AMF : Scientific Advisory Board Review: Current year

Presented at an AMF Scientific Advisory Board meeting, this article, written by Serge Darolles (Member of the Scientific Advisory Board) presents the results of a statistical study of client behaviour and the impact of this behaviour on a fund’s exposure to liquidity risk.

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The financial transactions tax (FTT) is not a recent idea, and such taxes have been effective in a wide range of countries along the 20th century. Although taxing financial transactions generally gathers the support from the public and some politicians, many arguments against it are pushed forward by the financial industry. In an article presented during a past meeting of the Scientific Advisory Board, the author synthesizes past implementations of FTT, proposes ideas to improve their design and develops a set of arguments to encourage their implementation.

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The Autorité des marchés financiers (AMF) releases the third volume of its Advisory Scientific Board’s Review. This volume encompasses two papers by members of the AMF Advisory Scientific Board. The first article by Eric Chaney (AXA) is entitled “Insurance companies in a low-yield world”; the second by Serge Darolles focuses on “Equity market liquidity and long-term investing”.

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The Autorité des marchés financiers (AMF) releases the second volume of its Advisory Scientific Board’s Review. This volume encompasses three papers by members of the AMF Advisory Scientific Board. The first two articles by Luc Arrondel (Paris School of Economics) and Marie-Hélène Broihanne (Université de Strasbourg) highlight the contributions of behavioural finance and its importance for the regulator. In the third article, Thierry Foucault analyses the arbitrage activity of high-frequency traders and its aftermath for markets’ architecture.

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The Autorité des marchés financiers (AMF) launches the first edition of its Advisory Scientific Board’s Review, a new publication aimed at releasing original research papers from experts coming from various professional sectors and proposing a valuable contribution on either financial markets regulation, investors protection or financial stability. Unique, diverse and pedagogical, these articles underline the willingness of the AMF to make academic research better-known and to promote debates on current issues that are crucial from the regulator’s point of view, both on the Paris financial Center and abroad, by encouraging discussions that reinforce the quality of such a regulation.

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