• Market Finance versus Subprime Crisis
    Vol. 4 No. 4 (2016)

    Can one trust the stock market quotations to make investment decisions at the time of the Subprime Crisis? Indeed, it is the real nagging question that interests both economists and managers and justifies that the Review CREMA dedicates an ad-hoc dossier, in its n ° 4/2016, to the Finance Market versus Subprime Crisis of the at the time of the COP 22 in Marrakech. This trend began to emerge about thirty years ago and is now tending to replace the dominant paradigm of market efficiency.


    The aim of this issue is to show the interest of social, ethical and environmental approaches, in particular Market Finance, in order to construct a theory of sustainable governance to remedy the many shortcomings of the dominant legal-financial theory.


    The reflection undertaken shows that the problems raised by the notion of behavioral bias "nudging" and its integration into the theory of Sustainable Development. Contributors to this issue highlighted the backbone of Market Finance versus the Subprime Crisis, the rationality of investment and the main behavioral bias highlighted in the financial literature, alternative risk choice theory, A particular financial product, in laboratory experimental studies and in empirical analyzes of the composition of the portfolios of individual and / or collective investors.

    The ambition of this research opus is declined on seven (7) prominent themes :

    1. Behavioral theory of choice of portfolio: comparison between asset choices in Morocco by the classical approach and the behavioral approach. State of research ;
    2. The impact of Initial Public Offering on the economic and financial performance of family businesses in Morocco ;
    3. Informational efficiency of the Moroccan stock market and the impact of behavioral finance on the rationality of investors ;
    4. Numerical modeling and mathematics of Building Energy Rating ;
    5. Sustainable development, a promising field of action for non-financial rating agencies ;
    6. Corporate social responsibility: What about companies in Algeria ?
    7. The diversity of dashboard content within medium-sized enterprises.
  • Climate Change & Sustainable Finance
    Vol. 3 No. 3 (2016)

    The Scientific Committee of the Peer Review CREMA / Center for Research in African Economics and Management, took the opportunity to hold a special issue in Marrakech at the end of 2016 of the Climate Conference COP22: "Climate Change and Sustainable Finance".

    The Finance sector is in fact front and center in the fight against global warming since money is the nerve of war and its use is neutral.

    The financial sector is becoming aware of the financial reality of Climate Change and is working on new methodologies to better manage and manage financial risk and climate risk.

    In this regard, it is an opportunity to update our knowledge on the scope of future challenges and changes in nudging behavior.

    The six prominent contributions of this opus are  :

    1. Study of the performance of Carbon Finance in the prism of Responsible Management : focus on the quantitative empirical tests of the EU ETS ;
    2. Biofuel in the north, famine in the south: a paradox of sustainable development in Africa? ;
    3. Partnerships between tourism actors for the implementation of sustainability, case of the Marrakech Tensift Elhaouz region ;
    4. Testing the effects of the quality approach on the Sustainable Development of the maritime fishing industries in Morocco: from quality assurance to food safety management ;
    5. Factors of adoption of solar technologies in Morocco ;
    6. Energy audit of auxiliaries of the Kenitra gas turbine power plant: 3 * 105MW.