Bourses

Bourses is a term with two main senses in francophone contexts: scholarships and stock exchanges. In education, a bourse (plural bourses) is a financial aid grant awarded to students by governments, universities, or private organizations to help cover tuition, living costs, or research expenses. In finance, la bourse denotes a stock exchange or securities market—the organized venue where shares, bonds, and other instruments are bought and sold. In some usages, bourses can refer to multiple exchanges or, more generally, to capital markets.

Scholarships are awarded on various bases, including academic merit, financial need, or specialization (such as science, arts, or sports). They can be full or partial and may cover tuition, stipends, housing, travel, or research costs. Applications typically require academic records, letters of recommendation, and a personal statement or project proposal. Selection aims to promote access to higher education, support talent development, or align recipients with program goals. The impact of bourses is seen in enrollment and retention, progression to advanced study, and post-graduation opportunities. Criticisms include limited funding, selection biases, and uneven geographic or demographic access.

In the financial sense, a bourse functions as a marketplace with rules, trading hours, and regulatory oversight. Prices arise from the interaction of buyers and sellers, providing price discovery and liquidity for securities. Modern bourses are often electronic, with indices, clearinghouses, and market surveillance. The French-language reference La Bourse de Paris is historically central to European finance; today Paris operates as part of Euronext, alongside other European markets.

Etymology: from Old French bourse meaning purse or wallet, reflecting the origin of the term as a fund or capital for exchange.