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Qualification MCF 2017 CNU 06

En complément de mon billet sur les postes de MCF ouverts en 2017 (ici), voici quelques chiffres concernant la session de qualification MCF 2017 pour la section 06 (source : variance-cnu06.org):

Au niveau des Maîtres de conférences, les résultats sont les suivants :

  • 473 candidats (454 en 2016)
  • 326 candidatures recevables et examinées (326)
  • 200 qualifiés, soit 61 % (184 en 2015, soit 56%).

Un rapport détaillé sur cette session, rédigée par Variance, est disponible sur leur site (sous Archives).

The Scientific Outlook in Financial Economics

Very nice paper by CAMPBELL R. HARVEY !

Especially the guidelines for transparent research culture… Food for thoughts for junior and senior researchers !

Abstract

It is time that we reassess how we approach our empirical research in financial economics. Given the competition for top journal space, there is an incentive to produce “significant” results. With the combination of: unreported tests, lack of adjustment for multiple tests, direct and indirect p-hacking, many of the research results that we are publishing will fail to hold up in the future. In addition, there are some fundamental issues with the interpretation of statistical significance. Increasing thresholds, such as t > 3, may be necessary but such a rule is not sufficient. If the effect being studied is rare, even a rule like t > 3 will produce a large number of false positives. I take a step back and explore the meaning of a p-value and detail its limitations. I offer a simple alternative approach known as the minimum Bayes factor which delivers a Bayesian p-value. I present a list of guidelines that are designed to provide a foundation for a robust, transparent research culture in financial economics. Finally, I offer some thoughts on the importance of risk taking (both from the perspective of both authors and editors) to advance our field.

Link to paper

Brève analyse statistique des postes MCF section 05 et 06 en 2017

[Une analyse similaire pour la gestion uniquement en 2016 se trouve ici]

La liste complète des postes d’enseignant-chercheur publiés et ouverts en 2017 (format xls) se trouve ici.

Je me suis concentré sur les sections CNU 05 et 06.

En sciences de gestion, on comptabilise 89 postes de MCF offerts par 50 établissements distincts (selon l’intitulé de l’établissement).

En sciences économiques, on trouve 56 postes dans 34 établissements distincts.

Voici le nombre de postes MCF 06 par établissement:

mcf0617a

 

Et pour les postes MCF 05:

mcf0517a

Qu’en est il des profils ? En me concentrant uniquement sur la section 06 (dont je relève), j’ai tenté de répondre à cette question en regroupant les intitulés des profils en quelques “grandes catégories”. Cela dit, comme certains intitulés se croisent (si par exemple l’intitulé stipule finance et comptabilité), cette agrégation n’est pas parfaite… Voici quelques résultats graphiques [“catégories”: finance, market pour marketing, prodlog pour production / logistique, strat pour stratégie ou management stratégique, comptacontrole pour comptabilité contrôle, rh pour ressources humaines, si pour système(s) d’information(s), scgestionmgt pour sciences de gestion / management]:

mcf0617b

 

La dernière “catégorie” généraliste est à prendre avec des pincettes. On constate que la catégorie comptabilité / contrôle l’emporte, suivie par la stratégie et la finance.

New paper on @SSRN: Initial Conditions and the Private Debt Renegotiation Process

Abstract:

I investigate whether and how initial conditions around loan origination influence private debt renegotiation process. I model the renegotiation likelihood, and the conditional probability of multiple renegotiation rounds or multiple amended terms using a sequential logit model. I use a large sample of 15,000 loans on the European credit market. I find that contractual (covenants and collateral) and organizational (lenders pool size, reputation and relationship) mechanisms mitigating adverse selection and moral hazard risks have the largest and positive economic impacts. Lenders financial conditions (capitalization and credit portfolio exposure) and institutional arrangement aiming at creditors protection significantly impact the renegotiation process.

 

SSRN link to full paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2910032

More of my papers on SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=347791

Our article “Do the Type of Sukuk and Choice of Shari’a Scholar Matter?” published in JEBO

Highlights

• We examine sukuk, the shari’a-compliant alternative mode of financing to conventional bonds.
• We analyze the stock market reaction to two key features of this instrument: sukuk type and characteristics of the shari’a scholar certifying the issue.
• We find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm.
• We observe a similar positive impact from shari’a scholar reputation and proximity to issuer.

Abstract

Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have considerably expanded over the last decade. We analyze the stock market reaction to two key features of this instrument: sukuk type and characteristics of the shari’a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006–2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari’a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company.

Personal article link which will provide free access to the article and is valid for 50 days until March 05, 2017: https://authors.elsevier.com/a/1UO0Cc24afuFc

34th International Conference of the French Finance Association in Valence

The 34th Spring International Conference of the French Finance Association will be held at Grenoble IAE Graduate School of Management -University of Grenoble Alpes- in Valence (France) on May 31st, June 1st and 2nd, 2017.

The conference will be jointly organized by the CERAG research center affiliated to the CNRS and Grenoble IAE in partnership with the IUT of Valence.

Papers in all areas of finance such as corporate finance, financial markets, risk management, banking and insurance will be considered. Special workshops on Credit and Systemic Risks; Banking and Financial Regulation; Finance, Ethics and Sustainability; and Agricultural Finance and Insurance will be held.

Link to call for papers in PDF

Link to conference website