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Date	Type	Description
121 25/09/2019	Article	REF 134 The Mutual Finance Asset Management Serving Mutual Ambitions Free access Jean-Pierre GRIMAUD In an environment marked by radical changes; asset management companies must be able to provide mutual insurers with asset management and related services that are both efficient… JEL classification : G23 M14 P13
122 21/06/2019	Article	REF 133 The Price of Risk Dependence and Franchise Free access Justina KLIMAVICIUTE Pierre PESTIEAU In this article, we present several formulas that insurance companies could adopt to repay the costs of dependency. The two most common formulas are the lump-sum formula of paying… JEL classification : G22 I13 I18
123 21/06/2019	Article	REF 133 The Price of Risk Cyber Risk Price Free access Sébastien HEON Didier PARSOIRE In an increasingly digital economy, Cyber risks are growing. Faced with the multitude of vulnerabilities and attack techniques, any quantitative approach to this risk must rely on… JEL classification : G22 G32 O33
124 21/06/2019	Article	REF 133 The Price of Risk Why Is the Diversifiable Risk Still Priced? Free access Philippe TRAINAR Economic theory teaches that the price of diversifiable risk is zero. However, this is not the case in practice: the price of the best diversifiable risks covered by insurers in… JEL classification : G11 G12 G22 G28
125 21/06/2019	Article	REF 133 The Price of Risk Are Cryptocurrencies Really Decentralized ? Some Lessons from the Banking System Free access Arnaud VALENCE This paper examines the degree of decentralization of cryptocurrencies and provides comparisons with standard currencies. First, we show that cryptocurrencies are hybrid systems… JEL classification : E41 E42 G21 O03
126 21/06/2019	Article	REF 133 The Price of Risk Resilience and the Price of Risk Free access Jérôme JEAN HAEGELI The pricing of risk is a core driver of the insurance industry's effectiveness in improving system resilience. Insurers have two core functions. On the asset side, they are… JEL classification : E52 E61 G12 G22 G28 H54
127 27/02/2019	Article	REF 132 Financing Territories Reducing Territorial Fractures Free access Olivier SICHEL This article presents the new strategy of the Banque des Territoires, created in May 2018. Its core strategy is the reinforcement of territorial cohesion. This initiative is… JEL classification : G21 H50 H58 R11
128 27/02/2019	Article	REF 132 Financing Territories French Banks in the Service of Our Territories Free access Marie-Anne BARBAT-LAYANI French banks have a strong local anchoring. The networks of bank branches and business centers, located throughout France, are a major asset for the French banking industry. They… JEL classification : G21 R11
129 27/02/2019	Article	REF 132 Financing Territories Finance and Funding of Socially Useful Activities : a Perspective from « Located » Citizen's Finance Free access Pascal GLÉMAIN Citizens' Finance (solidarity-based and crowdfunding) are localized finance concerned with the local development model. They are in a cooperative dynamic with the local government… JEL classification : G23 G24 O16 O35 R58
130 27/02/2019	Article	REF 132 Financing Territories Banking Offer and Territorial Financing through Regional Cooperative Banks : the Case of Languedoc-Roussillon Caisse d'Épargne Free access Valérie COMBES-SANTONJA Created in 1818, French Savings Banks are just 200 years old and have always sticked to their initial mission, being anchored in their territories to support their inhabitants… JEL classification : G21 G32 R11
131 27/02/2019	Article	REF 132 Financing Territories Bpifrance Firms and Territories Free access Stéphane HAYEZ Frédérique SAVEL The creation of Bpifrance in 2013 addressed a need of rationalizing the different French public financing tools dedicated to companies. Bpifrance is able to fund firms throughout… JEL classification : G21 H50 H58 R11
132 27/12/2018	Article	REF 131 Finance and Taxation Banks and Taxes in France Free access Marie-Liesse DALLEMAGNE Patrick SUET Between 2010 and 2017, French banks were subjected to a roughly 25 % increase of their compulsory withholding taxes, mainly because of a steep increase of specific contributions… JEL classification : H21 H32 G21 G28 H21 H32 G21 G28
133 27/12/2018	Article	REF 131 Finance and Taxation Banks and Tax Heavens Free access Mona BARAKE Gunther CAPELLE-BLANCARD Mathias LÉ UBS in 2008, Offshore Leaks in 2013, Lux Leaks in 2014, Swiss Leaks in 2015, Panama Papers and Football Leaks in 2016, Paradise Papers in 2017... Since the global financial… JEL classification : F23 G20 G28 H25 H26 F23 G20 G28 H25 H26
134 27/12/2018	Article	REF 131 Finance and Taxation Banks Taxation: Characteristics and Recent Developments Free access Laurent QUIGNON The nature of banking justifies the application of a specific taxation for banks. First, considering that financial leverage cannot be disassociated from bank intermediation, it… JEL classification : G01 H21 H32 G21 G28 G01 H21 H32 G21 G28
135 27/12/2018	Article	REF 131 Finance and Taxation About the Utility of Taxation to Curb the Impact of Leverage Effect of Banks Off-Balance Sheet Free access Jean-Paul NICOLAÏ Alain TRANNOY The accounting standard IRFS have integrated the bulk of derivatives (the off-balance sheet in this paper) in the balance sheet of the banks at the cost of masking their leverage… JEL classification : G21 G32 G38 G21 G32 G38
136 27/12/2018	Article	REF 131 Finance and Taxation Implementation and Limitations of the Pigouvian Approach in Finance Free access Olivier de BANDT The article reviews the proposals and experience of the Pigou taxes (“bank levies”) that were implemented on financial institutions in the wake of the 2007-2008 financial crisis… JEL classification : G21 G28 H23 G21 G28 H23
137 26/07/2018	Article	REF 130 Corporate Governance - New Stakes Governance in LBO Transactions Free access Nicolas BÉDU Caroline GRANIER Based on the French case, this article addresses the question of governance in LBO transactions, i.e. the chain of delegation between Private Equity funds' investors, funds, and… JEL classification : G23 G24 G28 G32 G34 G38
138 26/07/2018	Article	REF 130 Corporate Governance - New Stakes Portfolio Management Styles and Firm's Governance Free access Bertrand JACQUILLAT The powerful setup of passive investing in the management of savings by institutional investors has tremendously increased in the last ten years. It is the result of the… JEL classification : G11 G23 G32
139 26/07/2018	Article	REF 130 Corporate Governance - New Stakes Conflict of Interests and Governance of Systemic Banks: Some Elements of Critical Analysis Free access Laurence SCIALOM [...]Nous definissons dans cet article deux grandes categories de conflits d'interets concernant les banques systemiques des conflits d'interets d'ordre microeconomique qui portent atte[...] JEL classification : G21 G28 G34 G38
140 26/07/2018	Article	REF 130 Corporate Governance - New Stakes Why Is There a Shortage of Long-Term Investors? Free access Dominique PLIHON Sandra RIGOT Institutional investors have become leading players in international financial markets, alongside systemic banks. These players offer different financial services and, according… JEL classification : G32 E21 G21 G23