Publications associées à Investissement

Portfolio Construction with Hierarchical Momentum

This article presents a portfolio construction approach that combines the hierarchical clustering of a large asset universe with the stock price momentum. On one hand, investing in high-momentum stocks enhances returns by capturing the momentum premium. On ...

Pageant Media Ltd2024

Asset life, leverage, and debt maturity matching

Erwan Morellec, Jakub Hajda

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

Distributional justice, effectiveness, and costs of current and alternative solar PV incentive schemes in Switzerland

Philippe Thalmann

Like many other countries, Switzerland offers various incentives to promote residential solar PV, but not all households have equal access to them. Using a microsimulation approach based on merged data from the Swiss Household Budget Survey and Household E ...

2024

The Virtue of Complexity in Return Prediction

Semyon Malamud

Much of the extant literature predicts market returns with "simple" models that use only a few parameters. Contrary to conventional wisdom, we theoretically prove that simple models severely understate return predictability compared to "complex" models in ...

Wiley2023

Maneuvering the odds: The dynamics of venture capital decision-making

Marc Gruber

Research Summary: This article investigates venture capital (VC) decision-making, a process that occurs under changing conditions and limited, ambiguous information. We shed new light on the inherent dynamics of this strategic process. One of the key disti ...

WILEY2023

Multi-time integration approach for combined pulp and ammonia production and seasonal CO2 management

François Maréchal, Daniel Alexander Florez Orrego, Meire Ellen Gorete Ribeiro Domingos

In this work, the gasification of the black liquor is proposed as an alternative ammonia production route. Due to the seasonal variation of the energy prices, a multi-time integration approach that combines different technologies and energy inputs is used ...

2023

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

Marion Favre, Manon Velasco

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

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

L'usage et l'expérience du temps de déplacement dans la perspective du report modal

Ludy Juliana González Villamizar

For several decades - and still today - mobility policies in industrialised countries have sought to reduce travel time to meet the expectations of infrastructure users for speed. However, despite major investments to achieve this objective of improving ac ...

EPFL2022

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

Sustainability as a Competitive Tool for the Brave? Or for the Best? A Behavioral Theory Perspective

Lorenzo Massa

Who invests in sustainability as a strategic choice? We adopt a behavioral theory perspective to explain the heterogeneity of sustainability-driven investments. Building on problemistic search and organizational inertia arguments, and contrary to resource- ...

SAGE PUBLICATIONS INC2020

The organisation of science: topics, incentives and funding

Omar Ballester Gonzalez

Ever since the links between the development of new technologies and economic growth became evident, researchers have attempted to study how the creation of knowledge fosters progress. If pushing the frontier of knowledge has an impact on progress and well ...

EPFL2020

A term structure model for dividends and interest rates

Damir Filipovic, Sander Félix M Willems

Over the last decade, dividends have become a standalone asset class instead of a mere side product of an equity investment. We introduce a framework based on polynomial jump-diffusions to jointly price the term structures of dividends and interest rates. ...

2020

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

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

Denis Gillet, Christophe Salzmann, Yves Henri Philippe Piguet, Rayana Jaafar

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

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

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

Towards Advanced Fusion Gyrotrons: 2018 Update on Activities within EUROfusion

Stefano Alberti, Minh Quang Tran, Ioannis Pagonakis, Martin Schmid, Konstantinos Avramidis

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

Towards housing sustainability: a framework for the decision-making process of tenants

Claudia Rebeca Binder Signer, Anna Pagani

The mismatch between the supply and demand of rental apartments in Switzerland represents an obstacle to the transition towards a more sustainable society. The difficulty for the housing providers to accommodate the fast societal change of the demand bring ...

IOP Publishing Ltd2019