Energy Efficiency & Socially Responsible Markets

@article{zorgati_1089,

title = {Spatial contagion in the subprime crisis context: Adjusted correlation versus local correlation approaches},

author = {Imen Zorgati and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/abs/pii/S026499931930286X},

year  = {2020},

date = {2020-11-01},

journal = {Economic Modelling},

volume = {92},

pages = {162-169},

abstract = {This paper investigates the financial contagion phenomenon and its intensity in the context of the subprime crisis by adopting the copulas approach. The wavelet technique is used to predict the accurate occurrence of the subprime crisis. To estimate the parameters of the different copulas, we use the canonical maximum likelihood method (CML). Based on the daily returns of stock market indices of five American countries (Brazil, Argentina, Mexico, Canada and the USA) and nine Asian countries (Japan, Hong Kong, India, Australia, Indonesia, Malaysia, Korea, China and Singapore) from 01/01/2003 to 30/12/2011, our results show that the contagion effect exists for all American markets as well as the Indian, Australian, Indonesian, Malaysian, Chinese and Singaporean ones. The findings also show that American markets record high levels of contagion intensity in comparison to their Asian counterparts. This study also confirms the contagious nature of the subprime crisis between USA and both American and Asian countries.},

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}

@article{lakhal_1309,

title = {Does corporate innovation strategy influence stock price crash risk? French market evidence},

author = {Faten Lakhal and Sabri Boubaker and Assil Guizani},

url = {https://journaleska.com/index.php/bmi/article/view/4639},

year  = {2020},

date = {2020-11-01},

journal = {Bankers, Markets & Investors},

volume = {162},

pages = {35-52},

abstract = {The purpose of this paper is to examine the effect of corporate innovation strategy on firm-level stock price crash risk. Using a sample of French listed firms covering 2007-2016, we show that innovative firms are more prone to future stock price crash risk. Managers of these firms have optimistic expectations about growth prospects that encourage them to hide bad news, leading to higher stock price crash risk. This positive relationship is only prevalent in competitive product markets and with low analyst coverage suggesting that innovative firms are likely to experience stock price crashes when information asymmetry is exacerbated. Our results stand up to several robustness tests and remain unchanged after addressing endogeneity concerns.},

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}

@article{lakhal_1243,

title = {Contrôle familial, conseil d'administration et risque de chute du cours d'actions : Le cas des entreprises françaises},

author = {Faten Lakhal and Assil Guizani and Florence Depoers},

url = {https://www.cairn.info/revue-management-et-avenir-2020-5-page-109.htm},

year  = {2020},

date = {2020-10-01},

journal = {Management & Avenir},

volume = {119},

pages = {109-129},

abstract = {Cet article analyse l'impact du contrôle familial sur le risque spécifique de chute du cours d'action. Sur un échantillon de sociétés françaises cotées, nos résultats montrent que l'excès du contrôle familial (lorsque les droits de contrôle sont supérieurs aux droits aux flux financiers) et la présence d'un dirigeant membre de la famille augmentent le risque d'une baisse brutale et significative du cours de l'action d'une société. Nous montrons également que l'indépendance du conseil réduit ce risque en cas d'excès de contrôle mais pas lorsque le dirigeant est un membre de la famille.},

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tppubtype = {article}

}

@article{benmesbah_1563,

title = {Methane Hydrate Formation and Dissociation in Sand Media: Effect of Water Saturation, Gas Flowrate and Particle Size},

author = {Fatima Benmesbah and Livio Ruffine and Pascal Clain and Véronique Osswald and Olivia Fandino and Laurence Fournaison and Anthony Delahaye},

url = {https://www.mdpi.com/1996-1073/13/19/5200},

year  = {2020},

date = {2020-10-01},

journal = {Energies},

volume = {13},

number = {19},

pages = {5200},

abstract = {Assessing the influence of key parameters governing the formation of hydrates and determining the capacity of the latter to store gaseous molecules is needed to improve our understanding of the role of natural gas hydrates in the oceanic methane cycle. Such knowledge will also support the development of new industrial processes and technologies such as those related to thermal energy storage. In this study, high-pressure laboratory methane hydrate formation and dissociation experiments were carried out in a sandy matrix at a temperature around 276.65 K. Methane was continuously injected at constant flowrate to allow hydrate formation over the course of the injection step. The influence of water saturation, methane injection flowrate and particle size on hydrate formation kinetics and methane storage capacity were investigated. Six water saturations (10.8%, 21.6%, 33%, 43.9%, 55% and 66.3%), three gas flowrates (29, 58 and 78 mLn min?1) and three classes of particle size (80-140, 315-450 and 80-450 µm) were tested, and the resulting data were tabulated. Overall, the measured induction time obtained at 53-57% water saturation has an average value of 58 ± 14 min minutes with clear discrepancies that express the stochastic nature of hydrate nucleation, and/or results from the heterogeneity in the porosity and permeability fields of the sandy core due to heterogeneous particles. Besides, the results emphasize a clear link between the gas injection flowrate and the induction time whatever the particle size and water saturation. An increase in the gas flowrate from 29 to 78 mLn min-1 is accompanied by a decrease in the induction time up to 100 min (i.e., 77% decrease). However, such clear behaviour is less conspicuous when varying either the particle size or the water saturation. Likewise, the volume of hydrate-bound methane increases with increasing water saturation. This study showed that water is not totally converted into hydrates and most of the calculated conversion ratios are around 74-84%, with the lowest value of 49.5% conversion at 54% of water saturation and the highest values of 97.8% for the lowest water saturation (10.8%). Comparison with similar experiments in the literature is also carried out herein.},

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}

@article{el_ouadghiri_1063,

title = {Attention des Investisseurs Institutionnels et Liquidité des Titres Boursiers Français},

author = {Imane El Ouadghiri and Jonathan Peillex},

url = {https://www.cairn.info/revue-economique-2020-5-page-841.htm?ref=doi},

year  = {2020},

date = {2020-09-01},

journal = {Revue Économique},

volume = {71},

number = {5},

pages = {841-863},

abstract = {Cet article est le premier qui propose d'examiner l'influence journalière de l'Attention des Investisseurs Institutionnels (AII) sur le degré de liquidité boursière. Pour ce faire, un échantillon composé de 87 titres français de 2010 à 2018 est mobilisé. De manière originale, l'AII est estimée à partir du nombre de fois que les utilisateurs du terminal Bloomberg, qui sont pour la majorité des investisseurs institutionnels, réalisent des recherches sur un titre donné et lisent des articles d'actualité sur une entreprise spécifique. Les résultats empiriques indiquent que l'AII exerce un effet fortement positif sur le degré de liquidité des actions françaises.},

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}

@article{boubaker_1244,

title = {La diversité du genre influence-t-elle la performance RSE des entreprises familiales ?},

author = {Sabri Boubaker and Emna Brahem and Faten Lakhal},

url = {https://www.cairn.info/revue-des-sciences-de-gestion-2020-3-page-71.html},

year  = {2020},

date = {2020-08-01},

journal = {La Revue des Sciences de Gestion},

volume = {303-304},

pages = {71-80},

abstract = {x},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1237,

title = {Cross-Country Evidence on Earnings Quality and Corporate Tax Avoidance: The Moderating Role of Legal Institutions},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://econpapers.repec.org/article/eblecbull/eb-20-00303.htm},

year  = {2020},

date = {2020-06-01},

journal = {Economics Bulletin},

volume = {40},

number = {2},

pages = {1714-1726},

abstract = {The purpose of this study is to investigate the relationship between earnings quality and corporate tax avoidance, while accounting for the strength of the legal institutional environment. We find robust evidence that high earnings quality mitigates corporate tax avoidance practices. Furthermore, we find that this association is particularly stronger when country-level legal institutions are powerful. Thus, this study should provide useful insights to academics, professionals as well as policy makers by emphasizing the vital role that accounting information quality could play in the fight against tax avoidance and the important support that legal institutions could provide in this regard.},

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pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1131,

title = {International diversification and corporate cash holding behavior: What happens during economic downturns ?},

author = {Ramzi Benkraiem and Faten Lakhal and C. Zopounidis},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0167268119303993},

year  = {2020},

date = {2020-02-01},

journal = {Journal Of Economic Behavior & Organization},

volume = {170},

pages = {362-371},

abstract = {This study uses fixed-effect regressions estimated with heteroskedasticity-consistent standard errors to investigate the effect of international diversification on corporate cash holding behavior of French-listed firms during economic downturns. The findings show that internationally diversified firms are less inclined to save cash out of their cash flows than their undiversified counterparts. However, during economic downturns, the relationship shifts and shows that international diversification is positively associated with the propensity of firms to save cash out of their cash flows. The negative relationship between international diversification and the propensity of firms to save cash out of their cash flows suggests that risk-reducing effects coupled with easy access to external finance prevail over the high agency costs and information asymmetry associated with international companies. However, during economic slumps, this relationship becomes positive, highlighting a significant influence of the financial crisis on internationally diversified firms relative to their stand-alone counterparts. Thus, this study should provide useful insights for academics, practitioners as well as financial regulators.},

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pubstate = {published},

tppubtype = {article}

}

@article{nekhili_2637,

title = {Gender-diverse boards and audit fees: What difference does gender quota legislation make?},

author = {Mehdi Nekhili and Ammar Ali Gull and Tawhid Chtioui and Ikram Radhouane},

url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12409},

year  = {2020},

date = {2020-02-01},

journal = {Journal Of Business Finance & Accounting},

volume = {47},

number = {1-2},

pages = {52-99},

abstract = {We investigate the effect of board (audit committee) gender diversity on audit fees in the French context. We also examine whether the relationship between the proportion of female directors and audit fees is moderated by the enactment of the gender quota law in 2011. We use the system GMM estimation approach on a matched sample of French firms listed in the SBF 120 index between 2002 and 2017. Consistent with the supply-side perspective, we contend that female independent directors and female audit committee members, by improving board monitoring effectiveness, affect the auditor's assessment of audit risk, resulting in lower audit fees. Our findings also document that, by breaking the glass ceiling, the effectiveness of the gender quota law lies not in increasing the proportion of female insider directors, but in boosting the appointment of female independent directors and female audit committee members. Using the difference-in-difference approach, our results reveal that female independent directors and female audit committee members are more willing to assert their monitoring skills after the quota law, leading to lower audit fees. Moving beyond tokenism, we show that, after the quota law, the negative impact on non-audit fees is strengthened only for female independent directors.},

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pubstate = {published},

tppubtype = {article}

}

@article{el_ouadghiri_1064,

title = {Macroeconomic expectations and time varying heterogeneity: Evidence from individual survey data},

author = {Imane El Ouadghiri and Remzi Uctum},

url = {https://www.tandfonline.com/doi/full/10.1080/00036846.2019.1691713},

year  = {2020},

date = {2020-01-01},

journal = {Applied Economics},

volume = {52},

number = {23},

pages = {2443-2459},

abstract = {The goal of this paper is to investigate forecast heterogeneity and time variability in the formation of expectations using disaggregated monthly survey data on macroeconomic indicators provided by Bloomberg from June 1998 to August 2017. We show that our panel of forecasters are not rational and are moderately heterogeneous and thus confirm that previously well-established results on asset prices hold for macroeconomic indicators. The estimation of our flexible hybrid forecast model - defined at any time as a combination of the extrapolative, regressive, adaptive and interactive heuristics - using the Bai and Perron (1998) methodology reveals a significant timedependence in the structural model with some inertia in extrapolative and adaptive profiles. Changes in the formation of expectations are triggered mostly by financial shocks, and uncertainty is dealt with by using complex processes in which the fundamentalist component overweighs chartist activity. Forecasters whose models combine different relevant rules and display high temporal flexibility provide the most accurate forecasts. Authorities can then stabilize the domestic markets by encouraging fundamentalists' forecasts through increased transparency policy.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{bueno_merino_2703,

title = {L'analyse du modèle d'affaires par les normes IAS-IFRS: le rôle de la ligne spécifique du compte de résultat},

author = {Pascale Bueno Merino and Marc FEUILLOLEY and Samuel Grandval},

url = {https://id.erudit.org/iderudit/1068538ar},

year  = {2019},

date = {2019-12-01},

journal = {Management International},

volume = {23},

number = {Hors série},

pages = {97-114},

abstract = {L'objet de cet article est d'insister sur l'importance, pour les analystes financiers, d'étudier la ligne spécifique intégrée au compte de résultat présenté selon les normes IAS-IFRS. En effet, la ligne spécifique, définie par son caractère non obligatoire, permet de mieux saisir l'originalité d'un modèle d'affaires et de révéler des lieux de rupture stratégique. Cette information se révèle très utile pour faciliter l'élaboration de recommandations aux investisseurs. Pour justifier du rôle de la ligne spécifique, nous avons mené une étude approfondie de huit secteurs d'activité européens. Au plan théorique, cette recherche nous a permis de compléter la typologie des thématiques saillantes de modèle d'affaires proposée par la littérature académique.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{ozdemir_2710,

title = {Institutionalization of the sharing in the context of Airbnb: A systematic literature review and content analysis},

author = {Gokce Ozdemir and Duygu TURKER},

url = {https://doi.org/10.1080/13032917.2019.1669686},

year  = {2019},

date = {2019-12-01},

journal = {Anatolia},

volume = {30},

number = {4},

pages = {601-613},

abstract = {Recent changes in information technologies have transformed business models and shifted consumption patterns, facilitating the rapid rise of the sharing economy, fostering non-traditional direct trading relationships between providers and end-users through online platforms. Exploring the institutionalization of the sharing economy, in particular Airbnb, this study analyses representations of the sharing economy in the academic literature alongside news articles about Airbnb. To explore the concerns expressed by journalists and academics in their coverage of the sharing economy, representative texts from both fields were analysed, revealing implications for scholars, journalists and providers in the traditional and sharing accommodation sectors.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{ajina_1035,

title = {Does Corporate Social Responsibility Reduce Earnings Management? The Moderating Role of Corporate Governance and Ownership},

author = {Aymen Ajina and Faten Lakhal and Sabrine Ayed},

url = {https://id.erudit.org/iderudit/1060030ar CopiedAn error has oc},

year  = {2019},

date = {2019-09-01},

journal = {Management International},

volume = {23},

number = {2},

pages = {45-55},

abstract = {The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings management and the moderating effect of corporate governance and ownership structure on this relationship. Using panel data for a sample of French listed companies between 2010 and 2013, we find that CSR engagementconstrain earnings management practices suggesting that managers would comply with the ethical requirements and satisfy stakeholders' interests. The results also show that the effect of CSR on earnings management is particularly stronger in more independent boards and with high institutional ownership structure. These corporate governance devices help mitigating managerial opportunistic behavior.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{el_ouadghiri_533,

title = {Public attention to "Islamic terrorism" and stock market returns},

author = {Imane El Ouadghiri and Jonathan Peillex},

url = {https://www.sciencedirect.com/science/article/pii/S0147596718302506?via%3Dihub},

year  = {2018},

date = {2018-12-01},

journal = {Journal Of Comparative Economics},

volume = {46},

number = {4},

pages = {936-946},

abstract = {Does public attention to Islamic terrorism affect the performance of Islamic and conventional indices? We answer this question by empirically examining the effects of US public attention to Islamic terrorism on returns of US Islamic and conventional indices between 2004 and 2017. US public attention to Islamic terrorism is measured using Google Search Volume, which reflects active public attentiveness, and media coverage, which measures passive attentiveness. We test its effect on the stock returns of Islamic and conventional indices by using difference-in-difference analysis. The results indicate that US public attention to Islamic terrorism negatively affects US Islamic indices, suggesting that investors may make amalgams between terrorism and Islamic finance. These clichés may lead them to sell Sharia-compliant assets when US public attention to Islamic terrorism is high. Taken together, our findings provide new evidence and financial implications for investors and providers of Islamic financial products.},

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pubstate = {published},

tppubtype = {article}

}

@article{boufares_538,

title = {Kinetic study of CO2 hydrates crystallization: Characterization using FTIR/ATR spectroscopy and contribution modeling of equilibrium/non-equilibrium phase-behavior},

author = {Amokrane Boufares and Elise Provost and Didier Dalmazzone and Véronique Osswald and Pascal Clain and Anthony Delahaye and Laurence Fournaison},

url = {https://www.sciencedirect.com/science/article/pii/S0009250918305451?via%3Dihub},

year  = {2018},

date = {2018-08-01},

journal = {Chemical Engineering Science},

volume = {192},

pages = {371-379},

abstract = {Gas hydrates are regarded as promising materials for various potential applications. In particular, CO2 hydrates are known for their cold storage capacities, related to their high latent heat of melting. They could be used as high efficiency Phase Change Materials in Phase Change Slurries for secondary refrigeration loops. A better understanding of the crystallization mechanism of CO2 hydrates in slurries and of the resulting formation kinetics is still needed to evaluate and improve the efficiency of hydrate-based secondary refrigeration process. For that purpose, in the present work the real-time evolution of CO2 concentration in the liquid phase was measured in situ during hydrate formation. CO2 hydrates were formed within a stirred reactor equipped with an Attenuated Total Reflection probe coupled with a Fourier Transform Infra-Red spectroscopy analyzer. By comparing the measured concentration to calculations based on the assumptions of (a) a liquidvapor equilibrium (LVE) and (b) a hydrate-liquid equilibrium (HLE), it was deduced that the crystallization kinetic is limited by CO2 transfers from the vapor phase to the liquid phase, whatever the experimental conditions tested. As soon as hydrates start forming, the CO2 concentration in the liquid phase almost instantaneously reaches the hydrate-vapor equilibrium (HVE) value at the experimental temperature, while the reactor pressure slowly decreases towards the LVE value defined by Henry's law. Different stirring speeds were experimented in order to check the effect of enhancing CO2 dissolution during hydrate formation. This resulted in faster dissolution of CO2, though still transfer-limited formation kinetics.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{gull_2636,

title = {Beyond gender diversity: How specific attributes of female directors affect earnings management},

author = {Ammar Ali Gull and Mehdi Nekhili and Haithem Nagati and Tawhid Chtioui},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0890838917300513},

year  = {2018},

date = {2018-04-01},

journal = {British Accounting Review},

volume = {50},

number = {3},

pages = {255-274},

abstract = {We apply the system GMM regression estimation approach to a matched sample of French firms listed on Euronext Paris during the period 2001-2010 in order to investigate the relationship between female directors and earnings management by considering their specific (statutory and demographic) attributes. We first find that the presence of female directors deters managers from managing earnings. However, this finding does not hold when the statutory and demographic attributes of female directors are taken into account, thus showing that the detection and the correction of earnings management require particular competencies and skills. Interestingly, we find that business expertise and audit committee membership are key attributes of female directors that promote the effective monitoring of earnings management. An important implication of our findings is that the decision to appoint women on corporate boards should be based more on their statutory and demographic attributes than on blind implementation of gender quotas. Finally, our supplementary analysis reveals that female CEOs and CFOs are strongly inclined to reduce earnings management.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}