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1 n 128 January-February 2014 ISSN euros an academic and professional review ARTICLES 5 HFT and Market Quality Bruno BIAIS, Toulouse School of Economics (CRM/CNRS - Chaire FBF/IDEI) Thierry FOUCAULT, HEC, Paris 20 Asset Class Liquidity Risk Ronnie SADKA, Boston College, Carroll School of Management 31 On the Financial Performance of Socially Responsible Investments Sébastien POUGET, Toulouse School of Economics and IAE (University of Toulouse 1 Capitole) 36 Pension Reform in The Netherlands: Attractive Options for other Countries? Theo NIJMAN, Tilburg University and Netspar 46 French Pensions Framework in an International Perspective Jean-François BOULIER, Aviva Investors France, Aviva Investors Europe 49 Optimal Asset Allocation for Sovereign Wealth Funds: Theory and Practice Zvi BODIE, Boston University Marie BRIÈRE, Amundi, Paris Dauphine University, Université Libre de Bruxelles 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. Ce numéro comprend un encart (8 pages) jeté «Revue Banque Édition». 2 Bankers, Markets & Investors n 128 january-february 2014

4 Editor s letter Dear Readers, As the new editor of Bankers Markets and Investors (BMI), I would first like to express my gratitude to my predecessor, Jean-François Boulier, who launched BMI in 1992 and did a remarkable job in bridging the academic and professional financial communities. I was truly honored when Jean-François invited me to succeed him. As an investment professional, an associate professor, and a researcher at two universities in Brussels and Paris, I find the unique bridging scope of BMI very important. BMI is recognized as a high quality journal, and I do think there are some opportunities for growth, namely to increase the journal s visibility in Europe and to broaden its readership among professionals. To achieve these goals, we have expanded the editorial board to include international members, we have a new editorial line and an improved editorial process. Subsequent issues of BMI will contain short research articles (a maximum of 20 pages) including practical applications. It is aimed at professionals and investors, who appreciate being rapidly informed about the most relevant scholarly innovations in the areas of banking, financial markets and investment. Desk rejection has been introduced, and thanks to an improved editorial process, the reviewing time of each submitted article is now reduced (we aim for a time scale of 3 months). Editorial Board members now serve as Associate Editors, who are responsible for suggesting external referees and monitoring the reviewing process. The January-February 2014 special issue of BMI includes guest contributions from renowned experts in the field. Bruno Biais and Thierry Foucault (p. 5 to 19) present a cutting-edge review on high frequency trading and its impact on market liquidity and quality. Ronnie Sadka (p.20 to 30) estimates liquidity risk premia across 106 financial indices worldwide. Sébastien Pouget (p. 31 to 35) assesses the financial performances of socially responsible investments and suggests engagement-based investment strategies. Building on the ongoing pension reform in the Netherlands, Theo Nijman (p. 36 to 45) proposes innovative financial retirement products. A commentary by Jean-François Boulier about the French situation follows (p. 46 to 48). Finally, Zvi Bodie and I (p. 49 to 54) discuss the financial management of sovereign wealth funds in an Asset- Liability Management Framework. I hope you enjoy this issue and I thank you for your continued interest in BMI. Yours faithfully, Marie Brière Editor of Bankers Markets and Investors bankers, markets & investors n 128 january-february

5 Abstracts HFT and Market Quality 5 Bruno BIAIS, Toulouse School of Economics (CRM/CNRS - Chaire FBF/IDEI) Thierry FOUCAULT, HEC, Paris We discuss the economics of high-frequency trading (hereafter HFT), survey empirical findings and offer policy recommendations. HFT involves high speed connections to exchanges, computerized trading, and very short-term positions. Beyond these common features, HFT strategies are heterogeneous. They can involve market-making, directional trade, arbitrage, and possibly manipulation. The empirical literature finds that HFT market-making is profitable only because of favorable exchange fees. HFT market orders predict future short-term market movements and correspondingly earn profits, at the expense of other market participants. Yet, there is no empirical evidence of adverse effects of HFT on liquidity. HFT could generate negative externalities, by inducing adverse selection for slower traders, or enhancing the risk of trading firms failure waves. To cope with these problems, slow-traders friendly market mechanisms should be available, and minimum capital requirements and stress tests should be implemented. Keywords: High Frequency Trading; Algorithmic Trading; Liquidity; Price Discovery. JEL codes: G1; G2; G14. Asset Class Liquidity Risk 20 Ronnie SADKA, Boston College, Carroll School of Management This paper studies liquidity risk, as measured by the covariation of returns with unexpected changes in aggregate liquidity, across 106 indices covering global equity, industry sectors, fixed income, and hedge funds. Roughly 20% of all sample indices, and over 50% of hedge-fund indices, display a significant exposure to liquidity risk. The annualized cross-sectional liquidity risk premium is estimated at about 2%. The results are robust to various controls and methodological choices. Practical implications for risk management and asset allocation are discussed. Investors with relatively short investment horizons may find it useful to hedge liquidity risk by acquiring low-liquidity-beta assets, while long-run investors may consider increasing liquidity-risk exposures to earn the associated risk premium. Keywords: Global Equity; Fixed Income; Hedge Funds; Liquidity Risk; Asset Allocation; Risk Management. JEL codes: G12; G14; G23. On the Financial Performance of Socially Responsible Investments 31 Sébastien POUGET, Toulouse School of Economics and IAE (University of Toulouse 1 Capitole) Socially responsible (SR) investors strategies depend not only on financial analysis but also on information regarding companies environmental, social, and governance (ESG) policies. This article relies on various theoretical models to identify the financial performance one can expect from SR investments. In doing so, the article offers insights on the design of SR investment strategies and on the choice of SR investment target companies. The conceptual analyses suggest that SR investors may generate abnormal performance in presence of market inefficiencies. Outperformance may derive from SRI being able to collect better information than other investors on ESG issues, and implementing best-in-class strategies. Outperformance may also follow from engagement strategies bound to enhance firms ESG policies. In both cases, outperformance necessitates investments in ESG information collection and analysis, and, potentially, engagement capacities. Some empirical analyses of SR investors financial performance are reviewed. They suggest that, to this date, abnormal performance has been observed for engagement strategies. Keywords: Socially Responsible Investments; Investment Strategies; Exclusion; Best-In-Class; Engagement; Performance. JEL codes: G11; G14; G32. Pension Reform in The Netherlands: Attractive Options for other Countries? 36 Theo NIJMAN, Tilburg University and Netspar Rapid increases in life expectancy, the financial crisis and the lack of trust in financial institutions have raised worries about the sustainability of the pension system in many countries. This paper outlines the reforms that are likely to be implemented in The Netherlands. Pension income will be automatically linked to increases in life expectancy. Pension products that generate nominally guaranteed payments in Euros during retirement are perceived as unattractive for younger participants. Variable annuity contracts will be introduced that insure against the risk of outliving your assets but explicitly link the pension income to be received to the performance of financial markets. Investment risks on shorter horizons are less than for longer horizons, as suggested by habit formation. We discuss the liability driven investment (LDI) strategy that yields the required risk for the individual as well as the Dutch proposal to communicate investment risks in pension provision. Keywords: Annuities; Life Cycle Investing. JEL codes: J11; G11; G22. French Pensions Framework in an International Perspective 46 Jean-François BOULIER, Aviva Investors France, Aviva Investors Europe Optimal Asset Allocation for Sovereign Wealth Funds: Theory and Practice 49 Zvi BODIE, Boston University Marie BRIÈRE, Amundi, Paris Dauphine University, Université Libre de Bruxelles This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims. Starting with the sovereign s balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem, covering all public entities and taking explicit account of all sources of risks affecting government resources and expenditures. Real-life SWFs asset allocations differ strongly from theoretical ones. Financial management of the sovereign balance sheet is hampered by a lack of aggregate data, which compromises the coordination of sovereign wealth management with fiscal policy, monetary policy and public debt management. In this framework, we suggest institutional arrangements that could overcome this obstacle and enable efficient coordination. Keywords: Asset-Liability Management; Balance Sheet; Contingent Claim Analysis; Sovereign Wealth Funds; Central Bank Reserves. JEL codes: G11; G18; H11; H50; H63. 4 bankers, markets & investors n 128 january-february 2014

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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