Spring scientific day of Axis 2 "Organizations: contracts, institutions, risks".
Presentations
Director values and results management: beneficial diversity?
Maati Jérôme - Maati Christine
Summary: The study analyzes the influence of the diversity of directors' personal values on the accounting and actual earnings management of French listed companies. This diversity has a marginal impact on the accounting management of companies that manage their earnings upwards. Its impact is more marked on actual management, as the diversity of several personal values reduces it. These results validate the upper echelon theory. They confirm the disciplinary perspective of agency theory and the favorable impact of personal value diversity on the quality of accounting results.
Examination of the impacts of Cryptocurrency uncertainty on Exchange-Traded Funds
Authors: Omri Imen - Oguzhan OzcelebiSummary: In this article, we use quantile-based analysis and the nonlinear Conditional Autoregressive Value at Risk (CAViaR) model to study how uncertainty in cryptocurrency prices and policies affects exchange-traded funds (ETFs) investing in innovative companies in the technology and blockchain sectors.
The results of quantile-over-quantile (QQ) estimates and quantile regression reveal that cryptocurrency price and policy uncertainty indices generally have a negative impact on traded ETFs. This suggests that variations in cryptocurrency uncertainty lead to destabilizing effects on the ETF market.
Moreover, we find that the impact of this uncertainty is asymmetric across quantiles of ETF returns, although each ETF is influenced equally by each uncertainty index. This indicates that cryptocurrency price uncertainty and policy uncertainty share common effects on the ETF market.
Finally, a linear quantile causality analysis reveals significant causality between the uncertainty indices studied and ETF returns. This reveals that cryptocurrency price and policy uncertainty possesses significant informative value in explaining ETFs' expected returns.
