Descriptif

EDACF 1 & 2, SEF, SCUP 1 Seminar « Economics and Finance »

The goal of this seminar is to invite professionals from the public, finance, service and manufacturing  sectors, to make a presentation of their business and industry. Students make an introductory lecture (30 min) on the theme of the session (by group of maximum 3 persons), and prepare the discussion after the professional’s presentation. At the end of the semester, SEFstudents must also write a thesis on one of the themes of the seminar

Autres dates : non scup: 22/10, 12/11, 26/11, 3 /12 , 10/12 scup: 10/12 , 5/11

1. (scup/m1m2edacf) Introductory lecture : P. Crifo  / G. Hollard, 17/9

2a. (scup/m1edacf). Corporate finance: G Mailly (JP Morgan), 24/9

3a. (scup). Housing and cities: A Briant (Mairie Paris), 1/10

3b. (m1edacf). Insurance (1): K.Dedieu (Axa), 1/10

4(m1edacf). The finance industry: JM.Beacco (ILB), 15/10

5(m1edacf). Trading: A.Levy Rueff (Exotikequation),  5/11

6a(scup/m1edacf). Smart cities: S De Guio (Schneider electric),  12/11

6b (m2edacf). Corporate finance: Estin 1? , 12/11

7a (m2edacf). Regulating finance: V.Berger (Banque de France), 19/11

7b(scup). Data and urban services: N.Augris (Arep), 19/11

8a (m1m2edacf). Corporate finance: Estin 2?, 26/11

8b (scup). Health &pollution : Nhân Pham Thi (Institut Pasteur), 26/11

9. (scup/m1edacf). Insurance (2) :  R.Lemarchand (Generali), 10/12 

10 (scup/m1m2edacf). Smart mobility:  D Gance (Diginove consulting), 14/1

11a (m2edacf) Financial products: M.Florig (Credit Agricole), 21/1

11b (scup). Smart energy : Franck Chevalley (Atos Worldgrid): 21/1

Description and references

Corporate finance: GMailly (JP Morgan)

Housing and cities: A Briant (Mairie Paris)

Title: segregation in cities

The lecture will examine social and ethnic segregation in modern metropolitan areas, with a special focus on French cities. The costs and benefits of urban segregation will be discussed from an economic point of view, building on simple urban economic models. Empirical analysis on educational and employment outcomes of segregated minorities will be presented, with a special emphasis on the French « banlieues ». Reinforcing the social mix of neighborhoods or offering moving opportunity to segregated people are at the heart of various public instruments. In France, the efficiency of social housing policy (SRU law) and actions in favor of separated suburban areas (politique de la ville) will be questioned using this methodological background.

Articles :

Are ghettos good or bad ?, David M. Cutler and Edward L. Gleaser, The Quarterly Journal of Economics, 1997 (http://www.csus.edu/indiv/c/chalmersk/econ180fa08/cutlerglaeser1997.pdf)

Ethnic segregation and ghettos, Axel Anas, A Companion to Urban Economics, Blackwell publishers, Richard Arnott and Daniel McMillen, editors.  (https://sites.google.com/site/alexanashomepage/selected-publications/2005.%20ANAS.%20Ethnic%20Segregation%20%26%20Ghettos.%20Chapter%20in%20Companion%20to%20Urban%20Economics.%20An%20Undergraduate%20Reader..pdf?attredirects=0&d=1)

Housing policy : Low-Income Households in France, Anne Laferrère et David Leblanc, A Companion to Urban Economics, Blackwell publishers, Richard Arnott and Daniel McMillen, editors.

(http://www.crest.fr/ckfinder/userfiles/files/Pageperso/laferrere/laferrere_fichiers/ACTC10.pdf)

Insurance (1): K. Dedieu (Axa Corporate Solutions)

Title: Insuring climate risk and natural disasters : the impact of big data

Heat waves, cyclons and other climate disasters are increasing with climate warming and threaten the most vulnerable countries. The diffusion of new technologies and new data allow a better understanding of such risks and widen the frontier of what is insurable

Reference

Munch Re. 2017. Natural catastrophes 2016.

https://www.munichre.com/site/touch-publications/get/documents_E-271800065/mr/assetpool.shared/Documents/5_Touch/_Publications/TOPICS_GEO_2016-en.pdf

Complementary references (optional)

Caisse centrale de reassurance. CatNAT expertise dédiée à la connaissance des risques

Régime des catastrophes naturelles

The finance industry: JM.Beacco (ILB)

Title: Risks in the Banking Industry

Business globalization, new emerged economic areas, multinational corporate firms and euro zone indebted states have generated an increasing banking credit exposure whilst simultaneously, financial markets innovation eases risk transfer through markets. This “marketisation” of risks, notably credit risk, generated a systemic risk that led to 2008 crisis and maintains a high volatility. Regulators ask for more control and better risk management in order to prevent future crisis.

The introductory presentation by students should be a short brief around this topic and present thei opinion and recommendations on “how to better manage risks in the banking industry” today and tomorrow.

References

The role of ratings in structured finance: issues and implications: http://www.bis.org/publ/cgfs23.pdf

Ratings in structured finance: what went wrong and what can be done to address shortcomings: (http://www.bis.org/publ/cgfs32.pdf?noframes=1

Risk Management Lessons from the Global Banking Crisis of 2008: http://www.sec.gov/news/press/2009/report102109.pdf

Report on issues regarding the valuation of complex and illiquid financial instruments http://www.eba.europa.eu/documents/10180/592844/20080618b_valuation.pdf

OCC supervisory guidance on model risk management http://www.occ.gov/news-issuances/bulletins/2011/bulletin-2011-12a.pdf

PWC Risk in Banking http://www.pwc.com/en_GX/gx/banking-capital-markets/banana-skins/assets/pwc-banking-banana-skins-2014-v2-april.pdf

Complementary references (optional)

Hull (John): risk management and financial institutions, Pearson 2013 3rd edition

De Servigny (Arnaud), Zelenko (Yvan), Le risque de crédit : nouveaux enjeux bancaires, Paris, Dunod 2003, réédition 2010

Beacco (Jean-Michel) et Hubaud ( Benoît), Titrisation : Maillon clé du financement de l'économie, Paris, Eyrolles, mars 2013

Brealey (Richard A), Myers (Stewart C.), Allen (Franklin), Principles of Corporate Finance, Mc Graw Hill, last edition, Chapters on the International Finance (27 and 28)

Trading: A.Levy Rueff (Exotikequation)

Title: From the open outcry market to DeepMind: the great upheaval

The golden age of 'locals' (independent traders dealing on the physical floors of the exchanges) was only 25 years ago. At the outcry, we used to price and hedge products such as options interpolating reference prices printed on paper sheets. Since then, we have transitioned to the comfort of dealing rooms, assisted by computers. Their roles are getting bigger along with technological progresses and in many cases, trading robots are even becoming autonomous. This evolution is both an opportunity and a challenge for traders as it radically shifts the field of skills both human and technical. As such, this conference aims to help students rethink their value added in the business. Having started his professional career at the outcry, been an “old school” trader and transitioned to systematic trading, the speaker will share his inside with the students.

Based on the following readings, the introductory speaker will summarize his/her understanding of what are the main skills to be successful in trading.

References

Reminiscences of a Stock Operator  - Edwin Lefèvre

A roman a clef, it is the first best seller about the stock markets written back in 1923

Market Wizards: Interviews With Top Traders Updated - Jack D. Schwager 

Interview of several legendary traders detailing their thinking process.

Smart cities: S De Guio (Schneider electric)

Sustainable urban development is a key issue for the future of the planet. With more than 50% of the world's population, cities are already responsible for more than 70% of greenhouse gas emissions. Buildings alone represent more than a third of the world's energy consumption. To face these environmental and social challenges, cities will have to develop smarter and flexible infrastructures, from connected building to the ecodistrict.

References

 --World Energy Outlook 2017. International Energy Agency. (Navigate on line)

Complementary references (in French)

--Www.smartgrids-cre.fr

--Etude sur les perspectives stratégiques de l'énergie. Monographie n3 sur les réseaux électriques. E-Cube strategy consultants.

—PCM - la revue ponts et chaussées - décembre 2016, Smart Grids

--Rifkin Jeremy. La troisième révolution industrielle. Les liens qui libèrent, 2012.

Regulating finance: V.Berger (Banque de France)

Title: Bank liquidity risks and supervision

Communication in the media about the supervision of liquidity risks faced by banks insists a lot on prudential rations, that is on the necessity for banks to be correctly capitalized. We hear less about liquidity risks though they have played a major role in bank failure and bankruptcy

References

*prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012" :  articles 411 to 428

* Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools

http://www.bis.org/publ/bcbs238.pdf

* Rama Cont Central clearing and risk transformation

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2919260.

* "Le scandale Dexia, "Enquête sur la plus grosse faillite bancaire européenne", Alain Piffarretti, 2013;

Smart mobility: D Gance (Diginove consulting)

Title: Smart Mobility

Smart mobility has to bring efficient answers to the economic, social and environmental challenges of megacities. Today because of the emergence of digital technology (i.e. new technologies and smart information systems) the ways of transportation have evolved to take into account people motivations and other factors such as consumption, eco-responsibility, social link, economic development of a territory...

They concern Local Authorities for governance as well as suppliers in connection with mobility of people and logistics. Among the technologies that have the greater impacts on performance, customer perception and new trades we shall study in particular the development of mobile Internet and 5G network, Big Data and Artificial Intelligence, cashless payment, autonomous vehicles and intelligent infrastructures during this Masters’ degree.

For the introduction, students can focus on the following question: Regarding intelligent infrastructures in Smart Cities what would be their main characteristics for Smart Mobilities in order to be operated in an Infrastructures-as-a-Service (IaaS) mode ?

References :

C. Benevolo, R. Dameri , B. D’Auria (2016). Smart Mobility in Smart City. Action Taxonomy, ICT Intensity and Public Benefits in T. Torre et al. (eds.), Empowering Organizations, Lecture Notes in Information . Systems and Organisation 11, DOI 10.1007/978-3-319-23784-8_2

Urban mobility in the smart city age. Smart Cities cornerstone series

Website: https://amsterdamsmartcity.com/themes/mobility

Financial products: M.Florig (Credit Agricole)

Title: Interest rate derivatives and currency derivatives

The seminar will cover the topics of interest rate derivatives and currency derivatives, focusing on the way markets have changed sine the financial crisis driven by regulation, central bank intervention and supply and demand dynamics

An introductory presentation by students could cover for example

·         OIS discounting

·         short term interest rates incl. differences in their construction (LIBOR, Eonia, repo, gvt rates)

·         swaps / new issue swaps

·         fx forwards

Reference

John C. Hull, Options, Futures and Other Derivatives, 2015 

(book bought and lended by the department)

Health & Pollution: N. Pham Thi (Institut Pasteur)

Title: Air pollution, the silent killer and money spoiler: how to quantify this new plague?

How to define the air pollution? What are the best markers? 

How can we measure the consequences of this co-factor on human diseases? 

Explain the different points of view? Describe the tools

Imagine new techniques to measure and to estimate the costs of air pollution on human health. 

Insurance (2) :  R.Lemarchand (Generali)

Title: Cyber criminality and insurance

Cyber criminality is a fast growing phenomena with large impacts for individuals, corporate companies, public institutions or even security of states.

This is a new challenge for the insurance industry: understand the risks, develop prevention tools and build assistance and insurance solutions.

References :

- Cyber-threats and trends : https://www.enisa.europa.eu/publications/enisa-threat-landscape-report-2016

- WannaCry ransomware attack : http://www.ey.com/Publication/vwLUAssets/ey-wannacry-ransomware-attack/$File/ey-wannacry-ransomware-attack.pdf

Smart grids and energy: F. Chevalley (Atos worldgrid)

Title: Smart cities and smart grids

References:

·         http://www.smartgrids-cre.fr/index.php?p=smartcities-caracteristiques

·         https://setis.ec.europa.eu/energy-research/sites/default/files/library/ERKC_PB_Smart_Cities.pdf

Complementary readings:

·         Blog  : http://www.smartcitiesbymachnteam.com/fr/2018/05/21/les-villes-lieu-de-concentration-extreme-des-enjeux-energetiques/