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Is the luxury industry really a financier’s dream ?

Kapferer, Jean-Noël; Tabatoni, Olivier - HEC Paris (École des Hautes Études Commerciales) - 2010

Although modest in terms of sales, compared to most other sectors, luxury does get a high share of investors', financial analysts’ and media attention. Why would this sector receive a share of attention much bigger than its actual weight? Is it because of its glamourous image, or the...

Persistent link: https://www.econbiz.de/10008672467

Time-varying incentives in the mutual fund industry

Olivier, Jacque; Tay, Anthony - HEC Paris (École des Hautes Études Commerciales) - 2009

In this paper, the authors provide evidence that the convexity of the flow-performance relationship in the mutual fund …/eliminates the degree of convexity of the flow-performance relationship. The effect of economic activity dominates that of market … explains why mutual fund performance varies with the business cycle. …

Persistent link: https://www.econbiz.de/10008518881

Money chasing deals and chasing money - the impact of supply and demand on buyout performance

Gottshalg, Oliver; Zipser, Daniel - HEC Paris (École des Hautes Études Commerciales) - 2006

This paper analyzes the impact of differences in supply of and demand for private equity financing on the performance … buyout performance decreases when large volumes of private equity commitments are looking for suit-able acquisition targets … acquisition prices (and thereby transaction performance) depend on the competition by a limited number of private equity fund …

Persistent link: https://www.econbiz.de/10005011546

The Investment Policy and the Pricing of Equity in a Levered Firm: a Re-examination of the contingent claims Valuation Approach

CHESNEY, Marc; GIBSON-ASNER, Rajna - HEC Paris (École des Hautes Études Commerciales) - 1999

In this study we re-examine the pricing of equity and the risk incentives of shareholders in levered firms. We derive a down-and-out call equity valuation model which rests on the assumption that shareholders choose the optimal investment and asset returns' volatility as a function of current...

Persistent link: https://www.econbiz.de/10005021595

What Drives Financial Complexity? A Look into the Retail Market for Structured Products

Celerier, Claire; Vallee, Boris - HEC Paris (École des Hautes Études Commerciales) - 2013

higher markups and lower ex post performance than simpler products. Using issuance level data spanning 15 countries over the …

Persistent link: https://www.econbiz.de/10010832960

The Construction of a Trustworthy Investment Opportunity: Insights from the Madoff Fraud

Stolowy, Hervé; Messner, Martin; Jeanjean, Thomas; … - HEC Paris (École des Hautes Études Commerciales) - 2013

In this paper, we use the investment fraud of Bernard Madoff to inquire into the production of trust in the context of financial markets. Drawing upon empirical data related to U.S. individual investors (interviews and letters) as well as documentary material, we investigate the mechanisms...

Persistent link: https://www.econbiz.de/10010832975

Preopening and equilibrium selection

Lovo, Stefano; Calcagno, Ricardo - HEC Paris (École des Hautes Études Commerciales) - 2010

In this paper, the authors introduce a form of pre-play communication that we call "preopening". During the preopening, players announce their tentative actions to be played in the underlying game. Announcements are made using a posting system which is subject to stochastic failures. Posted...

Persistent link: https://www.econbiz.de/10008518877

Equity Trading Systems in Europe - A survey of recent changes

FOUCAULT, Thierry; DEMARCHI, Marianne - HEC Paris (École des Hautes Études Commerciales) - 1998

This paper provides a survey of recent changes in the market microstructure of the 5 largest European Stock Exchanges. We first provide a brief statistical overview of European equity markets. Then we discuss how the introduction of the Investment Services Directive and the development of...

Persistent link: https://www.econbiz.de/10005011541

Information sharing, liquidity and transaction costs in floor-based trading systems

FOUCAULT, Thierry; LESCOURRET, Laurence - HEC Paris (École des Hautes Études Commerciales) - 2001

parameters. Overall our analysis suggests that information sharing among floor brokers improves the performance of floor …

Persistent link: https://www.econbiz.de/10005011555

Does anonymity matter in electronic limit order markets ?

Thierry, FOUCAULT; Sophie, MOINAS; Erik, THEISSEN - HEC Paris (École des Hautes Études Commerciales) - 2003

We analyze the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which limit order traders have asymmetric information on the cost of limit order trading (which is determined by the exposure to informed trading). A thin limit order book signals to...

Persistent link: https://www.econbiz.de/10005011558