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Article
Publication date: 29 January 2018

Geoffroy Enjolras and Magali Aubert

The purpose of this paper is to investigate the manifestations and interactions at work between the ecological, environmental and social dimensions of sustainable development and…

1313

Abstract

Purpose

The purpose of this paper is to investigate the manifestations and interactions at work between the ecological, environmental and social dimensions of sustainable development and the development of short food supply chains (SFSCs) in French fruit production.

Design/methodology/approach

The methodology is based on the theoretical framework associated with SFSCs and each pillar of sustainability. The authors use an original database of 176 surveys of peach and apricot producers from the major French production regions. Three composite indicators, one for each traditional pillar of sustainability, are calculated to evaluate a degree of sustainability at farm level. A simultaneous equations model is estimated on the basis of the calculated indicators.

Findings

The results show that in the choice of a supply chain design in the agricultural sector, the search for economic sustainability is opposed to a rationale of environmental and social sustainability, the latter appearing to be independent of one another.

Originality/value

This paper complements the previous studies on the issue of sustainability in agriculture and more specifically the relationship between the adoption of SFSCs and the pillars of sustainable development. The model reveals significant interdependencies, thus emphasizing an issue in reconciling economic imperatives with social or environmental requirements.

Details

International Journal of Retail & Distribution Management, vol. 46 no. 2
Type: Research Article
ISSN: 0959-0552

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Article
Publication date: 11 February 2025

Elise Alfieri, Radu Burlacu and Geoffroy Enjolras

This paper examines the relationship between the degree of information asymmetry among investors and the occurrence of bubbles in cryptocurrency markets.

19

Abstract

Purpose

This paper examines the relationship between the degree of information asymmetry among investors and the occurrence of bubbles in cryptocurrency markets.

Design/methodology/approach

The study applies the Philipps, Shi and Yu (PSY) methodology to identify bubbles in 74 cryptocurrencies from July 2014 to April 2021.

Findings

The findings indicate that there is a negative relationship between the degree of information asymmetry among investors and the number and duration of bubbles across cryptocurrencies.

Originality/value

This finding supports the riding-bubble argument of Asako et al. (2020), which suggests that when the information asymmetry among investors is high, rational investors are less certain about what irrational, inexperienced investors might decide. This strategic uncertainty leads rational investors to close out their positions more quickly, resulting in a shorter duration of the bubble and a reduced propensity for new bubbles to emerge. The study’s findings hold regardless of the proxies used to measure information asymmetry and noise trading, cryptocurrency characteristics and regression model specifications.

Details

The Journal of Risk Finance, vol. 26 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 6 March 2019

Elise Alfieri, Radu Burlacu and Geoffroy Enjolras

The purpose of this article is to provide some insights on the true nature of bitcoin and to study empirically its performance by using robust models, widely used in the academic…

1788

Abstract

Purpose

The purpose of this article is to provide some insights on the true nature of bitcoin and to study empirically its performance by using robust models, widely used in the academic literature. Previous studies assess performance with simple measures such as the Sharpe ratio. Such measures are insufficient because they do not take into account the bitcoin’s specificities, such as the possibilities to diversify risk.

Design/methodology/approach

The authors use quantitative methodologies to assess the performance of financial assets. Performance is defined as a risk-adjusted return. The authors use regression analysis and measure bitcoin’s performance as the constant term (α) of the projection of its returns on the returns of relevant factors of risk.

Findings

Bitcoin has low correlation with the market index and with factor-mimicking portfolios, which indicates opportunities to diversify risk. The performance of bitcoin (α) is positive and significant; this result is robust across period and world region specifications.

Research limitations/implications

The true nature of bitcoin is subject of debate and needs further research. Furthermore, other factors should be considered in analysing the bitcoin’s performance, such as those related to investors’ behaviour or political risk.

Practical implications

The empirical results obtained in this paper may be used by professional portfolio managers to diversify risk and to enhance their portfolio’s performance.

Originality/value

This paper adds to the literature by arguing that bitcoin has the nature of common stock, and therefore, its performance has to be assessed with models that are relevant for this type of securities. This paper is the first using performance models that adjust returns for relevant sources of risk.

Details

The Journal of Risk Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 11 February 2025

Geoffroy Enjolras, Philippe Madiès and Hang Yue

This paper examines the influence of accounting practices on financial performance with an application to farms. In response to the yield, price and weather risks they face, farms…

6

Abstract

Purpose

This paper examines the influence of accounting practices on financial performance with an application to farms. In response to the yield, price and weather risks they face, farms have strong incentives to manipulate their earnings.

Design/methodology/approach

We measure earnings management and performance using data from the Farm Accountancy Data Network (FADN), which is representative of French professional farms over the period 2000–2022.

Findings

Our results show that, on average, regardless of year and specialisation, farms use two competing strategies to manage their earnings and deal with uncertainty. In the short run, timely reporting of bad news can help them to access public support. In the long run, farms also smooth their earnings, which is justified by the need to maintain their access to credit and to cope with climatic and economic shocks.

Research limitations/implications

Further research could provide more precise evidence of the impact of climatic, geopolitical or market events on farm accounting practices. In addition, the analysis could be extended to other industries that are also exposed to risks.

Practical implications

The results shed new light on the observed volatility in farm profitability and their ability to manage risk. Accounting practices play an important role in helping farmers to cope with risky production and volatile market conditions. While farmers may appear to be in a difficult situation due to reduced and low-quality earnings, we believe that they are in fact resilient in ensuring the sustainability of their operations and financing.

Originality/value

This work highlights the key role of earnings management in risk management. Farms are a relevant example of small- and medium-sized enterprises (SMEs) exposed to natural and economic risks.

Details

Journal of Applied Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 4 May 2012

Geoffroy Enjolras and Robert Kast

The purpose of this paper is to examine a new insurance policy against natural disasters.

789

Abstract

Purpose

The purpose of this paper is to examine a new insurance policy against natural disasters.

Design/methodology/approach

The authors propose an optimisation model, which involves both the insurer and the farmer. The farmer decides to insure his farm if and only if insurance improves the utility he is expecting over a given year. Therefore, the paper takes the perspective of an insurer who wants to maximise the farmer's wealth, so that he will be more likely to subscribe the policy. The choice and combination of the policies are then determined and designed by the insurer to reach that aim.

Findings

The paper proves that the market for insurance could grow with a combination of participating contracts and market‐based instruments. The first cover individual risks while the second cover systematic risks.

Practical implications

The new policy leads both the insurer to manage small and large risks and the insured to be financially interested. It also provides an optimal coverage against natural events for insured farmers.

Originality/value

The paper offers many perspectives for the renewal of the crop insurance market using new instruments.

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