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Throughout the history of the automotive industry, car manufacturers had to innovate to remain competitive. A solution that has been frequently used consists of merging or acquiring another company. These M&As have modulated the face of the sector. However, each merger or acquisition operation has resulted in diverse manners. Regrettably, the extant literature did not dig into the matter with a cross analysis to explain why car manufacturers have succeed where others have failed. This ultimate statement represents the objective of this thesis.The primary purpose of this work would be to provide auto makers with analyses of several M&As that have took place in the history. This, to guide these manufacturers in their possible upcoming operation with a presentation of possible incentives of the operation, possible outcomes and possible risks

Fusion --- Acquisition --- Secteur automobile --- Industrie automobile --- Voiture --- Merger --- M&A --- automotive industry --- automotive --- car manufacturer --- cars --- Sciences économiques & de gestion > Comptabilité & audit

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In this context, prior literature related EM practices with capital structure and particularly with leverage. Authors supporting the existence of this positive relationship state that companies that are close to violating debt covenants manipulate earnings to decrease the probability of default (Watts & Zimmerman, 1986). However, the relationship between earnings management (EM) and zero-leverage phenomenon (ZL) is found to be limited. Thus, the focus of the current study is to understand the connection between the two and to examine whether the level of earnings management of zero-leveraged firm changes depending on the COVID context based on a sample of 411 U.S public firms.

Sciences économiques & de gestion > Finance

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Being the product of innovation in the real estate and financial market, OPCIs were created to give access to the real estate market, while guaranteeing a certain portfolio diversification and liquidity, allowing flexibility for investors as well as an increase in the expected return.
OPCIs were born in 2005 in France, this regulated but unlisted funds are inspired by the UCITS model. It is a vehicle intended for all kinds of investors, professional or not, since their management is entrusted to professionals. Given their originality, the regulators have strongly regulated this market, which is an asset for these funds since it inspires confidence and trust among investors. After the evolution and the success that the OPCIs recognized in France, the kingdom of Morocco adopted these vehicles in 2016, but it was not until 2019 that the first OPCI made its appearance.
This paper shows the mechanism of OPCIs as well as their specificity. It also includes a literature review about how real estate are managed in the world and in Morocco as well as the quality of audit in order to define the risks and challenges of the audit perceived by the various authors over time.
In order to answer our research question: Risks and Challenges in the Audit of OPCI in Morocco, a qualitative study took place with professionals in the field, allowing us to understand the Moroccan real estate market and confront theory with practice. Then, a comparison between the risks perceived by professionals and investors was made to conclude that audit of OPCIs in Morocco is challenged from various aspects: regulatory, technical, moral, managerial and control.

Real Estate --- Audit Risk --- Funds --- OPCIs --- Audit Quality --- Investors --- Morocco --- Audit Challenges --- Qualitative Study --- Sciences économiques & de gestion > Comptabilité & audit