EDHEC Business School

About: EDHEC Business School is a education organization based out in Roubaix, France. It is known for research contribution in the topics: Portfolio & Capital asset pricing model. The organization has 294 authors who have published 1749 publications receiving 42687 citations. The organization is also known as: Ecole des Hautes Etudes Commerciales du Nord & EDHEC Business School.

High-Frequency Trading: Past, Present, and Future

Abstract: In this chapter, we explore the history and development of high-frequency trading to its current stance of prominence in today's financial markets. We review the major types of high-frequency trading strategies in use, discuss their possible benefits and potential harms, and examine some of the regulatory responses seen so far.

Les modèles linéaires hiérarchiques : 2. une méthode privilégiée d'analyse des données collectées par policy capturing

Abstract: M@n@gement is a double-blind reviewed journal where articles are published in their original language as soon as they have been accepted. Copies of this article can be made free of charge and without securing permission, for purposes of teaching, research, or library reserve. Consent to other kinds of copying, such as that for creating new works, or for resale, must be obtained from both the journal editor(s) and the author(s).

A note on the valuation of asset management firms

Abstract: Market capitalization relative to assets under management is often used to value asset management firms. Huberman’s (2004) dividend discount model implies that cross-sectional variations in this metric are explained by cross-sectional differences in operating margins, and yet we find no evidence of this in our data set. We show that a superior model—inspired by the work of Berk and Green (2004)—includes also the level of fees as an explanatory variable. This approach dramatically increases the fit of our valuation model and casts doubt on the relevance of the so-called Huberman puzzle.

Creation and Development of a Market: The Paris Corporate Bond Market in the 19th Century

Abstract: This paper studies the French corporate bonds market during the 19th century. Despite its importance, the performance of the corporate bonds quoted on the Paris Bourse has never been studied. In order to analyse this market, a price index of the corporate bond market has been created by using modern techniques. The construction of the index is based on an original database created by new data collected directly from the publications of the market authorities during the nineteenth century. Thanks to the index, the risk and the return of the market have been measured. Then we compared the performance of French corporate bonds with those of stocks and government bonds The results show that during the nineteenth century, corporate bonds were the least risky equities of the Paris Bourse. To conclude, the impact of the government guarantee on corporate bonds is also assessed.

Le risque d'érosion du capital-marque sur les médias sociaux: efficacité et limites des instruments juridiques

Abstract: Le developpement des medias sociaux offre aux entreprises de nouvelles voies pour mieux comprendre la facon dont se forge le capital-marque et pour en favoriser L'epanouissement. Mais il peut egalement etre porteur de risque d'erosion pour ce capital s'il vehicule des opinions et commentaires negatifs de la part des consommateurs. Le droit offre plusieurs instruments susceptibles de proteger le capital-marque, qu'ils soient de nature legislative (ou reglementaire), jurisprudentielle ou encore contractuelle. Cependant, alors que ces instruments sont bien identifies par la litterature academique et par les praticiens du droit, leur efficacite reelle a assurer la preservation du capital-marque sur les medias sociaux reste encore a observer et a mesurer. A partir de trois etudes empiriques, a savoir l'analyse des clauses contractuelles (en l'espece celles des conditions generales d'utilisation d'un echantillon de dix medias sociaux) et des actions parajudiciaires et judiciaires menees par les entreprises titu...