L'analyse du comportement des agences de notation et des investisseurs dans un environnement de marchés financiers « non matures » : une application aux pays du Conseil de coopération du Golfe (CCG)

par Turki Alshammari

Projet de thèse en Sciences de gestion

Sous la direction de Jean-Noel Ory.

Thèses en préparation à l'Université de Lorraine , dans le cadre de Ecole Doctorale des Sciences Juridiques, Politiques, Economiques et de Gestion depuis le 23-10-2015 .


  • Résumé

    Dans cette recherche nous allons examiner le comportement des agences de notation et des investisseurs dans les marchés financiers non matures, et la principale application empirique sera consacrée aux pays du CCG. Les pays du CCG présentent en effet des points communs, comme la zone géographique, le facteur culturel etreligieux, les opinions politiques, la situation financière, le coût et le niveau de vie, les caractéristiques du marché financier etc. Sachant que l'économie et le marché boursier de certains des pays au CCG sont considérés les plus développés au Moyen-Orient et en Afrique du Nord, nous allons couvrir dans notre recherche la littérature qui permettra de mettre en évidence plusieurs aspects et facteurs qui sont susceptibles d’influencer le comportement des agences de notation et des investisseurs sur ces marchés. Pour cela, il nous faudra étudier l’envirionnement institutionnel, légal et culturel qui sont susceptibles de constituer une différence dans le cas de marchés financiers non matures (relativement à des pays comme les USA, l’Europe ou le Japon, par exemple).

  • Titre traduit

    The behaviour analysis of Credit Rating Agencies (CRAs) and investors on (non-mature) financial markets : an application to the countries of Gulf Cooperation Council (GCC)


  • Résumé

    This work is going to examine the behaviour of Credit Rating Agencies and investors in emerging financial markets, and the application of the study will focus on the countries of Gulf Cooperation Council (GCC) as a part of the non-mature markets. Indeed, there are common points amongst these countries such as the geographic zone, culture and religious, political views, the financial situation, the cost and level of life, the characteristics of the financial market etc. that justify to considerer them “as a single sample”. Moreover, as some of these countries’ economy and equity market are considered the largest in Middle East and Northern Africa, we are going to cover several aspects and factors that drive the market behaviour. Firstly, the research would go through the governments’ effects on the market: for instance the government’s ownership in listed companies and the effects of sovereign and issuer rating, the investment laws, the restriction of several investments etc. Secondly, the large proportion of individuals in the market is one of the main feature that may impact the result of the research, and we will discuss to what extent the religiosity, amongst these individuals, may affect the response to CRAs’ decisions (especially in Shariah compliant firms). Thus, besides the local stock markets, local bonds and international Sukuk bonds issuances may also be part of our study, as a number of issued bonds are traded in foreign markets such as EU and US and not in the local market. Also the specific case of issuers that request a rating from CRAs without issuing bonds will be questioned. With respect to the fact that local CRAs don’t exist in GCCs, the financial analysis corporations and their announcements are also going to be examined to know whether they rely on the international CRAs decisions to reach their opinion (or the contrary), or whether they don’t drive at all the market investors’ reaction. Finally, the research will shed light on other emerging markets that have similar characteristics such as in South America and East Asia.