Imane El Ouadghiri

@article{bitar_2010,

title = {A cross-institutional exploratory investigation of COVID-19 spread: formal vs. informal institutions},

author = {Mohammad Bitar and Imane El Ouadghiri and Jonathan Peillex},

url = {https://www.tandfonline.com/doi/full/10.1080/00036846.2022.2125495},

year  = {2023},

date = {2023-06-01},

journal = {Applied Economics},

volume = {55},

number = {35},

pages = {4146-4163},

abstract = {We investigate the effect of culture on COVID-19 spread using a sample of 67 countries over the first 10?months of the pandemic. We find that individualistic countries have higher number of COVID-19 cases, an effect that is independent from formal institutions. A two-ways interaction effects, however, between formal institutions and individualism, shows that effective political institutions, sound governance, and better economic conditions reduce the effect on individualism on COVID-19 spread. Our findings provide evidence that are useful not only for explaining differences in COVID-19 spread between countries but can also enable policymakers and organizations to understand what generally determines individuals' compliance with formal rules and regulations.},

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@article{pope_2281,

title = {Floodlight or Spotlight? Public Attention and the Selective Disclosure of Environmental Information},

author = {Shawn Pope and Jonathan Peillex and Imane El Ouadghiri and Mathieu Gomes},

url = {https://onlinelibrary.wiley.com/doi/full/10.1111/joms.12920},

year  = {2023},

date = {2023-04-01},

journal = {Journal Of Management Studies},

abstract = {To meet growing demands for information on their environmental impacts, firms may engage in selective disclosure by strategically reporting only a subset of relevant data. In this article, we draw out and problematize an antecedent to selective disclosure, public attention. Prior studies suggest that public attention brings scrutiny that reduces selective disclosure by increasing the risk of getting caught (the floodlight thesis). The impression management literature, however, suggests that public attention offers the possibility of broad-based image benefits from the disclosure of strategically filtered data (the spotlight thesis). Panel regressions with Trucost data from 2008-19 provide overall support for the spotlight thesis as well as a negative moderator, environmental damage. Results also point to an underlying mechanism: Companies receiving public attention disclose a larger number of environmental metrics, but not ones that, altogether, represent more environmental damage, a tactic that we call strategic fluffing.},

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}

@article{el_ouadghiri_1799,

title = {Do political and social factors affect carbon emissions? Evidence from international data},

author = {Imane El Ouadghiri and Mohammed Benlemlih and Cynthia Assaf},

url = {https://www.tandfonline.com/doi/full/10.1080/00036846.2022.2056128},

year  = {2022},

date = {2022-12-01},

journal = {Applied Economics},

volume = {54},

number = {52},

pages = {6022 - 6035},

abstract = {This study extends the literature on the determinants of carbon emissions by exploring the effects of political and social factors on pollutant emissions. We claim that political stability, corruption, and women in politics significantly influence CO2 emissions. Using the autoregressive distributed lag approach and an extensive dataset that represents more than 145 countries worldwide, we provide strong and robust evidence that low corruption practices and women's representation in politics statistically and economically reduce carbon emissions. We also show that high political stability significantly reduces CO2 emissions in the short run, but not in the long run. Our findings highlight the importance of these factors in reducing pollution worldwide and provide incentives for international regulators and policymakers toward stronger and mandatory decisions that positively evolve less politically stable and corrupt countries.},

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@article{el_ouadghiri_1798,

title = {Institutional investor attention and stock market volatility and liquidity: international evidence},

author = {Imane El Ouadghiri and Elias Erragragui and Jamil Jaballah and Jonathan Peillex},

url = {https://www.tandfonline.com/doi/full/10.1080/00036846.2022.2036689},

year  = {2022},

date = {2022-02-01},

journal = {Applied Economics},

volume = {54},

number = {42},

pages = {4839-4854},

abstract = {In this paper, we examine the influence of the daily institutional investor attention to particular stocks on stock volatility and liquidity. The institutional investor attention is measured from the number of times that users of Bloomberg terminal, who are mostly institutional investors, search for or read articles on a specific stock. Relying on a large international dataset of approximately a million daily observations over the period 2011-2020 from nine countries (Canada, France, Germany, Japan, Russia, South Korea, Switzerland, the UK, and the US), we find that this recent measure of institutional investor attention has a strong positive effect on stock volatility and liquidity. Confirmed by a battery of robustness tests, our findings suggest that this continuous barometer of attention by institutional investors can be used by financial practitioners to predict future stock volatility and liquidity.},

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}

@article{el_ouadghiri_1796,

title = {Investor Attention to Fossil Fuel Divestment Movement and Stock Returns},

author = {Imane El Ouadghiri and Mathieu Gomes and Jonathan Peillex and Guillaume Pijourlet},

url = {https://www.iaee.org/energyjournal/article/3910},

year  = {2022},

date = {2022-01-01},

journal = {Energy Journal},

volume = {43},

number = {6},

pages = {-},

abstract = {This study investigates whether the investor attention to the fossil fuel divestment (FFD) movement is related to the stock returns on firms involved in extracting fossil fuels. Three complementary indicators of investor attention to the FFD movement are considered: (1) the U.S. weekly Google Search Volume Index on the topic "fossil fuel divestment," (2) the U.S. weekly media coverage of fossil fuel divestment, and (3) the number of weekly visits to the "fossil fuel divestment" page on Wikipedia. Based on a sample of weekly returns on 1,850 U.S. firms over the period 2012â??2020, our econometric estimations report a positive relationship between investor attention to FFD and excess stock returns for U.S. fossil fuelâ??related firms. Therefore, contrary to what the FFD campaigners might expect, the stigmatization of the fossil fuel industry does not drive down the stock returns on fossil fuelâ??related firms.},

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@article{el_ouadghiri_1343,

title = {Public attention to environmental issues and stock market returns},

author = {Imane El Ouadghiri and Khaled Guesmi and Jonathan Peillex and Andreas Ziegler},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0921800919315617},

year  = {2021},

date = {2021-02-01},

journal = {Ecological Economics},

volume = {180},

pages = {106836},

abstract = {/},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{peillex_1306,

title = {Extreme Heat and Stock Market Activity},

author = {Jonathan Peillex and Imane El Ouadghiri and Mathieu Gomes and Jamil Jaballah},

url = {https://www.sciencedirect.com/science/article/pii/S092180092030015X},

year  = {2021},

date = {2021-01-01},

journal = {Ecological Economics},

volume = {179},

pages = {106810},

abstract = {We aim to advance our understanding of the adverse effects of extreme temperatures by examining the extent to which high temperatures affect stock market activity. We address this question by analyzing the trading volumes on the French stock market on days when the weather in Paris is excessively hot over the period 1995-2019. Our empirical analyses show that, on average, trading volumes fall significantly (between 4% and 10%) when maximum daily temperatures exceed 30 °C (86 °F). The observed negative association is remarkably robust to a battery of alternative analyses such as bin tests, event studies, and time-series regressions controlling for any seasonal effects and financial market conditions. From a theoretical perspective, this study contributes to the literature on behavioral finance by demonstrating the existence of a ?hot weather? effect on financial markets. It also offers important managerial and public policy implications.},

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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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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.},

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@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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@article{el_ouadghiri_735,

title = {Jumps in Equilibrium Prices and Asymmetric News in Foreign Exchange Markets},

author = {Imane El Ouadghiri and Remzi Uctum},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0264999315004216?via%3Dihub},

year  = {2016},

date = {2016-04-01},

journal = {Economic Modelling},

volume = {54},

pages = {218-234},

abstract = {In this paper we examine the intraday effects of surprises from scheduled macroeconomic announcements and unscheduled event news on six major exchange rate excess returns (jumps) using a Tobit model with conditionally heteroskedastic errors that we extend so as to account for asymmetries. Besides this novel model, our approach embodies several important features: we perform Lee and Mykland's (2012) non-parametric test procedure to filter out microstructure noise from observed exchange rates and extract jumps as the significant ?equilibrium? returns; various categories of information news from different geographical regions are exploited; the hypothesis of a leverage effect on foreign exchange jumps due to asymmetric volatility shocks is examined. We found that the most influential scheduled macroeconomic news are globally related to the US job markets, output growth indicators and public debt, whereas significant event news include announcements of bank failures and government rescue plans. Surprises impact Forex jumps for about one third as a result of rather pessimistic forecasts due to the crisis period analyzed. For most of the currencies the hypothesis that negative volatility shocks have a greater impact on volatility than positive shocks of the same magnitude is validated, reflecting markets' concern about the costs implied by central bank's stabilization policies. Our findings provide evidence that the major foreign exchange markets are not efficient.},

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@article{el_ouadghiri_754,

title = {On the impact of macroeconomic news surprises on Treasury-bond returns},

author = {Imane El Ouadghiri and Valérie Mignon and Nicolas Boitout},

url = {https://link.springer.com/article/10.1007%2Fs10436-015-0271-3#citeas},

year  = {2016},

date = {2016-02-01},

journal = {Annals of Finance},

volume = {12},

number = {1},

pages = {29-53},

abstract = {This paper investigates the impact of surprises associated with monthly macroeconomic news releases on Treasury-bond returns, by paying particular attention to the moment at which the information is published in the month. Implementing an event study on intraday data, we show that (1) the main bond market movers are based on economic activity and inflation indicators, (2) long-maturity bonds are slightly more impacted by surprises than short-maturity ones, and (3) the bond market is more sensitive to negative surprises than to positive ones. Finally, we find evidence of an empirical monotonic relationship between the surprises' impact and their corresponding news' publication date and/or their sign.},

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