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See detailMarket Planning for New Industrial Products
Choffray, Jean-Marie ULg; Lilien, Gary

Book published by John Wiley (1980)

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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: 98 (14 ULg)
See detailMarket Stock Liquidity and Corporate Governance
Sougné, Danielle ULg; Ajina, Aymen ULg

Conference (2012, June 14)

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See detailMarket supervision in the European Union. Integrated administration in constitutional context
Van Cleynenbreugel, Pieter ULg

Book published by Brill (2014)

In Market Supervision in the European Union, Pieter Van Cleynenbreugel compares and reconstructs the emergence of divergently structured supranational market supervision mechanisms in six different ... [more ▼]

In Market Supervision in the European Union, Pieter Van Cleynenbreugel compares and reconstructs the emergence of divergently structured supranational market supervision mechanisms in six different sectors of EU regulation (competition, financial services, chemicals, consumer law, electronic communications and energy). EU market supervision developments have been plentiful over the past decade, but have so far mainly been studied in their own sector-specific context. On the basis of an innovative cross-sector investigation, Pieter Van Cleynenbreugel identifies and conceptualises common or converging EU constitutional benchmarks underlying those sector-specific administrative design developments. Those benchmarks better allow to conceptualise, predict and restrain future EU integrated administration structures and initiatives in those and other fields of European Union law. [less ▲]

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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 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: 104 (12 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 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: 98 (18 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: 13 (2 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: 129 (0 ULg)
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See detailMarketing in Nollywood
Jedlowski, Alessandro ULg

in Mingant, Nolwenn (Ed.) Film Marketing Into the Twenty-First Century (2015)

Detailed reference viewed: 21 (3 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: 36 (3 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: 249 (32 ULg)
See detailMarketing-Expert: Logiciels d'Aide à la Décision
Choffray, Jean-Marie ULg

Book published by McGraw-Hill (1985)

Detailed reference viewed: 54 (7 ULg)
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See detailMarkets flash graphs
Choffray, Jean-Marie ULg

E-print/Working paper (2015)

A graph is worth a hundred words... A good graph may suggest some new heuristics. And…, a series of excellent graphs may provide the backbone of a theory! The goal of this paper is to share a set of ... [more ▼]

A graph is worth a hundred words... A good graph may suggest some new heuristics. And…, a series of excellent graphs may provide the backbone of a theory! The goal of this paper is to share a set of graphs from multiple sources that offer as many flashes on current and past market conditions. Inevitably, these graphs reflect my own biases and questionings. They are not meant to induce any action aside, maybe, from their integration in a personal Information System. The Great Recession of 2008, whose consequences are still unfolding, has been for each of us a powerful invitation to modesty. We live in a world where improbable, unthinkable and impossible events happen every day... More than ever, it’s time to sit down, shut up, watch out, build graphs, and think… hard! [less ▲]

Detailed reference viewed: 233 (30 ULg)
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See detailA Markov chain model of power indices in corporate structures
Crama, Yves ULg; Leruth, Luc ULg; Wang, Su

E-print/Working paper (2009)

This paper proposes to use a game-theoretic framework in analyzing complex corporate networks, notably in measuring the ``amount of control'' of both direct and indirect shareholders. The values of the ... [more ▼]

This paper proposes to use a game-theoretic framework in analyzing complex corporate networks, notably in measuring the ``amount of control'' of both direct and indirect shareholders. The values of the indices are defined by complex voting games, composed by interlocked weighted majority games. This paper proposes a characterization of corporate networks in which the notion of ``control'' can be well defined, as well as an algorithm that consistently estimates the power indices when it is the case. [less ▲]

Detailed reference viewed: 33 (1 ULg)
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See detailMarks & Spencer: A Landmark Decision?
Richelle, Isabelle ULg

in Haslehner, Werner; Kofler, Georg; Rust, Alexander (Eds.) Landmark Decisions of the ECJ in Direct Taxation (2015)

Every professional dealing with taxation in the European Union will greatly appreciate this extraordinarily useful book. Based on a high-level conference held at the University of Luxembourg in 2014, the ... [more ▼]

Every professional dealing with taxation in the European Union will greatly appreciate this extraordinarily useful book. Based on a high-level conference held at the University of Luxembourg in 2014, the book presents detailed expert summaries and analyses of landmark ECJ decisions in direct taxation, each case a starting point for the development of a specific doctrine. The depth of the analysis, as each author charts a way through the nuances of the Court’s arguments, allows the reader to gain an unparalleled understanding of changes in the relevant subsequent jurisprudence. [less ▲]

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See detailMarlowe, Edouard II ; De Quincey, Confessions d'un mangeur d'opium anglais
Maes-Jelinek, Hena ULg

in Revue des Langues Vivantes = Tijdschrift voor Levende Talen (1967), 33(4), 440-440

Detailed reference viewed: 9 (0 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: 35 (3 ULg)