Special EDHEC-Risk Days Europe 2014

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1 Special issue March-april 2014 ISSN euros an academic and professional review Special EDHEC-Risk Days Europe 2014 ARTICLES 5 Analyzing and Decomposing the Sources of Added-Value of Corporate Bonds within Institutional Investors Portfolios 18 Global Style Portfolios Based on Country Indices Timotheos ANGELIDIS, University of Peloponnese, Greece Nikolaos TESSAROMATIS, EDHEC Business School and EDHEC Risk Institute 33 Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints Romain DEGUEST, EDHEC-Risk Institute 48 The Impact of Solvency II on Bond Management Liliana ARIAS, EDHEC Business School Mohamed AROURI, CRCGM, Université d Auvergne, EDHEC Business School Philippe FOULQUIER, EDHEC Business School In partnership with Association française de finance

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3 Instructions to Authors Editorial line Bankers, Markets and Investors aims at publishing short and innovative research articles in the areas of banking, financial markets and investment with relevant practical application for investors. The purpose of the journal is to create a bridge between academics and professionals, by publishing articles that have direct relevance to those working in the investment field. We seek short articles, forward looking and rigorous, written in a style accessible to professional readership. The themes of the journal include the following: portfolio choice, investment management, institutional investors (pension funds, sovereign wealth funds, insurance, mutual funds ), individual investors and household finance, behavioral finance, alternative investments (hedge funds, private equity ), derivatives and structured finance, liquidity and transaction costs, socially responsible investment, funds and corporate governance, regulation and financial risk management. Strategic Committee Francis Candylaftis, BNPP Investment Partners Bernard Dumas, INSEAD Thierry Foucault, HEC René Karsenti, ICMA Denis Kessler, Scor André Levy-Lang, Paris Dauphine University Bertrand de Mazières, EIB Theo Nijman, Tilburg University Tom Steenkamp, Robeco Mike Wright, Imperial College Business School Submission information Any manuscript submitted for review must be original and not currently submitted for publication in another journal. Articles should be less than 20 pages double spaced (ideally 15 pages including graphs and notes). Shorter articles are also welcomed. Authors should provide an abstract of no more than 150 words. Research published should be of interest to a sophisticated readership of investment practitioners and academics interested in practice-oriented type of research. Articles should be written in a style accessible to professional readership. Theoretical developments should as much as possible be relatively limited in the text (only the main results should be presented, details of the demonstrations should be left in the appendix). An empirical application of the results is encouraged. Two versions of the manuscript (blind and with author s names) should be sent to Editorial board Managing Editor: Marie Brière, Amundi, Paris Dauphine University, Université Libre de Bruxelles Founding editor: Jean-François Boulier, Aviva Sanvi Avouyi-Dovi, Banque de France Philippe Bertrand, IAE Aix and Kedge Business School Bruno Biais, TSE Zvi Bodie, Boston University Alain Chevalier, ESCP Europe Philippe Desbrières, IAE Dijon Nicole El Karoui, École Polytechnique Antoine Frachot, GENES, ENSAE Edith Ginglinger, Paris Dauphine University Christian Gourieroux, CREST, Toronto University Ulrich Hege, HEC Georges Hübner, HEC Management School, University of Liège Monique Jeanblanc, Evry University Lionel Martellini, Edhec Kim Oosterlinck, ULB Patrice Poncet, Essec Sébastien Pouget, TSE Flavio Pressacco, Udine University François Quittard-Pinon, EM Lyon Michael Rockinger, HEC Lausanne Ronnie Sadka, Boston College Stephen Schaefer, LBS Ariane Szafarz, ULB Nizar Touzi, École Polytechnique Bas Werker, Tilburg University Bankers, Markets & Investors 18 rue La Fayette Paris /bankers-markets-investors Managing Director: Valérie Ohannessian General Secretary: Pierre Coustols Subediting: Alain de Seze (54 17) ; Christine Hauvette (54 10); Emmanuel Gonzalez (54 12) ; Alexandra Démétriadis (54 18) and DESK Subscription: REVUE BANQUE 18, rue La Fayette Paris Gladys Hypolite Tel. : Fax : CPPAP n 0618 T Printer: SPEI (Pulnoy, France) Copyright deposit 1 st quarter According to French Law (loi du 11 mars 1957 sur la propriété artistique et littéraire) no part of Bankers, Markets & Investors articles may be reproduced in any form or by any means without prior written permission of Revue Banque SARL. 2 Bankers, Markets & Investors Special Issue March-April 2014

4 Abstracts Analyzing and Decomposing the Sources of Added-Value of Corporate Bonds within Institutional Investors Portfolios 5 This paper provides a formal analysis of the benefits of corporate bonds, distinguishing between the impact of introducing corporate bonds in performance-seeking portfolios and the impact of introducing corporate bonds in liability-hedging portfolios. We find that corporate bonds are well-suited to improve the interaction between performance and hedging motives, given that they have a well-controlled interest rate risk exposure while providing an access to an equity-like risk premium. They also allow for a more effective hedging of the liabilities when pension obligations are valued at a discount rate equal to the market yield on AA bonds according to international accounting standards. Keywords: Corporate bonds; Sovereign bonds; Welfare gain. JEL classification: G11; G12. Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints 33 Romain DEGUEST, EDHEC-Risk Institute We solve for the optimal long-term portfolio strategy in the presence of a stochastic opportunity set, and short-term performance constraints with a stochastic floor. We show that the resulting strategy is of the Option-Based Portfolio Insurance type, and combines a procyclical aspect, coming from the portfolio insurance technique, and a counter-cyclical aspect, which arises because of the predictability in stock returns. This result allows us to provide a formal analysis of the much debated perceived conflict between long-term objectives and short-term constraints. In an empirical analysis, we show that using sub-optimal strategies to respect short-term constraints, namely a fixedmix or a Constant Proportion Portfolio Insurance, carries a substantial opportunity cost. Keywords: Performance constraints; Portfolio insurance; Stochastic risk premium. JEL codes: G11 Global Style Portfolios Based on Country Indices 18 Timotheos ANGELIDIS, University of Peloponnese, Greece Nikolaos TESSAROMATIS, EDHEC Business School and EDHEC Risk Institute Factor portfolios created by dynamically weighting country indices generated significant global market adjusted returns over the last thirty years. The comparison between stock and country based factor portfolios suggests that country based value, size and momentum factor portfolios implemented through index futures or country ETFs capture a large part of the return of stock based factor strategies. Given the complex issues and costs involved in implementing stock based factor strategies in practice, country based factor strategies offer a viable alternative. The behavior of the market and factor portfolios is dependent on the risk regime. A regime-dependent dynamic global factor portfolio outperforms the world equity market portfolio. The outperformance, in and out of sample, is robust to transaction costs and alternative portfolio construction methodologies. Keywords: Diversification benefits ; Factor returns ; Regime switching models. JEL codes: G11; G15. The impact of Solvency II on Bond Management 48 Liliana ARIAS, EDHEC Business School Mohamed AROURI, CRCGM, Université d Auvergne, EDHEC Business School Philippe FOULQUIER, EDHEC Business School Under Solvency II, insurers are required to hold a capital charge to cover risks related to each asset class they invest in. This is likely to structurally change the way in which insurers assets are managed. After almost a decade of studies and debates, the European Commission has to fix the final risk calibration in With regard to the recent major credit crisis and its repercussions on the subsequent financing of European economies and firms by the insurance industry, one of the key challenges is the calibration of interest rate risk and spread risk. This article contributes to the ongoing literature by studying the accuracy of bond solvency capital requirements (SCR) and discussing the expected impact of Solvency II on insurers bond management practices. Based on a large sample of 4,279 fixed-rate bonds, we show that: i) modified duration and rating are the main variables explaining bond SCR behaviour; ii) bond SCR is an overall satisfactory measure but it should be adjusted to incorporate economic cycles; iii) the standard formula produces an inaccurate assessment for long maturity investment grade bonds and high yield bonds; and (iv) Solvency II could lead to a shortening of duration of bond investments. Keywords: Solvency II; Insurance; Bond management; Capital requirement; Regulation; Value-at-Risk. JEL codes: G22; G20; G11; C10. bankers, markets & investors Special Issue March-April

5 The Ultimate Degree for Finance Executives EDHEC-Risk Institute PhD in Finance London Nice Singapore PhD in Finance Since 2008, EDHEC-Risk Institute has been offering a unique PhD in Finance programme to elite practitioners who aspire to higher intellectual levels and aim to redefine the investment banking and asset management industries. Drawing its faculty from the world s best universities and enjoying the support of a leader in industry-relevant academic research, the EDHEC-Risk Institute PhD in Finance creates an extraordinary platform for professional development and industry innovation. Following a stimulating scientific curriculum and working individually with leading specialists on research issues of particular relevance to their organisations, practitioners on the programme s executive track learn to leverage their expertise and insights to make original contributions at the frontiers of financial knowledge and practices. Challenging professionals to step back, reflect, and generate radical innovations, the EDHEC-Risk Institute PhD in Finance is the ultimate degree for finance executives. EDHEC-Risk Institute 393 promenade des Anglais BP Nice Cedex 3 France Tel: +33 (0) Information sessions in Asia, Australasia, Europe, North America, and on-line To reserve your place, or call us now on or on Next application deadlines Europe-based programme (October 2014 start): end-march and end-may 2014 EDHEC Risk Institute Europe 10 Fleet Place, Ludgate London EC4M 7RB United Kingdom Tel: EDHEC Business School is accredited by: EDHEC Risk Institute Asia 1 George Street #07-02 Singapore Tel: Institute EDHEC Risk Institute North America One Boston Place, 201 Washington Street Suite 2608/2640, Boston, MA United States of America Tel: EDHEC Risk Institute Asia Singapore Council for Private Education registration No Z from to EDHEC Risk Institute France rue du 4 septembre Paris France Tel: +33 (0)

6 September-October 2010 ISSN euros Alexis GUYOT, Euromed Management Abraham LIOUI, EDHEC Business School and EDHEC Risk Institute Samir ABDERRAzEk SRAIRI, king Saud University Anton GRAnIk, Reims Management School Philippe ROzIn, Université de nanterre and IAE de Lille Edith GInGLInGER, Université Paris-Dauphine William MEGGInSOn, University of Oklahoma Presse Séminaires Édition Librairie Internet In partnership with association française de finance Bankers, Markets & Investors ABONNEMENTS 2014 Je choisis l abonnement à BANKERS, MARKETS & INVESTORS coché ci-dessous : DÉCOUVERTE 1 MOIS : 1 n o + accès online France (TTC) Étranger Quantité Total Offre réservée non renouvelable 70,00 75, AN : 6 n os + accès online France (TTC) Étranger Quantité Total Institutionnel (adresse professionnelle) 615,00 640, Individuel (adresse privée) 310,00 330, LA BIBLIOTHÈQUE NUMÉRIQUE (1) France (TTC) Quantité Total Abonnement annuel 1 compte 165,00... Abonnement annuel 5 comptes (2) 625, TOTAL (TVA : 2,10 % incluse sur le tarif France) (1) Réservé aux abonnés à une des revues du groupe. (2) Au-delà de 5 comptes, nous consulter Société... Nom... Prénom... Fonction... BANKERS, MARKETS & INVESTORS Cahier de recherche financière appliquée 150,00 le numéro n 108 Bankers, markets investors an academic and professionnal review articles 4 the impact of Ownership structure and control mechanisms on transaction costs: an empirical study of Firms listed on the euronext Paris stock exchange for the Period between 2004 and the impact of the 2008 short sale Ban on stock returns 31 efficiency of the saudi Banking sector: a Data envelopment analysis approach 47 Financial News and Volatility of Underlying securities in the Pharmaceutical sector FOcUs ON 56 the evidence On Privatization around the World Service... Adresse... Code postal/ville...pays... Code TVA (pour les pays de la CEE)... Téléphone...Télécopie... (indispensable)... En application de la loi du 6 janvier 1978, les informations ci-dessus sont indispensables au traitement de votre commande et sont communiquées aux destinataires aptes à les traiter. Elles peuvent donner lieu à l exercice du droit d accès et de rectification auprès de Revue Banque. Vous pouvez vous opposer à ce que vos nom et adresse soient cédés ultérieurement en le demandant par écrit au secrétariat général de Revue Banque. à retourner au SERVICE ABONNEMENTS REVUE BANQUE 18 rue La Fayette Paris Tél. : 33(0) Fax : 33(0) Règlement à l ordre de La Revue Banque par chèque par carte bancaire* n Date limite de validité : _ / _ Notez les 3 derniers chiffres du cryptogramme visuel (au verso de votre carte) : _ * Sauf American Express et Diner s Club. Le règlement sur l étranger est à joindre impérativement à la commande et doit être effectué en euros, par chèque payable en France, net de frais. Pour les virements bancaires et CCP, nous consulter. DATE et SIGNATURE BMI13 Vos abonnements se poursuivent on line sur Feuilletage, accès illimité aux archives de Bankers, Markets & Investors À SAVOIR > Bénéficiez du CIR (Crédit d Impôt Recherche) pour financer votre abonnement. Nos contenus indispensables à la recherche et au développement ouvrent droit au CIR. + d infos sur

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