L'objectif de cette thèse est d'étudier les options journalières et hebdomadaires sur l'indice de marché néerlandais AEX introduites récemment par NYSE Euronext. Nous les considérons selon trois axes principaux : d'abord, l'impact de leurs introductions sur les volumes des options à plus longues échéances déjà existantes. Ensuite, nous analysons les différents types d'investisseurs qui échangent ces options en distinguant les membres de marché, leurs clients et les teneurs de marché. Enfin, compte tenu du niveau d'information et de sophistication des investisseurs qui échangent les options à échéances courtes, nous examinons les impacts de leurs échanges sur la volatilité du marché sous-jacent, soit la volatilité de l'indice de marché AEX. Nos principaux résultats révèlent un effet de substitution des nouvelles options aux options mensuelles déjà existantes. Nous constatons un impact négatif des options journalières et hebdomadaires sur les volumes des options mensuelles et un impact négatif de l'introduction des options journalières sur les volumes des options hebdomadaires. Quant aux investisseurs, nous constatons que les options journalières et hebdomadaires sont principalement échangées par les clients des membres de marché qui se révèlent peu informés et peu sophistiqués. S'agissant de l'impact des nouvelles options sur la volatilité du marché des actifs sous-jacents, nous concluons à une augmentation du niveau de volatilité de l'indice AEX à la suite des introductions des options journalières et hebdomadaires due au fait que ces nouvelles options sont principalement échangées par des clients, investisseurs peu informés. / The objective of this dissertation is to study the daily and weekly options recently introduced by NYSE Euronext on the Dutch stock index AEX-Index. We study these options from three distinct angles: First, the impact of their introduction on the volume of existing options with longer maturities. Next, we analyze the different types of investors who trade these options and we distinguish between members of markets, customers and market makers. Finally, given investor information savvy and sophistication levels for those who trade short maturities options, we examine the impact of their trading on underlying market volatility, i.e. the volatility of the stock market index AEX. Our main results reveal a substitution effect of the existing monthly options by the new options. We observe a negative impact of daily and weekly options on monthly option volumes and a negative impact of the introduction of daily options on weekly option volumes. Concerning investors, we find that the daily and weekly options are mainly traded by customers of market members who are less informed and less sophisticated. With regard to the underlying volatility, we find an increase of the AEX index volatility level following daily and weekly options introduction, explained by the fact that these new options are traded by customers who are weakly informed investors.

<p>Purpose of this Master thesis is to analyze, understand and evaluate current financial crisis from the leadership perspective. In order to achieve this aim we made literature analysis, conducted interviews, analyzed failure case of Lehman Brothers and case of NYSE Euronext Lisbon. Furthermore, we created a questionnaire which was sent to the biggest companies in Europe. According to our investigation, we found out that the most suitable methodological view for our research is a combination of analytical and system views. Analysis of our findings shows that financial crisis was highly caused of the failure of leadership in the financial sector. We found out that leaders have to be aware of these main problems: nowadays word is extremely interconnected and one variable can affect the whole system, huge short-term returns cannot marginalize long-term foresight, risk has to be measured and estimated, leaders has to pay a lot of attention to their strategies, plan, rethink and if it is necessary reshape them. Moreover, leaders now face more and more challenges: they have to react at the moment, to deal with world full of paradoxes and to take actions in order to increase level of confidence which creates more and more instability and chaos in the society.</p>

Purpose of this Master thesis is to analyze, understand and evaluate current financial crisis from the leadership perspective. In order to achieve this aim we made literature analysis, conducted interviews, analyzed failure case of Lehman Brothers and case of NYSE Euronext Lisbon. Furthermore, we created a questionnaire which was sent to the biggest companies in Europe. According to our investigation, we found out that the most suitable methodological view for our research is a combination of analytical and system views. Analysis of our findings shows that financial crisis was highly caused of the failure of leadership in the financial sector. We found out that leaders have to be aware of these main problems: nowadays word is extremely interconnected and one variable can affect the whole system, huge short-term returns cannot marginalize long-term foresight, risk has to be measured and estimated, leaders has to pay a lot of attention to their strategies, plan, rethink and if it is necessary reshape them. Moreover, leaders now face more and more challenges: they have to react at the moment, to deal with world full of paradoxes and to take actions in order to increase level of confidence which creates more and more instability and chaos in the society.

When companies go public, the shares they sell tend to be underpriced, and thus exhibit a significant price jump on the first day of trading. As a result, IPO investors materialize significant first-day returns. In the long-run, however, relative to some benchmark, investors appear to lose out by continuing to hold the stocks of firms that have recently gone public. These IPO phenomena are subject of the following study. The thesis addresses two main objectives. First, it systematically surveys relevant empirical evidence and theories that have been proposed to explain IPO underpricing and long-run underperformance. In addition, both anomalies are studied form the viewpoints of two competing finance theories: efficient market hypothesis and behavioral finance. Theories of underpricing are grouped within two broad categories: asymmetric information based models and behavioral theories. While asymmetric information based models assume that one of the IPO transaction parties knows more than others, and that these information frictions give rise to underpricing, behavioral explanations, on the other hand, assume the presence of irrational investors who are the prime cause of underpricing. Theories of poor long-term performance are based on behavioral finance perspective only, where "investor sentiment" plays the main role. On the contrary, proponents of market efficiency strongly argue that the notion of systematic IPOs long-run underperformance is spurious. Secondly, the thesis empirically examines the presence of underpricing and the long-performance of IPOs in European NYSE Euronext markets. In general, the results undoubtedly show that IPOs in the sample are moderately underpriced on average. However, the assessment of IPOs long-run performance provides contentious findings and probably requires further research.