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Income --- Discretionary income --- Revenu

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Reimbursement Mechanisms. --- Prospective Payment System. --- Delivery of Health Care --- Drug Utilization --- Formularies as Topic. --- Drugs, Essential --- Adjustment, Discretionary --- Discretionary Adjustment Factor --- Prospective Pricing --- Prospective Reimbursement --- Reimbursement, Prospective --- Adjustment Factor, Discretionary --- Adjustment Factors, Discretionary --- Adjustments, Discretionary --- Discretionary Adjustment --- Discretionary Adjustment Factors --- Discretionary Adjustments --- Factor, Discretionary Adjustment --- Factors, Discretionary Adjustment --- Payment System, Prospective --- Payment Systems, Prospective --- Pricing, Prospective --- Prospective Payment Systems --- Prospective Reimbursements --- Reimbursements, Prospective --- System, Prospective Payment --- Systems, Prospective Payment --- Mechanism, Reimbursement --- Mechanisms, Reimbursement --- Reimbursement Mechanism --- economics. --- Theses --- Reimbursement mechanisms --- PROSPECTIVE PAYMENT SYSTEM --- DELIVERY OF HEALTH CARE --- DRUG UTILIZATION --- Formularies --- economics --- Reimbursement mechanisms. --- PROSPECTIVE PAYMENT SYSTEM. --- Formularies. --- Delivery of health care --- Drug utilization --- Prospective payment system. --- Economics. --- Reimbursement Mechanisms --- Prospective Payment System --- Formularies as Topic

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This paper investigates the effect of corporate transparency on the market reaction following a rating change. A regression analysis on several samples constituted of rating actions is used to examine the characteristics that might foster corporate transparency. The purpose is to identify the degree of influence that it could have on the investors’ perception following a rating change. Our findings show that corporate transparency actually influences the market response to a rating change. There are two significant relations between its proxies and rating changes in the regression of the cumulative abnormal returns. The results also reveal that there is no significant response to rating upgrades as widely acknowledged in the literature. Finally, the absolute versions of the discretionary accruals do not present any significant influence contrary to the raw and adjusted versions proposed by Kothari et al. (2005) of the discretionary accruals.

Corporate transparency – Event study – Market reaction – Rating changes – Discretionary accruals – Winsor – Cumulative abnormal returns --- Sciences économiques & de gestion > Finance

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The majority of economists, would admit that money is powerful and that changes in money will impact the economy, to some extent and most of the time. Monetary theory analyzes and determines how changes in the supply of money affect the economy. The collection of policies that use monetary tools is known as monetary policy. The main monetary authority of a country is its central bank. In the United States it is called the Federal Reserve Bank System (Fed), which is a federation of 12 Federal Reserve Banks. The Fed is responsible for initiating printing of money, monitoring the interest rate, and controlling the supply of money in the economy. Monetary authorities are shielded from executive branch interference by serving 14- year terms. This allows them to act without worrying about political fallout or fear of losing their jobs. The ability to work and function independently from political pressure has been used to claim that the supply of money is exogenous. However, the Fed acts in response to changes in the economy. It constantly monitors the economy and tries to determine the most appropriate interest rate and money supply; therefore, it is acting endogenously. The claim that the Fed's actions are endogenous does not mean that it is immune to errors, political orientations, or has full knowledge of exact amount of money necessary at every moment. Collecting and analyzing data takes time. Using monetary policy to achieve specific objectives, such as a reduction in unemployment and inflation, is even more complicated than determining the correct level of the money supply, or the most appropriate interest rate.

Monetary policy. --- monetary theory --- monetary policy --- IS --- LM --- quantity theory --- Keynes --- fiscal policy --- effectiveness of money --- discretionary policies

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This thesis goal is to define and implement compliance processes for a discretionary management web-platform called Birdee. 
Birdee is a 100% online solution that enables investors to place their money in the online platform. Their money will then be managed on a discretionary basis thanks to algorithms and committees of experts. 

Meanwhile, the compliance role is to obey rules and requests made by persons or institutions that have authority power. The compliance in the Birdee online platform scope is three points: the anti-money laundering and counter terrorism financing policy, the onboarding process and the risk management. 

In order to carry out the definition and the implementation, a study of the laws, circulars and directives regarding these three points is developed in the thesis. 
In addition, the Birdee platform’s online feature brings additional requests. Indeed, a web-platform client behaves differently than a client who has a direct relationship with his portfolio manager. This thesis complexity resides in the linkage between the financial sector’s regulator demands and the online client’s demands. 

The linkage leads to an online questionnaire creation that will allow Birdee’s client acceptance. This questionnaire follows the demands done by the regulator. It respects MIFID II and the laws that regulate the anti-money laundering and counter financing. It also leads to the anti-money laundering, counter terrorism financing and risk management processes. Those processes respect the laws linked to the anti-money laundering and the risk management.

Compliance, anti-money laundering, counter terrorism financing, MIFID, risk management, robo-advisors, discretionary management, on boarding, user experience. --- Sciences économiques & de gestion > Finance