COLLOMB Alexis

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The purpose of this thesis is to study, in a context of financialization of commodity markets, certain strategies adopted by investors and their impact on volatility and excessive co-movement between energy and financial markets. To do this, three studies are proposed. The first one uses regime-switching models (MS-VAR) applied on a set of energy commodities and covers the period 1992-2017. The results suggest that during periods of high volatility, commercial agents (hedgers) play a crucial role in gas market price discovery. However, these hedging agents affect the proper functioning of other markets (oil, gasoline, fuel oil) and amplify their volatility. The second study deals with the GARCH ADCC versus GARCH DCC models on a sample of 17 countries and over the period 1997-2016. This study highlights the asymmetric effect of oil shocks on the conditional correlations of Asian and African markets, which can be explained by arbitrage activities and heterogeneous investor behavior. The third study focuses on staggered lag autoregressive models (ARDL) and reveals that after the financial crisis, and beyond macroeconomic and financial fundamentals, the index of excessive speculation explains, both in the long run and in the short run, the correlation between the oil market and the financial markets of some countries. This generates a phenomenon of excessive co-movement, and thus a financialization effect on these markets. Finally, we conclude the following: first, in times of high volatility, the gas market is a safe haven for financial investors. Second, investor behavior explains the excessive co-movement effect between the oil market and some financial markets. third, this excessive co-movement phenomenon limits the benefits of international portfolio diversification, especially during financial turbulence.

Driven by technological changes, new legal frameworks, a growing demand for financing on the part of innovative companies, and a rise in the maturity of market operators, innovation financing professionals have partly modified their practices and new tools are emerging. This thesis aims to investigate three of these financing methods. The first, Social Impact Bonds, is a method of financing non-entrepreneurial social innovation that appeared in Great Britain in 2010. The second tool analyzed is crowdfunding. An emerging form of crowdfunding for entrepreneurial projects on the internet, it has experienced strong growth over the past decade. The thesis questions the impact of the degree of innovation on the success of campaigns. The third and final tool discussed in the thesis is Multi Corporate Venture Capital (MCVC) funds and their organizational forms.

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In the blockchain space, most Initial Coin Offerings (ICOs) will not be true ecosystem tokens and will therefore be well suited as securities token offerings, using registration exemptions and trading through decentralized alternative trading systems. Open-source blockchain-based ecosystems may choose to rely on fundraising practices typical of start-ups and private enterprises for the pre-production phase. Once they have established some profit centers, they may choose the use of coin offerings to fund post-production phases. Most importantly, token issuers might choose to devise creative corporate forms combining nonprofit structures, which would oversee access to shared open-source resources, with for-profit structures to develop specific business or decentralized applications.

As a determinant of a bank's survival during the 2007/2008 financial crisis, liquidity in the banking sector has since recently been a challenge for the financial and academic communities. The three papers presented in this thesis focus on the two main facets of liquidity in the banking sector: the holding of liquid assets (i.e., cash and cash equivalents) and the process of creating liquidity in banks used to fund loans. As will be discussed in the articles, these two aspects of liquidity can be seen as two sides of the same coin. I recognize that liquidity in the banking sector is related to money creation. however, this thesis focuses on the aforementioned two aspects of liquidity. First, this introduction presents how the concept of liquidity has evolved in mainstream economic thinking. The second section considers the revival of cash holding that has been observed since the 2007/2008 financial crisis in the banking sector. The third section examines the properties of liquidity. The fourth section explores what we do not know about liquidity. The fifth section identifies and selects three fundamental problems related to liquidity that are analyzed in the three papers presented in this thesis. The sixth and final section presents the methodology used in the three papers to answer these questions.

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Our research examines the behaviors of professionals in the retail banking and insurance industries, from executives to advisors, and of customers, that affect the risks carried by the latter. Legislators and supervisors have focused on regulation and standards, including prudential, accounting and technical standards, but have underestimated the role and impact of individual stakeholder behaviors that may be inappropriate and unfair despite the new regulatory framework. The understanding, consideration and control of the behaviors of each actor are necessary to allow a balance between a healthy efficiency of the company and the respect of the clients' interests in a sustainable way.This study took place in immersion during three years within the Autorité de contrôle prudentiel et de résolution (ACPR), which allowed to see, analyze and understand in parallel the problems of the supervisors and the subjects of their controls The analysis of various national and international reports, procedures and control reports, questionnaires for professionals as well as semi-directive interviews with all stakeholders related to our research topic, allowed us to have relevant, reliable and concrete elements to answer our central problematic.Financial activities are based on trust and in this context of persistent crisis, the need for supervision and regulation is growing. Since the banking and insurance sectors are complex, technical and difficult to understand for most people, the behavior of financial actors must be exemplary in their interactions with customers, especially when presenting and explaining financial products.Since the beginning of the crisis at the end of 2007, numerous scandals at the international level have highlighted a large number of human errors linked to unethical behavior in terms of consumer protection. Beyond the flaws concerning financial or operational risks, the commercial practices of certain financial entities have been clearly questioned, leading to the sanctioning of the national supervisor for certain banks and insurance companies.This raises the essential question of the place of ethics within the organization and the effects of the behavior of each stakeholder in the commercial relationship. Ethics implies the notions of accountability, respect and courage, and must be taken into consideration and put into practice in order to achieve a double objective: the human and economic performance of the company.legislators and regulators, through the CRD4, Solvency2, MIF2, IMD2 and Prips directives, focus their requirements mainly on accounting, technical and business practice rules. Even if the numerous financial scandals, especially since 2007, have shown serious behavioral abuses in finance, the means put in place (management tools, methods or devices) to decipher and control behaviors within financial companies are still underdeveloped and underused, especially for risks borne by the client.Our study describes and analyzes the behaviors of professionals and clients, the place of emotions in financial decision making, the influence of norms and their controls on the behaviors of professionals in order to understand what goes against a virtuous internal organizational functioning and responsible business practices. We question the management of client risks within the organization and the means allocated to client protection, and propose a series of recommendations to mitigate these risks in the future.