This paper deals with a technological transfer channel from the developed North, and more specifically from Europe and America, towards Tunisia, through brain gain which includes both the "return option" as well as the "diaspora option". This idea has been the subject of this research with the aim of determining the technological diffusion vector for Tunisia, especially in front of the ineffectiveness of technology transfer channels commonly recognized as international trade, intra-industry trade and foreign direct investment. Within this framework, the empirical findings have globally shown, till 2010 which is the pre-revolution year, that Tunisia can garner benefits from Northern research and development via a return of Tunisian competencies to their country of origin (return option) while staying in the country of residence (diaspora option), by taking into consideration some categories in Europe such as teachers & researchers and other skilled executives. However, these results would be promising for the other categories of Tunisian competencies in Europe like engineers and architects, doctors and chemicals, computer scientists and lawyers and for all categories of Tunisian competencies in America, who are not so far involved in the development of their country of origin, by taking into account the post-revolutionary period that has begun in 2011, and that will extend over the medium and above all the long term. These results would be predicting a significant improvement in political and economic situation in Tunisia and therefore a favorable climate for technology transfer.

Tunisia has known an important technological progress in several fields, in particular in the banking sector, which was affected by reforms aiming to modernize it in order to make it adapted to the essential economic changes that the banking environment in all over the world is witnessing.In this context, the reconciliations between banks were accentuated in the whole world, in particular in Tunisia (For example the merger by takeover of the BDET and the BNDT by the STB, which will constitute our practical case), since they realized that mergers constitute a useful means to face foreign competition, and thus to face globalization.However, the most important thing for banking mergers is to know whether they create an added value for the banks concerned with the merger operation and for their shareholders. In our practical work, we find that in the case of Tunisia, results are not consistent with the theory in the short and mid runs. However, this last result will not have to discourage the operations of bank reconciliation, particularly banking merger, considering the context of globalization.

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This paper examines the behavioural finance aspects of developed countries which invest significantly in R&D, while trying to benefit from this investment, within the framework of the so called 'creative intelligence'. At this level, creative intelligence lies in the framework of the 'intelligent' way which must be used to assure creativity and thus innovation. As its name suggests, creative intelligence excludes imitation. Therefore, firstly, it requires an important investment in R&D that manifests itself in the developed countries. The resulting technological change seems to be a necessary but insufficient condition to assure innovation. Indeed, two other factors are necessary for that: the patent, as a form of protection of intellectual property rights, and the human capital (and thus the education). The resulting innovation can be of two forms: either horizontal or vertical, though more interest should be given to vertical innovations since there is a priority in households for quality. The relationship between R&D and stock markets will allow better understanding of the relationship between R&D, innovation, and the benefits that result.

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