Komlan T. Sedzro

Cheminement académique

1989 - 1992 Université Laval Canada
Doctorat en Administration des affaires (Finance et Assurance)

1988 Université de Clermont 1 France
Maîtrise en économie d'entreprise

1984-1987 Université de Clermont 1 France
Licence en économie d'entreprise

Unités de recherche

• Chaire Desjardins de gestion des produits dérivés
• Chaire RBC en management des services financiers

Projets de recherche et/ou de recherche-création en cours

• Comparative Analysis of Investment Efficiency of the New Asset Class on Digital Economy

  The past decade has witnessed explosive growth on digital economy and the rise of decentralised service provision across different industries including financial markets. The most dominant transformation is through decentralised investments using digital currency, peer to peer lending and initial coin offering (ICO). While the new class of assets opens a significant opportunity for financial inclusion and minting new cohort of digital millionaires, it also poses serious challenges due to regulatory uncertainties and performance risk due to internet/electricity power failure, digital fraud and hacking. Despite the mentioned risk, some anecdotal evidence suggests the possibility of higher returns on investment using crypto assets compared to traditional indexed financial asset class. This study uses selected asset classes in the emerging digital economy and explore their investment efficiency compared to standard indexed asset class in the financial market. We focus on peer to peer lending, digital currency, traditional asset class and initial coin offering (ICO) as selected asset classes. We used the publicly available data on peer to peer lending. The data were sourced from coinmarketcap.com, ICO calendar from token market.net and various financial exchanges. We restricted our analysis in the first two quarters of 2017 because of data quality and availability during that period. We used graphical analysis and descriptive statistics to compare returns on investment across these asset classes. The findings offer a significant insight for digital entrepreneurs both in the main street and wall street, regulators, and financial institutions.

• Performance Evaluation of Microfinance Institutions

  During the past four decades, microfinance has grown to become a part and parcel of the financial landscape of almost every country. Its main objective is to offer financial services such as microcredit, micro savings and micro insurance to households and companies excluded from the traditional financial system. However, to constantly make a compromise between their social roles and financial returns, many microfinance institutions (MFIs) are struggling to achieve financial self-sufficiency and barely survive on government subsidies . Others who have reached relative financial autonomy decided to adopt the status of a bank. Meanwhile, some traditional commercial banks are expanding their microfinance service lines. The emerging evidence cast some doubt on the performance and sustainability of these institutions. While the surge of microfinance institutions (MFI) has been unprecedented in the past three decades, their performance and sustainability is still a contentious debate. Maybe the most authoritative statement during our time is that of Jonathan Morduch (2000) in his paper on microfinance where he argues that less than 1% of MFIs are sustainable and no more than 5% will ever be. The current pessimistic views of the industry call for systematic empirical evaluation on the performance dynamics and propose ways to improve performance.

• Les déterminants de l'Aide Publique bilatérale au Développement (APD)

  D'une part, l'objectif avoué de l'APD est de promouvoir la croissance économique afin d'éliminer la pauvreté et réduire l'inégalité entre les pays du Nord et du Sud. Dans tous les cas, il s'agit de l'objectif mentionné pour justifier la création en 1961 du Comité d'Aide au Développement (CAD) par l'Organisation de Coopération et de Développement Économiques (OCDE) (OCDE, 2006) ou la Résolution des Nations Unies (1970) fixant un taux 0.7% du produit national brut des pays développés comme APD pour les pays en voie de développement. Cependant, d'autre part, plusieurs voix s'élèvent pour questionner l'efficacité de l'APD (Isenman et Ehrenpreis, 2003; Quibria, 2004; Guillaumont et Laajal, 2006; Dietrich, 2013). En effet, malgré la hausse des APD, les statistiques de la Banque Mondiale (2017) montre que l'inégalité économique entre les pays du Nord et du Sud n'a cessé de croître au cours des dernières décennies. Les questions qui se posent sont de savoir pourquoi les inégalités augmentent malgré l'accroissement de l'APD ou encore quelles sont les motivations des donateurs dans l'octroi des APD ou les facteurs qui peuvent expliquer une stratégie d'octroi des aides de deux pays de l'OCDE comme le Canada et la France vis-à-vis des mêmes pays récipiendaire.

Partenaires (organismes, entreprises)

• Membre du Comité du Fonds d'évaluation pour la saine gouvernance de l'Autorité des Marchés Financiers du Québec
• Membre du Conseil d'Administration du Cercle de la Finance Internationale de Montréal