Professor (HDR) Wael LOUHICHI - ESSCA
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Professor (HDR) Wael LOUHICHI
Main department: Finance, Accounting and Email: wael.louhichi@essca.fr
Management Control
Nationality: Tunisie
RESEARCH INTERESTS
- Market Microstructure
- Financial Accounting
- International finance
- Corporate finance
- Financial Acouting
TEACHING DOMAINS
- Financial Markets
EDUCATION
Highest degree :
2012 Higher Doctorate, Business administration, Finance, Université de Rennes
1, France
2004 Doctorate/PhD, Management Science, Finance, Université de Perpignan,
France
2004 Doctorate/PhD, Management Science, Finance, Louvain School of
Management, Belgium
2001 Master of Research in Management Science, Université de Toulouse 1
Capitole, France
PROFESSIONAL EXPERIENCE
Academic experience
Since 2016 Head of research group Finance, ESSCA School of Management, France
Since 2014 Professor of Finance, ESSCA School of Management, France
2008 - 2013 Associate Professor of Finance, Université de Rennes 1, France
2006 - 2008 Assistant Professor of Finance, ESC Amiens, France
2001 - 2005 Research Assistant, Université de Perpignan, France
RESEARCH ACTIVITIES
Service to the academic discipline
19/03/2021 Wael LOUHICHI page 1/8Leadership positions in recognized academic associations/societies
Since 2018 Executive Member, Global Finance Association, United States of America
2007 - 2017 Member, European Financial Management Association (EFMA)
Participation in the scientific committee of a conference
2019 - 2019 Organization: Research Day, CSR, Ethics & Financial Risks, PANORisk,
France
2017 - 2017 Organization: Conference on Measurement, Valuation and Modelling of
Finance Risks, PANORisk, France
2017 - 2017 Organization: 25th Conference, Global Finance Association, France
Scientific Association Membership
Since 2003 Member, Association Française de Finance (AFFI)
Workshops
2017 - 2017 3rd International Workshop on “Financial Markets and Nonlinear
Dynamics” (FMND)
2015 - 2015 2nd International Workshop on “Financial Markets and Nonlinear
Dynamics” (FMND)
Supervision of thesis/HDR
décembre Financial Dollarization in Russia, PhD reviewer, Université Paris-Saclay,
2018 France
juin 2016 Three essays on risk disclosure, PhD supervisor, Université de Rennes 1,
France
novembre Dividend changes announcements through the financial crisis of 2007-
2016 2009 : empirical evidence from the French Stock Market, PhD co-
supervisor, Université de Rennes 1, France
juillet 2018 thèse précédentethèse suivante
Évaluation de l’efficience, la performance et le risque des banques
conventionnelles et con-conventionnelles : essais empiriques, PhD
reviewer, Université Paris-Saclay, France
septembre Co-movements of stock markets : three essays, PhD jury member /
2016 examiner, Université Paris-Saclay, France
INTELLECTUAL CONTRIBUTIONS
Peer-reviewed Articles
FTITI, Z., F. JAWADI, W. LOUHICHI, M. E. A. MADANI, "Are oil and gas futures markets
efficient? A multifractal analysis", Applied Economics, January 2021, vol. 2021/53, no.
2, pp. 164-184
BEN AMEUR, H., W. LOUHICHI, "The Brexit impact on European market co-movements"
Forthcoming Annals of Operations Research
JAWADI, F., Z.FTITI, W.LOUHICHI, "Forecasting Energy Futures Volatility with Threshold
Augmented Heterogeneous Autoregressive Jump Models", Econometric Reviews,
January 2020, vol. 39, no. 1, pp. 54-70
AUBERT, F., W.LOUHICHI, "Why Do Firms Release Profit Warnings?", Economics
Bulletin, April 2020, vol. 40, no. 2, pp. 1056-1067
LOUHICHI, W., H.BEN AMEUR, Z.FTITI, "New Outlook for Oil Market in the New Post-
Coronavirus World", IAEE Energy Forum, June 2020, vol. Special Covid-19 Edition
19/03/2021 Wael LOUHICHI page 2/8LOUHICHI, W., A. FOURATI, M. JERIJI , "L’impact de la RSE sur la relation entre la gestion de résultat et la qualité du reporting financier et extra-financier: Le cas français", Recherches en Sciences de Gestion, September 2020, vol. 2020/2, no. 137, pp. 115- 142 BEN AMEUR, H., Z. FTITI, F. JAWADI, W. LOUHICHI, "Measuring extreme risk dependence between the oil and gas markets" Forthcoming Annals of Operations Research ARBI MADANI, M., Z. FITI, W. LOUHICHI, H. BEN AMEUR, "Intraday hedging and the safe- haven role of Bitcoin", Bankers, Markets & Investors, December 2020, vol. 163 BRIK, H., J. EL OUAKDI, Z. FTITI, W. LOUHICHI, "The predictive power of country governance for economic and financial vulnerabilities occurrence", Gestion 2000, September 2020, vol. 37, no. 5, pp. 105-119 JAWADI, F., W.LOUHICHI, K.CHEFFOU, H.BEN AMEUR, "Modeling time-varying beta in a sustainable stock market with a three-regime threshold GARCH model", Annals of Operations Research, October 2019, vol. 281, no. 1-2, pp. 275–29 LOUHICHI, W., M.FALL, J. L.VIVIANI, "Empirical tests on the asset pricing model with liquidity risk: An unobserved components approach", Economic Modelling, August 2019, vol. 80, pp. 75-86 FTITI, Z., F.JAWADI, W.LOUHICHI, M. A.MADANI, "On the relationship between energy returns and trading volume: a multifractal analysis", Applied Economics, February 2019, vol. 51, no. 29, pp. 3122-3136 LOUHICHI, W., H.RAIS, "Refinement of the hedging ratio using copula-GARCH models", Journal of Asset Management, September 2019, vol. 20, no. 5, pp. 403-411 LOUHICHI, W., H. BOUZGARROU, T.CHEBBI, "News and Sovereign CDS Spillovers: The Case of the Euro Area Markets", Bankers, Markets & Investors, September 2019, vol. 158 JAWADI , F., W.LOUHICHI, H.BEN AMEUR, Z.FTITI, "Do Jumps and Co-jumps Improve Volatility Forecasting of Oil and Currency Markets?", Energy Journal, December 2019, vol. 40, no. Special Issue BEN AMEUR, H., F.JAWADI, A.IDDI CHEFFOU, W.LOUHICHI, "Measurement Errors in Stock Markets", Annals of Operations Research, March 2018, vol. 262, no. 2, pp. 287–306 LOUHICHI, W., H.BEN AMEUR, F.JAWADI, "Modeling International stock Price co- movements with high frequency data", Macroeconomic Dynamics, October 2018, vol. 22, no. 7, pp. 1875-1903 BOUZGARROU, H., S.JOUIDA, W.LOUHICHI, "Bank profitability during and before the financial crisis : domestic vs foreign banks", Research in International Business and Finance, April 2018, vol. 44, pp. 26-39 VIVIANI, J.-L., A.-N.LAI, W.LOUHICHI, "The impact of asymmetric ambiguity on investment and financing decisions", Economic Modelling, January 2018, vol. 69, pp. 169-180 BRIK, H., J.EL OUAKDI, Z.FTITI, W.LOUHICHI, "Determinants of Equity Returns Correlations. Bankers", Bankers, Markets & Investors, November 2018, no. 154-155, pp. 1-10 19/03/2021 Wael LOUHICHI page 3/8
LOUHICHI, W., ZREIK, "Risk sentiment and Firms' liquidity in the French market", Research in International Business and Finance, February 2017, vol. 39, pp. 809-823 LOUHICHI, W., E.GEBRAN HARB, "Pricing CDS spreads with Credit Valuation Adjustment using a mixture copula", Research in International Business and Finance, February 2017, vol. 39, pp. 963-975 LOUHICHI, W., "Modelling the Relationship between Future Energy Intraday Volatility and Trading Volume with Wavelet", Applied Economics, February 2017, vol. 49, no. 20, pp. 1981-1993 JAWADI, F., N.JAWADI, A.IDI CHEFFOU, H.BEN AMEUR, W.LOUHICHI, "Modelling the Effect of the Geographical Environment on Islamic Banking Performance : a panel Quantile regression analysis", Economic Modelling, December 2017, vol. 2017, no. 67, pp. 300-306 LOUHICHI, W., O.ZREIK, "Risk Disclosure and company unsystematic, systematic, and total Risks", Economics Bulletin, March 2017, vol. 37, no. 1, pp. 448-467 VERYZHENKO, I., E.HARB, W.LOUHICHI, N.ORIOL, "The impact of the french financial transaction tax on HFT activities and market quality", Economic Modelling, December 2017, vol. 2017, no. 67, pp. 307-315 BEN CHEIKH, N., W.LOUHICHI, "Revisiting the role of inflation environment in exchange rate pass-through: A panel threshold approach", Economic Modelling, January 2016, vol. 52, no. 2016, pp. 233-238 LOUHICHI, W., F.JAWADI, A.IDI CHEFFOU, R.RANDRIANARIVONY, "Intraday jumps and trading volume: a nonlinear Tobit specification", Review of Quantitative Finance and Accounting, November 2016, vol. 47, no. 4, pp. 1167-1186 JAWADI, F., W.LOUHICHI, H.BEN AMEUR, A.IDI CHEFFOU, "On oil-US exchange rate volatility relationships: An intraday analysis", Economic Modelling, July 2016, vol. 59, pp. 329-334 JAWADI, F., A. I.CHEFFOU, N.JAWADI, W.LOUHICHI, "On the Reputation of Islamic Banks: a Panel Data Qualitative Econometrics Analysis", Open Economies Review, November 2016, vol. 27, no. 5, pp. 987–998 LOUHICHI, W., H.BEN AMEUR, A.IDI CHEFFOU, F.JAWADI, M.HDIA, "Assessing for time variation in oil risk premia : an adcc-garch-capm investigation", Energy Studies Review, May 2015, vol. 21, no. 2, pp. 13-22 LOUHICHI, W., F.JAWADI, K.CHEFFOUR, "Intraday bidirectional volatility spillover across international stock markets: does the global financial crisis matter?", Applied Economics, March 2015, vol. 47, no. 34-35, pp. 3633-3650 LOUHICHI, W., F.AUBERT, "Analyst earnings forecast revision activity around profit warnings across four European countries", Journal of Applied Accounting Research, January 2015, vol. 16, no. 1, pp. 58-87 LOUHICHI, W., O.ZREIK, "Corporate Risk Reporting: A study of The Impact of Risk Disclosure on Firms reputation", Economics Bulletin, December 2015, vol. 35, no. 4, pp. 2395-2408 LOUHICHI, W., F.JAWADI, A.CHEFFOU IDI, "Testing and modeling jump contagion across international stock markets: A nonparametric intraday approach", Journal of Financial Markets, October 2015, vol. 26, pp. 64-84 19/03/2021 Wael LOUHICHI page 4/8
LOUHICHI, W., F.JAWADI, "Is Islamic Conventional and Islamic stock price performance: An empirical investigation", International Economics, May 2014, vol. 137, pp. 73-87 LOUHICHI, W., H.BOUZGARROU, "Does The Financing Decision Help To Understand Market Reaction Around Mergers And Acquisitions?", Journal of Applied Business Research, March 2014, vol. 30, no. 2, pp. 465-478 LOUHICHI, W., H.BOUZGARROU, "Ratio cible d’endettement et financement des opérations d’acquisitions : Le cas français", Recherches en Sciences de Gestion, April 2013, vol. 97, pp. 47-67 LOUHICHI, W., F.JAWADI, H.AMEUR, "Do the US trends drive the UK–French market linkages?: empirical evidence from a threshold intraday analysis", Applied Economics Letters, 2013, pp. 499-503 LOUHICHI, W., F.AROURI, N.JAWADI, H.AMEUR, "Is Islamic finance enough for investors to escape from a financial downturn?", Applied Economics, 2013, vol. 45, no. 24, pp. 3412-3420 LOUHICHI, W., R.BENKRAIEM, F.LE ROY, "Football et Bourse", Recherches en Sciences de Gestion, 2012, no. 91, pp. 85-106 LOUHICHI, W., "Does trading activity contain information to predict stock returns? Evidence from Euronext Paris", Applied Financial Economics, 2012, vol. 22, no. 8, pp. 625-632 LOUHICHI, W., "L’asymétrie informationnelle autour des annonces publiques", La Revue des Sciences de Gestion, 2012, vol. 254, pp. 49-57 LOUHICHI, W., R.BENKRAIEM, F.LE ROY, "Sporting performances and the volatility of listed English football clubs", International Journal of Sport Finance (FIT), 2011, vol. 6, no. 4, pp. 283-297 LOUHICHI, W., F.AUBERT, "L’impact informationnel de l’alerte aux résultats sur l’annonce du résultat annuel", Comptabilité Contrôle Audit, 2011, vol. 17, no. 2, pp. 11- 36 LOUHICHI, W., "What drives the volume-volatility relationship on Euronext Paris?", International Review of Financial Analysis, 2011, vol. 20, no. 4, pp. 200-206 LOUHICHI, W., A.CELLIER, "Intraday relationship between information flow and market activity", Journal of Applied Business Research, 2011, vol. 27, no. 3, pp. 55-70 LOUHICHI, W., "Which trades move stock prices on Euronext Paris?", Journal of Asset Management, 2010, vol. 10, no. 6, pp. 382-391 LOUHICHI, W., R.BENKRAIEM, P.MARQUES, "Market reaction to sporting results: The case of European listed football clubs", Management Decision, 2009, vol. 47, no. 1, pp. 100-109 LOUHICHI, W., "Price adjustment to annual earnings announcements: Evidence from Euronext Paris", Review of Accounting and Finance, 2008, vol. 7, no. 1, pp. 102-115 LOUHICHI, W., "Le comportement des différentes catégories d’investisseurs autour des annonces publiques", Revue Banque, 2007, pp. 28-40 Books and Book Editor 19/03/2021 Wael LOUHICHI page 5/8
LOUHICHI, W., G.DUFRENOT, F.JAWADI, Market Microstructure and NonLinear Dynamics – Keeping Financial Crisis in Context, Springer-Verlag, New York, United States of America, 2014 Chapters in book LOUHICHI, W., N.BEN CHEIKH, "Pass-Through of Exchanges Rate Shocks to Prices in the Euro Area : evidence from Pricing Chain Model" in International Symposia in Economic Theory and Econometrics., W Barnett and F Jawadi Ed., EmeraldGroup Publishing, pp. 113-162, 2015 LOUHICHI, W., K.TOUMI, J.VIVIANI, "Alternative Financial Decision Principles: Theoretical Foundations of Islamic Banks Capital Structure" in Recent Developments in Alternative Finance Empirical Assessments and Economic., W. Barnett et F. Jawadi Ed., EmeraldGroup Publishing, 2012 LOUHICHI, W., M.AROURI, F.JAWADI, D.NGUYEN, "Nonlinear Shift Contagion Modelling: Further Evidence from High Frequency Stock Data" in Financial Econometrics Handbook., G.N. Gregoriou et R. Pascalau Ed., Palgrave Macmillan, pp. 143-160, 2011 Presentation at a conference with proceedings LOUHICHI, W., M. FALL, J.-L. VIVIANI, "Forecasting the intra-day effective bid ask spread by combining density forecasts" in 6th International Symposium in Computational Economics and Finance (ISCEF), 2020, Paris LOUHICHI, W., "Hedging and safe having of Bitcoin and Gold" in Financial Economics Meeting: Post-Crisis Challenges (FEM), 2019, Hammamet, Tunisia BEN AMEUR, H., Z.FTITI, F.JAWADI , W.LOUHICHI, "Investors' behavior and stock price movements" in 4th International Workshop on Financial Markets and Nonlinear Dynamics, 2019, Paris, France LOUHICHI, W., "Intraday Cojumps between Oil Price and U.S. Dollar Exchange Rates" in 5th International Symposium in Computational Economics and Finance, 2018, France LOUHICHI, W., "Modelling the Relationship between Energy Markets", International Research Conference on Business and Economics and Social Sciences Theorie, 2018, Indonesia LOUHICHI, W., "News and Sovereign CDS Spillovers : The Case of the Euro Area Markets" in 27th International MBF Conference, 2018, Rome, Italy LOUHICHI, W., "Co-Jump Between Crude Oil Market and Exchange Rate Market" in Global Finance Conference, 2017, New-York, United States of America LOUHICHI, W., "to be confirmed" in World Finance & Banking Symposium, 2017, Bangkok, Thailand LOUHICHI, W., "Co-jumps between Crude Oil market and Euro / Dollar Exchange Rate" in Conference on applied Financial Modelling, Deakin University, 2016, Melbourne LOUHICHI, W., I.VERYZHENKO, E.GEBRAN HARB, "The impact of the French financial transaction tax on high frequency trading activities and market quality" in International Symposium in Computational Eononomics and Finance, 2016, Paris, France LOUHICHI, W., S.JOUIDA, H.BOUZGARROU, "Bank Profitability during and before financial crisis : domestic vs foreign banks" in International Symposium in Computational Economics and Finance, 2016, Paris, France 19/03/2021 Wael LOUHICHI page 6/8
LOUHICHI, W., "La décision face au changement : un équilibre entre effort cognitif et repères émotionnels" in Les 2ème Rencontres Internationales des Sciences du Management & les 13èmes journées Humanisme et Gestion, 2016, Marrakech, Morocco LOUHICHI, W., "On the relationship between intrady jumps and Trading volume : a nonlinear tobit specification" in the 8th NCTY International Finance conference, 2015, Taiwan LOUHICHI, W., "A Non Parametric Approach to Modeling Intradaily Stock Price Comovements" in 56th Meeting of the Euro Working Group of Commodities and Financial Modeling (EWGCFM), 2015, Dubai, United Arab Emirates LOUHICHI, W., E.GEBRAN HARB, I.VERYZHENKO, "The impact of the French financial transaction tax on high frequency trading activities and market quality" in 3rd Bordeaux Workshop in International Economics and Finance "Alternative Platforms and Organization of Trading Activities", 2015, Bordeaux, France BEN CHEIKH, N., W.LOUHICHI, "Pass-Through of exchange rate shocks to prices in the Euro Area : evidence form pricing chain model" in 11th international business and social science research conference, 2015, Dubaï, United Arab Emirates LOUHICHI, W., W.BARNETT, F.JAWADI, "Pass through of exchange rate shocks to prices in the Euro area: evidence from pricing chain model" in International symposia in economic theory and econometrics, pp. 113-162, 2015, Londres BEN CHEIKH, N., W.LOUHICHI, "Revisiting the Role of Inflation Environment in the Exchange Rate Pass-Through: A Panel Threshold Approach" in 3rd International Symposium in Computational Economics and Finance (ISCEF), 2014, Paris, France LOUHICHI, W., F.JAWADI, "Volatility spillovers among international markets" in 3rd International Symposium in Computational Economics and Finance, 2014, Paris, France LOUHICHI, W., "Risk Sentiment and firms' liquidity : Evidence from the French Market" in Conférence annuelle de l'European Academy of Management (EURAM), 2014, Valencia, Spain LOUHICHI, W., H.BOUZGARROU, "Does the financing decision help to understand market reaction around mergers and acquisitions?" in EFMA (European Financial Management Association), 2012, Barcelone LOUHICHI, W., R.BENKRAIEM, F.LE ROY, "Sporting performances and the volatility of listed English football clubs " in EURAM 2010, 2010, Rome, Italy LOUHICHI, W., R.BENKRAIEM, F.LE ROY, "Sporting performances and the volatility of listed English football clubs " in AFFI 2010, 2010, Saint Malo, France LOUHICHI, W., R.BENKRAIEM, F.LE ROY, "Sporting performances and the volatility of listed English football clubs " in EFMA 2010, 2010, Aarhus, Denmark LOUHICHI, W., P.MARQUES, R.BENKRAIEM, "The stock market valuation of football game results " in 16th Congress of the European Association for Sport Management, 2009, Heidelberg, Denmark LOUHICHI, W., F.AUBERT, "Market activity around Profit Warnings" in congrès annuel EAA (European Accounting Association), 2008, Rotterdam, Netherlands (The) LOUHICHI, W., "Which orders move stock prices on Euronext Paris? " in 20th Australasian Banking and Finance Conference, 2007, Sydney, Australia 19/03/2021 Wael LOUHICHI page 7/8
LOUHICHI, W., "Trade size and stock returns " in 5th International Finance Conference, 2007, Hammamet, Tunisia LOUHICHI, W., "Le sens des transactions autour des annonces publiques " in 3rd International Finance Conference, 2005, Hammamet, Tunisia LOUHICHI, W., "Market reaction to annual earnings announcements : the case of Euronext Paris" in congrès annuel de l’EFMA (European Financial Management Association), 2004, Basel, Switzerland LOUHICHI, W., "Comportement du marché autour des périodes d’annonce des résultats" in 2nd International Finance Conference, 2003, Hammamet, Tunisia 19/03/2021 Wael LOUHICHI page 8/8
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