allows not only for the classification of financial information but also for providing comprehensive analysis. We refined different LLMs of the same size such as Mistral-7B and LLama-7B using semi-automatic annotation and compared them with various LLMs such as GPT-3.5 and GPT-4. Our goal is to find a balance among several needs: 1. Protecting data (by avoiding their transfer to external servers), 2. Limiting annotation cost and time, 3. Controlling the model's size (to manage deployment costs), and 4. Maintaining better analysis quality.Comment: Journ{\'e}e Nationale sur la Fouille de Textes, Pascal CUXAC; Adrien GUILLE; C{\'e}dric LOPEZ, Jun 2024, Lyon (Universit{\'e} Lumi{\`e}re Lyon 2), Franc

Pistacia vera L. leaves as a renewable source of bioactive compounds via microwave assisted extraction

The production of pistachio in Tunisia generates a large amount of potentially valuable waste, such as leaves, that could be used as source of bioactive compounds. In this work, the extraction of phytochemicals from Pistacia vera L. leaves (male and female) by microwave-assisted extraction (MAE) has been investigated. A response surface methodology (RSM) was used for the optimization of bioactive compounds extraction, where the independent variables were temperature and extraction time, and the dependent variable was extraction yield. Total phenolic content (TPC), total flavonoid content (TFC), antioxidant activities (DPPH, ABTS, and FRAP) and antimicrobial activity of the extracts obtained at optimal conditions for both leaves were evaluated and compared not only between them, but also with the extracts obtained by maceration. The optimum extraction conditions were 70 ? and 61 ?, and 5.6 and 12 min for male and female leaves respectivily. The best results were achieved for female leaves by MAE with 36% of extraction yield, TPC of 196.35 mg gallic acid equivalents (GAE)/g dry weight (DW), TFC of 83.34 mg catechin equivalents (CE)/g dry weight (DW), and high antioxidant and antimicrobial activities. The evaluation of biological activity of the extracts showed that MAE provides extracts with better antioxidant and antimicrobial capacities then those obtained by maceration. More-over, UPLC-DAD-ESI-MS was performed to confirm the presence of some phenolic compounds in MAE extracts, such as quercetin, apigenin and myricetin derivatives. The results revealed that MAE is an efficient technique for the extraction of active components from Pistacia vera L. leaves.The authors greatly acknowledge the financial support of the Ministry of Higher Education and Scientific Research of Tunisia. L.S. would like to thank to the Spanish Ministry of Universities for the Margarita Salas fellowship for the requalification of the Spanish university system financed by the European Union -Next GenerationEU

Does intangible assets disclosure enhance liquidity around new equity offerings? Empirical evidence from the French context

International audienc

Companies' disclosure on intangibles : usefulness for financial markets and its impact on liquidity arround equity offerings

Cette thèse est consacrée à l'étude de l'utilité de la communication d'information afférente aux actifs immatériels lors des augmentations de capital en numéraire des sociétés françaises cotées, et son impact sur la liquidité. L'importance grandissante des éléments immatériels dans la compétitivité et la croissance des entreprises et leur non-reconnaissance comptable pose souvent la question de la nécessite de compléter les états financiers par une offre volontaire d'information sur ces actifs. La littérature comptable et financière montre l'évolution des besoins informationnels des utilisateurs externes des rapports annuels et constate l'intérêt qu'ils portent aux informations liées aux actifs immatériels. Une communication insuffisante sur ces actifs accentue donc le problème d'asymétrie d'information sur les marchés financiers. Elle offre un terrain favorable au transfert de richesse des investisseurs non informés vers les investisseurs informés, car ces derniers en exploitant l'information privée réalisent une rentabilité supérieure, au détriment des autres investisseurs. Cette situation conduit à une diminution de la liquidité des titres, et par conséquent, accroît le coût de capital des entreprises. Cela devient plus important lors des émissions de nouvelles actions où le décalage informationnel entre les investisseurs, ainsi qu'avec l'équipe dirigeante s'agrandit. L'étude menée sur un échantillon d'entreprises françaises cotées émettrices de nouvelles actions sur la période 2000-2009 montre un niveau faible d'offre volontaire d'information sur les actifs immatériels. De surcroît, l'analyse de l'impact de leur communication sur les éléments immatériels met en évidence que l'offre volontaire diminue la fourchette de prix, et augmente la profondeur du marché à l'annonce d'une augmentation de capital en numéraire.This thesis is devoted to the usefulness of intangible assets disclosure by French listed companies around new equity issues and its impact on stock liquidity. The growing importance of intangibles for companies' competitiveness and growth, besides of their non-recognition often raises the question of the need to complete financial statements by intangible assets voluntary disclosure. Accounting and finance literature shows changes in external users' information needs and highlights their attention for information related to intangibles. Insufficient communication on these assets accentuates information asymmetry in financial markets. It provides also a fertile ground for wealth transfer from uninformed investors to informed investors, as by exploiting private information, they can derive higher returns at the expense of other investors. This situation leads to a decrease in stock liquidity, and therefore to an increase of companies' cost of capital, which becomes more important around equity issues. The study conducted on a sample of French listed companies issuing new equity over the period 2000-2009 shows a low level of intangibles voluntary disclosure. Furthermore, our analysis shows that intangibles voluntary disclosure reduces spread, and increases market depth at the announcement of a capital increase

Intangible assets disclosure and liquidity around new equity offerings

International audienc

Intangible assets disclosure and liquidity around new equity offerings

International audienc

Corporate governance and firms’ survival: An empirical investigation in the French context

International audienc

Corporate governance and firms’ survival: An empirical investigation in the French context

International audienc