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The goal of this thesis is to understand if classic cars can be considered as an asset class on their own, as for art and wine. Do they have features differentiating them from other collectibles? In the first part of the thesis, we will look at the collectibles market and the common features. Next, we will talk about collector cars as an object and how they differ from other collectibles. The costs, the risks and the value drivers of classic cars. Then, in the second part, we will look at the eventual diversification potential of classic cars. We will compute different tests, using indices we constructed using observations on auctions, to find out if classic cars should be included in a portfolio of traditional assets. Finally, we will conclude that classic cars should constitute a class on their own, as their differ from other collectibles. But based on our sample, they do not have a diversification potential and professional investors should not include classic cars in a portfolio. Only passionate people should invest as they are willing to bear all the risks.
alternative investments --- collectibles --- classic cars investing --- portfolio optimization --- diversification --- collector cars --- Sciences économiques & de gestion > Finance
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Ce mémoire présente dans un premier temps le marché des voitures de collection. Il compare ensuite celles-ci à différents indices de marché afin d'analyser son profil de risque ainsi que ses rendements. Enfin, ce travail finit par l'élaboration des portefeuilles optimaux d'investissement dans un but de minimisation du risque ou de maximisation du ratio rendement-risque.
classic cars --- alternative investments --- collectibles --- diversification --- portfolio optimization --- Sciences économiques & de gestion > Finance
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Avec l’avènement des big data, il devient crucial pour les entreprises de gérer leurs données à l’aide d’outils. La business intelligence (BI) permet de traiter ce volume important de données, cependant, il semble que les PME utilisent peu ces outils. C’est pourquoi, au travers d’une étude qualitative réalisée auprès d’utilisateurs de BI travaillant dans des PME, nous avons voulu analyser la valeur et le coût de la business intelligence pour le contrôle de gestion (CDG) en PME. Notre but est donc de fournir des éléments concrets aux PME qui s’interrogent à propos de l’utilité ou de la nécessite de mettre un outil de BI en place pour aider le CDG dans ses activités. La partie empirique de ce travail nous apprend que de nombreuses activités en lien avec le CDG peuvent être réalisées en PME grâce à la BI. L’utilisation de ce type d’outils offre alors des avantages (gain de temps, fiabilité, uniformisation) lors du traitement de données internes à l’entreprise. Ainsi, nous pouvons conclure que, dans les limites de notre recherche, en PME, la valeur de la BI semble établie puisque l’outil satisfait aux attentes des utilisateurs. En ce qui concerne les coûts, les différences de perceptions ne nous permettent pas de tirer des conclusions claires, cependant nous pouvons affirmer que le montant investi pour l’outil de BI (même s’il est jugé onéreux) ne dépasse jamais la valeur perçue puisque tous nos intervenants déclarent l’outil rentable. As the big data came out, it is becoming crucial for companies to manage their data by using tools. Business intelligence (BI) is used to handle this large volume of data, however, it seems that SMEs do not use these tools a lot. This is the reason why, through a qualitative study carried out with BI users working in SMEs, we wanted to analyse the benefit and cost of business intelligence for Management Control (MC) in SMEs. Our goal is to provide concrete elements to SMEs that are questioning themselves about the usefulness and the need to implement a BI tool to help the MC in its activities. The empirical part of this work teaches us that many activities related to the MC can be carried out in SMEs thanks to BI. The use of this type of tool offers advantages (time saving, reliability, standardisation) when processing internal company data. Thus, we can conclude that, within the limits of our research, in SMEs, the value of BI seems to be established since the tool meets the users' expectations. As far as costs are concerned, the differences in perceptions do not allow us to draw clear conclusions, however we can state that the amount invested for the BI tool (even if it is considered expensive) never exceeds the perceived value since all our stakeholders declare the tool profitable.
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