BOUAISS Karima

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The transparency of credit institutions is currently an issue of crucial importance not only with regard to the adaptation of regulatory tools (Basle II, IAS-IFRS international norms etc.)but also to the banking, financial and economic consequences. The current crisis places the importance of information about all banking activities centre stage in any debate. At a time when banks are controlled more than ever before, it is surprising to see them being swamped with criticism about their opaqueness and their reluctance to communicate, especially about the risks they are taking. This paper therefore, presents state of the art works on disclosure and bank transparency.It deals with questioning whether it is beneficial or not to increase disclosure levels in order to improve the discipline that the regulators and the markets exert on the banks.

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Crowdfunding and young people Towards an understanding of the "young crowd" This study aims to gain a better understanding of the practices of young people in order to grasp their knowledge and behavior with regard to crowdfunding. The sample includes 435 students (average age 23.5). The study reveals three profiles: "active crowdfunders", "potential crowdfunders" and "uninterested". The results also highlight strong gender differences. Thus, students show a greater interest in entrepreneurial projects, while female students are more sensitive to the financing of humanitarian and civil actions.

Purpose – The purpose of this paper was to decipher the contradictions and the ambiguities of crowdfunding as a term and as a practice to reveal the deeper significance of its underlying Zeitgeist. Design/methodology/approach – Three steps were followed. In the first one, the authors underline the ambiguities of crowd as a concept in its traditional meaning as well as in the realities, it may depict when referring to connected people. Thereafter, the many practices of crowdfunding with the apparent univocity of this term were confronted. Findings – These analyses led the authors to consider crowdfunding as ideology: an incantatory use of crowd can conceal an effective profit-making process, as well as a new way to unblock a stalling social elevator. Originality/value – As per the authors’ knowledge, this paper is the first one to try to conceptualize the social roots of crowdfunding and to analyze its deeper significance, as complementary to an already developed “how-to-do-it” literature. It is worth confronting this piece of reflexivity with the emerging literature on the assessment of specific crowdfunding operations.

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The research shows that banking relationships are important to lending. However, few studies focus on the banking relationships in syndicated loans, although these loans have became a major source of financing. The last financial crisis clearly shows the impacts of credit rationing and tightening credit conditions, even in the syndicated loans market. We investigate whether banking relationships help firms to benefit from better terms for syndicated loans in a chaotic financial environment. Using a sample of syndicated loans arranged from 2003 to 2008 in North America and Europe, we find that firms with a previously developed relationship with a lead bank obtained a lower spread and a longer maturity during the financial crisis but did not benefit from larger loan facilities.

Environmental crises have been the subject of numerous academic studies seeking to understand their impact on the stock market value and communication of companies. These works take into account industrial accidents without questioning their characteristics and by considering a priori that they constitute environmental crises. Based on this observation, this paper proposes a method for evaluating industrial accidents and environmental crises structured around five elements that we illustrate through the case of the Total group. The first four elements are based on the classification established by the French Ministry of the Environment. The fifth element seeks to account for the social pressure exerted on companies involved in an industrial accident by mobilizing stakeholder theory. This evaluation method opens up perspectives for revisiting research on the relationships between environmental crises, financial markets and corporate environmental communication.

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