Tunisia is considered one of the first Arab Muslim countries to have the freedom of women and their participation in the economic sphere. Despite these advancements in women’s freedom, Tunisia still has a few women in positions of responsibility in the business. Our reflection on gender diversity will, therefore, be studied from the angle of the contribution of women to the performance of the company. Our research uses different gender diversity proxies such as the percentage of women on the board, a binary variable, and two additional indices of the diversity the Blau and Shannon indices. In order to properly study this impact, we have mainly used bivariate analysis by studying the association between endogenous and explanatory variables and multivariate analysis by applying double least square regression (2SLS). Using the panel data methodology and controlling for endogeneity, the results show that gender diversity on the board of directors does not have an impact on the performance of listed companies measured by Tobin’s Q. However, if critical mass is reached, the impact on gender diversity becomes positive and significant.

This paper examines the interconnection and wavelet coherence between the green cryptocurrency market and the green conventional market, utilizing daily data. The research period covers 1 July 2020 to 30 September 2024. Employing the time-varying parametric vector autoregression (TVP-VAR) model and wavelet coherence analysis, we capture both short- and long-term spillovers across markets. The results show that cryptocurrencies, particularly Binance and Litecoin, act as dominant transmitters of volatility and return shocks, while green conventional indices function mainly as receivers with strong self-dependence. Spillover intensity is highly time-varying, with peaks during periods of systemic stress, particularly during the COVID-19 pandemic, and troughs indicating diversification opportunities. These findings advance the literature on systemic risk and portfolio design by showing that crypto assets can simultaneously amplify vulnerabilities and enhance diversification when combined with green finance instruments. For policy, the results highlight the need for regulatory frameworks that integrate sustainability taxonomies, mandate environmental disclosures for digital assets, and incentivize energy-efficient blockchain adoption to align crypto markets with sustainable finance objectives. This research enhances our understanding of the interrelationship between green investments and cryptocurrencies, providing valuable insights for investors and policymakers on risk management and diversification strategies in an increasingly sustainable financial landscape.

This paper explored in depth the issue of green finance within Tunisian banks. The main objective of this research was to understand how Banks can play a significant role in the development of green finance in Tunisia. In a first step, we explained the undeniable importance of green finance which presents an essential pillar of the transition towards a more sustainable and environmentally friendly economy. Financial institutions play a vital role in promoting green financial products. Banks have started to offer products and services focused on sustainability. However, these efforts are insufficient, and it is necessary to strengthen them. For this, we examined the perception of Tunisian customers towards the green financial products of Banks as well as the factors influencing their attitudes, a detailed survey reveals that awareness is growing and that trust and relevance are crucial elements to encourage their adoption. In conclusion, this work has highlighted the importance of green finance in the Tunisian context. It offers food for thought for decision-makers, practitioners, and researchers who wish to contribute to the sustainable development of the banking sector in Tunisia.

Investing in the financial market is a way to grow wealth. This investment undoubtedly generates a return accompanied by a certain level of risk. In finance, risk occupies a crucial place in the stock market. Indeed, it intervenes in the process of choice and selection of the portfolio. Investment decisions can be tricky from time to time and require further thought. The achievement of judicious investment is based on a knowledge of the financial market evolution, the behavior of investors as well as techniques of portfolio management. Multitudes of strategies have been implemented over time to effectively manage the portfolio. Within this framework, various strategies have been implemented such as modern portfolio theory (MPT) and behavioral portfolio theory (BPT). We concentrate on portfolio optimization for two alternative approaches: the MVT and the BPT. This study aims to compare portfolios generated by these two approaches during political and COVID-19 crisis periods using data from the Tunisian stock market exchange for the period 2009 –2022. The results show that in the case of a higher degree of risk aversion induced by investors’ BPT, all the stock is located at the top right of the mean-variance frontier. However, during the crisis, the portfolios selected by rational investors were not systematically selected by irrational investors, even if the optimal portfolio of BPT coincides with the Markowitz efficiency frontier. The results indicate that the crisis induces simultaneously an increase in risk and a sharp decrease in the portfolio return of individuals who follow the mean-variance theory of Markowitz.

This paper analyzes the returns and volatility connectedness between oil prices and Eurozone sector returns during the global financial crisis. We employ the TVP-VAR frequency connectedness approach with daily data of Brent prices and 18 Eurozone supersector indices from 15 November 2014 to 24 November 2023. Our results show a high average connectedness of the returns and volatilities. Industrial Goods are the largest transmitter contrariwise Media supersector is the largest receiver of shocks on returns. The same finding is for volatility, the result shows that Industrial Goods and Services transmit the highest risk in contrast, the Media has the highest receiver volatility indices. The time-varying connectedness (TCI) of returns and volatilities in both show a drastic increase in March 2020. This increase is a result of COVID-19. Whereas, there has been no rise in connectivity following Russia’s invasion of Ukraine. Our result highlighted that Brent was a net receiver of volatility shocks during the Russian invasion of Ukraine.

L’étude de la relation entre les volumes et la volatilité est particulièrement privilégiée car la nature de cette relation reste encore méconnue. Nous proposons donc une présentation des principaux travaux relatifs aux interactions entre les volumes et la volatilité, les analyses pouvant être regroupées en deux grands courants théoriques. Dans le cadre de la théorie des flux d’informations, une relation instantanée positive est postulée entre le volume et la volatilité, lien qui sous-tend un ajustement instantané des prix aux informations. Cette théorie est nommé « Mixture Distribution Hypothesis » connue sous l’abréviation MDH. Par opposition, d’autres travaux ont contribué à l’émergence du second courant en avançant l’hypothèse d’un ajustement graduel des prix aux informations du fait de l’hétérogénéité des anticipations. Dans ce cadre une relation de causalité du volume vers la volatilité, et vice – versa, est privilégiée au détriment d’un lien instantané. Cette dernière est appelée « Séquentiel Informational Arrival Hypothesis » connue sous SIAH. Les résultats de cette étude, menée sur des observations intra journalières des valeurs cotées à la B.V.M.T ont échoué à supporter le « SIAH » et ont mis en évidence l’importance du « MDH » dans l’explication de la relation volume – volatilité.