Au cours de la précédente décennie et avant la crise financière de l’automne 2008, les marchés financiers internationaux ont connu un développement considérable et l’émergence d’une véritable industrie de l’investissement institutionnel. Au sein de cette industrie, les analystes financiers sell side employés par les sociétés de courtage apparaissent comme des acteurs majeurs, autour desquels se forment l’évaluation des sociétés cotées et les recommandations d’investissement à destination de leurs clients gestionnaires de fonds amenés à passer leurs ordres de bourse auprès de ces sociétés de courtage. La recherche présentée vise à identifier les modes de gestion des analystes financiers dans le champ de l’industrie de l’investissement institutionnel et l’influence qu’ils exercent sur les représentations, pratiques et productions des analystes. La première partie de cette thèse, après avoir étudié la construction du métier d’analyste et son contexte, met en débat les cadres de références théoriques et les disciplines qui s’impliquent dans l’analyse de la gestion du travail de quelques-uns des principaux acteurs de la finance, en général, et des analystes financiers en particulier. La seconde partie mobilise une approche contextualiste, interdisciplinaire et multi-méthodes au service d’une investigation empirique. Celle-ci met en relief le rôle du droit dans des dimensions coercitives et normatives très prégnantes, encourageant aussi bien la concurrence entre structures que l’homogénéisation et la standardisation de l’organisation du travail. Elle montre comment, sous l’effet de la concurrence des banques d’investissement anglo-saxonnes et de l’introduction d’un nouveau mode de financement de l’analyse financière par les volumes de courtage, les sociétés de « brokerage » ont adopté des stratégies de niche et intégré dans leurs configurations organisationnelles plutôt professionnelles de fortes dimensions mécanistes. Enfin, elle constate une uniformisation des modes de gestion des quatre principales sociétés de courtage françaises filiales de banques d’investissement. Les analystes français sont soumis à des modes de gestion qui privilégient clairement les dimensions marketing du métier qu’il s’agisse des modalités d’organisation du travail, des pratiques de recrutement, de communication interne, d’évaluation et de rémunération. Un des rôles essentiels assigné aux analystes consiste alors à accroitre les volumes de courtage ce qui les conduit à privilégier les activités aval de leur fonction. Mais cette dimension marketing qui caractérise la production des analystes doit être relativisée. En fonction de leur histoire professionnelle et des ressources qu’ils peuvent mobiliser, les analystes développent en effet des stratégies et des identités au travail différenciées. / Over the last decade and before the October 2008 credit crunch, international financial markets have witnessed a considerable development with the emergence of an important industry of institutional investment. Within this industry, financial analysts hired by brokerage firms play a major role while contributing to the assessment of listed companies through investment recommendations to asset managers, thereby obtaining from these clients orders for execution. The objective of this research is to pinpoint the role played by research analysts in the financial industry, and their influence over the representations and practices. The first part of this study, once constructed the analyst’s activity as a category, challenges the referential and theoretical grounds, as well as the fields involved in the work of some financial functions, and draws the attention to research analysts. The second part focuses on a contextual, multidisciplinary and multi-methodological approach to support an empirical investigation, which highlights the role played by law in both its coercive and prescriptive aspects, whether stimulating competition between structures or promoting the homogenization and standardization of work arrangements. We demonstrate how competition from Anglo-Saxon investment banks, as well as the adoption of a new business model resting on commissions generated by trading volumes, has led to the development of niche strategies, and introduced an important mechanistic dimension to the organizational configurations of brokerage firms. Lastly, it sheds light on the standardization of the managerial modes of the four main French brokerage firms, which are all subsidiaries of investment banks. French analysts are subject to management modes which clearly favor the marketing dimensions of the activity, as can be seen through the way their work is organized, the recruitment practices, the internal communication flows, their assessments and salaries. One of the roles assigned to analysts is thus to generate higher brokerage volumes, which as a consequence drives them towards marketing activities. This marketing dimension however needs to must be into perspective. Depending on their professional backgrounds and the resources they access, research analysts develop specific strategies and differentiated identities.

[pt] O objetivo desta pesquisa foi avaliar o posicionamento estratégico das instituições atuando no setor financeiro brasileiro, particularmente no segmento bancário, no ano de 2006 e identificar sua relação com o desempenho. Para isso, foi utilizada a tipologia de estratégias genéricas propostas por Michael Porter (1980, 1985). Foram selecionadas variáveis de cunho financeiro e operacional dos 50 maiores bancos brasileiros em atividade em 2006 (responsáveis por 85% dos ativos totais da indústria nesse ano) para a construção do modelo estatístico que envolve análise de clusters e análise multivariada. Foi possível concluir que a estratégia genérica de Enfoque em Custo apresentou o melhor desempenho neste ano. Ao contrário do esperado pela teoria, os bancos Stuck in the Middle não apresentaram o pior, mas o segundo pior resultado. A pior estratégia genérica em termos de desempenho foi a de Liderança em Custo Total. / [en] The main goal of this research was to evaluate the strategic positioning of the institutions operating in the brazilian financial sector, specially in the banking segment, in the year of 2006 and identify how it relates with the performance. To achieve this objective it was used the typology of generic strategies proposed by Michael Porter (1980, 1985). It was used financial and operating variables for the 50 major brazilian banks in activity in 2006 (responsible for 85% of the assets in the industry in that year) to construct the statistical model based on cluster analysis and multivariate analysis. It was possible to conclude that the generic strategy of Focusing on Low Cost had the best performance in that year. In contrast what was expected by the theory, the banks Stuck in the Middle didn`t have the worst, but the second worse performance. The worst generic strategy in terms of performance was the Low Cost strategy.

隨著網際網路的普及，智慧型手機與物聯網開始興起，根據資策會的調查，台灣約有49.5%的智慧型手機占有率，大約每2人就有一人擁有智慧型手機，而物聯網的興起，製造了大量的數據與資料，而這些數據與資料透過不同的處理方式，可帶給企業不同的商業智慧與洞見，而傳統產業因此面臨了巨大的轉變與挑戰，優步(Uber)就是改變傳統計程車產業與物聯網的一個例子，顧客不再需要招手才能搭上計程車，靠著網路、手機APP與GPS定位系統即可獲知車輛資訊、到達時間與聯絡司機，而優步可掌握乘客資訊、行車路線與顧客服務。不僅僅是計程車產業，亞馬遜的崛起也代表了傳統零售業的轉變，因此如何面對巨量資料對傳統企業都將是一項挑戰。 巨量資料的導入與分析可以提供企業掌握消費者行為，也可透過數據分析研發新服務與產品，此研究從三方面來探討金融產業與網路科技業導入巨量資料系統的關鍵因素，分別為導入流程、企業本身與巨量資料系統，另外藉由三家個案公司訪談，並輔以文獻所探討的研究架構來進行驗證”金融業與網路科技業導入巨量資料的流程為何?”、”金融業與網路科技業導入巨量資料時的關鍵因素?”、” 金融業與網路科技業導入巨量資料後有何優勢?” 本研究最後發現，金融業與網際網路業導入巨量資料分成三個階段，首先企業會先詮釋自身對巨量資料之定義，定義自身巨量資料之意義後，企業會開始集體研討導入流程，依照自身對巨量資料的詮釋來集體擬定對企業最好的導入流程，此階段通常會是三階段中耗時最長，也需做許多內外部研究、規劃與管理。最後一階段為實做階段，企業會依照集思廣益後所擬定出的計畫來完成巨量資料的導入。而本研究透過個案訪談也發現七項導入巨量資料之關鍵因素，包含，導入隊伍的組成、高層管理者的支持、導入時機、巨量資料系統的選擇、明確的目標與策略、內外部員工訓練與支援。最後企業運用第三方與開放式資料軟體來處理巨量資料使企業更了解顧客需求與運用於新產品研發。 / With the popularity of internet, smart phones and Internet of Things begin to emerge. According to Institute for Information Industry, there are approximately 49.5% of smart devices in Taiwan, which mean every two people will own at least one smart device. In addition, more devices are connected to the internet. Therefore, tremendous amount of data is created and increased exponentially. With applicable and correct techniques, Big Data can provide valuable insight and business intelligent. Traditional industries are forced to change. For example, Uber is one innovative idea that changes the ways people ride taxi. Riding taxi become more efficient and effective with Uber. This research explores critical factors of Big Data implementation on financial and internet technology industries from three perspectives. This includes key processes of the Big Data implementation, enterprises factors, and the Big Data system. Moreover, literature review was conducted to. In addition, three case studies were interviewed and analyzed based on research framework. Lastly, three research questions are answered. First, what are the key process for financial and internet technology industries implementing the Big Data system? Second, what are the critical factors for financial and internet technology industries implementing the Big Data system? Third, what are the potential benefits after the Big Data implementation? The research findings are primarily categorized into two parts. First, there are three phases of financial institution and internet technology industries implementing the Big Data system. The three phases included defining, brainstorming and implementation phases. The three phases are described below: 1. Defining Phase: Companies will first define their own interpretation of Big Data in order to plan and coordinated their implementation. 2. Brainstorming Phase: Companies averagely spent most of the time in this phase. The implementation team leads must brainstorm to find the best way to enforce and carry out the Big Data project by searching, organizing and surveying internal and externally. 3. Implementation Phase: Companies follow their previous made proposal steps by steps. This research also concluded and found several critical factors during the Big Data implementation. The critical factors included but not limited to: 1. An implementation team regardless the size to carry out the Big Data project 2. Top management’s commitment on implementation 3. Timing on the implementation 4. Big Data system selection 5. Clear goals and objectives

The non-interest and profit-loss sharing schemes of Islamic finance (IF) are attracting increasing global attention. Despite exposure to the similar opportunities as other Western countries that have adopted the financial business model there is little evidence of Islamic finance windows operating in the conventional institutions in Canada. This thesis takes a qualitative approach to bring the issue forward in Canadian social science literature by exploring the perceived challenges to, and the potential of, the development of IF offerings with a focus on factors affecting the supply and management decisions in the industry. The study used an inductive approach with archival data and critical survey of literature to arrive at the hypotheses surrounding the challenges. These were tested deductively by semi-structured interviews and panel discussions both in Canada and the US on a sample of senior officials involved in both IF and conventional financial institutions. Using a thematic analysis the study arrived at findings supporting the hypotheses related to awareness, regulation, management intent and internal resources. In the external environment, factors affecting strategic decision on offering IF services are mainly due to regulation, lack of awareness, even among Muslim communities, or misgivings about Sha’riah authenticity. Internally, highly customized IT infrastructures, lack of funds and foreign investment make it unfeasible. Management interest when proposed with the concept is high but not in a top-down manner and there is an overall uncertainty avoidance culture and little proactivity with market research. Access to specific Sha’riah knowledge is not considered a hurdle anymore. It is apparent that investments in Sha’riah compliant stocks would be easiest to set up. Mortgage structures can be affected by the capital market structure, even if not tax structures. Knowledge on this can have implications for banks seeking to expand their investment portfolios and aid government policies.

Creating standardized infrastructures for new technologies has become a frequent event in recent years, forcing competing firms to together collaborate in order to develop and mutually agree on a common standard. This is due to technologies such as blockchain (distributed ledger) technology that need interoperability to reach its full potential, making the collaboration aspect crucial for organizations that want to adapt to the technology. Therefore, this study’s purpose is to identify and analyze the challenges of creating such a standardized infrastructure. A case study was used to analyze these challenges, which involved experts of blockchain technology and three Nordic banks connected to the blockchain consortium R3. First, a pre-study took place with the help of blockchain experts, who helped identify potential problems regarding blockchain (distributed ledger) technology. Secondly, a main study was conducted consisting of four interviews with key persons representing the banks, in addition to collecting secondary data via news articles, and press releases. With the help of co-opetition theory and a technical description of blockchain (distributed ledger) technology, an analytical model was developed to support the analysis of the data collection. The analysis focus on aspects of co-opetition drivers, co-opetition capabilities, co-opetition dynamics and blockchain aspects, which were used to showcase the challenges of collaborating on creating a standardized infrastructure. The result of this study highlights the importance of learning and educational aspects, the size of a cooperation and threats from other competing solutions, which generates challenges. In addition to the identified challenges, this study has also contributed to an understanding of how these aspects can come to affect a collaboration.

Tidigare forskning visar att kvinnor i mansdominerade branscher upplever ett antal utmaningar i formav långa arbetsdagar, manlig jargong och sexism. Stor del av den tidigare forskningen jag har tagit delav fokuserar på manligt och kvinnligt ur ett perspektiv där kvinnors utvecklings- och karriärmöjligheterär i fokus. Syftet med denna studie är istället att skapa fördjupad förståelse av kvinnor med finansiellayrkens upplevelser och erfarenheter av att arbeta i en mansdominerad bransch. Detta gjordes genom attstudera hur kvinnorna uppfattar sig själva i relation till sin yrkesroll samt hur de beskriver och förhållersig till den arbetsplatskontext de arbetar i. Studien utgår från en socialkonstruktionistisk ontologi med ett strukturalistiskt ochsocialkonstruktionistisk perspektiv på kön i organisationer. Det empiriska materialet utgörs av tiosemistrukturerade intervjuer med kvinnor som arbetar med finansiella yrken i ett antal olikaorganisationer inom finansbranschen. Materialet har analyserats utifrån det teoretiska ramverketbestående av Kanters strukturella teori, ett ”doing gender”-perspektiv samt begreppet könsstereotyper.Resultatet visar hur kvinnorna är delaktiga i processen av skapandet av kön genom att de upprätthålleroch anpassar sig efter den manliga normen. När kvinnor och mäns stereotypiska egenskaper ställs motvarandra, framträder mannens egenskaper som mest eftersträvansvärda. Kvinnorna beskriver själva attde främst upplevt fördelar av att arbeta i en mansdominerad bransch där synligheten hjälpt dem på vägenframåt i karriären. Analysen visar däremot att deras upplevelser även kantas av en ständig anpassningtill den manliga normen samt en verklighet där de stundtals blir ifrågasatta och förminskade.

金融秩序之維持基於金融機構的穩健運作，金融機構穩健運作之關鍵來自內部控制制度的落實，而此一制度係建構在公司治理—強化經營者責任上。2013年底，我國公司治理機制一項重大變革為審計委員會之設置要求。因此本研究即探討審計委員會與內部控制缺失之關聯性。以2013年至2015年上市櫃金融控股公司（包含其銀行和保險子公司）以及上市櫃和興櫃的銀行及保險公司為研究對象。 本研究發現：審計委員會與內部控制缺失具統計上的顯著關聯性。審計委員會的設立與內部控制缺失呈顯著負相關；監督者（獨立董監事及審計委員會成員）會計或財務專業的比例，並未與內部控制缺失成顯著負相關，拆出分獨立董監事和審計委員會兩項不同監督機制，其成員會計或財務專業的比例與內部控制缺失也並未呈現顯著的負相關；金融控股母公司的獨立董事同時兼任子公司獨立董事，則與較多的裁罰件數成顯著正相關。另外研究也發現，部分會計師事務所與金融業者內部控制缺失呈顯著的負相關。 綜上結果隱含以下推論：審計委員會監督功能發揮，將幫助金融業者減少內部控制缺失的發生，不過獨立董事在同一金控體系兼任多家公司獨立董事的情形，並未有較佳的監督效果出現。由於我國金融業者發生的內部控制缺失類型多樣，因此在審計委員的安排上，除了會計或財務專業的審計委員，也可廣納其他專業的專家學者擔任，另外會計師事務所也可扮演完善內部控制制度的一個輔助角色。 / To find out the effect of the audit committee on internal control, this study examines the association between audit committees and internal control deficiencies.The samples are listed financial holding companies including their bank and insurance subsidiaries, bank, and insurance companies in TWSE and OTC in Taiwan over the period from 2013 to 2015. I find that the audit committees are negatively associated with the internal control deficiencies. However, there is no association between the audit committees of accounting or financial expertise and internal control deficiencies. Besides, I find that the circumstances that the independent directors of the financial holding parent companies also serve as an independent directors of the subsidiaries are positively associated with more incidences of penalty cases. Taken together, the empirical result indicates the association between the audit committees and internal control deficiencies in Taiwan financial industry.

The non-interest and profit-loss sharing schemes of Islamic finance (IF) are attracting increasing global attention. Despite exposure to the similar opportunities as other Western countries that have adopted the financial business model there is little evidence of Islamic finance windows operating in the conventional institutions in Canada. This thesis takes a qualitative approach to bring the issue forward in Canadian social science literature by exploring the perceived challenges to, and the potential of, the development of IF offerings with a focus on factors affecting the supply and management decisions in the industry. The study used an inductive approach with archival data and critical survey of literature to arrive at the hypotheses surrounding the challenges. These were tested deductively by semi-structured interviews and panel discussions both in Canada and the US on a sample of senior officials involved in both IF and conventional financial institutions. Using a thematic analysis the study arrived at findings supporting the hypotheses related to awareness, regulation, management intent and internal resources. In the external environment, factors affecting strategic decision on offering IF services are mainly due to regulation, lack of awareness, even among Muslim communities, or misgivings about Sha’riah authenticity. Internally, highly customized IT infrastructures, lack of funds and foreign investment make it unfeasible. Management interest when proposed with the concept is high but not in a top-down manner and there is an overall uncertainty avoidance culture and little proactivity with market research. Access to specific Sha’riah knowledge is not considered a hurdle anymore. It is apparent that investments in Sha’riah compliant stocks would be easiest to set up. Mortgage structures can be affected by the capital market structure, even if not tax structures. Knowledge on this can have implications for banks seeking to expand their investment portfolios and aid government policies.

La liberalización financiera y la integración internacional a finales de los años 1980, tuvo un gran impacto en las economías a nivel mundial. Los nuevos cambios regulatorios y la entrada a una economía más globalizada, habría incorporado la necesidad de encaminar un mayor crecimiento y desarrollo al sector financiero. En ese sentido, se incorporó un nuevo desafío para las instituciones financieras de América Latina en aplicar distintas estrategias que permitan establecer ventajas competitivas en una economía mundial más exigente. Entre dichas estrategias, los acuerdos de fusión horizontal han sido incorporado en numerosas entidades financieras como una estrategia corporativa con potencial en generar sinergias operativas, permitir un mayor tamaño corporativo, aumentar la participación de mercado, reforzar esfuerzos en mejorar los niveles de poder de mercado que permita defender su posición en el sector y obtener mayores niveles de rentabilidad según los estándares permitidos por su entidad reguladora. Este documento presenta un análisis empírico del impacto de las fusiones horizontales en el desempeño de las entidades del sector financiero peruano medido por el poder de mercado a través del Índice de Lerner durante los años 2012-2019. Los hallazgos revelan que la práctica de fusiones horizontales en instituciones financieras tiene un impacto positivo y significativo en el poder de mercado en un periodo de corto y largo plazo. Sin embargo, la persistente competencia en el mercado no bancario de microcrédito y la adecuada regulación por el ente fiscalizador (SBS) de incentivar la libre competencia y el control de dicha estrategia en la industria financiera disuadiría la posibilidad del ejercicio del poder de mercado para fines anticompetitivos. / Financial liberalization and international integration in the late 1980s had a major impact on economies worldwide. The new regulatory changes and the entry into a more globalized economy would have incorporated the need to direct greater growth and development to the financial sector. In this sense, a new challenge was incorporated for financial institutions in Latin America to apply different strategies that allow them to establish competitive advantages in a more demanding world economy. Among these strategies, horizontal merger agreements have been incorporated into numerous financial entities as a corporate strategy with the potential to generate operating synergies, allow a larger corporate size, increase market share, reinforce efforts to improve the levels of market power that allows you to defend your position in the sector and obtain higher levels of profitability according to the standards allowed by your regulatory entity. This document presents an empirical analysis of the impact of horizontal mergers on the performance of entities in the Peruvian financial sector measured by market power through the Lerner Index during the years 2012-2019. The findings reveal that the practice of horizontal mergers in financial institutions has a positive and significant impact on market power in a short and long-term period. However, the persistent competition in the non-banking microcredit market and the adequate regulation by the supervisory entity (SBS) to encourage free competition and the control of said strategy in the financial industry would dissuade the possibility of exercising market power for conduct anticompetitive. / Tesis

Following the introduction of new laws and regulations to ensure data protection in GDPR and PIPEDA, interests in technologies to protect data privacy have increased. A promising research trajectory in this area is found in Generative Adversarial Networks (GAN), an architecture trained to produce data that reflects the statistical properties of its underlying dataset without compromising the integrity of the data subjects. Despite the technology’s young age, prior research has made significant progress in the generation process of so-called synthetic data, and the current models can generate images with high-quality. Due to the architecture’s success with images, it has been adapted to new domains, and this study examines its potential to synthesize financial tabular data. The study investigates a state-of-the-art model within tabular GANs, called CTGAN, together with two proposed ideas to enhance its generative ability. The results indicate that a modified training dynamic and a novel early stopping strategy improve the architecture’s capacity to synthesize data. The generated data presents realistic features with clear influences from its underlying dataset, and the inferred conclusions on subsequent analyses are similar to those based on the original data. Thus, the conclusion is that GANs has great potential to generate tabular data that can be considered a substitute for sensitive data, which could enable organizations to have more generous data sharing policies. / Med striktare förhållningsregler till hur data ska hanteras genom GDPR och PIPEDA har intresset för anonymiseringsmetoder för att censurera känslig data aktualliserats. En lovande teknik inom området återfinns i Generativa Motstridande Nätverk, en arkitektur som syftar till att generera data som återspeglar de statiska egenskaperna i dess underliggande dataset utan att äventyra datasubjektens integritet. Trots forskningsfältet unga ålder har man gjort stora framsteg i genereringsprocessen av så kallad syntetisk data, och numera finns det modeller som kan generera bilder av hög realistisk karaktär. Som ett steg framåt i forskningen har arkitekturen adopterats till nya domäner, och den här studien syftar till att undersöka dess förmåga att syntatisera finansiell tabelldata. I studien undersöks en framträdande modell inom forskningsfältet, CTGAN, tillsammans med två föreslagna idéer i syfte att förbättra dess generativa förmåga. Resultaten indikerar att en förändrad träningsdynamik och en ny optimeringsstrategi förbättrar arkitekturens förmåga att generera syntetisk data. Den genererade datan håller i sin tur hög kvalité med tydliga influenser från dess underliggande dataset, och resultat på efterföljande analyser mellan datakällorna är av jämförbar karaktär. Slutsatsen är således att GANs har stor potential att generera tabulär data som kan betrakatas som substitut till känslig data, vilket möjliggör för en mer frikostig delningspolitik av data inom organisationer.