Le Parlement néerlandais a approuvé une réforme majeure des régimes de retraite professionnelle en juin 2023. Jusqu’alors, ces fonds de pension étaient gérés en capitalisation, mais garantissaient aux affiliés une prestation définie, analogue aux annuités des régimes de retraite fonctionnant en répartition. Bien que les règles de calcul des prestations aient été progressivement durcies pour les salariés, la garantie d’une pension certaine pesait sur les employeurs qui supportaient in fine les risques de placement financier et de longévité des affiliés. La réforme contraint les régimes de retraite professionnelle à transformer les fonds à prestations définies en fonds collectifs à cotisations définies (collective defined contributions – CDC) d’ici le 1er janvier 2028. Ses principaux objectifs visent à réduire les risques financiers pour les employeurs, à mieux les répartir entre les générations et à assurer la soutenabilité des régimes dans un contexte de vieillissement de la population et d’incertitude économique. Notre article se propose d’analyser cette réforme sous l’angle de l’équité intergénérationnelle, dont l’objectif est de répartir équitablement les risques de marché et de longévité entre actifs et retraités, pour éviter que les fluctuations économiques ou l’allongement de l’espérance de vie ne pèsent uniquement sur une seule génération, en particulier sur les jeunes.

Abstract. Narrative historical records of wine production in Central Europe date back to 1200. The extent to which such data can be used as proxy data for summer temperatures is being explored. Here, we investigated taxes paid to the authorities in the French-Luxembourg Moselle region, Germany and the Swiss Plateau over the last few centuries drawing on 11 regional series from the early 15th merged into three supra-regional series: (1) the Moselle series, starting in 1416 and consisting of data from the former city-republic of Metz (France) and the Grand Duchy of Luxembourg; (2) the series for Germany, starting in 1511 and mainly originating from the former city-state of Heilbronn; and (3) the third series, starting in 1529 and representing production on the Swiss Plateau. The residuals of the supra-regional yield series were averaged, divided into seven classes, and multiplied by five quality classes. Yield quality indices (YQI) varying between 35 (large and excellent) and 1 (small and undrinkable) century to 1988. We detrended the data to compensate for longer-term biases. The homogenised series were significantly correlated with temperatures between May and July. Regression analysis of the composite series revealed that yield and quality primarily depend on the climate conditions from May to July as well as on those in June of the previous year. Crops with a YQI > 28 (rated "good" by traditional winegrowers) were related to above-average May–July temperatures, early grape harvest dates and high tree-ring maximum latewood density resulting from frequent anticyclonic weather situations. Crops with YQI > 10 could not be uncritically assigned to cold summers since winter, and spring frosts often reduced yields without affecting quality. Severe crop failures sometimes triggered witch hunts. In summary, narrative evidence on wine production allows reconstructions based on tree-rings to be specified and verified.

This chapter examines how age influences the contact effect in shaping tolerance toward immigrants, using French data from the 2017 European Values Survey. While contact theory posits that frequent interactions with immigrants generally increase tolerance, the findings reveal a nuanced relationship. A higher share of immigrants in a district correlates with greater tolerance, but this effect diminishes for young immigrants (15–24 years), often leading to lower tolerance. Interestingly, respondents’ age does not significantly affect their reaction to immigrant proportions. These results challenge utilitarian perspectives, suggesting that hostility toward young immigrants is rooted in personal experiences rather than economic logic.

The evolution of credit markets, driven by regulatory reforms, trading electronification, and the increasing availability of data, has reshaped the landscape for asset managers. This thesis contributes to the advancement of systematic credit strategies by investigating credit risk dynamics, machine learning model design, and interest rate hedging techniques.The first contribution examines the impact of corporate action announcements—such as stock buybacks, dividends, and mergers & acquisitions—on credit default swap spreads. Quantifying abnormal spread movements around these events allows for the disentangling of wealth transfer from signaling effects, providing insights into the mechanisms driving credit market reactions.The second contribution focuses on improving asset ranking models for long-short portfolio construction. Traditional learning-to-rank algorithms favor top-ranked assets while neglecting underperformers, creating challenges for market-neutral strategies. This thesis proposes refined loss functions that enhance ranking symmetry across the full asset distribution, thereby improving portfolio balance and performance.The third contribution introduces a multi-task neural network framework that unifies asset ranking and portfolio weighting within a single optimization model. In contrast to conventional two-step approaches, this framework simultaneously optimizes both ranking and allocation, resulting in more efficient investment decisions.Finally, this thesis explores the relationship between equity and corporate bond markets by decomposing their correlation into credit risk and interest rate sensitivity components. Since these drivers vary across credit qualities and market conditions, this thesis proposes two adaptive interest rate hedging strategies. These strategies outperform traditional duration-convexity hedging by dynamically adjusting hedge ratios in response to evolving market regimes.These contributions collectively advance systematic credit investing by integrating financial expertise with advanced quantitative techniques. The findings offer asset managers practical methodologies for improving credit trading strategies in an increasingly data-driven and complex financial environment.

Le Parlement néerlandais a approuvé une réforme majeure des régimes de retraite professionnelle en juin 2023. Jusqu’alors, ces fonds de pension étaient gérés en capitalisation, mais garantissaient aux affiliés une prestation définie, analogue aux annuités des régimes fonctionnant en répartition. La réforme contraint les régimes de retraite professionnelle à transformer les fonds à prestations définies en fonds collectifs à cotisations définies d’ici le 1er janvier 2028. Cet article analyse la réforme en mettant l’accent sur l’équité intergénérationnelle, l’objectif étant de répartir équitablement les risques de marché et de longévité entre actifs et retraités, pour éviter que les fluctuations économiques ou l’allongement de l’espérance de vie ne pèsent uniquement sur une seule génération, en particulier sur les jeunes. Une dernière partie, plus exploratoire, la possibilité de transposer cette réforme dans le système de retraite français.