Wedding Planning Research Paper Example | Topics and Well Written Essays - 5000 words

Wedding Planning - Research Paper Example The most significant is to make an agenda comprising of the considerable number of variables to plan for. Before really going for the genuine meeting, the interviewee ought to know about every single detail of the administration to be advertised. These incorporates thoughts for settings, picture takers, wedding service music, subtleties and methodology of the marriage permit, guidance for the wedding gathering including the hour of the gathering, other gathering exercises. As a wedding organizer, one should know every single detail of the wedding and ought to have legitimate contacts in the correct spots. Clearly the meeting couple or family would pose a great deal of inquiries identified with the experience of the organizer just as all other minor subtleties of the wedding arrangements. Along these lines, the interviewee ought to likewise have all the essential reports, handouts of picture takers, lodgings, cooks and so forth. It is prudent to likewise convey pictures of past weddings arranged by the interviewee. This would give a plan to the group of what's in store from their own agreement. The interviewee ought to likewise have the option to give advices on lodging housing, picture takers, reasonable areas and so forth. The wedding organizer ought to likewise give insights regarding the bundles offered by him for the couple including subtleties of the wedding arranging administrations, wedding day coordination plans, wedding counsels and different administrations advertised. Other significant subtleties ought to incorporate the evaluating of the administrations, critical highlight s of the customer contract and each major also minor detail of the administrations accommodated the wedding. The wedding organizer ought to have the option to persuade the couple that he would assume all the liability for the wedding and would ensure that the wedding happens in the most ideal manner conceivable and as indicated by the desires of the lady of the hour, the lucky man and their families. The organizer ought to have the option to persuade the family that he would be liable for every single thing and would ensure

Admission Acceptance Essay Example | Topics and Well Written Essays - 500 words

Confirmation Acceptance - Essay Example Everything was so extraordinary. I had abandoned in my country, everything that appeared to be typical and characteristic to me and wound up in a totally outsider culture. My capability in English was scarcely acceptable. In addition to the fact that I had trouble communicating, I thought that it was troublesome, too, to comprehend communicated in English here. Since those initial not many difficult months, I have increased a solid handle of the language and, all the more significantly, the social and language subtleties that were so unfamiliar to me at first.Something as straightforward as school was extremely unusual from what I was acquainted with; the schools in India are totally different from those here in the US, and it was practically overpowering at first, however I have since conquered those obstructions. My school work suffered to a degree during my progress, and in this manner, my evaluations don't completely mirror my latent capacity or knowledge. I needed to work more d iligently than the vast majority of my friends so as to keep up in my homework, not on the grounds that I was not shrewd enough, but since everything was new and unique and I needed to get familiar with English. It affected my evaluations, yet it showed me much myself and what I am able to do. I have increased significant understanding into what I can achieve in my life and discovered that now and again the significant exercises we learn can't be estimated by outer principles.

Lets go through the extreme treatment of the blac Essays - Politics

How about we experience the outrageous treatment of the blacks history. Back in 1900's blacks didn't have the regard for the white individuals meaning they needed to feel the outrageous awfulness of insolence like utilizing disqusting restrooms, they needed to remain on the transport, land low pay positions, get wrongly supported for violations, and was cruelly beaten by the cops. The present subject is about equivalent rights, similarites, retone and finishing isolation. Since you have a general thought of dark's history how about we go further. The motivation behind why dark's were dealt with gravely was a direct result of their disdain skin shading. Like what Martin Luther lord Jr. said this pivotal pronouncement came as an extraordinary guide light of would like to milions of negro slaves who have been burned in the flares of wilting equity meaning they didn't have a similar equity as whites. Same with Abraham Lincoln, who said the valiant men,living and dead, who battled here have blessed it, for over our poor capacity to include or diminish meaning men are biting the dust for opportunity. They have similitudes like the two of them talk about closure this gore and offering guilty pleasure to the individuals who don't have equivalent rights. We are going to discuss the various words Marther Luther King and Lincoln use in their discourses. How Marther Luther King utilize his words are depict as aware, amiable, maintaining and appreciating to the African Americans who don't have equivalent rights. In the Gettysburg Address Lincoln words are portray as unassuming, polite, common, and careful to all the warriors who battled in the common war (all wars battling for autonomy before lincoln life).How are they indistinguishable is both of their discourses are discussing how you dont need to utilize savagery to take care of an issue, you can end it in a respectful way, and the words they use are appreciating to all the residents of the United States of America w ho gladly regard this nation dark or white it doesn't make a difference. Their talks were intended to end segregation and scorn to the African American. In Marther Luther King discourse, King tends to that the whites are giving the blacks no regard importance giving them no equivalent rights as an individuals. In Gettysburg Address Lincoln address that warrior's are battling for the captives to get back their opportunity and attempting to rejoin the nation. How are they comparative is that they are both attempting to end segregation and disdain around the UnitedSstates for better opportunity and equivalent rights. Everything closes here both learned men end separation with their expressions of enlightenedment for their residents that they need to keep flexible everlastingly despite the fact that they are dead. US goes through the lines of opportunity and want to give equivalent rights to all residents of this country.We discussed lincoln and marther luther ruler talks about how they end scorn around this nation, their likenesses of their addresses and the words they use to respect everybody in the United States of America.

Voice in Writing 77 Questions to Find Yours

Voice in Writing 77 Questions to Find Yours Voice in Writing: 77 Questions to Find Yours Finding your special voice recorded as a hard copy can be so precarious. Have you at any point figured, Why do I appear to turn out to be all the more exhausting the more I write?Or, perhaps youre figuring, Why do I battle to compose when I can converse with individuals so effectively about the equivalent subject?Sometimes, there’s a distinction between how we need to state something and how it really sounds.Our voice as an author can get lost, spoiled, or may simply be inconsistent.The approach to battle this is found in a two-section solution:Create an avatar.Write to that avatar.What Is An Avatar?To an essayist, a symbol is a composite of attributes of individuals that you need as your optimal perusers. This individual ought to have a name, an image, a particular segment, and other nitty gritty characteristics. When you can without much of a stretch hold an image of who this individual is in your mind’s eye, you can build up your writer’s voice by keeping in t ouch with your avatar.When you hold your symbol as a main priority, you’re ready to compose as though youre having a discussion. This permits you to be progressively genuine, increasingly accommodating, and it empowers you to interface with your peruser which will thus assist you with selling more books.If your perusers are the correct perusers (the individuals that your symbol spoke to), they will think as they read your book, Oh wow, this book was composed precisely for me!How Do I Create An Avatar?A decent initial step is to think, Who is one individual in my life that this book would help the most?If there is somebody that you think possesses all the necessary qualities precisely, at that point presto! Compose the book for that person.Chandler Bolt, organizer of Self-Publishing School, even recommends beginning every section off by tending to your avatar.For model, if your symbols name is Sharon, you could begin every part by saying, Dear Sharon. Afterward, in your alteri ng procedure, you can erase that underlying greeting.Chandler says, What youll find is that when youre battling with your voice and youre not certain what to state, youll simply return to, What might [name of avatar] need to hear at this moment? What story would most impact them? How might I compose the following part of my book in a language that would resound the most to [name of avatar]?'You will compose quicker, you will compose simpler, and you will compose books that your perusers crave.Is an Avatar Necessary?Some individuals may decide on a huge number of measurements that speak to the general segment of their peruser rather than a symbol. In any case, basing your discounting voice of a nonexclusive comprehension of your optimal peruser will bring about a conventional depiction of your message.And, with a conventional message, your crowd will be excessively expansive. As its been stated, When your crowd is everybody, your crowd is no one.But I Dont Have An Avatar!If you dont know somebody that impeccably encapsulates your symbol, don’t stress!Here are 77 inquiries that you can reply to substance out your symbol, and thus, cement your voice as a writer.Determine Your Avatars DemographicsWhat is your symbols name?What is your symbols age?What is your symbols gender?What is the conjugal status of your avatar?How numerous youngsters does your symbol have?What are the times of your symbols children?What is your symbols occupation?What is their activity title?How numerous years have they been in their current position?What is your symbols yearly income?How numerous employments have they held all through their career?What is your symbols level of education?Where did they go to school?What sort of experience did they have at school?Who were their companions at school?What are your symbols political views?What are your symbols strict views?It is even significant that you characterize your symbols physical qualities. This implies you ought to try and have an image of your avatar!You can without much of a stretch discover an image on the web to discover a picture that catches the vibe of your made avatar.What is your avatar’s hair color?What is your avatar’s eye color?What is your avatar’s weight?What is your avatar’s height?What does their outward appearances look like when theyre disappointed? Tired? Befuddled? Upbeat? Amazed? Taken off-guard?Determine Your Avatars PersonalityDescribe your symbols character at home, busy working, and in other social circumstances. (On the off chance that youre stuck, think about the inquiries, What makes your symbol on edge? Does your symbol have a sense of safety in social circumstances? Does your symbol ache for consideration or attempt to maintain a strategic distance from it? Does your symbol feel acknowledged in their relationships?)If you could tell your symbol anything, and you realized that they would hear you, however apply what youve stated, how might you educat e them?What are careful statements that your symbol would state? (On the off chance that you are uncertain of this, basically watch human whether close companions or other online existences and see how they talk. What do their Facebook remarks resemble, their Amazon book audits, etc.?)What contemplations keep your symbol conscious at night?What does your avatar’s commonplace social condition look like?How does their way of life impact their character and decisions?What things does your symbol feel like they have control over?What things does your symbol feel like are out of their reach?What does your symbol stress about?Who does your symbol celebrate?Has your symbols life satisfied their expectations?Determine Your Avatars Hobbies and InterestsWhat kind of music does your symbol listen to?How regularly does your symbol tune in to music?Does the person like games? Do they appreciate viewing? Playing?Is your symbol inspired by art?Where does your symbol need to travel?Where has your symbol as of now traveled?What does your symbol keep awake to-date on?What are your symbols most loved dress brands?Determine Your Avatars Goals and ValuesWhat does your symbol need to achieve this week? This year? Before they die?What is your symbols procedure for moving in the direction of those goals?What is your symbol focused on (values)?In what ways does your symbol wish to improve their family situation?What would your symbol pay nearly anything for?Determine Your Avatars Challenges and Pain PointsWhat challenges is your symbol presently facing?What causes your symbol pain?What is the most exceedingly awful thing that could happen to your symbol if their concern (that you are unraveling in your book) wasnt solved?How would this make them feel?What is your symbol apprehensive of?What does your symbol hate about their current situation?Determine Where Your Avatar Spends TimeWhere does your symbol hang out (physical locations)?Where does your symbol invest energy in the in ternet?What books does your symbol read? Computerized Marketer, an online business that spends significant time in web showcasing, recommends that you answer the inquiry, My optimal [reader] would peruse [book name], yet nobody else would. By deciding a book that your symbol would peruse, however nobody else would, you can comprehend the character and purchasing qualities of your symbol even more.What magazines does your symbol read?What sites and sites does your symbol peruse and invest energy on?Does your symbol use Twitter? Why?Does your symbol use Facebook? Why?Does your symbol use LinkedIn? Why?What other online networking stages does your symbol use? Why?How much time does your symbol spend online?What meetings does your symbol attend?Who does your symbol think about masters or experts?What sorts of innovation does your symbol use (what kind of telephone, PC, TV, etc.)?What does your symbol consider themselves?What does your symbols companions consider them?What does your symb ols family consider them?Determine Objections Your Avatar Might Have To Your Book/MessageWhat potential protests may your symbol have to your book/message?Why would your symbol decide not to purchase your book?What is your symbols capacity to buy items from you?How does your symbol see items like yours?Determine What Your Avatars Experience With Your Book Should BeWhat did your symbol do before perusing your book?What will your symbol think while perusing your book?What is your symbol attempting to achieve by perusing your book?What will your symbol do subsequent to perusing your book?What will make your symbol return to your book?Steps to Find Your Voice in WritingTo make your symbol, something that will enormously upgrade your voice as an essayist and your overall capacity to offer to and associate with your perusers, do the following:Answer the inquiries above.Based on the data you assemble, compose a tale about your symbol. Change the realities into a short account about this pe ople life.Write your book to this individual and watch your composing voice become increasingly predictable and powerful.Knowing who you are composing for not just impacts future blog entries, deals duplicate, email showcasing, and paid traffic publicizing, it likewise encourages you compose your book.

The Morality of Zoos

The word zoo is a genuinely expansive term. Zoos are most ordinarily thought of as a fascination instead of a methods for instruction. All the more significantly, they are once in a while connected with the endurance of humankind. While zoos are a type of amusement for people in general and an available industry for the administration; the vast majority of them do in truth look into the creatures they have in their bondage. This exploration can be helpful and life putting something aside for people and on the off chance that it were not for this testing, we would not have many key antibodies that we have today. For this paper the term zoo can be applied to all creatures in captivity.This incorporates those for diversion, clinical testing, and recovery/security. Tom Reagan composed on if zoos are ethically solid, however incorporated the entirety of the recently recorded types of imprisonment under the title of â€Å"zoo†. He contends that zoos are improper on account of rights based standards; be that as it may, he neglects to see the ramifications of accepting that creatures have equivalent rights to people. In spite of the fact that his decision is bogus, it is ethically off-base and pointless to keep a creature in imprisonment only for open delight and monetary profit. Reagan presents two perspectives in demonstrating the corruption of zoos.First is the utilitarian viewpoint which guarantees that the enduring of creatures being in bondage far exceeds the enduring of people had the creatures not been in imprisonment. The subsequent view is the rights based standard, which is that creatures have rights and ought not be in bondage. He agrees with the last of the two speculations, concluding that the utilitarian view neglects to asses the entirety of the segments of human enduring without zoos. He guarantees that creatures ethically have rights to opportunity and regard subsequently making it shameless for people to remove this from them.The genuine hitch in his hypothesis however, is the means by which he proposes the ethical privileges of creatures. He asserts that they have rights in light of their attention to their reality and along these lines information on anguish and joy. Be that as it may, in spite of the fact that creatures know, they are not aware of circumstances and logical results. They don’t see the profound quality behind torment, they just instinctually maintain a strategic distance from it. To determine that they have a similar justification controls as people do on choosing if their activities are causing delight or torment, is to give their mindfulness an excess of credit.A great paper to demonstrate this point, is Carl Cohen’s Do Animals Have Rights? In it he reacts to Regan’s hypothesis that creatures have rights. Cohen concludes that Regan’s greatest mistake is partner two distinct adaptations of the extensively utilized term â€Å"inherent value† to figure his decision. Reg an claims that since creatures have intrinsic worth they are good operators and ought not be utilized in a manner that makes them less significant than people. Notwithstanding, Cohen says that since they have natural worth it doesn't mean they are good beings.Surely in light of the fact that they feel torment it is improper to make them endure unnecessarily however this doesn't give them indistinguishable rights from people. Creatures live in an irreverent world without regard or information on other living thing’s rights. Since they are ignorant of ethics and rights, it appears to be ridiculous to hold them to a similar good standard as people. It would show up then that when settling on the ethical authenticity of zoos, it is right to isolate human rights from the characteristic laws that creatures live by. The normal world depends on survival.Animals murder different creatures to endure and out of sense. House felines torment their prey before executing it, and bears eat t heir prey alive. Creatures act without the information on other living creatures reserving a privilege to life since it's anything but a matter of justification for them. They don't consider the to be of different creatures as an ethical issue since they are unequipped for getting a handle on such an idea. Since we as people do be able to legitimize we additionally have the duty to abstain from making damage and enduring other living things.However, people need to endure as well, and in the event that it implies saving creatures for clinical testing, at that point this ought not be taken a gander at any uniquely in contrast to a wolf assaulting a human to not starve. Creatures as of now utilize different creatures as apparatuses for endurance; and if so all things considered in clinical testing, at that point imprisonment ought to be permitted. Same goes for creature recovery and security from eradication. In spite of the fact that natural life jam are increasingly perfect for most creatures for this situation, even a little fenced in area zoo could be in that specific animal’s wellbeing concerning its health.Small walled in areas and jam can likewise give people parts on knowledge into the every day schedules of creatures in order to more readily shield them from annihilation. What is harsh and corrupt be that as it may, is utilizing zoos for money related increase and individual diversion. Through development a few creatures have gotten acclimated with human connection and unnatural environmental factors. Those that are not, in any case, ought not be placed in bondage for reasons unknown. That’s why we have house pets.

How To Write a Memoir - The Writers For Hire

Instructions to WRITE A MEMOIR Have you perused a journal of late? Odds are acceptable that you have, or at any rate you’ve saw a couple of making a sprinkle on the best vender records. Everybody from political figures to pop stars and even customary ordinary individuals appear to keep in touch with one nowadays. Possibly you’ve considered keeping in touch with one yourself. Be that as it may, what precisely is a diary? Who might even peruse it at any rate? Furthermore, where might you start? Those are on the whole great inquiries to pose. Truth be told, replying those inquiries is the absolute initial step to composing a diary. What Is a Memoir? A diary is a sort of true to life book, and it separates itself from an collection of memoirs in several different ways. A personal history is the account of someone’s whole life up to that point, while a diary is an assortment of tales about a specific time or specific excursion in a person’s life. It isn't the life in its whole. Diaries are likewise less formal than numerous different sorts of true to life, what's more, are told as a first individual record. The â€Å"I† in a journal is extremely large. The â€Å"I† is the core of the story. As opposed to featuring realities and chronicled information, the manner in which accounts do, the journal delights in sentiments and emotionshow the encounters influence the storyteller. Also, the narratives gathered in a journal all follow a explicit subject. Regardless of whether the subject is a troublesome youth, the way to edification, or the introduction of a business, the diary ought to have the option to tie everything together through a typical subject. Who Will Read It? Prior to starting to compose a journal, you ought to truly consider who your crowd will beâ€who would you say you are composing for? Is it true that you are composing it only for yourself? Taking the time to record our own recollections of a specific time in our lives or a specific excursion can be a very purifying encounter. While it's anything but a swap for treatment, if that is required, remembering our recollections in our own words can assist us with making feeling of those things. Are you composing it for your mate, youngsters, or other relatives? Genealogical information, famous family stories, loved recollections, also, wise counsel from our friends and family can be a blessing that will keep going for ages. Or on the other hand would you say you are composing it for mass utilization? In different words, would you say you are needing to have your book distributed? The reasons a outsider should peruse your book are immense, yet a large portion of those reasons can at last be isolated into two classifications: To feel associated with your story by finding out about encounters they can by and by relate to, or to have a better comprehension of the human experience by finding out about things they are totally new to, as an approach to stroll in somebody else’s shoes for a brief period. Where To Start? Since you realize what a diary is and responded to the inquiry of who will peruse yours, it’s time to start the creative cycle. Be that as it may, where do you start? Pick a Theme. A decent spot is by picking a topic. The topic responds to the inquiry what is the point? What is the general story you are attempting to tell? Is it accurate to say that you are recounting to an outsider story, as ‘Tis by Frank McCourt? This spin-off of his first book, Angela’s Ashes, picks up at his appearance in New York at 19 years old, and annals his initial not many a long time in another nation. Is your subject enslavement and recuperation, similar to Mary Karr’s incredible diary Lit? Or on the other hand is it a excursion of confidence, for example, the one related in lovely detail by Tara Westover in her book Educated? Perhaps you have a far-fetched business story like Girl Manager by Sophia Amoruso, or you have stories from an excursion like Jack Kerouac. Did you tackle a major venture like Julie and Julia, one woman’s (Julie Powell) endeavor to cook through Julia Child’s book Mastering the Art of French Cooking, or on the other hand go on an excursion of self-revelation like Eat, Ask, Love creator, Sara Gilbert? These are instances of topics effectively utilized in ongoing journals. Assemble your Stories. Regardless of what your topic is, once you’ve named it, you should remember it while choosing your accounts. Utilize old photos and other physical tokens to help trigger your memory, at that point accumulate the tales that follow the circular segment of your subject. What exercise do you need the peruser to leave with subsequent to perusing your book? Start in view of the before picture. What did you, your life, the venture look like toward the start? Pick stories that show what it resembled, how you thought, what you accepted, and the occasions that formed that conviction framework. At that point travel through the procedure. What was the point where things (or you) began to change? What occasion set off the change? Was there an emergency or revelation second? Did your musings or convictions start to change? Select stories that show what you realized through the experience, which encounters showed you those exercises, and ones that pass on your general message. End in light of the after picture. What do you, your life, the venture look like at this point? Have you or the venture changed in a few different ways? What ways? Be explicit. You may likewise need to assemble a couple of stories from others. Do you have companions or family who could offer an alternate point of view or fill in certain holes? Relatives can regularly be a significant asset in recalling names, dates, and different realities, yet they may likewise have stories about occasions that are applicable to yours, regardless of whether you were not by and by present. You may even need to meet others who have had encounters like yours. On the off chance that you are composing a trick journal about reestablishing an old transport, transforming it into a minor house on wheels, and living in it for a year, you could meet a couple of other people who have done that as well. These outside stories include a layer of validness to your book and can be remembered for various ways. They can be consolidated into your own story as information or data you presently have, or you can decide to cite the outsider in their own voice, isolating it both outwardly and narratively from the primary areas of the book. The two alternatives include components of intrigue and outside data that adjusts out your story. Compose an Outline. The initial step to composing a framework is choosing how you need to recount to your story. Would you like to begin toward the start, and move sequentially forward in time until you arrive at the resolution? Would you like to begin in present time and go in reverse to the start? Would you like to start some place in the center with a critical occasion, streak back to the start, at that point work your way forward. These are acceptable decisions, it just relies upon the tales you need to tell and how you need the circular segment of your story to move. Every single starter layout ought to include: 1.An presentation †this is the snare, what makes a peruser need to understand more. 2. Sections †your accounts separated in an intelligent way, coursing through the *narrative circular segment. 3. Determination †a recap of your progress/development through the subject to where you are currently. *What is a story circular segment? This term alludes to an essential, for the most part fulfilling (to the peruser) approach to recount to a story. It is in some cases basically called an account, and contains the accompanying components, regularly in a specific order: Accounts start with characters and setting. Every single great story start by spreading out who will be who and where the move is making place. This is here and there called, particularly in journals, a period of honesty. This the â€Å"before picture† we discussed earlier.The next fundamental component is the emergency. This is the point at which the character is called to change. It can occur through an occasion, an revelation, or something different that happens to break the hour of blamelessness and power the character to change in some way.Next is a progression of occasions essayists allude to as the Rising Action. This is the excursion the storyteller takes after the emergency. This is the place you incorporate the narratives of redesigning the transport, beginning the business, going to treatment or recovery, or cooking through the whole cookbook. This is the time when exercises are found out. At that point comes the peak, or the snapshot of most prominent strain in the book. Something noteworthy occurs and it approaches the storyteller to utilize the entirety of the exercises they have gotten the hang of during the rising activity to fix a serious issue. This is the point at which the business you’ve been building is nearly chapter 11 or in urgent need of financial speculator subsidizing, or when the transport you’ve chipped away at for a half year stalls out and about leaving you abandoned, or when the soufflã © you’ve rehearsed so fastidiously falls thirty minutes before your new supervisor appears for dinner.Next is the falling activity, where you show the peruser how you fix the issue. This is the point at which you not just recall the exercises you’ve learned, yet you really start to apply them. We see you, issue by issue, sifting through everything. We see you replacing the tires on the transport, taking a individual compensation slice or making sense of how to lessen costs so the business remains above water, evaluating the soufflã ©, choosing to toss it out and start all over (or simply request in). Lastly, the goals. This is the place the storyteller/principle character is appeared to have developed, developed, or changed in a few way. We see the after picture. Prepared to Write. Since you comprehend the style and tone of a diary, have settled on a topic, picked your accounts, talked with others whose accounts may be applicable to your book, assembled the entirety of the appropriate information, considered your account circular segment and composed a blueprint, it’s time to compose your diary. Indeed, even at this phase of the procedure, you despite everything have options. Compose your

Pathophysiology Acidosis and Alkalosis Shifts in the Body - 275 Words

Pathophysiology: Acidosis and Alkalosis Shifts in the Body (Essay Sample) Content: Acidosis and Alkalosis Shifts in the BodyStudentà ¢Ã¢â€š ¬s NameInstitutionAcidosis and Alkalosis Shifts in the BodyAcidosis and alkalosis are serious conditions that cause shifts of the serum potassium which may produce serious cardiac rhythm abnormalities. Current paper discusses the shift into and out of the cell that occurs with each alteration of pH. Furthermore, it looks at what a body tries to accomplish by these shifts. Finally, the paper analyzes pathophysiology and the potential cardiac dysrhythmias resulting from each shift and how this shift affects the action potential.As noted by Yee and Rabinstein (2010), the body may shift hydrogen ions in the manner of intracellular which helps to boost reabsorption in the accumulating canal. The amount of CO2 in the blood as well as in the kidneys is controlled by the lungs which in turn normalizes the level of bicarbonate (Lewis, 2013). A standard pH of blood is retained between 7.35 and 7.45 by the regulatory syst em (Lewis, 2013). When pH goes below 7.35, it leads to acidosis. Alkalosis appears when pH exceeds 7.45 (Ophardt, 2003). As noted by Ophardt (2003), insulin concentrations and acid-base status are factors that shift K in and out of cells. Additionally, it is worth noting that when insulin moves K into cells, it results in lower serum K concentration, thus leading to high concentration of insulin (Ophardt, 2003). Insulin low concentration causes K to move out of cells which leads to higher serum K (Lewis, 2013). With the help of shifting, the body tries to balance and normalize the alkalinity and acidity. As noted by Yee and Rabinstein (2010), respiratory acidosis is caused when CO2 is not removed from the blood due to...

Networking and Internet Technology Research Assignment - 275 Words

Networking and Internet Technology Research Assignment (Essay Sample) Content: Networking and Internet TechnologyStudents NameInstitutionSupervisors NameIntroductionThe deployment of video and voice networking to internet communication technology is becoming more popular in todays business. More organisations are reporting a lot of success with the use of voice and video networking as it puts more resources to the upfront networking design. They also pay a lot of attention to the creation and management of the capabilities, which allow them to proactively foresee problematic areas and provide lasting solutions from any part of the world. However, video streaming could be affected by various factors.While streaming through a networking device, it is always important to ensure the sensitive concerns of the data transfer. For example, the video bandwidth requirements should range above 128kbps for uninterrupted streaming. In a video conferencing streaming, there needs to be up to 6 mbps fore good telepresence, however, in most cases this will also depend with the location of the user meaning the demands of the bandwidth will also vary CITATION Adm17 \l 1033 (Admin, 2017). In most cases, live streaming are based on the peer-to-peer models, which provide for direction connection between the users. This complicates the networks even further as there bandwidth requirements cannot be predicted and will depend on the traffic at that particular moment.For audio communication, this is usually very easy and may not require a lot of bandwidth as it is with video streaming. The support is usually based on the human voice; audio streaming has been found to work well even in the most remote places than it is with the video and audio streaming CITATION Adm17 \l 1033 ...

Contrleur ou initi - Free Essay Example

Sample details Pages: 32 Words: 9500 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Section III- Actionnaire de contrle des entreprises tunisiennes: contrleur ou initi? Cette section est consacre lanalyse empirique de la relation entre la structure de lactionnariat de contrle et la liquidit des titres. Nous envisageons dans cette tude danalyser deux aspects de la structure de lactionnariat de contrle: la concentration et lidentit de lactionnaire dominant. Le premier aspect nous permettra de tester lincitation de lactionnaire dominant bnficier de lavantage informationnel quil dtient. Don’t waste time! Our writers will create an original "Contrleur ou initi" essay for you Create order Le second aspect nous aidera tester si le comportement de lactionnaire dominant dpend de son identit. Nous prsentons, en premier lieu, lchantillon de ltude et les variables retenues dans lanalyse. En second lieu, nous tudions les caractristiques de la structure de lactionnariat direct et ultime. Nous prsentons, galement, une analyse de corrlation afin dtudier les associations statistiques individuelles entre les mesures de liquidit et la structure de lactionnariat de contrle. En troisime lieu, nous exposons les modles, les tests, les rsultats et les interprtations. I- Structure de lactionnariat de contrle dans les entreprises tunisiennes En revoyant les tudes antrieures, nous constatons que lanalyse de la relation entre la liquidit et la structure de lactionnariat de contrle est effectue dans la plupart des temps dans les marchs dvelopps caractriss par une proprit trs disperse (Rubin, 2007; Heflin et Shaw, 2000). Au contraire, dans notre thse, nous nous intressons tester cette relation dans un march mergent marqu par la forte concentration de la proprit. Selon La Porta et al. (1999), les marchs mergents sont caractriss galement par la sparation entre le droit de vote et le droit au cash flow des actionnaires de contrle. Ils avancent que la structure de lactionnariat ultime permet dtudier les conflits dagences entre les actionnaires contrleurs et les actionnaires minoritaires. Pour cette raison, ces chercheurs soulignent lutilit dtudier la structure de lactionnariat indirect ou ultime dans les marchs mergents. Ds lors, plusieurs tudes rcentes se sont interroges sur les consquences conomiques de la structure de lactionnariat ultime dans les pays Anglo-saxons et dans les pays de lEst de lAsie (Bozec, 2008; Fan et Wong, 2002; Claessens et al. 2000, 2002; Lin et al. 2008; Ben Hamida et Mamoghli, 2009). Toutefois, peu dtudes se sont intresses lanalyse de la relation entre la structure de lactionnariat ultime et la liquidit des titres (Attig et al. 2006). Notre analyse contribue aux tudes existantes en tudiant lactionnariat ultime des firmes tunisiennes et son effet sur la liquidit des titres. Nous nous focalisons dans notre thse lestimation du pouvoir dexpropriation de lactionnaire ultime inhrent la concentration de la proprit ultime et au degr de divergence entre le contrle et la proprit. En outre, nous nous intressons dans cette tude une autre dimension de la structure de lactionnariat de contrle: lidentit de lactionnaire contrleur. En effet, limpact de cette dimension savre plus important que celui de la concentration de proprit dans les marchs mergents (Omran et al., 2008; Wu et al., 2009). Dans ce qui suit, nous dfinissons les variables relatives la concentration de lactionnariat direct, lactionnariat ultime et lidentit des actionnaires. En plus, nous avanons les hypothses tester. I-1. Concentration de lactionnariat direct La plupart des tudes antrieures testent la relation entre la concentration et la liquidit des titres sur le march amricain. Dans ces tudes, la concentration est mesure par la somme des parts du capital des actionnaires dtenant plus de 5% (Heflin et Shaw, 2000; Rubin, 2007). Pour le contexte tunisien, les tudes, portant sur les consquences conomiques de la concentration de lactionnariat, choisissent le seuil de 5% du capital pour dfinir un actionnaire majoritaire (Khanchel, 2007; Ben Sedrine et Loukil, 2008; Belkhir et Bouri, 2008, ect.). Ce pourcentage de proprit nous parat faible pour distinguer les actionnaires contrleurs et les actionnaires non contrleurs dans les firmes tunisiennes caractrises par une forte concentration de proprit. Ainsi, nous choisissons de mesurer la concentration de lactionnariat direct par la part du capital dtenu par les trois premiers actionnaires (PrAC). Nous prsumons que ce groupe dactionnaires participe activement la gestion de lentreprise, ce qui lui confre laccs linformation privilgie de lentreprise. Selon la thorie de microstructure du march, la relation entre la concentration de lactionnariat et la liquidit peut tre explique par deux arguments. Le premier argument stipule que lors que la proportion des actionnaires informs augmente, les problmes de slection adverse saggravent et la liquidit des titres baisse. Le second argument suggre que la concentration de lactionnariat rduit le nombre des participants sur le march. En consquence, lactivit de transaction baisse et le cot de transaction augmente. H1: il existe une association ngative entre la concentration de lactionnariat direct et la liquidit I-2. Structure de lactionnariat ultime Nous construisons notre base de lactionnariat ultime en suivant La Porta et al. (1999) et Claessens et al. (2000). Par exemple, si une famille possde 25% dune firme X qui dtient 20% de la firme Y, donc cette famille possde 5% (25%*20%) du droit au cash-flow de la firme Y et elle contrle 20% de la firme Y (min (20%,25%)). Ainsi, le droit au cash flow est gal au produit des pourcentages de proprit le long des chanes; et le droit de vote est le pourcentage de proprit minimum dans la chane de contrle. La construction de cette base ncessite le choix dun seuil de contrle suffisant pour les entreprises tunisiennes. Ce seuil est choisi, dans les tudes antrieures, arbitrairement et il diffre selon le contexte tudi. En effet, La Porta et al. (1999) trouvent que pour un chantillon dentreprises de 27 pays en 1995, le seuil de 20% est suffisant pour contrler individuellement une firme. Pour les firmes implantes aux Etats-Unis, au Royaume Uni ou au Japon, le seuil de contrle est plus faible et il est de lordre de 10%. Afin didentifier le seuil de contrle appropri pour les firmes tunisiennes, nous consultons le code des socits commerciales. Nous constatons que, selon larticle 290 du code de socits commerciales, les actionnaires dtenant au moins 20% du capital social peuvent demander lannulation des dcisions prises au dtriment des intrts de la socit. Cet article a t modifi par la loi n2007-69 en vue de renforcer la protection des actionnaires. La modification porte sur la rduction du seuil ncessaire pour annuler les dcisions 10%. Ainsi, selon cet article, le lgislateur le seuil de 20% comme un seuil de contrle. Pour justifier le choix du seuil de contrle, nous recourons aux recherches portant sur la structure de lactionnariat des firmes tunisiennes. Nous constatons que la plupart de ces tudes choisissent le seuil de 5% pour dfinir un actionnaire majoritaire (Belkhir et Bouri, 2008; Ben Sedrine et Loukil, 2008; Kanchel, 2007). En revanche, Omri (2003) fixe le seuil de dtention de blocks daction au moins 20% de capital de la firme. Ainsi, nous choisissons le seuil de 20% pour identifier les actionnaires contrleurs. A partir de la base de la structure de lactionnariat ultime, nous mesurons le droit de vote et le droit au cash flow du premier actionnaire ultime (DVOT1 et CASH1). En outre, nous apercevons que les firmes tunisiennes sont contrles par deux actionnaires ultimes au plus. Pour cette raison, nous incluons dans notre analyse le droit de vote et le droit au cash flow du deuxime actionnaire ultime (DVOT2 et CASH2). La concentration du contrle par le premier actionnaire favorise lextraction des bnfices privs de contrle et lexpropriation des minoritaires (Claessens et al., 2002). Attig et al. (2006) mettent en vidence une relation positive entre la concentration de proprit du premier actionnaire et la fourchette de prix. Ils expliquent cette association par le fait que les actionnaires dominants sont considrs comme des initis par les agents intervenants sur le march. H2: il existe une association ngative entre la concentration ultime de lactionnariat et la liquidit. En outre, nous incluons, aussi, le degr de sparation entre la proprit et le contrle ultime. Ce degr est mesur par lcart entre le droit de contrle et le droit au cash-flow du premier actionnaire (DIVC). Claessens et al. (2002) affirment que la dviation entre le contrle et la proprit sassocie un comportement opportuniste de lactionnaire dominant. Pour augmenter les chances de ralisation de ses objectifs personnels, lactionnaire dominant tend minimiser et retarder la publication des informations, ainsi, les autres actionnaires ne peuvent pas intervenir ou bien ils interviennent sur la base des informations inadquates (Fan et Wong, 2002; Chau et Gray, 2002). Selon Attig et al. (2006), ce comportement opportuniste engendre une hausse de lasymtrie dinformation et les actionnaires dominants peuvent ngocier sur la base de leurs informations prives et extraire des bnfices prives de contrle. En consquence, la liquidit des titres baisse. Les rsultats empiriques de ltude dAttig et al. (2006) dvoilent une association positive entre la fourchette de prix et la divergence entre le contrle et la proprit. Ainsi, nous formulons lhypothse suivante: H3 : Lorsque les droits de vote du premier actionnaire excdent ses droits au cash flow, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. I-3. Identit de lactionnaire ultime Afin dtudier limpact de lidentit du premier actionnaire ultime sur la relation entre la concentration de proprit et la liquidit, nous scindons le cash-flow du premier actionnaire ultimeselon lidentit de ce dernier. CFAM: La part de lactionnariat ultime de la famille. Faccio et al. (2001) et Maury (2006) avancent que, dans un environnement lgal caractris par une faible protection des investisseurs, le risque dexpropriation des minoritaires par les familles est lev. En revanche, Attig et al. (2006) ne trouvent aucun effet significatif de la prsence de la famille comme actionnaire dominant sur la liquidit des titres. H4 : Lorsque la firme est contrle par une famille, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. CETA: La part du capital ultime de lEtat. Dans les pays en priode de transition, lEtat actionnaire peut jouer le rle du contrleur (Ang et ding, 2006) et/ou permettre la firme de bnficier dun accs privilgi aux ressources (Che et Qian, 1998). Wu et al. (2009) affirment que dans les conomies niveau faible de protection des investisseurs, lEtat reprsente le garant des intrts des actionnaires et des partenaires de la firme en cas de faillite. Ainsi, la prsence de lEtat comme actionnaire dominant rduit le risque dexpropriation. H5 : Lorsque la firme est contrle par lEtat, lasymtrie dinformation est plus faible et la liquidit des titres est plus leve. CETR: La part de lactionnariat ultime des investisseurs trangers. Dans les marchs mergents, linvestisseur tranger est considr comme un investisseur inform grce ses comptences et ses expriences dinvestissement (Kalev et al., 2008; Ciner et Karagozoglu, 2008; Rhee et Wang, 2009). Sa participation leve au capital des entreprises lui permet aussi daccder aux informations prives. Ainsi, la part du capital des investisseurs trangers sassocie ngativement la liquidit dans ce type de march (Rhee et Wang, 2009). H6 : Lorsque la firme est contrle par des investisseurs trangers, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. CINS: La part du capital du premier actionnaire ultime institutionnel. Selon Rubin (2007), la concentration de lactionnariat institutionnel reflte lampleur des problmes de slection adverse et elle affecte ngativement la liquidit. De mme, Schatterly et al. (2008) affirment que la proprit institutionnelle sassocie positivement la fourchette de prix. H7 : Lorsque la firme est contrle par une institution, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. Le tableau suivant dfinit les variables refltant la structure de lactionnariat de contrle. Tableau 9. Dfinition des variables relatives la structure de lactionnariat et signes attendus Variables Symboles Indicateurs de mesure Signes attendus Structure de lactionnariat de contrle PrAC % du capital dtenu par les 3 premiers actionnaires (-) CASH1 Droit au cash-flow du premier actionnaire ultime (-) CASH2 Droit au cash-flow du second actionnaire ultime (-) DIVC La diffrence entre le droit de vote du premier actionnaire ultime et le droit au cash-flow du premier actionnaire ultime (-) CFAM % de lactionnariat ultime de la famille (-) CETA % de lactionnariat ultime de lEtat (+) CETR % de lactionnariat ultime de linvestisseur tranger (-) CINS % de lactionnariat ultime de linstitutionnel (-) II-Analyse univarie des associations entre la structure de lactionnariat de contrle et la liquidit des titres Nous explorons dans ce qui suit, dabord, les statistiques descriptives de la structure de lactionnariat de contrle. Ensuite, nous analysons les corrlations entre les diffrentes variables relatives la structure de lactionnariat et les mesures de liquidit. Enfin, nous procdons des comparaisons des moyennes de la liquidit des titres selon la structure de lactionnariat ultime et lidentit du premier actionnaire dominant. II-1. Statistiques descriptives de la structure de lactionnariat de contrle des firmes tunisiennes Le tableau 10 dcrit la structure de lactionnariat de contrle des entreprises tunisiennes. Nous remarquons que la moyenne et la valeur mdiane de la concentration de lactionnariat direct (PrAC), du droit de vote et du droit au cash flow du premier actionnaire ultime (DVOT1 et CASH1) sont trs proches, ce qui indique labsence de valeurs extrmes. Ce constat est confirm par la faible dispersion de ces variables. Tableau 10. Statistiques descriptives des variables mesurant la structure de lactionnariat de contrle A. Statistiques des variables quantitatives PrAC DVOT1 CASH1 DIVC DVOT2 CASH2 N 353 352 352 352 352 352 137 138 138 138 138 138 Moyenne 0,633 0,469 0,441 0,028 0,025 0,02 Mdiane 0,662 0,477 0,457 0 0 0 Ecart-type 0,172 0,206 0,213 0,061 0,073 0,063 Skewness -0,393 -0,11 0,009 2,198 2,581 3,17 Kurtosis -0,365 0,17 -0,069 4,054 4,886 8,799 Minimum 0,128 0 0 0 0 0 Maximum 0,992 0,992 0,992 0,308 0,291 0,291 Panel B. Distribution de lactionnariat de contrle Frquence DVOT1 CASH1 DIVC CASH1/ DVOT1 DVOT2 CASH2 N 352 352 352 352 352 352 352 Proprit disperse 0,0539 0,000 0,000 0,000 0,000 0,000 0,000 Prsence dun seul actionnaire dominant 0,8153 0,5054 0,4739 0,0315 0,9209 0,000 0,000 Prsence de deux actionnaires dominant 0,1307 0,43861 0,4176 0,0210 0,9617 0,1948 0,1549 Divergence entre DVOT/CASH 0,2244 0,4486 0,3218 0,1268 0.6903 0,0128 0,0128 Panel C. Structure de lactionnariat selon lidentit de lactionnaire dominant Frquence DVOT1 CASH1 DIVC Frquence de la prsence dun second actionnaire DVOT2 CASH2 Famille 0,3324 0,5422 0,5315 0,0106 0,2136 0,0398 0,0341 Etat 0,3863 0,4953 0,4427 0,0526 0,0367 0,0075 0,0075 Etranger 0,2159 0,4371 0,4158 0,0213 0,1842 0,0370 0,0216 Institutionnel 0,0113 0,3018 0,3018 0,000 0,50 0,1197 0,1197 Lgende PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit au cash flow du 1er actionnaire ; DVOT1=% de droitde vote du 1er actionnaire dominant ; CASH2=% de droit au cash flow du 2nd actionnaire ; DVOT2=% de droit de vote du 2nd actionnaire dominant ; DIVC=divergence entre le droit de vote et le droit au cash flow du 1er actionnaire. Nous apercevons que la moiti des donnes annes-entreprises rvle une proprit des trois premiers actionnaires dpassant 66,2%. Cette proprit peut atteindre un niveau maximum de 99,2%. Ces statistiques nous permettent de dire que la proprit des entreprises est trs concentre entre les mains des trois premiers actionnaires. Nous remarquons que 5% des observations sont relatives des firmes proprit disperse. Ce pourcentage est plus faible que celui report pour les firmes de lEast de lAsie[1] et de lEurope Ouest[2]. Lanalyse de la distribution de lactionnariat de contrle montre que la plupart des entreprises tunisiennes sont contrles par un seul actionnaire dominant (81,53%), alors que la prsence dun second actionnaire dominant est peu frquente (13,07%). Nous apercevons, galement, que dans les firmes proprit concentre, lactionnaire dominant dtient un droit de vote excdant son droit au cash flow dans 23,72% des cas. Lorsque la firme est contrle par un seul actionnaire, le droit de vote moyen slve 50,54% et le droit au cash flow moyen est de 47,39%. Nous notons que ces pourcentages sont plus levs que ceux observs dans les firmes des pays de lEst de lAsie. Nous dtectons galement que la proprit et le contrle ultime du premier actionnaire sont plus faible lorsquil existe un second actionnaire ultime. Les statistiques reportent, en moyenne, que le second actionnaire dtient 19.48% du droit de vote et 15,49% du droit au cash flow. Nous constatons, que pour les firmes proprit concentre, le ratio moyen de la proprit ultime par le contrle est proche de 1, ce qui indique une faible divergence entre la proprit et le contrle. En plus, cette divergence est plus faible que celle reporte par Claessens et al. (2002) pour les firmes de lEst de lAsie. Nous expliquons ce faible pourcentage par le manque des moyens de renforcement de contrle tels que les participations croises et les actions de droit de vote multiple. En observant lidentit des actionnaires ultimes, nous remarquons que la proprit des firmes tunisiennes est concentre entre les mains de trois catgories dactionnaires: lEtat, la famille et les investisseurs trangers. En revanche, nous constatons une prsence faible dactionnaire institutionnel dominant non affili lEtat, la famille et aux trangers. Les familles contrleurs dtiennent, en moyenne, des pourcentages levs de droit de vote et de droit au cash flow (54,22% et 53,15% respectivement). Cependant, lEtat et les investisseurs dtiennent des pourcentages plus faibles. Les statistiques indiquent, aussi, que dans les firmes contrles par les familles, la prsence dun second actionnaire dominant est plus frquente. Ces statistiques montrent que la structure de proprit des firmes contrle familial est fortement concentre entre les mains du premier et du second actionnaire. En revanche, nous dcouvrons que les firmes contrles par lEtat prsentent le niveau le plus lev de divergence entre le contrle et la proprit que les autres firmes. II-2. Corrlations entre la structure de lactionnaire de contrle et les mesures de liquidit Le tableau suivant prsente la matrice de corrlation non paramtrique de Spearman entre la structure de lactionnariat, la liquidit et les variables de contrle. Tableau 11.Matrice de corrlation entre structure de lactionnariat, liquidit et variables de contrle. CASH1 CASH2 DIVC PrAC BTMK VLAT SIZE LM ,056 ,291(**) ,165(**) ,351(**) ,062 -,055 -,497(**) BASQ ,073 ,216(**) ,256(**) ,360(**) ,081 ,187(**) -,600(**) ILIQ ,139(**) ,147(**) ,258(**) ,311(**) ,246(**) ,226(**) -,607(**) PZER -,037 ,306(**) ,114(*) ,235(**) ,107(*) -,246(**) -,341(**) TURN -,141(**) -,212(**) -,005 -,271(**) -,190(**) ,195(**) -,071 PROF -,040 -,218(**) ,031 -,278(**) ,293(**) ,013 ,231(**) CASH1 1,000 -,167(**) -,320(**) ,654(**) ,053 ,122(*) ,025 CASH2 1,000 -,064 ,253(**) -,294(**) -,096 -,038 DIVC1 -,064 1,000 ,008 ,189(**) ,205(**) -,477(**) PrAC 1,000 -,197(**) ,179(**) -,147(**) BTMK 1,000 -,006 -,149(**) VLAT 1,000 -,266(**) SIZE 1,000 Lgende: *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. LM=mesure de nombre de zro volume ajust la rotation des titres; BASQ= fourchette de prix moyenne; ILIQ = ratio de non liquidit dAmihud (2002); PZER= proportion des rendements nuls; TURN= rotation moyenne des titres; PROF= profondeur moyenne; PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit au cash flow du 1er actionnaire ; CASH2=% de droit au cash flow du 2nd actionnaire ; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers; SIZE= capitalisation boursire. Nous remarquons que la concentration de lactionnariat direct (PrAC) est corrle positivement aux mesures du cot de transaction (PZER, BASQ et ILIQ) et ainsi quau dlai dexcution des ordres (LM). De plus, nous dtectons une association ngative entre la part de capital dtenu par les trois premiers actionnaires et la quantit de transaction (PROF et TURN). Ces corrlations indiquent que la concentration dactionnariat sassocie une augmentation des problmes de slection adverse. Ainsi, les investisseurs externes tablissent un cot lev de transaction, ce qui induit une baisse de lactivit de transaction et un allongement du dlai de ngociation des titres. Nous pouvons attribuer ces corrlations galement au manque de capital flottant associ la concentration de capital. En effet, le capital flottant faible implique un nombre rduit des participants sur le march et une faible activit de transaction baisse. En consquence, le cot de transaction augmente et le dlai dexcution des ordres sallonge. Le droit au cash flow du premier actionnaire est corrl positivement limpact sur le prix (ILIQ) et ngativement la rotation des titres (TURN). De la sorte, nous constatons que la proprit ultime du premier actionnaire sassocie un effet important des flux dordres sur les prix et une baisse de la frquence de transaction. Nos rsultats confirment que la proprit ultime reflte le risque de slection adverse. Le droit de cash flow du second actionnaire ultime (CASH2) est corrl positivement aux dimensions temps et cot de transaction (le dlai dexcution des ordres, la fourchette de prix, limpact sur le prix et le cot total de transaction). En plus, ce droit est corrl ngativement la dimension quantit de transaction (profondeur et rotation des titres). Nous montrons, ainsi, que plus la proprit du second actionnaire ultime augmente, plus la liquidit des titres baisse. En dautres termes, la proprit du second actionnaire aggrave les problmes de slection adverse entre la firme et les investisseurs externes. Quant la sparation entre le contrle et la proprit (DIVC), nous constatons quelle est associe positivement aux mesures du cot de transaction (PZER, BASQ et ILIQ) et au dlai dexcution des ordres (LM). Ces corrlations confirment que la dviation entre le contrle et la proprit estime le pouvoir dexpropriation de lactionnaire ultime. Plus ce pouvoir augmente, plus le risque de slection adverse saccentue et par consquent la liquidit baisse. En outre, la matrice de corrlation montre que la volatilit des titres sassocie positivement la concentration de lactionnariat direct, la proprit ultime du premier actionnaire et au degr de divergence entre droit de vote et droit au cash flow. Nous trouvons, alors, que ces trois attributs de la structure de lactionnariat, refltant le risque de slection adverse, sassocie au risque total du titre. Quant au risque de la firme, mesur par le ratio book-to-market, nous trouvons quil est corrl ngativement la proprit ultime du second actionnaire et la concentration de lactionnariat direct. En revanche, ce ratio est positivement corrl la dviation entre la proprit et le contrle ultime. Ces corrlations indiquent que les firmes les plus risques souffrent des problmes dasymtrie dinformation et dagence inhrents la sparation entre le droit de vote et le droit au cash flow du premier actionnaire. Nous dcouvrons, galement, que la taille de la firme sassocie ngativement la concentration de lactionnariat direct et la divergence entre proprit et contrle ultime. De la sorte, les grandes firmes sont caractrises par une proprit directe moins concentre et par une faible divergence entre la proprit et le contrle ultime. II-3. Comparaison du niveau de la liquidit entre les diffrents groupes de firmes selon la structure de leur actionnariat ultime Nous effectuons, dans cette partie de lanalyse, une comparaison du niveau de liquidit des titres entre les diffrents groupes de firmes moyennant un test dchantillons indpendants. Pour le faire, nous classons les firmes selon leur structure de lactionnariat ultimeet lidentit du premier actionnaire ultime. Le tableau suivant prsente la comparaison des moyennes des mesures de liquidit selon la structure de lactionnariat ultime. Tableau 12. Tests des moyennes de la liquidit entre les diffrents groupes de firmes selon la structure de leur actionnariat ultime Absence-Existence dun actionnaire dominant Absence -Existence dun second actionnaire dominant Absence-existence de divergence Contrle famille-Contrle Etat Contrle famille-Contrle Etranger Contrle Etat- Contrle Etranger BASQ -0,465** -0,223 -0,393** 0,242** 0,369** 0,126 PZER -0,928 -20,922** -5,809 0,571** 1,127** 0,556* ILIQ -1,387** -0,4491 -1,190** 12,033** 4,731 -7,302* PROF 0,168 0,7327** -0,07 -0,306** 0,292** 0,598** TURN 0,870** 0,3849** 0,014 34,970** 22,634* -12,336 LM -44,853** -71,08** -19,460* 0,046 0,505** 0,459** Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ: fourchette de prix moyenne ; PZER= proportion des rendements nuls; ILIQ= ratio de non liquidit dAmihud (2002); PROF= la profondeur moyenne; TURN= rotation moyenne des titres; LM= la mesure de Liu (2006) Les rsultats mettent en relief que les titres des firmes capital diffus sont caractriss par: 1)une fourchette de prix plus troite; 2) un impact sur les prix plus faible; 3) un dlai dexcution dordre plus court; 4) une frquence dactivit plus leve. Par consquent, nous dduisons que les titres des firmes proprit disperse sont plus liquides. En comparant la liquidit des titres en prsence dun seul actionnaire ultime et celle en prsence de deux actionnaires ultimes, nous dvoilons lexistence de diffrences significatives des moyennes de la proportion des rendements nuls, de la profondeur, de la rotation des titres et du dlai dexcution. Ses statistiques montrent, ainsi, que les firmes domines par deux actionnaires ultimes exhibent plus de problmes de slection adverse que les firmes contrles par un seul actionnaire ultime. Par consquent, la prsence dun second actionnaire aggrave le cot total de transaction, rduit lactivit de transaction et allonge le dlai dexcution des ordres. En cas dune divergence entre le droit de vote et le droit au cash flow, les titres sont caractriss par une fourchette de prix plus large, un impact des flux dordres sur les prix plus lev et un dlai dexcution des ordres plus long. Nous expliquons que la dviation entre la proprit et le contrle favorise lextraction des bnfices privs de contrle et engendre un risque de slection adverse lev. En consquent, le cot de transaction (BASQ et ILIQ) augmente et la vitesse de transaction baisse. En outre, la comparaison des mesures de liquidit met en vidence que les titres des firmes contrle familial, compars aux titres des firmes contrles par lEtat, se caractrisent par: 1) un cot de transaction plus lev (BASQ, PZER et ILIQ); 2) une frquence plus leve de transaction; 3) une profondeur plus faible. En revanche, compars aux titres des firmes contrle tranger, les titres des firmes contrle familial montrent un cot de transaction (PZER et BASQ), une quantit de transaction (PROF et TURN) et un dlai dexcution plus levs. Nous apercevons galement des diffrences des moyennes entre les firmes contrles par lEtat et celles contrles par les trangers. En effet, le cot de transaction, le dlai dexcution des ordres et la profondeur des titres sont plus levs pour les firmes contrles par lEtat, alors que limpact sur le prix est plus faible pour ces firmes. Malgr lexistence des diffrences significatives des moyennes des mesures de liquidit selon lidentit de lactionnaire dominant (Famille, Etat et Etranger), nous sommes incapables de distinguer quel estle type de contrle qui amliore ou bien rduit la liquidit. III- Analyse multi varie de la relation entre la structure de lactionnariat de contrle et la liquidit Notre analyse consiste tudier, premirement, leffet de la concentration de lactionnariat sur la liquidit. Deuximement, nous testons limpact de la divergence entre le droit de vote et le droit au cash-flow. Troisimement, nous tudions si la relation entre la structure de lactionnariat ultime et la liquidit dpend de lidentit du premier actionnaire. Nous retenons dans cette analyse multivarie la mesure de Liu (2006) comme une mesure de liquidit. Etant donn les rsultats trouvs au premier chapitre, cette mesure englobe les trois dimensions de la liquidit (cot, quantit et temps). Avant de procder aux rgressions, nous effectuons une srie de tests sur nos donnes afin de trouver des spcifications adquates. La mthode destimation utilise est celle des moindres carrs gnraliss, afin de corriger les problmes dtects dhtroscdascit et dautocorrlation des erreurs. Les rsultats des tests sont prsents en annexes. III-1. Impact de la concentration de lactionnariat direct et ultime sur la liquidit des titres Dabord, nous testons leffet de la proprit des trois premiers actionnaires (PrAC) sur la liquidit. Ensuite, nous essayons de voir leffet des droits aux cash-flows des deux premiers actionnaires ultimes (CASH1 et CASH2) sur la liquidit. Les variables de contrle choisies dans cette analyse sont: la taille de la firme (SIZE), la volatilit des rendements (VLAT) et le ratio de la valeur comptable par rapport la valeur boursire (BTMK). Ainsi, les modles estimer sont: Nous reportons les rsultats de lestimation des modles (2a) et (2b) dans le tableau suivant. Tableau 13. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur la liquidit des titres (2a) (2b) PrAC 172.348 (11.83)** CASH1 52.4 (5.09)** CASH2 14.469 (12.39)** SIZE -22.856 -24.196 (12.75)** (13.53)** BTMK 24.832 28.142 (2.61)** (2.67)** VLAT -18.066 -11.037 (5.20)** (3.42)** Constant 270.79 528.661 (6.98)** (15.57)** Observations 353 352 N Firmes 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PrAC=% dtenu par les trois premiers actionnaires; CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Les rsultats de lestimation du modle (2a) dvoilent que la proprit des actionnaires contrleurs sassocie positivement la mesure de Liu (2006). Ce rsultat concorde avec ceux trouvs par Heflin et Shaw (2000) et Rubin (2007). Nous pouvons expliquer la relation ngative entre la concentration de lactionnariat et la liquidit par deux arguments thoriques. Selon largument de slection adverse, les trois premiers actionnaires sont des actionnaires qui participent activement au contrle de la gestion de lentreprise. Par consquent, ils sont considrs par les investisseurs externes comme des agents informs, ce qui engendre un risque lev de slection adverse. Il en dcoule, ainsi, une augmentation du cot de transaction, une baisse de la quantit ngocie et un allongement du dlai de ngociation. Selon largument dinventaire, la concentration de lactionnariat rduit le nombre de participants dans le march et lactivit de transaction. Il en rsulte ainsi, une augmentation des cots de transaction et du dlai requis pour ngocier les titres. La spcification du modle (2b) nous permet de tester largument de slection adverse. Les rsultats de lestimation de ce modle montrent leffet positif du droit au cash flow du premier actionnaire ultime sur le dlai dexcution des ordres. Nous soutenons, donc, lhypothse de lenracinement des actionnaires contrleurs et nous confirmons les rsultats dAttig et al. (2006). En effet, le premier actionnaire ultime participe activement la gestion et au contrle de la firme, ce qui lui permet daccder linformation prive de la firme. Plus sa proprit ultime augmente, plus les problmes dasymtrie dinformation saggravent. Par consquent, les investisseurs externes rduisent leurs transactions ou dcident de ne pas ngocier, ce qui engendre une baisse de liquidit. Nous dtectons galement un effet positif du droit au cash flow du second actionnaire ultime sur le dlai dexcution des ordres. Ce rsultat indique que le deuxime actionnaire ne dlimite pas le pouvoir dexpropriation du premier actionnaire, mais plutt il forme une certaine alliance avec ce dernier lencontre des actionnaires minoritaires. Lorsque la proprit ultime du second actionnaire augmente, les problmes dasymtrie dinformation saccentuent. Par consquent, les investisseurs sont plus rticents ngocier les titres des firmes caractrises par la prsence de deux actionnaires ultime, ce qui se traduit par une baisse de la liquidit. III-2. Impact de la divergence entre le droit de vote et le droit au cash flow sur la liquidit des titres Dans cette partie de lanalyse, nous intgrons la variable mesurant la divergence entre le droit au cash-flow et le droit de vote (DIVC) dans le modle (2b). Le modle estimer se prsente comme suit: Dans le tableau suivant, nous prsentons les rsultats de lestimation du modle (2c). Tableau 14. Rsultats de lestimation de limpact de la divergence entre proprit et contrle ultime sur la liquidit des titres (2c) CASH1 52.142 (4.89)** CASH2 14.457 (12.30)** DIVC -0.095 -0.11 SIZE -24.35 (12.16)** BTMK 29.024 (2.77)** VLAT -10.928 (3.31)** Constante 530.44 (14.76)** Observations 352 N Firmes 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Les rsultats du modle (2c) montrent que la proprit ultime du premier et celle second actionnaire gardent leurs effets. En revanche, nous remarquons que la sparation entre la proprit et le contrle ultime naffecte pas la liquidit des titres. Nous dduisons, ainsi, que cette sparation ne reflte pas lampleur des problmes de slection adverse dans le contexte tunisien. En outre, nous dduisons que le pouvoir dexpropriation des actionnaires dominants tunisiens provient essentiellement de la concentration de lactionnariat ultime et non pas de la divergence entre le droit de vote et le droit au cash flow. Nous attribuons ce rsultat la particularit de la structure de contrle des firmes tunisiennes, marque par la faible frquence de la sparation entre la proprit et le contrle ultime. Cette dernire mane du manque des moyens de renforcement du contrle par rapport la proprit. Nous citons, par exemple, que la rglementation tunisienne interdit les participations croises un seuil dpassant 10%. III-3. Impact de lidentit du premier actionnaire sur la relation concentration de lactionnariat et liquidit Nous testons, dabord, leffet du droit au cash flow de la famille (CFAM), de lEtat (CETA), et de linvestisseur tranger (CETR) sparment. Ensuite, nous les introduisons dans le mme modle, afin de tester quel est le type de lactionnariat qui a le plus important effet sur la liquidit des titres. Les modles estimer: Les rsultats de lestimation des modles (2d) (2g) sont prsents dans le tableau 15. Tableau 15. Rsultats de lestimation de limpact de lidentit de lactionnaire dominant sur la liquidit des titres (2d) (2e) (2f) (2g) CFAM 35.999 51.739 (3.10)** (4.10)** CETA -42.063 6.051 (6.04)** (0.61) CETR 94.795 106.627 (9.25)** (7.80)** CASH2 14.191 14.356 15.174 14.362 (11.92)** (12.73)** (14.34)** (12.51)** SIZE -23.196 -24.818 -29.205 -25.927 (11.40)** (12.89)** (16.33)** (13.57)** BTMK 29.979 37.235 37.028 42.446 (2.66)** (3.27)** (3.61)** (4.10)** VLAT -6.224 -6.253 -10.477 -10.755 (1.91)* (1.95)* (3.72)** (3.50)** Constante 540.727 578.980 630.371 549.950 (13.94)** (16.89)** (19.91)** (15.42)** Observations 352 352 352 352 Nombre de firmes 49 49 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. CASH2=% de droit de proprit du 2nd actionnaire ultime; CFAM=% de droit de proprit du 1er actionnaire famille; CETA=% de droit de proprit du 1er actionnaire ultime Etat; CETR=% de droit de proprit du 1er actionnaire ultime tranger; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Le rsultat de la spcification (2d) montre un effet positif et significatif de lactionnariat ultime de la famille sur le dlai dexcution des ordres, ce qui confirme lhypothse 4. Nous constatons, ainsi, que les firmes contrle familial souffrent des problmes dasymtrie dinformation inhrents lenracinement du premier actionnaire ultime. En dautre terme, lactionnariat de contrle familial extrait des avantages privs de contrle au dtriment des intrts des minoritaires, ce qui induit une augmentation du risque de slection adverse. Notre rsultat appuie largument de Faccio et al. (2001) et Maury (2006), stipulant que le risque dexpropriation est plus lev en prsence de contrle familial dans les pays niveau faible de protection des investisseurs. De ce fait, les investisseurs tunisiens considrent la famille comme un agent inform qui peut exproprier leurs richesses en ngociant sur la base de leurs informations prives. Par consquent, le risque de slection adverse support par les investisseurs externes augmente et la liquidit baisse. Lanalyse de leffet de la prsence de lEtat comme premier actionnaire ultime dvoile un effet ngatif sur le dlai dexcution des ordres, ce qui confirme lhypothse H5. Selon Ang et Ding (2006) et Wu et al. (2009), dans les conomies mergentes comme lconomie tunisienne, lEtat joue un rle important dans la protection des intrts des investisseurs de plusieurs manires. Premirement, lEtat peut jouer le rle dun contrleur efficace et dans ce cas le risque dexpropriation des minoritaires est rduit. Deuximement, lEtat actionnaire peut user de son pouvoir politique pour renforcer la relation entre la firme et ses investisseurs, ce qui aide tablir une relation de confiance entre ces deux parties. Troisimement, les investisseurs considrent les firmes contrles par lEtat comme les firmes les plus performantes et les plus riches et ils prfrent investir leurs ressources dans ces firmes. Nous concluons que la prsence de lEtat comme actionnaire dominant rduit les problmes dasymtrie dinformation entre la firme et les investisseurs externes. En outre, les investisseurs sont plus attirs par ces firmes puis quils ont confiance ce type dactionnaire. Par consquent, les titres des firmes contrles par lEtat sont plus liquides. Lanalyse de leffet de la proprit ultime de linvestisseur tranger sur le dlai dexcution des ordres dvoile un effet positif et significatif. Ce rsultat valide lhypothse H6 et concorde avec celui trouv par Rhee et Wang (2009). En effet, les investisseurs trangers ont plus de connaissances et dexpriences que les investisseurs domestiques. De la sorte, les investisseurs trangers sont considrs par les investisseurs tunisiens comme des agents informs. De plus, les investisseurs tunisiens peroivent la firme contrle par des trangers comme une firme trangre et ils estiment un risque dexpropriation lev relatif la participation trangre. Ainsi, ils ont peur dy investir et ils prfrent ngocier les titres des firmes contrles par les tunisiens. Il en rsulte, alors, une baisse de liquidit des titres des firmes contrle tranger. En tudiant leffet des trois types dactionnariat ultime, nous montrons que leffet de lactionnariat ultime de la famille et celle des trangers persistent alors que leffet du lactionnariat ultime de lEtat disparat. Ces rsultats indiquent que leffet denracinement de lactionnariat familial et celui des investisseurs trangers est plus important que leffet de contrle de lactionnariat de lEtat. De cette faon, la relation ngative entre le droit au cash flow du premier actionnaire ultime et la liquidit dcoule de leffet denracinement de la famille et de linvestisseur tranger. En dautre terme, les investisseurs tunisiens prfrent investir leurs ressources dans les firmes autres que celles contrles par la famille et par les investisseurs trangers. IV-Analyse de sensibilit: Impact de la structure de lactionnariat de contrle sur les dimensions de liquidit Afin de tester la robustesse des rsultats trouvs, nous procdons des analyses supplmentaires de limpact de la structure de lactionnariat sur les autres mesures de liquidit. Cette analyse nous permet de voir si leffet de la structure de lactionnariat de contrle sur la liquidit dcoule de son effet sur toutes les dimensions de liquidit ou bien sur une seule dimension en particulier. Nous mesurons le cot de transaction par les trois mesures suivantes: la fourchette de prix, le ratio de non liquidit dAmihud (2002) et la proportion des rendements nuls. Quant la dimension quantit de transaction, nous incluons deux mesures approximatives: la profondeur et la rotation des titres. Notre analyse se fait en deux tapes. Nous testons, dabord, leffet de concentration de lactionnariat de contrle sur le cot et la quantit de transaction. Ensuite, nous tudions la relation entre lidentit de lactionnaire ultime et les dimensions de liquidit. VI-1. Impact de la concentration dactionnariat de contrle sur les dimensions de liquidit Le tableau 16 prsente lanalyse de sensibilit de la relation entre la concentration de lactionnariat de contrle et le cot de transaction. Les rsultats mettent en vidence que la concentration de lactionnariat direct (PrAC) et celle de lactionnariat ultime (CASH1 et CASH2) sassocient positivement la fourchette de prix et limpact sur le prix. Ces rsultats appuient ceux trouvs en utilisant la mesure de Liu (2006). De plus, nous dcouvrons un impact positif de la concentration dactionnariat direct et de la proprit ultime du second actionnaire sur le cot de transaction, mesur par la proportion des rendements nuls. Ces rsultats tmoignent que les investisseurs tunisiens associent un risque de slection adverse lev la ngociation des titres des firmes forte concentration de proprit directe et ultime. De ce fait, le cot de transaction fix par les investisseurs est lev. Tableau 16. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur le cot de transaction BASQ PZER ILIQ PrAC 1.108 29.479 2.982 (7.66)** (4.37)** (5.87)** CASH1 0.318 0.371 9.958 6.682 1.659 1.692 (2.93)** (3.27)** (1.62) (1.01) (4.06)** (3.70)** CASH2 0.066 0.068 2.028 1.84 0.187 0.189 (7.42)** (7.55)** (4.70)** (4.25)** (6.13)** (6.05)** DIVC 0.018 -0.852 0.007 (2.15)* -1.56 (0.2) SIZE -0.301 -0.331 -0.31 -9.883 -10.253 -10.906 -0.895 -0.936 -0.928 (16.37)** (18.28)** (15.70)** (10.29)** (9.93)** (10.01)** (12.24)** (12.69)** (11.74)** BTMK 0.079 0.163 0.142 5.163 5.96 5.702 1.232 1.366 1.382 (0.86) (1.89)* (1.68)* (1.21) (1.35) (1.29) (3.84)** (4.08)** (4.13)** VLAT -0.076 -0.028 -0.034 -6.077 -6.382 -6.42 0.359 0.398 0.396 (2.31)* -0.84 -1.04 (9.14)** (8.15)** (8.32)** (4.63)** (5.08)** (5.03)** Constante 5.172 6.935 6.681 176.448 212.789 217.823 16.102 19.591 19.492 (12.35)** (19.66)** (18.17)** (9.45)** (11.31)** (11.45)** (10.96)** (13.93)** (13.54)** Observations 353 352 352 350 349 349 350 349 349 N Firmes 49 49 49 46 46 46 46 46 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ= fourchette moyenne de prix; PZER= proportion des rendements nuls; ILIQ= ratio de non liquidit dAmihud (2002); PrAC= % dtenu par les trois premiers actionnaires; CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. En incluant la dviation entre la proprit et le contrle ultime, nous trouvons que leffet de lactionnariat ultime du premier et second actionnaire persiste. En outre, nous dtectons un effet positif et significatif de la dviation entre le contrle et la proprit sur la fourchette de prix, ce qui corrobore le rsultat dAttig et al. (2006). Nous dduisons, alors, que la divergence entre le droit de vote et le droit de proprit affecte ltroitesse sans engendrer des effets sur le cot total de transaction et sur limpact sur le prix. Nous expliquons que cette divergence renforce le comportement opportuniste du premier actionnaire ultime et elle lincite exproprier les richesses des actionnaires minoritaires. De la sorte, les problmes dasymtrie dinformation entre la firme et les investisseurs externes saccentuent, ce qui emmne ces derniers fixer une fourchette de prix large. Dans le tableau 17, nous prsentons les rsultats empiriques de la relation entre la concentration de lactionnariat et la quantit de transaction. Tableau 17. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur la quantit de transaction PROF TURN PrAC -0.813 -1.813 (5.96)** (4.55)** CASH1 -0.165 -0.092 -1.715 -1.223 -1.32 -0.64 (7.19)** (3.58)** CASH2 -0.023 -0.022 -0.192 -0.169 -1.63 -1.53 (9.54)** (5.82)** DIVC 0.014 -0.032 (1.2) -1.13 SIZE 0.136 0.167 0.181 -0.111 -0.16 -0.129 (7.61)** (7.53)** (7.07)** (2.00)* (4.01)** (2.15)* BTMK 0.748 0.782 0.769 -1.059 -1.647 -1.021 (7.05)** (6.29)** (6.18)** (3.76)** (7.32)** (3.39)** VLAT 0.181 0.133 0.123 0.303 0.31 0.292 (5.30)** (3.87)** (3.51)** (4.53)** (6.44)** (5.54)** Constante 4.362 2.962 2.758 1.868 1.161 -0.163 (10.83)** (6.67)** (5.78)** -1.64 -1.64 -0.16 Observations 353 349 349 350 352 349 N Firmes 49 46 46 46 49 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PROF= profondeur moyenne des titres ; TURN= rotation moyenne des titres; PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit de proprit du 1er actionnaire ; CASH2 = % de droit de proprit du 2nd actionnaire ; DIVC= divergence entre droit de vote et droit au cash flow du 1er actionnaire ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Lanalyse de la relation entre la concentration de lactionnariat direct et la quantit de transaction montre une association ngative et significative. Nous dcouvrons que plus la concentration de lactionnariat direct augmente, plus le capital circulant sur le march diminue et plus lactivit de transaction baisse. Quant la concentration de lactionnariat ultime, nous constatons quelle naffecte ngativement que la rotation des titres. Ces rsultats suggrent que les problmes dasymtrie dinformation, inhrents la concentration dactionnariat ultime, rduisent la frquence de transaction sans affecter la capacit du march absorber les titres. Cette baisse de la frquence sexplique par la rticence des investisseurs ngocier les titres des firmes proprit ultime concentre. VI-2. Impact de lidentit de lactionnaire dominant sur les dimensions de liquidit Le tableau 18 expose les rsultats de lestimation de limpact de lidentit de lactionnaire dominant sur le cot de transaction. Nous apercevons que le contrle des investisseurs trangers et celui de lEtat affectent toutes les mesures de cot de transaction. Par contre, nous trouvons que le contrle familial affecte seulement le cot total de transaction mesur par la proportion des rendements nuls. Les rsultats obtenus montrent que les investisseurs tunisiens fixent un cot de transaction lev pour les titres des firmes contrle familial et celles contrle tranger. Leur comportement sexplique par la perception dun risque dexpropriation lev en cas de prsence de ces deux types de contrleur. Par contre, ayant confiance au contrle de lEtat, les investisseurs ngocient les titres des firmes contrles par lEtat faible cot de transaction. Le tableau 19 prsente les rsultats de lestimation de la relation entre lidentit de lactionnaire dominant et la dimension quantit de la liquidit. Les rsultats exhibent un impact positif du contrle de lEtat sur la dimension quantit (profondeur et la rotation des titres) et un effet ngatif du contrle tranger sur cette dimension. Cependant, nous nobservons aucun effet du contrle familial sur les mesures refltant la dimension quantit. Tableau 18. Rsultats de lestimation de limpact de lidentit de lactionnaire ultime sur le cot de transaction BASQ PZER ILIQ CFAM 0.075 10.469 0.408 (0.81) (2.18)* (1.35) CETA -0.265 -24.917 -0.833 (3.07)** (4.53)** (2.23)* CETR 0.620 32.505 1.895 (5.35)** (6.05)** (4.53)** CASH2 0.063 0.061 0.066 1.997 1.799 3.172 0.170 0.157 0.164 (6.38)** (6.84)** (7.16)** (4.68)** (4.30)** (7.94)** (5.55)** (5.26)** (5.44)** SIZE -0.334 -0.333 -0.363 -9.906 -10.075 -10.449 -0.917 -0.934 -1.070 (16.61)** (18.26)** (19.46)** (9.39)** (9.89)** (12.47)** (11.71)** (12.55)** (13.22)** BTMK 0.138 0.206 0.140 6.866 7.382 10.294 1.461 1.534 1.292 (1.39) (2.24)* (1.58) (1.55) (1.70)* (2.37)** (4.24)** (4.49)** (3.80)** VLAT 0.011 0.025 0.011 -6.276 -6.345 -7.349 0.427 0.420 0.370 (0.32) (0.75) (0.34) (7.53)** (7.71)** (10.09)** (5.18)** (5.15)** (4.82)** Constante 7.275 7.326 7.778 208.554 215.916 220.627 19.830 20.167 22.267 (18.52)** (21.37)** (23.18)** (10.68)** (11.58)** (14.63)** (13.32)** (14.38)** (14.97)** Observations 352 352 352 349 349 349 349 349 349 Nombre de firmes 49 49 49 46 46 46 46 46 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ= fourchette moyenne de prix ; PZER= proportion des rendements nuls ; ILIQ= ratio de non liquidit dAmihud (2002) ; CASH2=% de droit de proprit du 2nd actionnaire ; CFAM=% de droit de proprit du 1er actionnaire famille; CETA=% de droit de proprit du 1er actionnaire Etat ; CETR=% de droit de proprit du 1er actionnaire tranger ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM. VLAT= cart-type des rendements journaliers. 1 Tableau 19. Rsultats de lestimation de limpact de lidentit de lactionnaire ultime sur la quantit de transaction PROF TURN CFAM -0.117 -0.289 (1.23) (1.63) CETA 0.595 0.514 (5.61)** (2.82)** CETR -0.751 -1.764 (3.85)** (7.98)** CASH2 -0.022 -0.015 -0.027 -0.189 -0.185 -0.190 (1.57) (1.11) (1.64) (9.29)** (8.84)** (8.66)** SIZE 0.159 0.162 0.216 -0.174 -0.158 -0.027 (7.11)** (8.11)** (8.72)** (4.17)** (3.96)** (0.68) BTMK 0.785 0.803 0.801 -1.795 -1.942 -1.902 (6.38)** (6.47)** (6.04)** (7.23)** (7.85)** (8.36)** VLAT 0.125 0.127 0.125 0.235 0.213 0.236 (3.65)** (3.94)** (3.51)** (4.07)** (3.43)** (3.48)** Constante 3.018 2.910 2.034 0.584 0.219 -1.814 (6.70)** (7.34)** (4.27)** (0.73) (0.30) (2.52)** Observations 349 349 349 352 352 352 Nombre de firmes 46 46 46 49 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PROF= profondeur moyenne des titres ; TURN= rotation moyenne des titres ; CASH2=% de droit de proprit du 2nd actionnaire ultime ; CFAM=% de droit de proprit du 1er actionnaire ultime famille; CETA=% de droit de proprit du 1er actionnaire ultime Etat ; CETR=% de droit de proprit du 1er actionnaire ultime tranger ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM. VLAT= cart-type des rendements journaliers. Nous constatons que les investisseurs tunisiens sont plus attirs par les titres des firmes contrles par lEtat. Par consquent, ils tablissent un cot de transaction faible pour ces titres, ce qui engendre une augmentation de la frquence dactivit et de la capacit du march absorber les ordres. Par contre, les investisseurs sont rservs face aux titres des firmes contrle tranger cause du risque lev de slection adverse associ ces titres. Pour cette raison, ils fixent un cot de transaction lev. Il en ensuit, alors, une baisse de la frquence de transaction et de la profondeur des titres. Partant de ces rsultats, nous dduisons que le contrle familial affecte seulement deux dimensions de la liquidit, savoir le temps et le cot, alors que le contrle de lEtat et celui des investisseurs trangers affectent toutes les dimensions de la liquidit. [1] Statistiques report dans ltude de Claessens et al. (2002) [2] Statistiques report dans ltude de Fan et Wong (2002)

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