We want to improve the quality of Financial Information in Tunisia

Lotfi Sehili, CEO of BMCE Securities and at the head of the ACIIA member Association Tunisiene de l’ Analyse Financière (ATAF) featured in an article titled: We want to improve the quality of Financial Information in Tunisia in Managers, a digital magazine: https://managers.tn

Mr Sehili answers questions such as: You have been at the head of ATAF for three years. Can you tell us about its activities and missions? and What are the skills that it is possible to acquire concretely thanks to the training you provide?

For Mr Sehili’s answers to these questions and more see the full article in French available here and an English translation here


The Securitiess Analysts Association of Japan (SAAJ) announced that the following two articles won the Securities Analysts Journal Prize for 2021:

  1. Earnings Propagation Effects through the Global Supply Chain Network
           - Shimon Tsuchiya

The author examines earnings propagation effects through the global supply chain by measuring the lead-lag structure of quarterly earnings. He finds that propagation effects stem not only from direct trading partners, but also from indirectly linked firms, such as customers of customers. He also discusses the effectiveness of using network centrality to estimate the impact of each firm on other firms in the supply chain. The results suggest that weighting by degree of network centrality can be effective for capturing propagation effects from indirectly linked firms. To read this article, click here

  1. An Empirical Analysis of the Value Creation Mechanism of Private Equity Funds
    – Evidence from PE-Backed Companies in Japan –
    - Yasutake Iioka

The author analyses the post-buyout financial performance of companies acquired by PE funds in Japan between 2013 and 2015. The results reveal the following three points: (1) the existence of economic value of PE investment (e.g., value-up effects); (2) the possibility that management support through the network of the PE firm’s parent company contributes to the improvement of performance; and (3) the possibility that PE investments with greater agency cost elimination effects achieve relatively better performance. To read this article, click here

ACIIA Council Meeting / Annual General Meeting held Online and New ACIIA Council Members elected

ACIIA held its online Council Meeting / Annual General Meeting on 23 June 2021.

In order to further promote the CIIA designation globally, the Council Members discussed the ACIIA strategies to increase the number of CIIA candidates by such measures as focusing on BRICs (Brazil, Russia, India and China) and promoting the ACIIA Learning Platform launched in March 2021, an e-learning tool for candidates in countries/regions where there is no ACIIA member society.

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Exemption for the PRM Exam for CIIA designation holders

9 June 2021. Under the partnership with the Professional Risk Managers’ International Association (PRMIA) headquartered in the US, there is a mutual recognition agreement between PRMIA and ACIIA that current CIIA designation holders meet a portion of the Professional Risk Manager (PRM) Designation requirements.

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