This study aims to provide insights into the interplay between environmental, social, and governance (ESG) scores and financial outcomes by investigating whether it leads to enhanced financial performance and firm value, partly during the economic crisis constituted by the Global Financial Crisis (GFC) and COVID-19 pandemic. The study uses the theoretical frameworks stakeholder theory, resource-based view (RBV) theory, as well as customer and investor preference theory as an explanatory model for the results conducted by the panel data regression on a dataset of 248 companies derived from the Standard & Poor’s (S&P) 500 index from 2006 to 2023. The study found that ESG performance significantly enhances both return on capital employed (ROCE) and Tobin's Q. A one-unit increase in ESG score leads to a 0.59860 percentage increase in ROCE and a 0.5329 percentage increase in Tobin's Q. It can be established that larger companies exhibit lower financial performance and market valuations, while companies in the lowest ESG score quartile benefit more from ESG improvements. The impact of ESG scores on firm value is more pronounced during the Global Financial Crisis and the COVID-19 pandemic. The empirical findings from this study provide robust evidence supporting the theoretical framework and the growing body of literature suggesting a positive relationship between ESG performance and corporate financial outcomes. The findings offer valuable insights for business leaders, policymakers, and investors on the strategic importance of sustainability initiatives in today's complex business environment.

Thèse en cotutelle : "Université Laval, Québec, Canada, Docteur en Droit (LL.D.) et Université de Lille Nord de France, Lille, France, Docteur" / Cette thèse est une réflexion originale sur le droit international dans la crise, car elle aborde le droit international grâce à une théorie peu connue en droit, celle des systèmes dynamiques complexes. L’étude du cas particulier de la gestion normative de la crise par le Conseil de sécurité illustre les intérêts de l’utilisation d’une théorie novatrice en droit. La théorie des systèmes dynamiques complexes offre les outils d’une réflexion sur le droit, fondée sur les interactions du droit avec le contexte particulier dans lequel il intervient, la crise, et ses acteurs. La mise en lumière de ces interactions favorise une lecture critique du droit international dans la crise et permet de renouveler l’ontologie de ce droit. Les dynamiques complexes appréhendées et définies par cette théorie sont utiles lorsqu’il s’agit d’expliquer les atouts et les limites de l’action normative du Conseil. Par ailleurs en renouvellant l’ontologie du droit, la théorie des systèmes dynamiques complexes facilite une lecture prospective de l’action normative du Conseil et insiste sur le rôle institutionnel du droit. / This thesis is an original reflection on international law in time of crisis, as it addresses international law through a little-known theory in law, that of complex dynamic systems. The study of the specific case of the normative management of the crisis by the Security Council illustrates the interest of the use of an innovative theory in law. The theory of complex dynamic systems provides the tools to think differentely the law, based on the interaction of law with the particular context in which it operates, the crisis, and its actors. The highlighting of these interactions favors a critical reading of international law in time of crisis and helps to renew the ontology of law. The complex dynamic understood and defined by this theory are useful when explaining the strengths and limitations of the Council’s action in time of crisis. In addition to renewing the ontology of law, complex dynamic systems theory facilitates a prospective reading of the normative action of the Council and stresses the institutional role of law.

When a crisis occurs, information flows rapidly in the Web through social media, blogs, and news articles. The shared information captures the reactions, impacts, and responses from the government as well as the public. Later, researchers, scholars, students, and others seek information about earlier events, sometimes for cross-event analysis or comparison. There are very few integrated systems which try to collect and permanently archive the information about an event and provide access to the crisis information at the same time. In this thesis, we describe the CTRnet Digital Library and Archive which aims to permanently archive crisis event information by using Archive-It services and then provide access to the archived information by using LucidWorks Big Data software. Through the Big Data (LWBD) software, we take advantage of text extraction, clustering, similarity, annotation, and indexing services and build digital libraries with the generated metadata that will be helpful for the system stakeholders to locate information about an event. Through this study, we collected data for 46 crises events using Archive-It. We built a CTRnet DL prototype and its services for the ``Boston Marathon Bombing" collection by using the components of LucidWorks Big Data. Running LucidWorks Big Data on a 30 node Hadoop cluster accelerates the sub-workflows processing and also provides fault tolerant execution. LWBD sub-workflows, ``ingest" and ``extract", processed the textual data present in the WARC files. Other sub-workflows ``kmeans", ``simdoc", and ``annotate" helped in grouping the search-results, deleting the duplicates and providing metadata for additional facets in the CTRnet DL prototype, respectively. / Master of Science

Today, throughout the world, we are in the midst of a man-made environmental crisis. We must change how we consume and affect natural resources on the planet if we are to retain its richness of landscapes and biodiversity. It is our job as landscape architects to lead the way in changing the human relationship to natural resource consumption and building. My thesis asks the question, how can an understanding of landscape as a system give form to architecture? In natural systems nothing is wasted, everything is interconnected and self-sufficient at the same time. How can we model our buildings -- our built landscapes -- after nature? Three natural systems are key components to modeling nature: water, vegetation and energy. The landscapes that we have constructed for cars exemplify the problems we have ecologically. Cars produce greenhouse gases creating global warming. Highways and parking lots denude the vegetative habitat and lead to excessive water runoff polluting the watersheds. Solving the car problem goes a long way to setting an example for ultimately resolving ecological development issues. Cars are both the epitome of freedom and environmental degradation. Joni Mitchell put it eloquently with "they paved paradise put up a parking lot." My studio project is a mixed use parking facility fabricating the natural systems of water, energy and vegetation in order to mitigate environmental problems as well as resolve the practical necessity of where to put cars in crowded urban centers. Park Park puts the paradise back into the pavement. / Master of Landscape Architecture

No / During the subprime crisis, the FDIC has shown, once again, laxity in resolving and closing insolvent institutions. Ronn and Verma (1986) call the tolerance level below which a bank closure is triggered the regulatory policy parameter. We derive a model in which we make this parameter stochastic and bank-specific to infer the stock market view of the regulatory capital forbearance value. For 565 U.S. listed banks during 1990 to 2012, the countercyclical forbearance fraction in capital, most substantial in recessions, could represent 17%, on average, of the market valuation of bank equity and could go as high as 100%.

Many studies have been published on active versus passive management, yet there was a significant gap in how Scandinavian-managed equity funds perform during intense crises, specifically the 2019-2023 period. The study investigated whether Scandinavian actively managed funds could achieve higher risk-adjusted returns than Scandinavian passively managed funds during two intense crises, Covid-19 and the Russian-Ukraine war. The efficient market hypothesis (EMH) was introduced to analyze markets' efficiency and help determine active managers' ability to outperform passive funds with market information. The data consisting of 95 funds was analyzed with a direct quantitative comparative analysis guided by objective ontology and positivist epistemology. To analyze the data over time, a cross-sectional time series was implemented to analyze patterns during the five-year period. The comparison between active and passive funds was performed with the risk-adjusted return, measured by the Sharpe ratio. Our findings showed consistent results that active fund management lacks a significant advantage over passive index funds in four out of five portfolios, aligning with our hypothesis. The results also support the EMH, suggesting that there is market efficiency. The findings provide implications for investors' decision-making process as the study contributes to the discussion on whether active or passive funds are the superior choice. During the period of 2019-2023, the optimal investment decision to achieve the highest risk-adjusted return was to invest in passively managed funds. While the research acknowledges behavioral aspects of fund managers during crises, future research should delve deeper into qualitative factors influencing the management strategy.

There is a shortage of qualitative research inquiring into Swedish election manifestos, which could provide the research field with a deeper understanding of how the EU is discussed in election manifestos. The purpose of this thesis is therefore to examine signs of Europeanisation in Swedish election manifestos, employing a qualitative content analysis and the theoretical concepts of politicisation and Europeanisation. The results show that Swedish parties politicise several different dimensions of the EU in both national and European election manifestos, discussing contextual factors as well constitutional issues. While the parties thus display signs of Europeanisation, they discuss the EU ambiguously which adds complexity to the image of Swedish parties’ election manifestos as Europeanised. This thesis sheds light on how Swedish parties' EU discussion can be approached qualitatively, providinga deeper understanding of EU contents of election manifestos.

This thesis addresses various contractual solutions to firms' financial distress. The first chapter presents a unified framework for analyzing the holdout problem, a pervasive economic phenomenon in which value creation is hindered by the incentive to free-ride on other agents' participation. The framework nests many classic applications, such as takeovers and debt restructuring, and highlights the role of the commitment power: The holdout problem can be resolved using contingent contracts with commitment, e.g., by a unanimity rule if the principal can commit to calling off the deal when anyone holds out. In contrast, a lack of commitment substantially alters the optimal offers depending on the payoff sensitivities of the existing contracts, which explains the absence of the unanimity rule despite its efficacy and cross-sectional heterogeneity in offers. (E.g., senior debt is used in debt restructuring but not in takeovers.) Furthermore, I show that stronger partial commitment can backfire via renegotiation, exacerbating the holdout problem. This non-monotonicity reconciles contradictory empirical findings on the use of CACs in the sovereign debt market and sheds light on various policies. Lastly, the paper shows stronger investor protection could facilitate instead of hinder restructuring under limited commitment.The second chapter considers the role of institutions in financial distress. Distress can be mitigated by filing for bankruptcy (which is costly) or preempted by restructuring (which is impeded by a collective action problem). We find that bankruptcy and restructuring are complements, not substitutes: Reducing bankruptcy costs facilitates restructuring rather than crowding it out. So does making bankruptcy more debtor-friendly, under a condition that can be written in terms of a few easily observable sufficient statistics. The model gives new perspectives on relief policies (e.g., subsidies to bankrupt firms) and on legal debates (e.g., the absolute priority rule). The third chapter examines the optimal design of liquidity insurance contracts for firms that experience a quality shock concurrent with the liquidity shock, both of which cannot be verified and hence contracted upon. Due to the incompleteness of these contracts, firms cannot receive full liquidity insurance: If a firm is fully insured, it has little incentive to stop inefficient projects, as creditors bear the costs. Therefore, the optimal contract involves limited insurance and requires co-investment with internal cash. Interestingly, my findings challenge the classical theory that low-pledgeability firms rely more on liquidity insurance. Instead, I show that a lack of pledgeability prevents these firms from obtaining more liquidity insurance. In fact, I demonstrate a positive relationship between liquidity insurance and pledgeability, which sheds light on the seemingly paradoxical fact that smaller firms that need liquidity insurance the most are the least insured and face the highest risk of revocation. Furthermore, my results rationalize the common cash-related covenants in credit lines.

La présente thèse s'intéresse à la couverture de l'information lors de crises, soit des événements brutaux et inattendus, attribuables « à une situation très difficile, voire dangereuse, pour un individu, une organisation, un corps social, un système économique ou un pays » . Elle a pour objectif de définir en quoi les pratiques journalistiques et le contenu des médias diffèrent du quotidien à la situation de crise. L'hypothèse de départ, sur laquelle elle s'appuie, est qu'en situation de crise, les pratiques journalistiques seront affectées par l'émotivité, l'impulsion du moment et la recherche d'exclusivité. S'agissant du contenu, il y aura saturation de certains thèmes liés à la crise, alors que plusieurs sujets abordés quotidiennement seront évacués et que le risque d'erreurs ou d'inexactitudes sera exacerbé. Ce travail doctoral emprunte la voie de la comparaison entre la France et le Québec, deux pays présentant une structure de chaînes télévisées similaire, laquelle permet d'établir des bases de comparaison valables. Pour répondre au questionnement initial, une triple stratégie méthodologique a été adoptée. Cette stratégie inclut des entretiens semi-directifs sous forme d'histoire de vie professionnelle, réalisés avec différents acteurs de l'information. Suivent les résultats d'une analyse quantitative du contenu des journaux télévisés qui s'appuie sur un corpus composé de reportages présentés lors de trois types de crises survenues en France et au Québec, soit des crises « sociales », des crises « naturelles » et des crises « mixtes ». Enfin, une analyse de contenu des 1 676 décisions issues de la jurisprudence du Conseil de presse du Québec a été effectuée. / This thesis focuses on the news coverage during abrupt and unexpected events, due to "a very difficult situation, even dangerous, for an individual, an organization, a social body, an economic system or a country" and aims to determine in what journalistic practices and media contents in a crisis situation differ from the ordinary daily practices. The assumption on which this thesis rests is that in a crisis situation, journalistic practices will be affected by emotions, the spur of the moment and the search for exclusivity. Regarding content, there will be saturation of certain issues related to the crisis, while many daily topics will be removed and the risk of errors or inaccuracies will be exacerbated. This doctoral work follows the path of a comparison between France and Quebec, as both countries present a similar language and TV channel structure, which allows us to establish valid comparison bases. To answer the question of the research, a triple methodological strategy was adopted. First are presented the results of semi-structured interviews we made, in the form of professional life stories, with different actors from the information sector. These are followed by the results of a quantitative content analysis of television news which is based on a corpus formed of reports presented during three types of crises in France and in Quebec: "social" crisis, "natural" crises and "mixed" crises. Finally, a content analysis of 1,676 decisions from the jurisprudence of the Quebec Press Council was conducted.

Le début du XXI siècle a été marqué par deux épisodes de flambées des prix des produits alimentaires au niveau mondial, respectivement en 2007-08 et 2010-11. Ces hausses de prix ont aggravé le niveau d’insécurité alimentaire dans de nombreux pays en développement et ont engendré des manifestations et troubles sociaux dans certains pays. Déterminer les facteurs qui contribuent à accroitre le risque d’insécurité alimentaire et comprendre les mécanismes qui sous-tendent l’éclatement d’une crise alimentaire pourraient permettre d’améliorer l’efficacité des politiques de prévention. Cette thèse contribue à cet objectif. Le chapitre 2 estime les différentes composantes de la variabilité de la disponibilité alimentaire en utilisant les données désagrégées des bilans alimentaires. Nos résultats suggèrent que plus de la moitié de la variabilité de la disponibilité alimentaire d’un pays dépend de chocs propres au pays. Les chocs globaux représentent environ 1% de la variabilité totale.Le chapitre 3 montre que l’impact du commerce international sur la variabilité de la disponibilité alimentaire dépend du portefeuille d’accords commerciaux détenu par le pays. Le chapitre 4 utilise le cadre théorique des paniques bancaires et s’appuie sur des travaux portant sur le risque perçu et sur les biais cognitifs pour modéliser le comportement d’achat alimentaire du consommateur. Nous montrons comment l’amplification sociale du risque peut conduire au stockage de précaution et à une crise alimentaire auto-réalisatrice. Nous mettons aussi en évidence l’utilité sociale d’une information publique / The beginning of the 21st century is marked by two episodes of global food price spikes in 2007-08 and 2010-11, respectively. These price increases have worsened the level of food insecurity in many developing countries and have led to social unrest in some countries. Identifying the factors that contribute to increase the risk of food insecurity and understand the mechanisms that underpin the outbreak of a food crisis could help to improve food policy management.This thesis contributes to this objective. Chapter 2 estimates the different components of food supply variability by using disaggregated data of food balance sheets. Our results suggest that more than half of food supply variability is caused by country-specific shocks. Global shocks account for about 1% of the total variability.Chapter 3 shows that the impact of international trade on food supply variability depends on the country's portfolio of trade agreements. Chapter 4 uses the theoretical framework of bank panics and builds on work on perceived risk and cognitive biases to model consumer food purchasing behavior under uncertainty. We show how social amplification of risk can lead to precautionary storage and in fine self-fulfilling food crisis. We also highlight the social utility of reliable public information. Finally, Chapter 5 examines the impact of dietary composition on the probability of occurrence of social unrest in case of soaring world food prices. Our results suggest that the cereal concentration of the diet increases significantly the probability of social unrest.