{"id":22185,"date":"2022-03-23T12:18:29","date_gmt":"2022-03-23T11:18:29","guid":{"rendered":"https:\/\/www.accuracy.com\/2022\/03\/23\/accuracy-talks-straight-4-langle-academique\/"},"modified":"2023-05-03T12:49:45","modified_gmt":"2023-05-03T10:49:45","slug":"accuracy-talks-straight-4-langle-academique","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/","title":{"rendered":"Accuracy Talks Straight #4 &#8211; L&#8217;angle acad\u00e9mique"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2021\/07\/05.-Langle-acad\u00e9mique-1024x153.png\" alt=\"\" class=\"wp-image-15309\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:25px\"><strong>Le taux d&#8217;actualisation de long terme<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide\" style=\"grid-template-columns:15% auto\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg\" alt=\"\" class=\"wp-image-16175\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" style=\"font-size:23px\"><strong>Philippe Raimbourg<\/strong><br>Directeur de l\u2019Ecole de Management de la Sorbonne (Universit\u00e9 Panth\u00e9on-Sorbonne)<br>Professeur affili\u00e9 \u00e0 ESCP Business School<\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si depuis Irving Fisher, on sait que la valeur d\u2019un actif se confond avec la valeur actualis\u00e9e des flux financiers qu\u2019il est susceptible de g\u00e9n\u00e9rer, on sait aussi <strong>que le processus d\u2019actualisation \u00e9rode fortement les flux de long terme et r\u00e9duit d\u2019autant l\u2019attrait des projets de maturit\u00e9 importante.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>CE R\u00c9SULTAT EST LA CONS\u00c9QUENCE D\u2019UN DOUBLE PH\u00c9NOM\u00c8NE :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>le passage du temps<\/strong> qui, m\u00e9caniquement, rabote la valeur actuelle de tous les flux \u00e9loign\u00e9s,<br>\u2022 mais aussi, <strong>la forme de la structure des taux<\/strong> selon le terme qui conduit g\u00e9n\u00e9ralement \u00e0 retenir des taux d\u2019actualisation d\u2019autant plus \u00e9lev\u00e9s que leur \u00e9ch\u00e9ance est lointaine ; on constate en effet, habituellement, que <strong>la yield curve est croissante avec la maturit\u00e9 du flux consid\u00e9r\u00e9.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>LE PROCESSUS D\u2019ACTUALISATION \u00c9RODE FORTEMENT LES FLUX DE LONG TERME<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour cela, la majorit\u00e9 des entreprises investissent g\u00e9n\u00e9ralement dans <strong>des projets de court et moyen terme<\/strong> et laissent les projets de long terme \u00e0 des organismes \u00e9tatiques ou proches des Pouvoirs Publics. On cherchera ici \u00e0 pr\u00e9ciser l\u2019\u00e9ventuel caract\u00e8re in\u00e9luctable de ce constat et sous quelles conditions les taux de long terme peuvent \u00eatre moins p\u00e9nalisants que ceux de court terme. <strong>Cela nous am\u00e8nera dans un premier temps \u00e0 pr\u00e9ciser la notion de \u00ab taux d\u2019actualisation d\u2019\u00e9quilibre \u00bb.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>LE TAUX D\u2019ACTUALISATION D\u2019\u00c9QUILIBRE<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On ne traite ici que du taux sans risque, avant prise en compte d\u2019une \u00e9ventuelle prime de risque. Dans un contexte de maximisation du bien-\u00eatre inter-temporel des agents \u00e9conomiques, <strong>le taux d\u2019actualisation d\u2019\u00e9quilibre est celui qui permet \u00e0 un agent de choisir entre un investissement<\/strong> (c\u2019est-\u00e0-dire une diminution de son bien-\u00eatre imm\u00e9diat r\u00e9sultant d\u2019une r\u00e9duction de sa consommation au temps 0 au profit d\u2019une \u00e9pargne autorisant l\u2019investissement) <strong>et une consommation future, fruit de l\u2019investissement r\u00e9alis\u00e9.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ON MONTRE AIS\u00c9MENT QUE DEUX COMPOSANTES D\u00c9TERMINENT LE TAUX D\u2019ACTUALISATION D\u2019\u00c9QUILIBRE :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>le taux de pr\u00e9f\u00e9rence<\/strong> pour le pr\u00e9sent des agents \u00e9conomiques ;<br>\u2022 <strong>un \u00e9ventuel effet-richesse qui est positif<\/strong> lorsqu\u2019une croissance de la consommation est attendue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le taux de pr\u00e9f\u00e9rence pour le pr\u00e9sent (ou encore, taux d\u2019impatience) est <strong>un param\u00e8tre individuel<\/strong> dont la valeur peut fortement varier d\u2019un individu \u00e0 l\u2019autre. Cependant, envisag\u00e9 d\u2019un point de vue macro\u00e9conomique, ce taux se situe dans une perspective interg\u00e9n\u00e9rationnelle qui nous incite \u00e0 penser que la valeur de ce param\u00e8tre doit \u00eatre proche de z\u00e9ro. <strong>Aucun argument ne peut en effet justifier que l\u2019on favorise une g\u00e9n\u00e9ration plut\u00f4t qu\u2019une autre.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019effet richesse r\u00e9sulte d\u2019une croissance de l\u2019\u00e9conomie permettant aux agents \u00e9conomiques d\u2019accro\u00eetre leur consommation au cours du temps. Ces perspectives d\u2019accroissement de la consommation am\u00e8nent les agents \u00e9conomiques \u00e0 <strong>privil\u00e9gier le temps pr\u00e9sent et \u00e0 utiliser un facteur d\u2019actualisation d\u2019autant plus \u00e9lev\u00e9 qu\u2019ils envisagent un horizon lointain.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Parall\u00e8lement \u00e0 cet \u00e9ventuel effet richesse, on comprend aussi que le taux d\u2019actualisation d\u2019\u00e9quilibre <strong>d\u00e9pend des caract\u00e9ristiques et des choix des agents.<\/strong> Il se peut qu\u2019ils pr\u00e9f\u00e8rent fortement lisser dans le temps leur consommation, ou au contraire qu\u2019ils n\u2019\u00e9prouvent aucune aversion face \u00e0 une \u00e9ventuelle in\u00e9galit\u00e9 de la distribution inter-temporelle de leur consommation. Techniquement, une fois la fonction d\u2019utilit\u00e9 des consommateurs connue (ou suppos\u00e9e), c\u2019est le degr\u00e9 de curvature de cette fonction qui nous fournira le coefficient d\u2019aversion R des consommateurs au risque de d\u00e9s\u00e9quilibre inter-temporel de leur consommation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Si ce coefficient est \u00e9gal \u00e0 1<\/strong>, cela signifie que le consommateur sera pr\u00eat \u00e0 r\u00e9duire sa consommation d\u2019une unit\u00e9 au temps 0 en vue de b\u00e9n\u00e9ficier d\u2019une unit\u00e9 de consommation suppl\u00e9mentaire au temps 1. <strong>Un coefficient de 2<\/strong> signifierait qu\u2019il est pr\u00eat pour cela \u00e0 r\u00e9duire sa consommation de 2 unit\u00e9s au temps 0. <strong>Il est raisonnable de penser que R est compris entre 1 et 2.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans cet te perspective, <strong>Ramsey en 1928 a propos\u00e9 une formulation tout \u00e0 la fois simple et \u00e9clairante du taux d\u2019actualisation d\u2019\u00e9quilibre.<\/strong> En retenant une fonction puissance pour mesurer l\u2019utilit\u00e9 per\u00e7ue par le consommateur, il a montr\u00e9 que l\u2019effet richesse dans la formation du taux d\u2019actualisation d\u2019\u00e9quilibre \u00e9tait \u00e9gal au produit du taux de croissance nominal par p\u00e9riode de l\u2019\u00e9conomie et du coefficient d\u2019aversion R des consommateurs. <strong>Il est ainsi conduit \u00e0 la relation suivante : <\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-large-font-size wp-block-paragraph\"><strong>r = \u03b4 + gR<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o\u00f9 r est le taux d\u2019actualisation d\u2019\u00e9quilibre, \u03b4 le taux d\u2019impatience, g le taux de croissance nominal par p\u00e9riode de l\u2019\u00e9conomie et R le coefficient d\u2019aversion des consommateurs au risque de d\u00e9s\u00e9quilibre inter-temporel de leur consommation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En admet tant une valeur tr\u00e8s faible pour \u03b4 et une valeur proche de l\u2019unit\u00e9 pour R, on voit que <strong>le taux de croissance nominal de l\u2019\u00e9conomie<\/strong> constitue une valeur de r\u00e9f\u00e9rence pour le taux d\u2019actualisation d\u2019\u00e9quilibre. Ce taux d\u2019actualisation d\u2019\u00e9quilibre, comme cela a \u00e9t\u00e9 pr\u00e9cis\u00e9, est <strong>le taux sans risque qui doit \u00eatre utilis\u00e9 pour valoriser des actifs<\/strong> sans risque ; si l\u2019on s\u2019int\u00e9resse \u00e0 des actifs risqu\u00e9s, il faut bien s\u00fbr lui adjoindre une prime de risque.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dans le contexte actuel, la relation de Ramsey permet d\u2019appr\u00e9cier l\u2019ampleur des effets des politiques non conventionnelles des banques centrales<\/strong> qui ont fait \u00e9merger sur les march\u00e9s financiers un taux sans risque proche de 0%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LE TAUX D\u2019ACTUALISATION DE LONG TERME<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La notion de taux d\u2019actualisation d\u2019\u00e9quilibre \u00e9tant pr\u00e9cis\u00e9e, on peut maintenant aborder la question de la structure des taux d\u2019actualisation selon leur terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On vient de voir que le taux d\u2019actualisation est d\u00e9termin\u00e9 par le taux d\u2019impatience des consommateurs, leur coefficient d\u2019aversion R et les anticipations de taux de croissance de l\u2019\u00e9conomie. En consid\u00e9rant comme n\u00e9gligeable le taux d\u2019impatience et en supposant que le coefficient d\u2019aversion reste inchang\u00e9 au cours du temps, <strong>cela conf\u00e8re un r\u00f4le tr\u00e8s important aux perspectives \u00e9conomiques :<\/strong> le taux d\u2019actualisation selon la maturit\u00e9 va principalement refl\u00e9ter les attentes des agents \u00e9conomiques en mati\u00e8re de taux de croissance futur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ainsi, si l\u2019on anticipe une croissance \u00e9conomique \u00e0 un taux constant g, la structure des taux selon le terme sera plate. Si l\u2019on anticipe une acc\u00e9l\u00e9ration de la croissance (une croissance du taux de croissance), la structure des taux sera croissante avec la maturit\u00e9. En revanche, si l\u2019on s\u2019attend \u00e0 une d\u00e9c\u00e9l\u00e9ration de la croissance, la structure des taux sera d\u00e9croissante.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On per\u00e7oit ainsi <strong>la fonction informative de la structure des taux<\/strong> selon le terme qui permettra de renseigner l\u2019observateur sur les anticipations des op\u00e9rateurs du march\u00e9 financier en mati\u00e8re d\u2019anticipations du taux de croissance de l\u2019\u00e9conomie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ON VOIT AUSSI QUE LA P\u00c9NALISATION DES CASH FLOWS DE LONG TERME PAR LE PROCESSUS D\u2019ACTUALISATION N\u2019EST PAS IN\u00c9LUCTABLE.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lorsque les perspectives \u00e9conomiques sont baissi\u00e8res, la structure des taux devrait \u00eatre d\u00e9croissante. Mais<strong> il ne faut pas forc\u00e9ment en d\u00e9duire que cette forme de la yield curve est synonyme de catastrophe annonc\u00e9e.<\/strong> Elle peut tr\u00e8s bien correspondre \u00e0 un retour \u00e0 la normale apr\u00e8s une p\u00e9riode de surchauffe. Par exemple, pour revenir \u00e0 l\u2019actualit\u00e9, si le taux de croissance de l\u2019\u00e9conomie est particuli\u00e8rement \u00e9lev\u00e9 du fait de ph\u00e9nom\u00e8nes de rattrapage, et marque un \u00e9cart important par rapport au taux de croissance soutenable dans le long terme, la structure des taux devrait \u00eatre d\u00e9croissante et le taux d\u2019actualisation court plus \u00e9lev\u00e9 que le taux d\u2019actualisation applicable \u00e0 des \u00e9ch\u00e9ances plus lointaines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce n\u2019est que l\u2019action des banques centrales, surtout perceptible sur des \u00e9ch\u00e9ances courtes, <strong>qui emp\u00eache aujourd\u2019hui une telle observation statistique.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p style=\"font-size:25px\" class=\"has-text-color has-vivid-red-color wp-block-paragraph\"><a href=\"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-fr\/\">&lt; Retourner sur Accuracy Talks Straight<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Le taux d&#8217;actualisation de long terme Philippe RaimbourgDirecteur de l\u2019Ecole de Management de la Sorbonne (Universit\u00e9 Panth\u00e9on-Sorbonne)Professeur affili\u00e9 \u00e0 ESCP Business School Si depuis Irving Fisher, on sait que la valeur d\u2019un actif se confond avec la valeur actualis\u00e9e des flux financiers qu\u2019il est susceptible de g\u00e9n\u00e9rer, on sait aussi que le processus d\u2019actualisation \u00e9rode [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60,1],"tags":[],"class_list":["post-22185","post","type-post","status-publish","format-standard","hentry","category-insights","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Accuracy Talks Straight #4 - L&#039;angle acad\u00e9mique - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accuracy Talks Straight #4 - L&#039;angle acad\u00e9mique\" \/>\n<meta property=\"og:description\" content=\"Le taux d&#8217;actualisation de long terme Philippe RaimbourgDirecteur de l\u2019Ecole de Management de la Sorbonne (Universit\u00e9 Panth\u00e9on-Sorbonne)Professeur affili\u00e9 \u00e0 ESCP Business School Si depuis Irving Fisher, on sait que la valeur d\u2019un actif se confond avec la valeur actualis\u00e9e des flux financiers qu\u2019il est susceptible de g\u00e9n\u00e9rer, on sait aussi que le processus d\u2019actualisation \u00e9rode [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/\" \/>\n<meta property=\"og:site_name\" content=\"Accuracy\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-23T11:18:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-03T10:49:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg\" \/>\n<meta name=\"author\" content=\"dev\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dev\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/\"},\"author\":{\"name\":\"dev\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#\\\/schema\\\/person\\\/8cfdef62d7af45536d2b7b45979f72e7\"},\"headline\":\"Accuracy Talks Straight #4 &#8211; L&#8217;angle acad\u00e9mique\",\"datePublished\":\"2022-03-23T11:18:29+00:00\",\"dateModified\":\"2023-05-03T10:49:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/\"},\"wordCount\":1394,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/RAIMBOURG-Philippe.jpg\",\"articleSection\":[\"Insights\",\"Uncategorized\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/\",\"url\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/\",\"name\":\"Accuracy Talks Straight #4 - L'angle acad\u00e9mique - Accuracy\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/RAIMBOURG-Philippe.jpg\",\"datePublished\":\"2022-03-23T11:18:29+00:00\",\"dateModified\":\"2023-05-03T10:49:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/RAIMBOURG-Philippe.jpg\",\"contentUrl\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/RAIMBOURG-Philippe.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/en_gb\\\/accuracy-talks-straight-4-langle-academique\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/www.accuracy.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Accuracy Talks Straight #4 &#8211; L&#8217;angle acad\u00e9mique\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#website\",\"url\":\"https:\\\/\\\/www.accuracy.com\\\/\",\"name\":\"Accuracy\",\"description\":\"Business Advisers - Financial Consultants\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.accuracy.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#organization\",\"name\":\"Accuracy\",\"url\":\"https:\\\/\\\/www.accuracy.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/unnamed-3.jpg\",\"contentUrl\":\"https:\\\/\\\/www.accuracy.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/unnamed-3.jpg\",\"width\":512,\"height\":512,\"caption\":\"Accuracy\"},\"image\":{\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/accuracy\\\/?originalSubdomain=fr\",\"https:\\\/\\\/www.instagram.com\\\/accuracycareers\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.accuracy.com\\\/#\\\/schema\\\/person\\\/8cfdef62d7af45536d2b7b45979f72e7\",\"name\":\"dev\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g\",\"caption\":\"dev\"},\"sameAs\":[\"https:\\\/\\\/www.accuracy.com\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Accuracy Talks Straight #4 - L'angle acad\u00e9mique - Accuracy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/","og_locale":"en_GB","og_type":"article","og_title":"Accuracy Talks Straight #4 - L'angle acad\u00e9mique","og_description":"Le taux d&#8217;actualisation de long terme Philippe RaimbourgDirecteur de l\u2019Ecole de Management de la Sorbonne (Universit\u00e9 Panth\u00e9on-Sorbonne)Professeur affili\u00e9 \u00e0 ESCP Business School Si depuis Irving Fisher, on sait que la valeur d\u2019un actif se confond avec la valeur actualis\u00e9e des flux financiers qu\u2019il est susceptible de g\u00e9n\u00e9rer, on sait aussi que le processus d\u2019actualisation \u00e9rode [&hellip;]","og_url":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/","og_site_name":"Accuracy","article_published_time":"2022-03-23T11:18:29+00:00","article_modified_time":"2023-05-03T10:49:45+00:00","og_image":[{"url":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg","type":"","width":"","height":""}],"author":"dev","twitter_card":"summary_large_image","twitter_misc":{"Written by":"dev","Estimated reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#article","isPartOf":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/"},"author":{"name":"dev","@id":"https:\/\/www.accuracy.com\/#\/schema\/person\/8cfdef62d7af45536d2b7b45979f72e7"},"headline":"Accuracy Talks Straight #4 &#8211; L&#8217;angle acad\u00e9mique","datePublished":"2022-03-23T11:18:29+00:00","dateModified":"2023-05-03T10:49:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/"},"wordCount":1394,"commentCount":0,"publisher":{"@id":"https:\/\/www.accuracy.com\/#organization"},"image":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#primaryimage"},"thumbnailUrl":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg","articleSection":["Insights","Uncategorized"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/","url":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/","name":"Accuracy Talks Straight #4 - L'angle acad\u00e9mique - Accuracy","isPartOf":{"@id":"https:\/\/www.accuracy.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#primaryimage"},"image":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#primaryimage"},"thumbnailUrl":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg","datePublished":"2022-03-23T11:18:29+00:00","dateModified":"2023-05-03T10:49:45+00:00","breadcrumb":{"@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#primaryimage","url":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg","contentUrl":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2022\/03\/RAIMBOURG-Philippe.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-4-langle-academique\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.accuracy.com\/"},{"@type":"ListItem","position":2,"name":"Accuracy Talks Straight #4 &#8211; L&#8217;angle acad\u00e9mique"}]},{"@type":"WebSite","@id":"https:\/\/www.accuracy.com\/#website","url":"https:\/\/www.accuracy.com\/","name":"Accuracy","description":"Business Advisers - Financial Consultants","publisher":{"@id":"https:\/\/www.accuracy.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.accuracy.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.accuracy.com\/#organization","name":"Accuracy","url":"https:\/\/www.accuracy.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.accuracy.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/08\/unnamed-3.jpg","contentUrl":"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/08\/unnamed-3.jpg","width":512,"height":512,"caption":"Accuracy"},"image":{"@id":"https:\/\/www.accuracy.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/accuracy\/?originalSubdomain=fr","https:\/\/www.instagram.com\/accuracycareers\/"]},{"@type":"Person","@id":"https:\/\/www.accuracy.com\/#\/schema\/person\/8cfdef62d7af45536d2b7b45979f72e7","name":"dev","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f1ffcac9ca2fa95ad3ec33e9be3ade82f752acb0cabe541e56c5889225afa88a?s=96&d=blank&r=g","caption":"dev"},"sameAs":["https:\/\/www.accuracy.com"]}]}},"_links":{"self":[{"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/posts\/22185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/comments?post=22185"}],"version-history":[{"count":0,"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/posts\/22185\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/media?parent=22185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/categories?post=22185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.accuracy.com\/en_gb\/wp-json\/wp\/v2\/tags?post=22185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}