Tourism is a fundamental factor in most of the world's economies, mainly the countries of Africa, because they have natural resources favoring tourist activity through the geographical diversity and the wealth of tourist sites. The appearance of the COVID-19 pandemic has led to changes in the...

The article leads to explain the impact of micro credit activity on human development. This issue presents an indispensable social asset to society. It reflects the employment status and quality of life. Econometric modeling helps us' to estimate the impact of micro credit on the standard of...

The equity premium puzzle is one of the most important phenomena in finance. Related to behavioral finance, we use the concept of Myopic Loss Aversion (MLA) to explain the puzzle in developed and emerging markets. Empirically, we support the robustness of the positive equity premium across the...

This paper examines competing explanations, based on risk and investor sentiment, for the cross-sectional returns in the Tunisian stock market. First, we examine the explanatory power of Fama and French (1993); and Carhart (1997) risk factors in the cross-section of stock returns. We find...

This paper develops a model of heterogeneous agents on an options market. On Paris Option Market, negotiators have different beliefs about future-at the volatility of the underlying. We assume in advance two groups; fundamentalists who believe in mean reversion and Chartists that incorporate...

This paper presents empirical evidence of herding contagion between oil market and stock markets, during the oil shock and the US financial crisis period of 2008-2009, after controlling fundamentals-driven comovements. We estimate the forecasting errors of time-varying parameters using the...