Showing papers by "Fabrice Larceneux published in 2022"

L’affirmation des territoires ruraux par le management de projet : préparer le retour plutôt que la revanche

Abstract: Cette introduction interroge l’influence réciproque du management de projet dans le développement rural, et de l’impact de la ruralité sur les pratiques managériales. Recourant aujourd’hui davantage aux méthodes et techniques de gestion, comme la marque ou le projet, les managers ruraux tentent d’articuler les différentes parties prenantes et de valoriser au mieux les potentialités rurales. Pour ce faire, un cadre institutionnel favorable leur est nécessaire. Les dispositifs LEADER et TZCLD, abordés dans ce numéro spécial, présentent deux approches institutionnelles visant ainsi à aider à la mobilisation du capital endogène. Ne se limitant pas à un ensemble de techniques, le management rural présente également un versant symbolique. Il s’affirme en phase avec les aspirations contemporaines, environnementales notamment. Évitant les positions revanchardes, il doit prendre en compte les interactions multiples avec le monde urbain pour être efficace.

Determinants of financing agreement in commercial real estate investment

Abstract: This paper deals with the funding of institutional investors that invest in commercial real estate assets. The aim of this paper is to investigate what are the main factors that lead bankers to grant credits to institutional real estate investors. To explain the credit acceptance, the impact of many variables has to be explored. This bunch of variables can be synthetized in four dimensions: The quality of the borrower, the quality of the asset funded, the quality of the tenants (of the asset funded) and the quality of the funding contract. After having identified the different drivers, we explore what is the marginal contribution of each dimension on credit granting. To proceed, the methodology we selected is conjoint analysis. To sum up, it consists to construct different credit scenarios based on the four dimensions (for example: scenario 1: high quality building, low quality borrower, high quality tenants, low quality contract). Next, these scenarios are presented to bankers through interviews or online surveys. The aim is to ask them to express a preference/judgement to each scenario (ranking each scenario by order of preference, rating each scenario, propose an interest rate, indicate which scenarios are accepted). Finally, we implement a model to infer the contribution of each dimension on the preference of the bankers. In the end, this article could allow to develop a scoring indicator that aggregate all the idiosyncratic risk factors for commercial real estate in structured finance. It could represent a new tool for bank risk management departments to help them to manage their risks