Recherche
CONCLUSION DE LA SECONDE PARTIE
L’analyse dans cette deuxième partie fait ressortir la nécessité de protéger le parcours vita de Douala pour en tirer le meilleur profit. L’environnement bien qu’étant un bien économique particulier est aussi épuisable. Ses capacités diminuent au fur et à mesure de son utilisation non conséquente réduisant ainsi la satisfaction des besoins des populations. Cette situation […]
CONCLUSION GENERALE
Tout au long de ce mémoire, nous avons voulu montrer que bien que bien que le sport ait été à l’origine de la création du PV de Douala, il n’en reste pas moins la seule activité possible dans cette espace de vie sauvage. A l’issu de nos travaux, nous avons dans un premier temps montrer […]
QUELQUES PROPOSITIONS POUR L’EPANOUISSEMENT AU PARCOURS VITA.
Elles concernent l’ensemble des actions à mener par les pouvoirs publics, la Société civile, les particuliers et autres anonymes, dans la quotidienneté et visant à la conservation et la préservation de l’environnement en général et du PV en particulier pour en tirer les meilleurs conditions de vie. C’est aussi un ensemble d’engagements éventuels susceptibles d’orienter […]
REFLEXION SUR LA VALORISATION DE L’ESPACE. VITA
Il s’agit ici de trouver les combinaisons possibles et susceptibles qui permettent de tirer le meilleur profit de la multifonctionnalité en tenant dûment compte des exigences environnementales. Ceci ne serait possible que si au préalable l’espace Vita reprend ses limites originelles encore occupées par des populations, produites de l’exode rural par exemple, qui s’installent selon […]
ANALYSE DE LA VALEUR DU PV.
Trois types de valeurs découlant de la multifonctionnalité (schéma 2) peuvent être attachés au PV de Douala : -La valeur économique qui comprend les retombées économiques en termes d’emplois,la production des biens naturels marchands et des services touristiques,l’accumulation des compétences conséquentes à la protection et les synergies économiques résultants des multiplicateurs de l’activité économique ; […]
CONNAISSANCE DU PV ET LES ELEMENTS SPECIFIQUES NON EXHAUSTIFS.
Le schéma 3 suivant est représenté à partir des analyses sur la connaissance du PV et des éléments spécifiques non exhaustifs présentés plus haut dans ce travail. Schéma 3 : connaissance du parcours Vita et les éléments spécifiques non exhaustifs. Source : Rapport centre de recherche pour études et l’observation des conditions de vie ; […]
LES ATTENDUS DE LA REHABILITATION GLOBALE DU PARCOURS VITA.
Aujourd’hui la réhabilitation doit redonner un espoir de vie à cette espace .Il ne s’agit pas seulement de réhabiliter les ateliers de sport ou du moins l’essentiel de la destination sportive du PV, au quel cas un pan des atouts et des avantages qui en découlent seraient inexploités .Elle doit prendre en compte toute les […]
BIBLIOGRAPHIE
OUVRAGEALLAIS M. (1952): Traité d’économie pure, publié avec le concours du Centre National de la Recherche Scientifique. Imprimerie nationale, 5 vol. in 4°,984 p. LONSO, W. (1964), Location and Land Use- Toward a General Theory of Land Rent, American Economic Review, 57, 197-210 ANTROP (1997): The Concept of Traditional Landscapes as abase for Landscape evaluation […]
ANNEXE 1. Chronologie générale du droit international de l’environnement.
Le droit international de l’environnement comprend plus de 300 conventions ou traités multilatéraux sans compter les accords bilatéraux. Il est le fruit d’une longue histoire qui est retracée par quelques points de repère. -2 Décembre : Convention internationale pour la régulation de chasse à la baleine et aux grands cétacés-creation de la commission baleinière internationale […]
II-2\\ Symmetric information:
There are some theories and explanations advanced by a great number of researchers that do not rely on asymmetric information, this theory that has been very popular among academics and practitioners for decades and that has been considered as the most relevant and convincing explanation to the short run IPO anomaly. There are some researchers […]
II-2-1\\ Risk premium:
Let’s begin by the risk premium explanation. Because the hot market can end prematurely, the sentiment demand may cease and then we face a market crashing, carrying IPO stocks in inventory is risky. Ljungqvist, Nanda and Singh (2003) in their article: “Hot market, investor sentiment and IPO pricing” argue that underpricing emerges as fair compensation […]
II-2-2\\ Characteristics of the Initial Public offering:
Retour au menu : Investor Sentiment and Short Run IPO Anomaly: A Behavioral Explanation of Underpricing
* Risk: Risk can reflect either technological or valuation uncertainty.
Loughran and Ritter (2004) use many measures of risk: the natural logarithm of the assets and the natural logarithm of the sales which reflect the issuing firm size and then a risk related to valuation uncertainty, internet and tech dummy variables which reflect technological uncertainty which also induces a valuation uncertainty, and the natural logarithm […]
* Issue size: The issue size or offer size is the number of shares introduced in IPO market and offered by the issuing company for sale.
Cornelli, Goldreich and Ljungqvist (2004) argue that when the issue size is large, the issue price should reflect the greater difficulty of selling the shares in the aftermarket, and then the issue price should be lower. They find a negative relation between the size and the offer price of IPOs: a discount in the offer […]
* Bargaining power:
Ljungqvist, Nanda and Singh (2003) study the impact of bargaining power on the first day return and so on underpricing. They use as a proxy for bargaining power “the ownership structure”. A firm with a highly concentrated ownership, is reflecting a high incentive to bargain hard, while an increased ownership fragmentation, and an increased frequency […]
II-2-3\\ Lawsuit avoidance: legal liability
Lawsuits are obviously costly, not only directly: damages, legal fees, diversion of management time, etc, but also in terms of the potential damage to their reputation capital. Litigation-prone investment banks may lose the confidence of their regular investors, while issuers may face a higher cost of capital in future capital issues. The basic idea of […]
II-2-4\\ Underpricing as a substitute of marketing expenditures:
Habib and Ljungqvist (2001) argue that underpricing is a substitute for costly marketing expenditures. Using a data set of IPOs from 1991 to 1995, Habib and Ljungqvist report that an extra dollar left on the table reduces other marketing expenditures by a dollar. On the first sight, underpricing seems to be just a substitute for […]
II-2-5\\ Internet Bubble:
One popular related explanation for the high and severe underpricing of 65% during the Internet bubble (1999-2000) for the U.S IPOs, a peak never reached before in the U.S IPO market, is that underwriters could not justify a higher offer price on Internet IPOs. Even if these firms have a high potential of profitability in […]
II-2-6\\ Price stabilization and partial adjustment:
Recent studies have also documented the impact of public information. They find a positive link between the “market conditions” prevailing at the time of an offering which represent public information and its subsequent initial return. Favourable market conditions predict higher underpricing and vice-versa. Derrien and Womack (2003) show that the initial returns on IPOs in […]
Section 2- Behavioral explanations
Introduction: Short run IPO anomaly may be the most controversial area of IPO research. The research effort has provided numerous analytical advances and empirical insights trying to explain the first day price run up. Many explanations were introduced and studied, but all these theories are unlikely to explain the persistent pattern of high initial returns […]
I- Definitions:
The behavioral approach asserts the presence of “irrational” investors, also called “sentiment” investors or “noise traders” whose investment decisions, choices, etc, are conducted by feelings and emotions and based on sentiment which plays a major role in their decisions. Before going more in the details, it is reasonable to begin by presenting some definitions of […]
I-1\\ The sentiment’s notion:
The sentiment represents the anticipations of the investors that are not justified by the fundamental. The notion of sentiment characterizes the presence of irrational investors who show undue interest in an investment opportunity, for example for IPOs, and who are irrationally exuberant, over optimistic and over enthusiastic about an investment. This over optimism and over […]
I-2\\ Hot IPO market’s phenomenon:
As we said before, by their nature the Initial Public Offerings are very sensitive to the state of mind of the investors and to the investor sentiment. Another characteristic is very important and which ensues of the first characteristic: the Initial Public Offering market is highly cyclical. The cyclical nature of this market has sparked […]
I-3\\ Investors typology:
Many empirical researches examining IPO allocations focus on the distinction between types of investors: institutional investors and individual or retail investors. Institutional investors are different from retail investors, in that institutions are better informed and more important clients. The evidence to date suggests that where bookbuilding is used, institutional investors receive preferential allocations. They are […]
II- Literature review of behavioral explanations:
As I said before, the tendency of behavioral approach and investor sentiment is not a new field not again discovered, the investor sentiment was introduced earlier in the 1990’s by Welch who presented the informational cascade theory. But the Behavioral Approach has sparked the academics’ attention, has intrigued more and more researchers and has taken […]
II-1\\ Informational cascades:
If potential investors pay attention not only to their own information about a new issue, but also to whether other investors are purchasing or not and they attempt to judge the interest of other investors, according to Welch (1992) (15), bandwagon effects or also known as information cascades may develop: Later investors can condition their […]
II-2\\ The prospect theory :
Prospect theory, developed by Kahneman and Tversky (1979), asserts that people focus more on changes in their wealth compared to the level of their wealth. Loughran and Ritter (2002) apply prospect theory of Kahneman and Tversky (1979) to IPO market to argue that issuers are more tolerant of excessive underpricing and that they accept underpricing […]
II-3\\ Investor sentiment by Ljungqvist, Nanda and Singh (2004):
We can say that the importance of investor sentiment was introduced and analyzed in the context of the underpricing phenomenon for the first time by Ljungqvist, Nanda and Singh (2004) in their article “Hot markets, Investor sentiment and IPO pricing”. The work of these authors is considered the first paper to model an IPO company’s […]
II-4\\ The use of Grey Market Data:
Cornelli, Goldreich and Ljungqvist (2004) try to take advantage of the existence of a grey market in Europe to construct a model on European Initial Public Offerings to look at whether the presence of sentiment investors affects prices in the post-IPO market and whether investors’ sentiment can explain and be considered as a driver and […]
II-5\\ The use of market conditions to value investor’s sentiment:
François Derrien (2003) explores the impact of investor sentiment on the pricing and aftermarket behaviour of IPOs, using a sample of 62 initial public offerings realized on the French stock exchange between 1999 and 2001. He tests a model in which the first day closing price of IPOs and then initial returns and underpricing are […]