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Risk, Timing and Overoptimism in Private Placements and Public Offerings

Carpentier, Cécile; L'Her, Jean-François; Smith, Stephan - Centre Interuniversitaire de Recherche en Analyse des … - 2007

We examine whether risk, timing or mispricing hypotheses can explain the underperformance of private and public equity … performance, do not support the timing hypothesis. Our results for their part support the mispricing hypothesis. The market … de vérifier laquelle des hypothèses de risque, de timing ou d'irrationalité peut expliquer la sous performance à long …

Persistent link: https://www.econbiz.de/10005100594

Seasoned Equity Offerings by Small and Medium-Sized Enterprises

Carpentier, Cécile; L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2010

Most of the analyses of small firms' decision to seek outside equity financing and the conditions thereof have concerned private firms. Knowledge of the risk and return of entrepreneurial ventures for outside investors is consequently limited. This paper attempts to fill this gap by examining...

Persistent link: https://www.econbiz.de/10008542598

Do IPOs Underperform in the Long-Run? New Evidence from the Canadian Stock Market

Kooli, Maher; L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2003

We measure the long-run performance of 141 Canadian IPOs between 1986 and 2000, using continuously rebalanced and purged control portfolios (size and book-to-market ratios). Results remain relatively similar irrespective of whether we use an event-time approach (buy-and-hold abnormal returns and...

Persistent link: https://www.econbiz.de/10005100847

Restructuring And Economic Performance: The Experience Of The Tunisian Economy

Ghali, Sofiane; Mohnen, Pierre - Centre Interuniversitaire de Recherche en Analyse des … - 2002

This paper aims at identifying the sources of comparative advantage and the bottlenecks of the Tunisian economy. By using an activity analysis model and yearly data on the input-output structure and the factor endowments, the paper determines the evolution of the potential of the Tunisian...

Persistent link: https://www.econbiz.de/10005101081

Economic Restructuring and Total Factor Productivity Growth: Tunisia Over the Period 1983-2001

Ghali, Sofiane; Mohnen, Pierre - Centre Interuniversitaire de Recherche en Analyse des … - 2010

In this paper we aim to measure and decompose the growth of frontier total factor productivity (TFP) in Tunisia over … technological change was the main driver of frontier TFP growth. The terms of trade were not favorable to Tunisia. After 1992, while …

Persistent link: https://www.econbiz.de/10008568681

Création de valeur, gestion de risque et options réelles

Boyer, Marcel; Christoffersen, Peter; Lasserre, Pierre; … - Centre Interuniversitaire de Recherche en Analyse des … - 2003

The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as...

Persistent link: https://www.econbiz.de/10005079348

Value creation, risk management, and real options

Boyer, Marcel; Christoffersen, Peter; Lasserre, Pierre; … - Centre Interuniversitaire de Recherche en Analyse des … - 2003

Persistent link: https://www.econbiz.de/10005079360

A Dynamic Duopoly Investment Game without Commitment under Uncertain Market Expansion

Boyer, Marcel; Lasserre, Pierre; Moreaux, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2011

We model capacity-building investments in a homogeneous product duopoly facing uncertain demand growth. Capacity building is achieved through the addition of production units that are durable and lumpy and whose cost is irreversible. While building their capacity over time, firms compete à la...

Persistent link: https://www.econbiz.de/10009350695

Real Options at Bell Canada

Boyer, Marcel; Gravel, Éric - Centre Interuniversitaire de Recherche en Analyse des … - 2003

In this report, we first develop a simplified example that illustrates the importance of considering the option ``waiting to invest'' when valuing an investment. This is followed by a short description of other options that could be embedded in an investment opportunity. In order to stress the...

Persistent link: https://www.econbiz.de/10005100465

Species Preservation and Biodiversity Value: A Real Options Approach

Kassar, Ilhem; Lasserre, Pierre - Centre Interuniversitaire de Recherche en Analyse des … - 2002

We evaluate biodiversity in a real options framework, when the resources in use are substitutable. We examine optimal conservation decisions given that a biodiversity loss is irreversible and that future use values are uncertain. While species substitutability is generally believed to reduce the...

Persistent link: https://www.econbiz.de/10005100634