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See detailMarket integration: trade vs. economic geography
Tharakan, Joseph ULg; Thisse, Jacques

in Jovanovic, Miroslav (Ed.) International Handbook on the Economics of Integration (2011)

Detailed reference viewed: 71 (15 ULg)
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See detailMarket Maker
Bodson, Laurent ULg

in Wankel, Charles (Ed.) Encyclopedia of Business in Today's World (2008)

Detailed reference viewed: 52 (8 ULg)
See detailMarket Planning for New Industrial Products
Choffray, Jean-Marie ULg; Lilien, Gary

Book published by John Wiley (1980)

Detailed reference viewed: 210 (7 ULg)
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See detailMarket potential, productivity and foreign direct investment: some evidence from three case studies
Artige, Lionel ULg; Nicolini, Rosella

in European Planning Studies (2010), 18(2), 147-168

This paper aims at analysing the importance of local determinants to foreign direct investment (FDI) in three European regional case studies. The originality of the approach lies in the use of ... [more ▼]

This paper aims at analysing the importance of local determinants to foreign direct investment (FDI) in three European regional case studies. The originality of the approach lies in the use of disaggregated data by sector and by region. The results are threefold. First, regional demand and productivity are fundamental FDI determinants, confirming most studies with national data. Second, regional FDI inflows are more dependent on regional than national determinants. Finally, the effect of market potential measured with absolute GDP on regional FDI diminishes linearly with distance and does not when measured with GDP per capita. [less ▲]

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See detailMarket Power in the Credit Rating Industry: State of Play and Proposal for Reforms
Candelon, Bertrand; Gautier, Axel ULg; Petit, Nicolas ULg

in CPI Antitrust Chronicle (2014), 2

In recent years, the Credit Rating Agencies (“CRAs”) have been in the eye of the storm. Some argue that CRA rating errors—symptomatized by rating inflation or deflation—originate in excessive competition ... [more ▼]

In recent years, the Credit Rating Agencies (“CRAs”) have been in the eye of the storm. Some argue that CRA rating errors—symptomatized by rating inflation or deflation—originate in excessive competition. This paper argues that the low level of competition in credit rating is a better explanation for rating this phenomenon. [less ▲]

Detailed reference viewed: 35 (4 ULg)
See detailMarket Stock Liquidity and Corporate Governance
Sougné, Danielle ULg; Ajina, Aymen ULg

Conference (2012, June 14)

Detailed reference viewed: 46 (20 ULg)
See detailThe Market Timing Skills of Hedge Funds during the Financial Crisis
Cavé, Arnaud; Hübner, Georges ULg; Sougné, Danielle ULg

Conference (2011, March 22)

Purpose -- The purpose of this paper is to gain a better understanding of the market timing skills displayed by hedge fund managers during the 2007-08 financial crisis. Design/methodology/approach -- The ... [more ▼]

Purpose -- The purpose of this paper is to gain a better understanding of the market timing skills displayed by hedge fund managers during the 2007-08 financial crisis. Design/methodology/approach -- The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio, as shown by Hübner (2010). We adapt this approach to the case of multi-factor models with positive, negative or neutral betas. This new approach is applied on a sample of hedge funds whose managers are likely to exhibit market timing skills. We stick to funds that post weekly returns, and analyze three hedge funds strategies in particular: long-short equity, managed futures, and funds of hedge funds. We analyze a particular period during which the managers of these funds are likely to magnify their presumed skills, namely around the financial and banking crisis of 2008. Findings -- Some funds adopt a positive convexity as a response to the US market index, while others have a concave sensitivity to the returns of an emerging market index. Thus, we identify "positive", "mixed" and "negative" market timers. A number of signs indicate that only positive market timers manage to acquire options below their cost, and deliver economic significant performance, even in the midst of the financial crisis. Negative market timers, by contrast, behave as if they were forced to sell options without getting the associated premium. We interpret this behavior as a possible result of fire sales, leading them to liquidate positions under the pressure of redemption orders, and inducing negative performance adjusted for market timing. Research limitations/implications -- The adjustment for market timing opens up the way to numerous tests over longer periods, and in particular comparative studies of hedge fund returns using nonlinear risk factors versus exposures to quadratic returns. Originality/value -- The paper suggests that the convexity in returns that is generally associated with market timing can be attributed to three sources: timing skills, exposure to nonlinear risk factors, or liquidity pressures. We manage to identify the impact of the latter two effects in the context of hedge funds. [less ▲]

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See detailThe Market Timing Skills of Hedge Funds during the Financial Crisis
Hübner, Georges ULg; Sougné, Danielle ULg; Cavé, Arnaud ULg

in Managerial Finance (2011), vol 38(issue 1), 4-26

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio ... [more ▼]

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio, as shown by Hübner (2010). We adapt this approach to the case of multi-factor models with positive, negative or neutral betas. This new approach is applied on a sample of hedge funds whose managers are likely to exhibit market timing skills. We stick to funds that post weekly returns, and analyze three hedge funds strategies in particular: long-short equity, managed futures, and funds of hedge funds. We analyze a particular period during which the managers of these funds are likely to magnify their presumed skills, namely around the financial and banking crisis of 2008. Some funds adopt a positive convexity as a response to the US market index, while others have a concave sensitivity to the returns of an emerging market index. Thus, we identify “positive”, “mixed” and “negative” market timers. A number of signs indicate that only positive market timers manage to acquire options below their cost, and deliver economic significant performance, even in the midst of the financial crisis. Negative market timers, by contrast, behave as if they were forced to sell options without getting the associated premium. We interpret this behavior as a possible result of fire sales, leading them to liquidate positions under the pressure of redemption orders, and inducing negative performance adjusted for market timing. [less ▲]

Detailed reference viewed: 82 (13 ULg)
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See detailThe Market Timing Skills of Hedge Funds during the Financial Crisis
Hübner, Georges ULg; Sougné, Danielle ULg; Cavé, Arnaud ULg

in Gregoriou, Greg.N. (Ed.) Managerial Finance (2011)

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio ... [more ▼]

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio, as shown by Hübner (2010). We adapt this approach to the case of multi-factor models with positive, negative or neutral betas. This new approach is applied on a sample of hedge funds whose managers are likely to exhibit market timing skills. We stick to funds that post weekly returns, and analyze three hedge funds strategies in particular: long-short equity, managed futures, and funds of hedge funds. We analyze a particular period during which the managers of these funds are likely to magnify their presumed skills, namely around the financial and banking crisis of 2008. Some funds adopt a positive convexity as a response to the US market index, while others have a concave sensitivity to the returns of an emerging market index. Thus, we identify “positive”, “mixed” and “negative” market timers. A number of signs indicate that only positive market timers manage to acquire options below their cost, and deliver economic significant performance, even in the midst of the financial crisis. Negative market timers, by contrast, behave as if they were forced to sell options without getting the associated premium. We interpret this behavior as a possible result of fire sales, leading them to liquidate positions under the pressure of redemption orders, and inducing negative performance adjusted for market timing. [less ▲]

Detailed reference viewed: 96 (9 ULg)
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See detailThe Market Valuation of Corporate Restructuring in the Netherlands
Corhay, Albert ULg; Tourani Rad, Alireza

in Sander, Harald; Kim, Kwan; Foster, Stephen (Eds.) et al Economic and Corporate Restructuring: Experiences and Challenges of the Decade (1996)

Detailed reference viewed: 9 (1 ULg)
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See detailLe marketing de l'innovation
Choffray, Jean-Marie ULg

in Entreprendre et innover (1985)

Synthèse de la réflexion menée par un groupe de travail initié par la FNEGE, et ayant abouti au Colloque "Entreprendre et Innover" organisé en décembre 1984 à Grenoble.

Detailed reference viewed: 7 (0 ULg)
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See detailMarketing Science: Formalisation et Exploitation des Connaissances Marketing
Choffray, Jean-Marie ULg; Laurent, Gilles

in Helfer, J.P.; Orsoni, J. (Eds.) Encyclopédie du management (1992)

Le marketing est un domaine en pleine mutation. La transformation fondamentale de cette fonction de l'entreprise, suite à la décentralisation des capacités de calcul, à l'automatisation des procédures de ... [more ▼]

Le marketing est un domaine en pleine mutation. La transformation fondamentale de cette fonction de l'entreprise, suite à la décentralisation des capacités de calcul, à l'automatisation des procédures de recueil de l'information sur le comportement d'achat, ouvre de nouvelles perspectives en matière d'acquisition, de formalisation et de transfert des connaissances. [less ▲]

Detailed reference viewed: 5 (0 ULg)
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See detailLe Marketing stratégique et opérationnel, 6° Edition
Lambin, Jean-Jacques; Chumpitaz, Ruben; de Moerloose, Chantal ULg

Book published by Dunod - 6th (2005)

Detailed reference viewed: 123 (28 ULg)
See detailMarketing-Expert: Logiciels d'Aide à la Décision
Choffray, Jean-Marie ULg

Book published by McGraw-Hill (1985)

Detailed reference viewed: 39 (7 ULg)
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See detailLa marmite et le ragoût
Jacquemain, Marc ULg

in Brausch, Géraldine; Delruelle, Edouard (Eds.) L'inventivité démocratique aujourd'hui : le politique à l"épreuve des pratiques (2005)

Critical general theory, mainly from the marxist tradition seems to see society as dominated from above : social crativity can be compared with a stew in a pot that is above to explode if one does not ... [more ▼]

Critical general theory, mainly from the marxist tradition seems to see society as dominated from above : social crativity can be compared with a stew in a pot that is above to explode if one does not take off the lid. From various parts of social theory (Boltanski, Negri, Castoriadis...) we can present an alternative view where domination has penetrated within the pot : contradictions are not only between the bottom and the top but everywhere within society and inside people themselves. A critical theory must accomodate this view that seems more convincing than the traditional one. [less ▲]

Detailed reference viewed: 30 (3 ULg)
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See detailMarocains de Belgique : du travailleur immigré au citoyen transnational
Martiniello, Marco ULg; Bousetta, Hassan ULg

in Hommes & Migrations (2003), 1242(Mars-Avril), 94-106

Detailed reference viewed: 141 (9 ULg)
See detail'Maroons'
Pagnoulle, Christine ULg

in Literary encyclopedia (2006)

In the 17th and 18th centuries slaves rebelled and ran away. Those who made it to the hills of the Caribbean islands were called Marroons. The tradition of independent living has perdured, and has now ... [more ▼]

In the 17th and 18th centuries slaves rebelled and ran away. Those who made it to the hills of the Caribbean islands were called Marroons. The tradition of independent living has perdured, and has now become part of a critical literary approach. [less ▲]

Detailed reference viewed: 35 (8 ULg)
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See detailMARPOL Project, Madagascar
Rigo, Philippe ULg; Toderan, Catalin

Report (2003)

Recommendations pour l'application des directives MARPOL à MAdagascar. Mission d'identification.

Detailed reference viewed: 43 (1 ULg)