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Concept

Banque d'investissement

Publications associées (27)

Asset life, leverage, and debt maturity matching

Erwan Morellec

Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms is ...

Elsevier Science Sa2024

Essays in macro-finance and deep learning

Goutham Gopalakrishna

This thesis studies the origins and consequences of financial crises, and computational techniques to solve continuous-time economic models that explain such crises. The first chapter shows that financial recessions are typically characterised by a large ...

EPFL2023

Techno-economic and environmental impact assessment of an olive tree pruning waste multiproduct biorefinery

Elia Mercedes Ruiz Pachon

This work focuses on the economic performance and environmental assessment of two biorefinery schemes using 100 t/day of olive tree pruning waste as feedstock. The first scheme is based on a multiproduct biorefinery producing 6363.64 m3/yr of ethanol, 999. ...

ELSEVIER2022

Essays on the Role of Policy and Venture Financing in Clean Technology Innovation

Matthias David van den Heuvel

This thesis aims to provide novel analyses and data that improve the understanding of the financing of investments in clean technologies. In particular, this thesis explores the role that private and public actors play in supporting young innovative firms. ...

EPFL2022

Scale effects on efficiency and profitability in the Swiss banking sector

Andreas Fuster

This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997–2019. We find strong evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an instrumental v ...

2022

Patron-Driven Acquisition et Evidence-Based Acquisition: Comment implémenter ces modèles afin d’étendre l’offre documentaire dans une bibliothèque ?

Manon Velasco, Marion Favre

Nowadays, usage-based acquisition models for e-books, as PDA and EBA, are quite spread and allow libraries to offer wider collections, without acquiring them. A PDA with Ebook Central was implemented in 2019 and a first EBA with Wiley in 2021. The EPFL Lib ...

Liège Université Library2023

Dating Death: An Empirical Comparison of Medical Underwriters in the U.S. Life Settlements Market

Jiahua Xu

The value of a life settlement investment, manifested through a traded life insurance policy, is highly dependent on the insured's life expectancy (LE). LE estimation in life settlements relies heavily on medical underwriting. Employing different evaluatio ...

2020

Re-evaluating natural resource investments under uncertainty: An alternative to limited traditional approaches

Sebastian Maier

The need to evaluate natural resource investments under uncertainty has given rise to the development of real options valuation; however, the analysis of such investments has been restricted by the capabilities of existing valuation approaches. We re-visit ...

2021

Agency conflicts and short- versus long-termism in corporate policies

Erwan Morellec

We build a dynamic agency model in which the agent controls both current earnings via short-term investment and firm growth via long-term investment. Under the optimal contract, agency conflicts can induce short- and long-term investment levels beyond firs ...

ELSEVIER SCIENCE SA2020

Does protectionist anti-takeover legislation lead to managerial entrenchment?

Marc André Frattaroli

I study a protectionist anti takeover law introduced in 2014 that covers a subset of all firms in the economy. The law decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder value. Th ...

ELSEVIER SCIENCE SA2020

Essays in Financial Economics

Kornelia Fabisik

This thesis consists of three parts that study separate subjects in corporate finance and corporate governance. The overarching theme is ownership by CEOs and other insiders. In the first part, which is co-authored work with Rüdiger Fahlenbrach, René M. ...

EPFL2020

Essays in Financial Economics

Marc André Frattaroli

This thesis consists of three chapters that study separate subjects in the area of corporate governance and financial intermediation. In the first chapter, I study a protectionist anti-takeover law introduced in 2014 in France that covers a subset of all ...

EPFL2020

Massive Open Online Labs (MOOLs): An Innovative Solution to Achieving SDGs in the Global South

Denis Gillet, Christophe Salzmann, Yves Henri Philippe Piguet

In engineering education, laboratories represent an important academic resource as they provide practical training in addition to the fundamental theories. However, the acquisition of new machinery and the maintenance of the equipment imply a large investm ...

IEEE2019

An Optimisation Approach for Long-Term Industrial Investment Planning

François Maréchal, Ivan Daniel Kantor, Hür Ebuzer Bütün

The industrial sector has a large presence in world energy consumption and CO2 emissions, which has made it one of the focal points for energy and resource efficiency studies. However, large investments are required to retrofit existing industrial plants, ...

2019

Three Essays in Banking and Finance

Damien Olivier Klossner

This thesis develops three models that study the motivation of various agents to take on debt, and the impact that excessive financial leverage can have on social welfare. In the chapter "Short-term Bank Leverage and the Value of Liquid Reserves", the ince ...

EPFL2019

Towards Advanced Fusion Gyrotrons: 2018 Update on Activities within EUROfusion

Stefano Alberti, Minh Quang Tran, Ioannis Pagonakis

During the ongoing pre-concept phase (2014 - 2020) for a possible future European DEMOnstration Fusion Power Plant (DEMO) the activities within EUROfusion WP HCD EC Gyrotron R&D and Advanced Developments are focusing on options for near-term solutions, and ...

E D P SCIENCES2019

Relationships between key functional traits of the waterlily Nuphar lutea and wetland nutrient content

Charles Pierre Roger Henriot

Little attention has been paid to how aquatic habitat characteristics affect the traits of plant species. Nuphar lutea (L.) Sm. is a keystone species distributed across temperate regions of Europe, northwest Africa and western Asia. Its apparently low phen ...

2019

IT Investment and its impacts : does IT matter during crisis, during financing and in Innovation?

Shameem Hasan

This thesis empirically explored the impacts of IT investment on three different scenarios under the common denominator / threads of IT investments. It comprises three different essays on the impacts of IT investments. IT investments and its impact on many ...

EPFL2018

Trusted Registration, Negotiation, and Service Evaluation in Multi-Agent Systems throughout the Blockchain Technology

Michael Ignaz Schumacher, Alevtina Dubovitskaya

Some recent trends in distributed intelligent systems rely extensively on agent-based approaches. The so-called Multi Agent Systems (MAS) are taking over the management of sensitive data on behalf of their producers and users (e.g., medical records, financ ...

IEEE2018

An assessment of how well we account for intangibles

Gaétan Jean A de Rassenfosse

Estimates of intangible capital stock are of prime importance for accurate measurement of productivity growth. Aggregate intangible capital stock is usually estimated using the so-called Corrado-Hulten-Sichel (CHS) new growth accounting framework. Yet this ...

Oxford University Press2017