Bankers, Markets & Investors 2024-02-28T12:37:09+00:00 Bankers Markets and Investors Open Journal Systems <p>Bankers, Markets, and Investors vise à publier des articles de recherche courts et innovants dans les domaines de la banque, des marchés financiers et de l'investissement avec une application pratique pertinente pour les investisseurs. Le but de la revue est de créer un pont entre les universitaires et les professionnels, en publiant des articles qui ont un intérêt direct pour ceux qui travaillent dans la finance. Nous recherchons des articles courts, tournés vers l'avenir et rigoureux, rédigés dans un style accessible au lectorat professionnel. Les thèmes de la revue sont les suivants: choix de portefeuille, gestion des investissements, investisseurs institutionnels (fonds de pension, fonds souverains, assurances, fonds communs de placement…), investisseurs individuels et finance des ménages, finance comportementale, investissements alternatifs (hedge funds, private equity…) ), dérivés et financements structurés, liquidité et coûts de transaction, investissement socialement responsable, fonds et gouvernance d'entreprise, réglementation et gestion des risques financiers, marchés de capitaux, instruments de taux d'intérêt, titres adossés à des actifs, actions et convertibles, conception de titres, devises, financement d'entreprise , stratégies de couverture, gestion actif-passif.</p> WHAT DO WE KNOW ABOUT ZOMBIES FIRMS? 2022-01-14T10:39:24+00:00 ERIC SEVERIN DAVID VEGANZONES <p>In recent years, the zombification of firms has become a global phenomenon. It began in Asia but has spread significantly, especially during the COVID-19 pandemic. Many studies outline some determinants and consequences of the phenomenon for firms, banks, and the economy. However, to date, no synthesis has been published. To address this gap, the current article seeks to clarify the notion of zombification and specify its determinants and consequences, as well as some avenues for continued research.<br />JEL Classification: G32, G33, G34.</p> 2022-04-22T00:00:00+00:00 Copyright (c) 2024 Bankers, Markets & Investors OWNERSHIP AND SUSTAINABILITY: THE TYPE OF SHAREHOLDER MATTERS 2024-02-28T12:37:09+00:00 Franck BANCEL Dejan GLAVAS <p>The conventional view of the relationship between stock ownership and corporate social responsibility can be summarized by Milton Friedman’s argument that “the only social responsibility of business is to increase profits” (Friedman, 2007). This view posits that sustainability is a cost to the shareholders, thus considering that shareholders’ economic interest is to minimize such costs. Since then, literature has uncovered that sustainability brings long-term benefits to shareholders. The trade-off between the costs and benefits of sustainability is different depending on the type of shareholder. Therefore, we investigate which shareholders impact the firm’s sustainability. In our study, we focus on institutional, state, and family shareholders, as they are key to the sustainability performance of firms.<br>JEL Classification: G14, G15, G30, Q56.</p> <p>&nbsp;</p> 2022-04-28T00:00:00+00:00 Copyright (c) 2024 JUDGING THE FUNCTIONING OF EQUITY MARKETS IN 2020 2021-01-13T09:17:38+00:00 Mikael PETITJEAN <p>Relative to other global institutions, equity markets performed remarkably well in 2020 and investors ought not to be ashamed of their reactions relative to consumers. It would be a terrible abuse of language to characterize 2020 as being financially irrational. The Covid crisis in 2020 was one of the most orderly crises ever. The damage and the reward across companies, sectors, and countries made a lot of sense. Although there are pockets of extremely high valuations in the tech sector, humility has always been a virtue when it came to valuing tech firms. While stocks are very expensive in absolute terms especially in the US, they are not relative to governmental bonds. But there is a big caveat to all this: the rise in the monetary supply since 2010 has been so incredible that markets have dived deep in unchartered waters. Central banks will have to find our way back to homeland in the years to come.</p> 2022-04-22T00:00:00+00:00 Copyright (c) 2024 Bankers, Markets & Investors