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Ce travail de fin d’études porte sur l’accueil des entreprises dans les institutions culturelles à Liège. En d’autres mots, il s’intéresse à l’offre proposée par les musées et les salles de spectacle, de théâtre ou de concert aux entreprises sur le territoire de la ville de Liège.
L’intérêt de ce travail réside dans la mise en lumière des produits destinés aux entreprises dans les institutions culturelles (location d’espaces, activités liées à la mission première et sponsoring). Il s’agissait aussi de documenter les motivations des institutions, les modes organisationnels (communication, procédure de réservation...), les difficultés rencontrées et le développement souhaité pour ces activités. En parallèle, le but était de joindre des entreprises pour comparer les prestations fournies avec leurs attentes et de prendre connaissance de leur satisfaction. L’enjeu ultime était de proposer quelques pistes pour améliorer les pratiques managériales. 
Pour débuter, différents livres ont été consultés. Ils ont permis de poser le cadre de l’étude. Deux thèmes y ont été abordés : les institutions culturelles et la communication évènementielle. La liaison entre les deux thèmes a été réalisée en prenant connaissance de la littérature abordant l’offre à destination des entreprises dans les institutions culturelles. 
Au vu du peu de documentation disponible à ce sujet de manière générale et pour Liège en particulier, une enquête qualitative a été menée. Celle-ci a pris la forme d’une trentaine d’entretiens basés sur des questionnaires semi-directifs. À Liège, les responsables, les chargés en communication, les guides, les secrétaires du Grand Curtius, de l’Archéoforum, du Trésor de Liège, du Musée de la Vie wallonne, de la Maison de l’Industrie et de la Métallurgie, du Musée des Transports en commun, de La Boverie, du MADmusée, des Brasseurs art contemporain, de la Cité Miroir, de l’Aquarium-Muséum de Liège, du Théâtre de Liège, de l’Opéra Royal de Wallonie-Liège, de l’Orchestre Philharmonique Royal de Liège et du Forum de Liège ont été rencontrés. Quinze entreprises et intermédiaires ont aussi été visités. 
Ce travail rend compte des résultats de cette étude.

Sciences économiques & de gestion > Marketing

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Executive summary
The first goal of the financial markets is the financing of the economy, so could they satisfy this need of the SMEs to enable them to lead their projects and continue their development? This research includes the analysis of this financing concept and the objective is to answer to the question of the adequacy of the financing through the capital markets for the SMEs and to define the specific pros and cons of a listing. This work will also attempt to draw the profile of SMEs which have more chance to succeed on the stock exchange.
This research will firstly present the theoretical concepts of the stock exchange and IPOs with the consequences of a listing from a SME point-of-view. The theoretical part will also briefly address the alternative ways of equity finance in order to establish a comparison with the stock exchange in terms of the particular advantages of this technique. Secondly, after the descriptive approach, the dynamic research will be made up of the experience of different SMEs listed on the stock exchange, through interviews with leaders within the companies. Moreover, an analysis of the experience of companies and actors of alternative capital financing means is operated, notwithstanding the difficulties to execute a census through leaders of enterprises.
After having conducted the analysis, we found out that a specific category of SMEs benefits from an interesting opportunity for a financing through a listing on the stock exchange, namely a company with a strategy of growth, with projects which will create value and with profitability. The firm has also to have the ability to take advantages coming from the listing. However, if the shareholders of a company prefer the retention of a family shareholding in order to sustain their enterprise or if the values shared by the company differ with those of a financial investor, another way of financing should probably be more suitable.
The present research shows that the listing offers a leverage on the financing of a company and consequently increases the means of actions of the SME. The company gets a considerable amount of financial resources without creating a risk of bankruptcy which could happen in the case of a too high amount of debts compared to the total balance sheet. Furthermore, the additional financial means available in the future and the notoriety got on the stock exchange contribute to the growth of the SME. Notwithstanding affordable costs of this financing according to the experiences analysed, the necessity to take into account the time devoted to the communication of information to the numerous shareholders and to the introduction process is really important. Moreover, the costs of the preparation of the listing are, for the majority, fixed costs and therefore the relative cost is higher in function of the company size and the floating.
However, this report presents a similarity in terms of financial contribution, stage in a company lifecycle and the impact on the cost of capital, between the venture capitalists and the stock exchange. The capital markets stand out by offering a liquidity, even if it is relatively low on the Belgian markets, as well as the increase of the notoriety. Indeed, Business Angels and equity crowdfunding are considered as early stages ventures financing. In the case of a planned disposal of the company within a middle term or long term period, the stock exchange offers a valuation based on the judgments of a high number of investors taking into account additional factors compared to an accounting valuation. All the financing methods based on a stake on the capital decrease inevitably the independence of the entrepreneur.
This work also highlights the short term constraint consequent to the listing, but nevertheless, this also impacts the life of the company when a stake is taken by venture capitalists. The only way, at later stages of an enterprise lifecycle, to benefit from a financing of the equity without pressure on short term yield is a financial support from public investment funds.

Sciences économiques & de gestion > Finance

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From 1 January 2016, Europe’s insurers sector is governed by a new set of rules called Solvency II Directive. Solvency II is a revision of the European Union insurance and reinsurance framework designed to improve consumer’s protection, standardize supervision and increase the competitiveness of European insurers. According to this new framework, European insurers are required to assess all the types of risks to which they are exposed and to manage those risks more effectively and with greater transparency. 
Entitled « study of the impact of Solvency II on the Integrale’s operational efficiency: to quantify the cost of this new regulation supported by Integrale », this thesis tends to clear the main costs of Solvency II for the 2015 accounting exercise and the major issues for Integrale.
The lack of bibliography dedicated to the subject directed the methodology to the exploitation of direct sources such as field surveys, polls and interviews. The exploitation of these data had to allow to answer a series of practical matters: what are the different types of costs that Integrale has to bear? Which members of staff are involved in Solvency II? 
One scope of this thesis is to prove to Integrale’s administraters that the increase of overhead costs comes from Solvency II and not from a mismanagement.
In addition, a principle of proportionality is mentioned in the Solvency II Directive. Based on this principle, Solvency II should not constitute a too heavy burden for insurance undertaking, but it should be proportional to the size of the company. In this way, being a small insurance undertaking can allow Integrale to lobby the supervisor using the results of this thesis.

Sciences économiques & de gestion > Finance

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Online social networks have facilitated the interaction and topic discussion. Some of
this content became a rich and important source of information and also strategical for
companies. One of the most popular of such websites is Twitter.
Nowadays, the use of digital influencers became a new strategy in the development and
in the management of marketing campaigns for leading brands and companies. Fashion
industry usually targets them to market products or to diffuse messages. In consequence,
the identification of these persons became a central issue for marketers.
In this dissertation, I propose a state of research in centrality measures, developed in
social network analysis, in order to identify those influencers. Interpretability, robustness
and accuracy, current applications and related work on Twitter will be discussed in order
to select and understand these concepts. Moreover, I propose a new technique to collect
Twitter data with a friendship graph and with a given topic. I perform this research on
fashion industry which has not been treated yet in the literature, and then, I use centrality
measures to identify the most influential users. The experimental evaluation shows that
the presence of reciprocity can be explained by phenomenon of homophily. This finding
valids the extraction process to create a sample composed of users interested and influent
in fashion topics. The application of centrality measures on the sample provides a relevant
ranking of influencers that can be used in a marketing campaign.
Keywords: Twitter, Centrality measures, Social network analysis, Degree centrality,
Closeness centrality, Betweenness centrality, Eigenvector centrality, Influencer, Network
typology, Digital influencer marketing

Sciences économiques & de gestion > Marketing

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A study of the influence of the quality and the scale of the crowdfunding projects on the odds to success.

Sciences économiques & de gestion > Finance