Ariane Szafarz

Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Prof.

50 Avenue Roosevelt

Brussels 1050

Belgium

SCHOLARLY PAPERS

36

DOWNLOADS
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CITATIONS
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Top 15,021

in Total Papers Citations

24

Scholarly Papers (36)

1.

A General Formula for the WACC

International Journal of Business, Vol. 11, No. 2, 2006
Number of pages: 8 Posted: 27 Apr 2006
Andre Farber, Roland L. Gillet and Ariane Szafarz
Université Libre de Bruxelles (ULB) - Solvay Brussels School of Economics and Management, Université Paris I Panthéon-Sorbonne and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 1,594 (3,753)
Citation 8

Abstract:

WACC, Adjusted present value, Tax shield, Return on equity

2.

Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin

Journal of Asset Management, 16, 6, 365-373, doi:10.1057/jam.2015.5
Number of pages: 17 Posted: 14 Sep 2013 Last Revised: 23 May 2017
Marie Briere, Kim Oosterlinck and Ariane Szafarz
Amundi Asset Management, Université Libre de Bruxelles - SBS-EM, CEB and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 741 (7,308)

Abstract:

Bitcoin, risk, return, diversification, virtual currency

3.

Investment in Microfinance Equity: Risk, Return, and Diversification Benefits

Number of pages: 42 Posted: 07 Mar 2011 Last Revised: 15 Jan 2013
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 484 (36,129)

Abstract:

Microfinance, Portfolio Management, Equity, Emerging Markets

4.

Factor Investing: Risk Premia vs. Diversification Benefits

Paris December 2016 Finance Meeting EUROFIDAI - AFFI
Number of pages: 43 Posted: 08 Jun 2015 Last Revised: 10 Sep 2017
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 419 (19,878)

Abstract:

Investment, asset allocation, factor, industry, sector, crisis

5.

How Did Financial-Crisis-Based Criticisms of Market Efficiency Get it so Wrong?

CEB (Centre Emile Bernheim) Working Paper No. 09/048
Number of pages: 17 Posted: 30 Nov 2009 Last Revised: 25 Jan 2010
Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 246 (89,664)

Abstract:

Efficient Markets, Multiple Solutions, Rational Expectations, Speculative Bubbles, Volatility

6.

Credit to Women Entrepreneurs: The Curse of the Trustworthier Sex

Number of pages: 32 Posted: 02 Dec 2010 Last Revised: 22 Feb 2011
Isabelle Agier and Ariane Szafarz
Université Paris I Panthéon Sorbonne, UMR 201 and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 224 (98,188)

Abstract:

Small Business, Microcredit, Gender, Loan Size, Denial Rate, Default

7.

Assessing Portfolio Efficiency Tests: Theory, Simulations, and Applications

Number of pages: 29 Posted: 08 Mar 2011 Last Revised: 14 Mar 2011
Amundi Asset Management, Université Libre de Bruxelles (ULB) - Solvay Brussels School of Economics and Management, EconomiX-CNRS, University of Paris Ouest, Université Libre de Bruxelles - SBS-EM, CEB and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 213 (111,576)

Abstract:

Efficient Portfolio, Mean-Variance Efficiency, Efficiency Test

8.

Credit Officers and Loan Granting in Microfinance: Brazilian Evidence

Number of pages: 15 Posted: 23 Dec 2010
Isabelle Agier and Ariane Szafarz
Université Paris I Panthéon Sorbonne, UMR 201 and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 202 (108,301)

Abstract:

Microcredit, Gender, Credit Officer, Loan Size, Allocation Process

Financial Crises in Efficient Markets: How Fundamentalists Fuel Volatility

Number of pages: 21 Posted: 09 Oct 2010
Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 198 (128,327)
Citation 2

Abstract:

Efficient Markets, Speculators, Fundamentalists, Crises, Asset Pricing, Rational Expectations, Speculative Bubbles, Volatility

Financial Crises in Efficient Markets: How Fundamentalists Fuel Volatility

Journal of Banking and Finance, 2012, vol. 36, 105-111
Number of pages: 25 Posted: 27 Aug 2011 Last Revised: 19 May 2017
Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 1 (579,306)
Citation 2

Abstract:

Efficient markets, Speculators, Fundamentalists, Speculative bubbles, Liquidity

10.

Subsidy Uncertainty and Microfinance Mission Drift

Number of pages: 43 Posted: 26 Dec 2010 Last Revised: 21 Apr 2013
Harvard University, Hogeschool-Universiteit Brussel (HUBrussel), Université Libre de Bruxelles (ULB) - Solvay Brussels School of Economics and Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 173 (94,769)

Abstract:

Microfinance, Subsidies, Mission Drift, Poverty Reduction, Average Loan Size, Interest Rate

Which Short-Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe

Centre Emile Berheim Working Paper
Number of pages: 45 Posted: 27 Feb 2012 Last Revised: 26 May 2016
Oscar Bernal, Astrid Herinckx and Ariane Szafarz
University of Namur, Université Libre de Bruxelles (ULB) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 165 (151,771)
Citation 1

Abstract:

short selling, disclosure requirement, market efficiency, regulation, volatility

Which Short-Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe

International Review of Law and Economics, Vol. 37, 244-256, 2014
Posted: 31 Jan 2014
Oscar Bernal, Astrid Herinckx and Ariane Szafarz
University of Namur, Université Libre de Bruxelles (ULB) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Short selling, disclosure requirement, market efficiency, regulation, volatility

Discrimination by Microcredit Officers: Theory and Evidence on Disability in Uganda

Number of pages: 25 Posted: 23 Dec 2010 Last Revised: 07 Jan 2014
Université de Mons-Hainaut, Université Libre de Bruxelles (ULB), University of Agder and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 151 (163,917)
Citation 1

Abstract:

Microfinance, Discrimination, Credit Officers, Incentives

Discrimination by Microcredit Officers: Theory and Evidence on Disability in Uganda

Quarterly Review of Economics and Finance, Vol. 58, 44-55, 2015
Posted: 25 May 2016
Université de Mons-Hainaut, Université Libre de Bruxelles (ULB), University of Agder and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Microcredit, Micro-entrepreneurs, Discrimination, Loan officers, Incentives, Disability

13.

Corporate Control with Cross-Ownership

Number of pages: 41 Posted: 14 Mar 2012
Marc Levy and Ariane Szafarz
Université Libre de Bruxelles (ULB) - Solvay Brussels School of Economics and Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 132 (132,842)

Abstract:

ownership and control, cross-ownership, tunneling, Banzhaf index, Allianz group

14.

Microcredit in Developed Countries: Unexpected Consequences of Loan-Size Ceilings

Number of pages: 36 Posted: 01 Jun 2013
Anastasia Cozarenco and Ariane Szafarz
Aix-Marseille University (Aix-Marseille School of Economics), CNRS & EHESS and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 98 (167,470)

Abstract:

Microcredit, regulation, developed countries, loan size, natural experiment

15.

Discipline and Flexibility: A Behavioral Perspective on Product Design in Microfinance

Forthcoming in Oxford Development Studies
Number of pages: 36 Posted: 01 Oct 2012 Last Revised: 31 Aug 2017
Marc Labie, Carolina Laureti and Ariane Szafarz
Université de Mons-Hainaut, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 92 (171,270)

Abstract:

microfinance, flexibility, commitment, discipline, incentive

16.

Vive la Différence: Social Banks and Reciprocity in the Credit Market

Journal of Business Ethics, Vol. 125, 2014
Number of pages: 51 Posted: 05 Jul 2012 Last Revised: 18 May 2017
Simon Cornée and Ariane Szafarz
Université de Rennes 1 - CREM CNRS and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 87 (219,890)

Abstract:

social bank, subsidized loan, social enterprise, ethical bank, start-up

17.

Behavioral Banking: A Theory of the Banking Firm with Time-Inconsistent Depositors

Number of pages: 35 Posted: 02 Oct 2012 Last Revised: 02 Sep 2017
Carolina Laureti and Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 82 (227,517)

Abstract:

Bank, deposit, liquidity premium, hyperbolic discounting

18.

Women Leaders and Social Performance: Evidence from Financial Cooperatives in Senegal

World Development (2015), Vol. 74, pp. 437-452
Number of pages: 57 Posted: 02 Jun 2013 Last Revised: 23 May 2017
Anaïs Périlleux and Ariane Szafarz
Catholic University of Louvain (UCL) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 69 (251,313)

Abstract:

Gender, Leadership, Board, Microfinance, Financial cooperative, Senegal

19.

One Asset, Two Prices: The Case of the Tsarist Repudiated Bonds

Centre Bernheim ULB Working Paper No. 04-022
Number of pages: 15 Posted: 22 Sep 2004
Kim Oosterlinck and Ariane Szafarz
Université Libre de Bruxelles - SBS-EM, CEB and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 65 (282,004)

Abstract:

Bonds, repudiation, sovereign debt, Russia

20.

Control Consolidation With a Threshold:An Algorithm

Number of pages: 20 Posted: 26 Nov 2007
Ariane Chapelle and Ariane Szafarz
University College London - Department of Computer Science and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 60 (284,310)
Citation 2

Abstract:

Ownership, Corporate control, ultimate shareholder

21.

Women's Access to Credit in France: How Microfinance Institutions Import Disparate Treatment from Banks

Number of pages: 35 Posted: 30 Jan 2014
Anastasia Cozarenco and Ariane Szafarz
Aix-Marseille University (Aix-Marseille School of Economics), CNRS & EHESS and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 57 (277,543)

Abstract:

Microcredit, bank, loan ceiling, gender, France

22.

Child Gender and Parental Borrowing: Evidence from India

Number of pages: 7 Posted: 28 Mar 2011
Isabelle Agier, Isabelle Guérin and Ariane Szafarz
Université Paris I Panthéon Sorbonne, UMR 201, UMR 201 - Développement et Sociétés (Paris I Sorbonne/IRD) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 49 (316,460)

Abstract:

Gender, Discrimination, Borrowing, Debt, Children, Mother, Father

23.

Hiring People-Like-Yourself: A Representation of Discrimination on the Job Market

Centre Emile Bernheim Working Paper No. WP-CEB 07-021
Number of pages: 9 Posted: 27 Nov 2007
Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 44 (325,011)
Citation 1

Abstract:

discrimination, affinity, skill

24.

The Price of Deposit Liquidity: Banks versus Microfinance Institutions

Applied Economics Letters, Forthcoming
Posted: 25 Nov 2014 Last Revised: 09 Jun 2016
Carolina Laureti and Ariane Szafarz
Université Libre de Bruxelles, Solvay Brussels School of Economics and Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Liquidity premium; present-bias; banks; microfinance; Bangladesh

25.

Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market

World Development, Volume 67, Pages 110–125, March 2015,
Number of pages: 48 Posted: 19 May 2017
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 0 (519,930)

Abstract:

Microfinance, South Africa, Kenya, Indonesia, Bangladesh, Mexico

26.

Factors vs. Sectors in Asset Allocation: Stronger Together?

Number of pages: 21 Posted: 10 May 2017 Last Revised: 09 Sep 2017
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 0 (34,373)

Abstract:

investment, asset allocation, factor, industry, sector, crisis

27.

Factor Investing: The Rocky Road from Long Only to Long Short

Number of pages: 29 Posted: 02 Feb 2017 Last Revised: 12 Apr 2017
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 0 (74,937)

Abstract:

Investment, Asset Allocation, Factor, Short Selling

28.

Women at the Top in Developing Countries: Evidence from Firm-Level Data

IZA Discussion Paper No. 9537
Number of pages: 42 Posted: 05 Dec 2015
Khalid Sekkat, Ariane Szafarz and Ilan Tojerow
Université Libre de Bruxelles (ULB), Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi and Université Libre de Bruxelles (ULB) - Department of Applied Economics (DULBEA)
Downloads 0 (336,904)

Abstract:

gender, diversity, ownership, leadership, CEO, development

29.

Towards Greater Diversification in Central Bank Reserves

Number of pages: 23 Posted: 06 Nov 2015 Last Revised: 10 Dec 2015
Amundi Asset Management, Université Libre de Bruxelles - SBS-EM, CEB, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi and EconomiX-CNRS, University of Paris Ouest
Downloads 0 (295,883)

Abstract:

Foreign exchange reserves; diversification; asset allocation

30.

On Mission Drift in Microfinance Institutions

Armendariz B., and A. Szafarz (2011). "On Mission Drift in Microfinance Institutions", in B. Armendariz and M. Labie (eds.) The Handbook of Microfinance, Singapour: World Scientific Publishing, pp. 341-366
Number of pages: 26 Posted: 27 Aug 2011 Last Revised: 18 May 2017
Beatriz Armendariz and Ariane Szafarz
Harvard University and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 0 (515,394)
Citation 4

Abstract:

Microfinance, Mission Drift, Poverty Reduction, Cross-Subzidization

31.

Crisis-Robust Bond Portfolios

Journal of Fixed Income, pp. 57-70, Fall 2008
Posted: 14 Mar 2011
Marie Briere and Ariane Szafarz
Amundi Asset Management and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

financial crisis, portfolio management, bonds, fly-to-quality

32.
Downloads 0 (565,074)

Valuing Homeownership

Journal of Real Estate Finance and Economics, Forthcoming
Posted: 23 Dec 2010
Khalid Sekkat and Ariane Szafarz
Université Libre de Bruxelles (ULB) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Homeownership, Tenure choice, Housing, Real-Estate

Valuing Homeownership

Journal of Real Estate Finance and Economics, Vol. 43, No. 4, 2011
Posted: 24 Sep 2011
Khalid Sekkat and Ariane Szafarz
Université Libre de Bruxelles (ULB) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Homeownership, Tenure choice, Housing, Real-estate

33.

The Modern Corporation as a Safe Haven for Taste-Based Discrimination: An Agency Model of Hiring Decisions

Labour Economics, Vol. 18, No. 4, pp. 487–497, 2011,
Posted: 22 Dec 2010 Last Revised: 29 Aug 2011
Pierre-Guillaume Meon and Ariane Szafarz
Université Libre de Bruxelles (ULB) and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

discrimination, agency theory, hiring

34.

Microfinance and Gender: Is There a Glass Ceiling on Loan Size?

World Development, February 2013, vol. 42, 165–181. ,
Posted: 23 Mar 2010 Last Revised: 03 Jan 2013
Isabelle Agier and Ariane Szafarz
Université Paris I Panthéon Sorbonne, UMR 201 and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

Microcredit, Microfinance, Gender, Discrimination, Women entrepreneurs

35.

Observing Bailout Expectations During a Total Eclipse of the Sun

Journal of International Money and Finance, Vol. 29, No. 7, 2010
Posted: 30 Nov 2009 Last Revised: 14 Mar 2011
Oscar Bernal, Kim Oosterlinck and Ariane Szafarz
University of Namur, Université Libre de Bruxelles - SBS-EM, CEB and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Abstract:

F33, F34, G1, N24

36.

Controlling Firms Through the Majority Voting Rule

Physica A, Vol. 355, pp. 509-529, 2005
Number of pages: 30 Posted: 28 Feb 2005 Last Revised: 19 May 2017
Ariane Chapelle and Ariane Szafarz
University College London - Department of Computer Science and Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi
Downloads 0 (524,439)
Citation 5

Abstract:

Corporate Control, Corporate Governance, Majority Voting Rule, Pyramidal Ownership