Adel Boubaker - Academia.edu (original) (raw)

Papers by Adel Boubaker

The paper aims to test the existence of financial contagion between foreign stock markets of seve... more The paper aims to test the existence of financial contagion between foreign stock markets of several emerging and developed countries during the U.S subprime crisis. It empirically attests for contagion through a DCC-MGARCH (1.1) and an adjusted correlation test over 63 emerging and developing stock markets during the period from 02/01/2003 to 31/12/2013. As a result of the model of DCC-MGARCH analysis, we find the evidence of contagion during U.S subprime crisis for most of the developed and emerging countries. Another finding is the emerging markets seem to be the most influenced by the contagion effects during U.S. subprime crisis. Since financial contagion is important for monetary policy, risk measurement, asset pricing and portfolio allocation, the findings of paper may be the interest of policy makers, investors, and portfolio managers.

Investor sentiment is a key concept in behavioral finance, it has attracted the interest of many ... more Investor sentiment is a key concept in behavioral finance, it has attracted the interest of many researchers over the last decade. The present study develops a new measure of investor sentiment which includes indirect indicators. Our main objective is to test the impact of investor sentiment on returns on the Tunisian stock market. We construct the composite sentiment index using indirect indicators measuring sentiment (the performance index, the number of IPO, the average profitability of the first days of the firms newly introduced, the volatility premium, the Premium Dividend and finally the turnover rate) and based on the analysis of the principal component. Using a VAR model, we record a strong negative relationship between investor sentiment and future returnsaccording to the test results of the Granger causality and impulse response function. In addition, we find that of all past actions with different characteristics are not factors that explain the sentiment indicator.

International Journal of Economics and Financial Issues, 2017

The paper aims to test the existence of financial contagion between foreign stock markets of seve... more The paper aims to test the existence of financial contagion between foreign stock markets of several emerging and developed countries during the U.S subprime crisis. It empirically attests for contagion through a DCC MGARCH (1.1) and an adjusted correlation test over 63 emerging and developing stock markets during the period from 02/01/2003 to 31/12/2013. As a result of the model of DCC-MGARCH analysis, we find the evidence of contagion during U.S subprime crisis for most of the developed and emerging countries. Another finding is the emerging markets seem to be the most influenced by the contagion effects during U.S. subprime crisis. Since financial contagion is important for monetary policy, risk measurement, asset pricing and portfolio allocation, the findings of paper may be the interest of policy makers, investors, and portfolio managers.

Corporate Ownership and Control

The purpose of this paper was to comprehend what are the characteristics that allow companies to ... more The purpose of this paper was to comprehend what are the characteristics that allow companies to be more resilient to cope with the crisis caused by the COVID-19 pandemic. More specifically, we explore the relationship between families’ involvement in corporate ownership and leadership and financial performance. Using a sample of 226 French-listed firms during the period from January 24 to April 27, 2020, we found that firms controlled by family shareholders showed higher stock market performance than their non-family in the pandemic period. This finding is stronger in the case of the first family firms’ generation where the founder still holds the position of executive chef, president or general manager. Contrary to our expectations, family firms perform better when led by a professional chief executive officer (CEO). Overall, our results add to previous research by illustrating how family ties influence a firm’s response to external shocks.

Asia Pacific Journal of Innovation and Entrepreneurship, 2020

Purpose The purpose of this study is to explore at what stage of a company’s life cycle the theor... more Purpose The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market timing theory, the authors scrutinize the impact of life cycle and ownership structure on the market condition. Design/methodology/approach Based on a sample of 24 Tunisian companies listed on the stock exchange and 100 French firms listed on the CAC All-Tradable on a 10-year period, this paper grounded the market timing theory and attempted to clear the relation between ownership structure, life cycle of the firm and market timing theory by statistical analysis. Findings The findings of panel data modeling indicate that when the life cycle was used as an explanatory variable, it was found that the variable reflecting the market timing is not significant in either context; it means that no significant support is found in the theory of market timing in both countries. Whereas when the life cycle was...

Corporate Ownership and Control, 2019

Contrary to the trade-off theory, pecking order theory is based on the information asymmetry that... more Contrary to the trade-off theory, pecking order theory is based on the information asymmetry that exists between internal stakeholders (owners, managers) and external stakeholders (donors) to the company. We study firms’ financing behaviour over life cycle stages in the context of the pecking order theory. This paper is interested in testing the relation between ownership structure, the life cycle and the funding classification in French companies in the period 2005-2014. The hypotheses tested were derived from the pecking order models and analysis was conducted on data panel with econometric software Stata. The results show that the pecking order explains the debt in French companies that are in growth phase, maturity or decline.

Journal of Economics, Management and Trade, 2021

The capital adequacy ratio measures the ability of a financial institutions to meet its liabiliti... more The capital adequacy ratio measures the ability of a financial institutions to meet its liabilities by comparing its capital with assets. This article studied the relationship between bank capital and bank profitability measured by (Return on assets; return on equity; net interest margin). We used a method of static panel for a sample of 11 banks in Tunisia between (2000…2018). We found that bank capital has a significant impact on ROA. But capital has a non significant effect on bank return on equity and not significant impact on bank net interest margin.

International Journal of Business and Management, 2015

In this study, we examine empirically whether the gap between the pre-tax income and the taxable ... more In this study, we examine empirically whether the gap between the pre-tax income and the taxable income predicts simultaneously earnings management and tax management. Prior researches have begun to estimate several indictors of earnings quality. We extends this works by investigating whether the book-tax differences (BTD) provides information about managerial discretion. BTD can be used as an attribute of information quality and can contain incremental information for investors and users of financial reports of companies We compose a sample of 21 listed Tunisian firms over the 2003-2012 periods, we apply a statistical methodology implementing a linear panel regression. We develop a model in which we estimate abnormal BTD. All earnings and tax management activities are captures by our abnormal BTD indicator (ABTD). From this regression we are going to test the effect of the variables of the earnings and tax management on the ABTD variable. We find, as expected, a significant association between BTD and manager discretion proxies. Our results indicate that BTD contains a predictive power over the earnings and tax management. We find that Tunisian companies are concerned about tax reducing rather than improved information quality and increasing the financial result.

International Business Research, 2015

The relationship between tax and financial reporting has deferred widely over time. The connectio... more The relationship between tax and financial reporting has deferred widely over time. The connection between accounting and taxation can provide negative effects; such as earnings management for fiscal purposes and value relevance distortion. This leads to an optimal and efficient looking on the nature of the relation that should bring them together. Few studies have focused on this relationship in some countries, but no research has been applied in the context of Tunisia using an empirical model. In this paper, we analyze within this framework the Tunisian case. We specified a longitudinal dimension of tax and financial reporting association through the separation of two periods of evolution. We collected information about the different accounting and fiscal treatments of seventeen substantial accounting topics from 1968 to 2013, and we assessed them using five cases of connection or disconnection. The results show that even in the case of the lack of accounting standards, there is a total disconnection between accounting and taxation in Tunisia. We also found that the relationship between accounting and taxation in this country was a typical of continental European countries before accounting normalization. After the Tunisian accounting system implementation, the nature of this relationship has changed to the Anglo-Saxon system.

Applied Economics Letters, 2009

ABSTRACT

The paper aims to test the existence of financial contagion between foreign stock markets of seve... more The paper aims to test the existence of financial contagion between foreign stock markets of several emerging and developed countries during the U.S subprime crisis. It empirically attests for contagion through a DCC-MGARCH (1.1) and an adjusted correlation test over 63 emerging and developing stock markets during the period from 02/01/2003 to 31/12/2013. As a result of the model of DCC-MGARCH analysis, we find the evidence of contagion during U.S subprime crisis for most of the developed and emerging countries. Another finding is the emerging markets seem to be the most influenced by the contagion effects during U.S. subprime crisis. Since financial contagion is important for monetary policy, risk measurement, asset pricing and portfolio allocation, the findings of paper may be the interest of policy makers, investors, and portfolio managers.

Investor sentiment is a key concept in behavioral finance, it has attracted the interest of many ... more Investor sentiment is a key concept in behavioral finance, it has attracted the interest of many researchers over the last decade. The present study develops a new measure of investor sentiment which includes indirect indicators. Our main objective is to test the impact of investor sentiment on returns on the Tunisian stock market. We construct the composite sentiment index using indirect indicators measuring sentiment (the performance index, the number of IPO, the average profitability of the first days of the firms newly introduced, the volatility premium, the Premium Dividend and finally the turnover rate) and based on the analysis of the principal component. Using a VAR model, we record a strong negative relationship between investor sentiment and future returnsaccording to the test results of the Granger causality and impulse response function. In addition, we find that of all past actions with different characteristics are not factors that explain the sentiment indicator.

International Journal of Economics and Financial Issues, 2017

The paper aims to test the existence of financial contagion between foreign stock markets of seve... more The paper aims to test the existence of financial contagion between foreign stock markets of several emerging and developed countries during the U.S subprime crisis. It empirically attests for contagion through a DCC MGARCH (1.1) and an adjusted correlation test over 63 emerging and developing stock markets during the period from 02/01/2003 to 31/12/2013. As a result of the model of DCC-MGARCH analysis, we find the evidence of contagion during U.S subprime crisis for most of the developed and emerging countries. Another finding is the emerging markets seem to be the most influenced by the contagion effects during U.S. subprime crisis. Since financial contagion is important for monetary policy, risk measurement, asset pricing and portfolio allocation, the findings of paper may be the interest of policy makers, investors, and portfolio managers.

Corporate Ownership and Control

The purpose of this paper was to comprehend what are the characteristics that allow companies to ... more The purpose of this paper was to comprehend what are the characteristics that allow companies to be more resilient to cope with the crisis caused by the COVID-19 pandemic. More specifically, we explore the relationship between families’ involvement in corporate ownership and leadership and financial performance. Using a sample of 226 French-listed firms during the period from January 24 to April 27, 2020, we found that firms controlled by family shareholders showed higher stock market performance than their non-family in the pandemic period. This finding is stronger in the case of the first family firms’ generation where the founder still holds the position of executive chef, president or general manager. Contrary to our expectations, family firms perform better when led by a professional chief executive officer (CEO). Overall, our results add to previous research by illustrating how family ties influence a firm’s response to external shocks.

Asia Pacific Journal of Innovation and Entrepreneurship, 2020

Purpose The purpose of this study is to explore at what stage of a company’s life cycle the theor... more Purpose The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market timing theory, the authors scrutinize the impact of life cycle and ownership structure on the market condition. Design/methodology/approach Based on a sample of 24 Tunisian companies listed on the stock exchange and 100 French firms listed on the CAC All-Tradable on a 10-year period, this paper grounded the market timing theory and attempted to clear the relation between ownership structure, life cycle of the firm and market timing theory by statistical analysis. Findings The findings of panel data modeling indicate that when the life cycle was used as an explanatory variable, it was found that the variable reflecting the market timing is not significant in either context; it means that no significant support is found in the theory of market timing in both countries. Whereas when the life cycle was...

Corporate Ownership and Control, 2019

Contrary to the trade-off theory, pecking order theory is based on the information asymmetry that... more Contrary to the trade-off theory, pecking order theory is based on the information asymmetry that exists between internal stakeholders (owners, managers) and external stakeholders (donors) to the company. We study firms’ financing behaviour over life cycle stages in the context of the pecking order theory. This paper is interested in testing the relation between ownership structure, the life cycle and the funding classification in French companies in the period 2005-2014. The hypotheses tested were derived from the pecking order models and analysis was conducted on data panel with econometric software Stata. The results show that the pecking order explains the debt in French companies that are in growth phase, maturity or decline.

Journal of Economics, Management and Trade, 2021

The capital adequacy ratio measures the ability of a financial institutions to meet its liabiliti... more The capital adequacy ratio measures the ability of a financial institutions to meet its liabilities by comparing its capital with assets. This article studied the relationship between bank capital and bank profitability measured by (Return on assets; return on equity; net interest margin). We used a method of static panel for a sample of 11 banks in Tunisia between (2000…2018). We found that bank capital has a significant impact on ROA. But capital has a non significant effect on bank return on equity and not significant impact on bank net interest margin.

International Journal of Business and Management, 2015

In this study, we examine empirically whether the gap between the pre-tax income and the taxable ... more In this study, we examine empirically whether the gap between the pre-tax income and the taxable income predicts simultaneously earnings management and tax management. Prior researches have begun to estimate several indictors of earnings quality. We extends this works by investigating whether the book-tax differences (BTD) provides information about managerial discretion. BTD can be used as an attribute of information quality and can contain incremental information for investors and users of financial reports of companies We compose a sample of 21 listed Tunisian firms over the 2003-2012 periods, we apply a statistical methodology implementing a linear panel regression. We develop a model in which we estimate abnormal BTD. All earnings and tax management activities are captures by our abnormal BTD indicator (ABTD). From this regression we are going to test the effect of the variables of the earnings and tax management on the ABTD variable. We find, as expected, a significant association between BTD and manager discretion proxies. Our results indicate that BTD contains a predictive power over the earnings and tax management. We find that Tunisian companies are concerned about tax reducing rather than improved information quality and increasing the financial result.

International Business Research, 2015

The relationship between tax and financial reporting has deferred widely over time. The connectio... more The relationship between tax and financial reporting has deferred widely over time. The connection between accounting and taxation can provide negative effects; such as earnings management for fiscal purposes and value relevance distortion. This leads to an optimal and efficient looking on the nature of the relation that should bring them together. Few studies have focused on this relationship in some countries, but no research has been applied in the context of Tunisia using an empirical model. In this paper, we analyze within this framework the Tunisian case. We specified a longitudinal dimension of tax and financial reporting association through the separation of two periods of evolution. We collected information about the different accounting and fiscal treatments of seventeen substantial accounting topics from 1968 to 2013, and we assessed them using five cases of connection or disconnection. The results show that even in the case of the lack of accounting standards, there is a total disconnection between accounting and taxation in Tunisia. We also found that the relationship between accounting and taxation in this country was a typical of continental European countries before accounting normalization. After the Tunisian accounting system implementation, the nature of this relationship has changed to the Anglo-Saxon system.

Applied Economics Letters, 2009

ABSTRACT