Professeur directeur de recherche Wael LOUHICHI - ESSCA
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Professeur directeur de recherche
Wael LOUHICHI
Département de rattachement: Finance, Email: wael.louhichi@essca.fr
Comptabilité et Contrôle de Gestion
BIOGRAPHIE
Waël Louhichi est titulaire d'un Doctorat et d'une Habilitation à Diriger les Recherches en
Sciences de Gestion. Il enseigne à l'ESSCA la Finance et la Comptabilité Financière. Ses
travaux de recherche s'inscrivent dans le courant de recherche sur la Microstructure des
Marchés Financiers et la Gestion des Risques. Ses travaux ont été publiés dans plusieurs
journaux tels que: Journal of Financial Markets, Annals of Operations Research, Economic
Modelling, Applied Economics, Review of Quantitative Finance and Accounting, etc.
INTÉRÊTS DE RECHERCHE
- Microstructure des Marchés Financiers
- Comptabilité Financière
- Finance internationale
- Finance d’entreprise
- Comptabilité Financière
DOMAINE D'ENSEIGNEMENT
- Marchés Financiers
FORMATION
Diplôme le plus élevé :
2012 Habilitation à Diriger des Recherches, Sciences de Gestion, Finance,
Université de Rennes 1, France
2004 Doctorat (PhD), Sciences de Gestion, Finance, Université de Perpignan,
France
2004 Doctorat (PhD), Sciences de Gestion, Finance, Louvain School of
Management, Belgique
2001 DEA en Sciences de Gestion, Université de Toulouse 1 Capitole, France
EXPÉRIENCE PROFESSIONNELLE
Vie académique
Depuis 2020 Responsable Groupe Recherche Finance, Accounting and Management
Control, ESSCA School of Management, France
2016 - 2020 Responsable axe de recherche Finance Gestion des Risques, ESSCA
School of Management, France
04/02/2022 Wael LOUHICHI page 1/9EXPÉRIENCE PROFESSIONNELLE
Vie académique
Depuis 2014 Professeur de Finance, ESSCA School of Management, France
2008 - 2013 Maître de Conférences en Finance, Université de Rennes 1, France
2006 - 2008 Professeur Assistant en Finance, ESC Amiens, France
2001 - 2005 Attaché Temporaire d’Enseignement et de recherche, Université de
Perpignan, France
ACTIVITÉS DE RECHERCHE
Service à la discipline
Adhésion à une association académique
Depuis 2003 Adhésion professionnelle, Association Française de Finance (AFFI)
Comité d'une association académique
Depuis 2018 Membre Exécutif, Global Finance Association, Etats-Unis d'Amérique
2007 - 2017 Membre, European Financial Management Association (EFMA)
Comité scientifique d'une conférence académique
2021 - 2021 PANORisk Research Day: Sustainable Finance, Climate Change & Energy
Risks: New Trends & Challenges, ESSCA School of Management, France
2021 - 2021 Co-président du comité scientifique : Financial Economics Meeting Crisis
Challenges (FEM-2021), EDC Business School, ESSCA, Cergy Paris
Université, France
2019 - 2019 Organisation : Journée d'étude CSR, Ethics and Financial Risks, PANORisk,
France
2017 - 2017 Organisation : Conference on Measurement, Valuation and Modelling of
Finance Risks, PANORisk, France
2017 - 2017 Organisation : 25th Conference, Global Finance Association, France
Consortium de recherche
2016 - 2021 PANORisk, Conseil Régional des Pays de la Loire, France
Organisation de workshop et séminaire
2017 - 2017 3rd International Workshop on “Financial Markets and Nonlinear
Dynamics” (FMND)
2015 - 2015 2nd International Workshop on “Financial Markets and Nonlinear
Dynamics” (FMND)
Supervision de thèses de doctorat
2016, novembre, Co-directeur de thèse
Sélom Yaovi AGBETONYO, Les conséquences des annonces de variations des dividendes
sur le marché financier français en temps de crise : une analyse comparative par rapport
à la crise financière de 2007-2009, Université de Rennes 1
2016, juin, Directeur de thèse
Ousayna ZREIK, Trois essais sur la divulgation des risques, Université de Rennes 1
Jury Doctorat
2021, juin, Rapporteur
R. OUESLATI, Dynamique du risque de défaut et transformation réglementaire: cas des
banques dans un contexte de haute exposition., Université de Picardie Jules Verne
04/02/2022 Wael LOUHICHI page 2/92018, décembre, Rapporteur Elena SUDYKO, Dollarisation financière en Russie, Université Paris-Saclay 2018, juillet, Rapporteur Ismahan Asma TALEB BENDIAB, Évaluation de l’efficience, la performance et le risque des banques conventionnelles et con-conventionnelles : essais empiriques, Université Paris-Saclay PUBLICATIONS SCIENTIFIQUES Articles à comité de lecture FTITI, Z., JAWADI, F., LOUHICHI, W. et MADANI, M.E.A. (2021). Are oil and gas futures markets efficient? A multifractal analysis. Applied Economics, 2021/53(2), pp. 164-184. BEN AMEUR, H. et LOUHICHI, W. (2021). The Brexit impact on European market co- movements. à paraître Annals of Operations Research. FTITI, Z., BEN AMEUR, H. et LOUHICHI, W. (2021). Does non-fundamental news related to COVID-19 matter for stock returns? Evidence from Shanghai stock market. Economic Modelling, 99. FALL, M., LOUHICHI, W. et VIVIANI, J.L. (2021). Forecasting the intra-day effective bid ask spread by combining density forecasts. Applied Economics, 53(50), pp. 5772-5792. JERIJI, M. et LOUHICHI, W. (2021). The relationship between poor CSR performance and hard, negative CSR information disclosures. Sustainability Accounting, Management and Policy Journal, 12(2), pp. 410-436. BEN AMEUR, H., FTITI, Z. et LOUHICHI, W. (2021). Intraday spillover between commodity markets. Resources Policy, 74(102278). LOUHICHI, W., FTITI, Z. et BEN AMEUR, H. (2021). Measuring the global economic impact of the coronavirus outbreak: Evidence from the main cluster countries. Technological Forecasting and Social Change, 167. FARZA, K., FTITI, Z., HLIOUI, Z., LOUHICHI, W. et OMRI, A. (2021). Does it pay to go green? The environmental innovation effect on corporate financial performance. Journal of Environmental Management, 300, pp. 113695. LOUHICHI, W., JERIJI , M. et FTITI, Z. (2021). Le reporting sociétal : mythe ou réalité ? Question(s) de Management, 36(6), pp. 101-111. BEN AMEUR, H., FTITI, Z. et LOUHICHI, W. (2021). Revisiting the relationship between spot and futures markets: evidence from commodity markets and NARDL framework. Annals of Operations Research. FTITI, Z., LOUHICHI, W. et BEN AMEUR, H. (2021). Cryptocurrency volatility forecasting: What can we learn from the first wave of the COVID-19 outbreak? Annals of Operations Research. JAWADI, F., FTITI, Z. et LOUHICHI, W. (2020). Forecasting Energy Futures Volatility with Threshold Augmented Heterogeneous Autoregressive Jump Models. Econometric Reviews, 39(1), pp. 54-70. AUBERT, F. et LOUHICHI, W. (2020). Why Do Firms Release Profit Warnings? Economics Bulletin, 40(2), pp. 1056-1067. 04/02/2022 Wael LOUHICHI page 3/9
LOUHICHI, W., BEN AMEUR, H. et FTITI, Z. (2020). New Outlook for Oil Market in the New Post-Coronavirus World. IAEE Energy Forum, Special Covid-19 Edition, pp. 30-32. LOUHICHI, W., FOURATI, A. et JERIJI , M. (2020). L’impact de la RSE sur la relation entre la gestion de résultat et la qualité du reporting financier et extra-financier: Le cas français. Recherches en Sciences de Gestion, 2020/2(137), pp. 115-142. BEN AMEUR, H., FTITI, Z., JAWADI, F. et LOUHICHI, W. (2020). Measuring extreme risk dependence between the oil and gas markets. Annals of Operations Research. ARBI MADANI, M., FITI, Z., LOUHICHI, W. et BEN AMEUR, H. (2020). Intraday hedging and the safe-haven role of Bitcoin. Bankers, Markets & Investors, 163. BRIK, H., EL OUAKDI, J., FTITI, Z. et LOUHICHI, W. (2020). The predictive power of country governance for economic and financial vulnerabilities occurrence. Gestion 2000, 37(5), pp. 105-119. JAWADI, F., LOUHICHI, W., CHEFFOU, K. et BEN AMEUR, H. (2019). Modeling time- varying beta in a sustainable stock market with a three-regime threshold GARCH model. Annals of Operations Research, 281(1-2), pp. 275–29. LOUHICHI, W., FALL, M. et VIVIANI, J.L. (2019). Empirical tests on the asset pricing model with liquidity risk: An unobserved components approach. Economic Modelling, 80, pp. 75-86. FTITI, Z., JAWADI, F., LOUHICHI, W. et MADANI, M.A. (2019). On the relationship between energy returns and trading volume: a multifractal analysis. Applied Economics, 51(29), pp. 3122-3136. LOUHICHI, W. et RAIS, H. (2019). Refinement of the hedging ratio using copula-GARCH models. Journal of Asset Management, 20(5), pp. 403-411. LOUHICHI, W., BOUZGARROU, H. et CHEBBI, T. (2019). News and Sovereign CDS Spillovers: The Case of the Euro Area Markets. Bankers, Markets & Investors, 158. JAWADI , F., LOUHICHI, W., BEN AMEUR, H. et FTITI, Z. (2019). Do Jumps and Co-jumps Improve Volatility Forecasting of Oil and Currency Markets? Energy Journal, 40(Special Issue). BEN AMEUR, H., JAWADI, F., IDDI CHEFFOU, A.K. et LOUHICHI, W. (2018). Measurement Errors in Stock Markets. Annals of Operations Research, 262(2), pp. 287–306. LOUHICHI, W., BEN AMEUR, H. et JAWADI, F. (2018). Modeling International stock Price co-movements with high frequency data. Macroeconomic Dynamics, 22(7), pp. 1875- 1903. BOUZGARROU, H., JOUIDA, S. et LOUHICHI, W. (2018). Bank profitability during and before the financial crisis : domestic vs foreign banks. Research in International Business and Finance, 44, pp. 26-39. VIVIANI, J.L., LAI, A.N. et LOUHICHI, W. (2018). The impact of asymmetric ambiguity on investment and financing decisions. Economic Modelling, 69, pp. 169-180. BRIK, H., EL OUAKDI, J., FTITI, Z. et LOUHICHI, W. (2018). Determinants of Equity Returns Correlations. Bankers. Bankers, Markets & Investors, (154-155), pp. 1-10. LOUHICHI, W. et ZREIK (2017). Risk sentiment and Firms' liquidity in the French market. Research in International Business and Finance, 39, pp. 809-823. 04/02/2022 Wael LOUHICHI page 4/9
LOUHICHI, W. et GEBRAN HARB, E. (2017). Pricing CDS spreads with Credit Valuation Adjustment using a mixture copula. Research in International Business and Finance, 39, pp. 963-975. LOUHICHI, W. (2017). Modelling the Relationship between Future Energy Intraday Volatility and Trading Volume with Wavelet. Applied Economics, 49(20), pp. 1981-1993. JAWADI, F., JAWADI, N., IDI CHEFFOU, A., BEN AMEUR, H. et LOUHICHI, W. (2017). Modelling the Effect of the Geographical Environment on Islamic Banking Performance : a panel Quantile regression analysis. Economic Modelling, 2017(67), pp. 300-306. LOUHICHI, W. et ZREIK, O. (2017). Risk Disclosure and company unsystematic, systematic, and total Risks. Economics Bulletin, 37(1), pp. 448-467. VERYZHENKO, I., HARB, E., LOUHICHI, W. et ORIOL, N. (2017). The impact of the french financial transaction tax on HFT activities and market quality. Economic Modelling, 2017(67), pp. 307-315. BEN CHEIKH, N. et LOUHICHI, W. (2016). Revisiting the role of inflation environment in exchange rate pass-through: A panel threshold approach. Economic Modelling, 52(2016), pp. 233-238. LOUHICHI, W., JAWADI, F., IDI CHEFFOU, A. et RANDRIANARIVONY, R. (2016). Intraday jumps and trading volume: a nonlinear Tobit specification. Review of Quantitative Finance and Accounting, 47(4), pp. 1167-1186. JAWADI, F., LOUHICHI, W., BEN AMEUR, H. et IDI CHEFFOU, A. (2016). On oil-US exchange rate volatility relationships: An intraday analysis. Economic Modelling, 59, pp. 329-334. JAWADI, F., CHEFFOU, A.I., JAWADI, N. et LOUHICHI, W. (2016). On the Reputation of Islamic Banks: a Panel Data Qualitative Econometrics Analysis. Open Economies Review, 27(5), pp. 987–998. LOUHICHI, W., BEN AMEUR, H., IDI CHEFFOU, A., JAWADI, F. et HDIA, M. (2015). Assessing for time variation in oil risk premia : an adcc-garch-capm investigation. Energy Studies Review, 21(2), pp. 13-22. LOUHICHI, W., JAWADI, F. et CHEFFOUR, K. (2015). Intraday bidirectional volatility spillover across international stock markets: does the global financial crisis matter? Applied Economics, 47(34-35), pp. 3633-3650. LOUHICHI, W. et AUBERT, F. (2015). Analyst earnings forecast revision activity around profit warnings across four European countries. Journal of Applied Accounting Research, 16(1), pp. 58-87. LOUHICHI, W. et ZREIK, O. (2015). Corporate Risk Reporting: A study of The Impact of Risk Disclosure on Firms reputation. Economics Bulletin, 35(4), pp. 2395-2408. LOUHICHI, W., JAWADI, F. et CHEFFOU IDI, A. (2015). Testing and modeling jump contagion across international stock markets: A nonparametric intraday approach. Journal of Financial Markets, 26, pp. 64-84. LOUHICHI, W. et JAWADI, F. (2014). Is Islamic Conventional and Islamic stock price performance: An empirical investigation. International Economics Mai, pp. 73-87. LOUHICHI, W. et BOUZGARROU, H. (2014). Does The Financing Decision Help To Understand Market Reaction Around Mergers And Acquisitions? Journal of Applied Business Research, 30(2), pp. 465-478. 04/02/2022 Wael LOUHICHI page 5/9
LOUHICHI, W. et BOUZGARROU, H. (2013). Ratio cible d’endettement et financement des opérations d’acquisitions : Le cas français. Recherches en Sciences de Gestion, 97, pp. 47-67. LOUHICHI, W., JAWADI, F. et AMEUR, H. (2013). Do the US trends drive the UK–French market linkages?: empirical evidence from a threshold intraday analysis. Applied Economics Letters, pp. 499-503. LOUHICHI, W., AROURI, F., JAWADI, N. et AMEUR, H. (2013). Is Islamic finance enough for investors to escape from a financial downturn? Applied Economics, 45(24), pp. 3412-3420. LOUHICHI, W., BENKRAIEM, R. et LE ROY, F. (2012). Football et Bourse. Recherches en Sciences de Gestion, (91), pp. 85-106. LOUHICHI, W. (2012). Does trading activity contain information to predict stock returns? Evidence from Euronext Paris. Applied Financial Economics, 22(8), pp. 625- 632. LOUHICHI, W. (2012). L’asymétrie informationnelle autour des annonces publiques. La Revue des Sciences de Gestion, 254, pp. 49-57. LOUHICHI, W., BENKRAIEM, R. et LE ROY, F. (2011). Sporting performances and the volatility of listed English football clubs. International Journal of Sport Finance (FIT), pp. 283-297. LOUHICHI, W. et AUBERT, F. (2011). L’impact informationnel de l’alerte aux résultats sur l’annonce du résultat annuel. Comptabilité, Contrôle, Audit, 17(2), pp. 11-36. LOUHICHI, W. (2011). What drives the volume-volatility relationship on Euronext Paris? International Review of Financial Analysis, 20(4), pp. 200-206. LOUHICHI, W. et CELLIER, A. (2011). Intraday relationship between information flow and market activity. Journal of Applied Business Research, 27(3), pp. 55-70. LOUHICHI, W. (2010). Which trades move stock prices on Euronext Paris? Journal of Asset Management, 10(6), pp. 382-391. LOUHICHI, W., BENKRAIEM, R. et MARQUES, P. (2009). Market reaction to sporting results: The case of European listed football clubs. Management Decision, 47(1), pp. 100-109. LOUHICHI, W. (2008). Price adjustment to annual earnings announcements: Evidence from Euronext Paris. Review of Accounting and Finance, 7(1), pp. 102-115. LOUHICHI, W. (2007). Le comportement des différentes catégories d’investisseurs autour des annonces publiques. Revue Banque, pp. 28-40. Ouvrages et edition d’ouvrages FTITI, Z., BEN AMEUR, H. et LOUHICHI, W. (2021). Financial and Economic Systems: Transformations and New Challenges. World Scientific Publishing Co Pte Ltd, 608 pages. LOUHICHI, W., DUFRENOT, G. et JAWADI, F. (2014). Market Microstructure and NonLinear Dynamics – Keeping Financial Crisis in Context. New York: Springer International Publishing. Chapitres d’ouvrage 04/02/2022 Wael LOUHICHI page 6/9
LOUHICHI, W. et BEN CHEIKH, N. (2015). Pass-Through of Exchanges Rate Shocks to Prices in the Euro Area : evidence from Pricing Chain Model. Dans: W Barnett and F Jawadi (ed.). International Symposia in Economic Theory and Econometrics. 1st ed. Londres: EmeraldGroup Publishing, pp. 113-162. LOUHICHI, W., TOUMI, K. et VIVIANI, J. (2012). Alternative Financial Decision Principles: Theoretical Foundations of Islamic Banks Capital Structure. Dans: W. Barnett et F. Jawadi (ed.). Recent Developments in Alternative Finance Empirical Assessments and Economic. 1st ed. EmeraldGroup Publishing. LOUHICHI, W., AROURI, M., JAWADI, F. et NGUYEN, D. (2011). Nonlinear Shift Contagion Modelling: Further Evidence from High Frequency Stock Data. Dans: G.N. Gregoriou et R. Pascalau (ed.). Financial Econometrics Handbook. 1st ed. Basingstoke: Palgrave Macmillan, pp. 143-160. Présentations dans des conférences avec actes PRIGENT, J.L., BEN AMEUR, H., FTITI, Z. et LOUHICHI, W. (2021). Insurance Portfolio Strategies with Time Varying Multiples Based on Good and Bad Volatility Dynamics. Dans: 37th International Conference of the French Finance Association (AFFI). Audencia, Nantes: LOUHICHI, W., ZOUHOUR, M., HAMZA, T. et FTITI, Z. (2021). International Evidence from the ICO success and the project starting-up. Dans: 3rd Digital, Innovation, Entrepreneurship & Financing (DIF) Conference. INSEEC U, Lyon: LOUHICHI, W., FALL, M. et VIVIANI, J.L. (2020). Forecasting the intra-day effective bid ask spread by combining density forecasts. Dans: 6th International Symposium in Computational Economics and Finance (ISCEF). Paris: LOUHICHI, W. (2019). Hedging and safe having of Bitcoin and Gold. Dans: Financial Economics Meeting: Post-Crisis Challenges (FEM). Hammamet: BEN AMEUR, H., FTITI, Z., JAWADI , F. et LOUHICHI, W. (2019). Investors' behavior and stock price movements. Dans: 4th International Workshop on Financial Markets and Nonlinear Dynamics. Paris: LOUHICHI, W. (2018). Intraday Cojumps between Oil Price and U.S. Dollar Exchange Rates. Dans: 5th International Symposium in Computational Economics and Finance. LOUHICHI, W. (2018). Modelling the Relationship between Energy Markets. Dans: . International Research Conference on Business and Economics and Social Sciences Theorie. LOUHICHI, W. (2018). News and Sovereign CDS Spillovers : The Case of the Euro Area Markets. Dans: 27th International MBF Conference. Rome: LOUHICHI, W. (2017). Co-Jump Between Crude Oil Market and Exchange Rate Market. Dans: Global Finance Conference. New-York: LOUHICHI, W. (2017). to be confirmed. Dans: World Finance & Banking Symposium. Bangkok: LOUHICHI, W. (2016). Co-jumps between Crude Oil market and Euro / Dollar Exchange Rate. Dans: Conference on applied Financial Modelling. Melbourne: Deakin University. LOUHICHI, W., VERYZHENKO, I. et GEBRAN HARB, E. (2016). The impact of the French financial transaction tax on high frequency trading activities and market quality. Dans: International Symposium in Computational Eononomics and Finance. Paris: 04/02/2022 Wael LOUHICHI page 7/9
LOUHICHI, W., JOUIDA, S. et BOUZGARROU, H. (2016). Bank Profitability during and before financial crisis : domestic vs foreign banks. Dans: International Symposium in Computational Economics and Finance. Paris: LOUHICHI, W. (2016). La décision face au changement : un équilibre entre effort cognitif et repères émotionnels. Dans: Les 2ème Rencontres Internationales des Sciences du Management & les 13èmes journées Humanisme et Gestion. Marrakech: LOUHICHI, W. (2015). On the relationship between intrady jumps and Trading volume : a nonlinear tobit specification. Dans: the 8th NCTY International Finance conference. LOUHICHI, W. (2015). A Non Parametric Approach to Modeling Intradaily Stock Price Comovements. Dans: 56th Meeting of the Euro Working Group of Commodities and Financial Modeling (EWGCFM). Dubai: LOUHICHI, W., GEBRAN HARB, E. et VERYZHENKO, I. (2015). The impact of the French financial transaction tax on high frequency trading activities and market quality. Dans: 3rd Bordeaux Workshop in International Economics and Finance "Alternative Platforms and Organization of Trading Activities". Bordeaux: BEN CHEIKH, N. et LOUHICHI, W. (2015). Pass-Through of exchange rate shocks to prices in the Euro Area : evidence form pricing chain model. Dans: 11th international business and social science research conference. Dubaï, United Arab Emirates: LOUHICHI, W., BARNETT, W. et JAWADI, F. (2015). Pass through of exchange rate shocks to prices in the Euro area: evidence from pricing chain model. Dans: International symposia in economic theory and econometrics. Londres: pp. 113-162. BEN CHEIKH, N. et LOUHICHI, W. (2014). Revisiting the Role of Inflation Environment in the Exchange Rate Pass-Through: A Panel Threshold Approach. Dans: 3rd International Symposium in Computational Economics and Finance (ISCEF). Paris, France: LOUHICHI, W. et JAWADI, F. (2014). Volatility spillovers among international markets. Dans: 3rd International Symposium in Computational Economics and Finance. Paris: LOUHICHI, W. (2014). Risk Sentiment and firms' liquidity : Evidence from the French Market. Dans: Conférence annuelle de l'European Academy of Management (EURAM). Valencia: LOUHICHI, W. et BOUZGARROU, H. (2012). Does the financing decision help to understand market reaction around mergers and acquisitions? Dans: EFMA (European Financial Management Association). Barcelone: LOUHICHI, W., BENKRAIEM, R. et LE ROY, F. (2010). Sporting performances and the volatility of listed English football clubs . Dans: EURAM 2010. Rome: LOUHICHI, W., BENKRAIEM, R. et LE ROY, F. (2010). Sporting performances and the volatility of listed English football clubs . Dans: AFFI 2010. Saint Malo: LOUHICHI, W., BENKRAIEM, R. et LE ROY, F. (2010). Sporting performances and the volatility of listed English football clubs . Dans: EFMA 2010. Aarhus: LOUHICHI, W., MARQUES, P. et BENKRAIEM, R. (2009). The stock market valuation of football game results . Dans: 16th Congress of the European Association for Sport Management. Heidelberg: LOUHICHI, W. et AUBERT, F. (2008). Market activity around Profit Warnings. Dans: congrès annuel EAA (European Accounting Association). Rotterdam: 04/02/2022 Wael LOUHICHI page 8/9
LOUHICHI, W. (2007). Which orders move stock prices on Euronext Paris? Dans: 20th Australasian Banking and Finance Conference. Sydney: LOUHICHI, W. (2007). Trade size and stock returns . Dans: 5th International Finance Conference. Hammamet: LOUHICHI, W. (2005). Le sens des transactions autour des annonces publiques . Dans: 3rd International Finance Conference. Hammamet: LOUHICHI, W. (2004). Market reaction to annual earnings announcements : the case of Euronext Paris. Dans: congrès annuel de l’EFMA (European Financial Management Association). Basel: LOUHICHI, W. (2003). Comportement du marché autour des périodes d’annonce des résultats. Dans: 2nd International Finance Conference. Hammamet: 04/02/2022 Wael LOUHICHI page 9/9
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