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Volume 3 - Numéro 1

April 1982

Intermediary's hedging and Credit Setting Strategies under loan rate uncertainty - 15 April 1982

Chateau, J.-P. D.

A choice theoretic model of the unperfectly and perfectly competitive intermediary under loan demand uncertainty is analyzed to show the effects that spot and future loan rates as well as risk aversion have on the intermediary's credit -- setting and hedging decisions. This model compares with a similar strategy of planning current credit supply under certainty. The introduction of overall uncertainty does not affect the equilibrium supply of the risk-neutral intermediary. However, if the intermediary displays risk aversion (preference), its optimal supply is smaller (larger) than the loan capacity under certainty. Extensions to include credit line forward contracts indicate that an important benefit derived from the existence of forward contracts is to eliminate supply fluctuations due to variations in intermediaries' subjective distributions of future spot rate.


Modèles de choix d'actifs : commentaires et propositions - 15 April 1982

Outreville, J.-Françis

The estimation errors in the macromodels of assets choice with stockadjustment stem from measurement errors and multicollinearity of the variables. In this article, the authors present an alternative specification of the model. By introducing the expectations of agents, information and transaction costs, this article aims at solving some of the problems pertaining to multicollinearity.


Une analyse des décisions d'investissement fondée sur les modèles de choix multi-attributs - 15 April 1982

Evrard, Y.; Zisswiller, R.

Investment decisions by firms are based on many criteria. This article shows that seven criteria mostly explain these decisions: convergence with the strategic plan, urgency, internal rate of return, payback, risk, size of projects, correlation among projects. By using multi-attributes models and conjoint analysis, the authors test among a sample of Financial Executives which criteria are most widely used, which conclude it is the convergence with strategic planning and the internal rate of return.


Portfolio selection and firms' control - 15 April 1982

Gambarelli, Gianfranco

Many large investors are interested in the expected returns and risks of their investments, and in the utilities derived from the control of various firms as well. Classical theories of portfolio-selection are in conflict with the concentration of shares which is necessary for control. This article aims at revisiting Portfolio theory with this empirical observation by allowing a rational investor to optimize a function of the following components: return from investment, return from control, risk of investment, risk of control.


Comptabilité et inflation - 15 April 1982

Valin, G.

This article examines the conjoint effects of accounting information systems and inflation on the Financial health of French Insurance Companies. Present Financial Reporting rules based on historical accounting lead to an overestimation of assets and an undervaluation of liabilities. The investment policy applied to the reserves can not make up to counterbalance the perverse effects of historical accounting on balance sheet items. The author estimates that the use of a single index for adjusting assets and liabilities historical value is not appropriate to the Insurance sector. He recommands the use of several indices. Assets would be valued according to their market or liquidation value and liabilities by estimating their future value at the date they are due.


Economie et Finances de l'Assurance et de la Réassurance - 15 April 1982

Valin, Gérard.


Gestion et politiques de la banque - 15 April 1982

Cabon, Pierre.