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This thesis provides a comprehensive analysis of Bitcoin's role in diversifying European investment portfolios. It delves into Bitcoin's distinct characteristics, notably its low correlation with traditional assets, and assesses its potential as a diversification tool. The research highlights the pronounced volatility and unpredictability inherent in cryptocurrencies, particularly evident during the COVID-19 crisis. The methodology encompasses a comparative analysis of portfolios with and without Bitcoin over various periods, primarily relying on historical data. Key limitations include the exclusion of transaction costs and the reliance on historical trends, which may not predict future performance. The conclusion indicates that while Bitcoin can contribute to portfolio diversification, its inclusion does not significantly enhance portfolio performance except in certain conditions, like the post-COVID era. Future research avenues include exploring a broader array of cryptocurrencies, assessing their long-term impact, understanding the implications of regulatory shifts, and examining alternative investment strategies. The findings resonate with Warren Buffett's cautious stance on the speculative nature of cryptocurrencies and acknowledge the current uncertainties about their disruptive potential.

Cryptomonnaie --- Crypto --- Bitcoin --- Diversification --- Portefeuille --- Portfolio --- Européen --- European --- Marché --- Market --- Sciences économiques & de gestion > Finance

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Britain’s decision to leave the European Union (a process known as Brexit) had and will have a wide effect on many spheres. The effects were particularly visible on the financial markets in the short run. The process could lead to political, legal and economic disintegration, a process in which the United Kingdom would move further from the European Union.
We decided to analyze the change in financial integration that the referendum could have triggered. There are a large number of definitions, along with many measures for the concept of financial integration. We decided to follow a portfolio manager’s point of view and to define the integration as the process leading to higher correlation between returns of companies from different countries. Our measures are therefore based on the correlations between the returns generated in the United Kingdom and those generated by European Union firms.
We use three measures: a comparison between pre-referendum and post-referendum correlations; a 6-month rolling-window correlation; a DCC-GARCH model. We show theoretically that the DCC-GARCH model has some advantages over the rolling-window correlation. We carry our analysis at the country and sector level. We also analyze the change in correlation of UK-centred and foreign-centred firms.
We find that the referendum led to a decreased of the correlations between all indices, at the country and sector level, often only temporarily. We found that most correlations regained their pre-referendum level at the end of the sample. The effects varied depending on the sector or on the geographic orientation of the firm. Our robustness checks (mean equation, order of the GARCH, dataset) confirm our results.
In a further step, we decided to estimate the relationship between conditional correlation and conditional volatility (the square root of the conditional variance) by running a regression. We show that for most sectors, there is a positive relationship between the conditional correlation and the conditional volatility. This is an undesirable feature for diversification purposes as it implies that the correlation between indices is higher when the volatility in one of the two economies is higher.

Brexit --- Financial integration --- DCC GARCH --- Conditional Correlations --- Countries --- sectors --- Conditional Volatility --- Sciences économiques & de gestion > Méthodes quantitatives en économie & gestion

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La réinternalisation... Un thème très en vogue ces dernières années. De quoi s'agit-il exactement ? Quels sont les facteurs qui influencent ce changement ? Ce travail nous permet de découvrir cette thématique à travers un cas concret, celui de l'entreprise Carmeuse. Celle-ci a décidé de se questionner sur la réinternalisation de tâches au sein de son équipe de maintenance mécanique. Ce mémoire a pour objectif de cibler les facteurs impactant le choix des tâches à réinternaliser.

Réinternalisation --- Changement organisationnel --- Résistance aux changements --- Maintenance --- Industrie --- Sciences économiques & de gestion > Gestion des ressources humaines

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Une vie plus simple, moins chère et plus proche de la nature, c’est le concept de la Tiny House. Le
mouvement Tiny House a commencé aux Etats-Unis il y a environ 60 ans, ce mouvement est arrivé en
Europe et continue d'attirer ceux qui veulent trouver un logement moins cher et qui veulent réduire leur
impact environnemental. Ce travail vise à comprendre les principaux facteurs qui poussent les gens à
adopter ce mode de vie minuscule ainsi que les défis qu'ils rencontrent au cours du processus
d'emménagement dans une Tiny House. La mise en évidence des obstacles juridiques lors des entretiens
permettra de savoir si le nouveau décret de 2019 modifiant le Code du Logement Wallon a simplifié le
processus d'autorisation des projets de Tiny House par les autorités locales. En outre, toutes les initiatives
Tiny House seront interrogées sur ce qui doit être amélioré dans l'approche actuelle du gouvernement
pour gérer les nouvelles demandes de projets Tiny House. En outre, la recherche explore s'il existe un
potentiel de croissance du mouvement Tiny House en Belgique. Cette recherche a été menée en utilisant
des méthodes qualitatives par le biais d'entretiens semi-structurés avec trois groupes de personnes en
fonction de leur statut par rapport aux Tiny Houses. Les résultats montrent que malgré l'adoption de la
nouvelle loi, il y a encore beaucoup de refus de la part des autorités locales d'accepter ce type de vie.

Sciences économiques & de gestion > Economie générale & histoire de la pensée économique