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Stock market liquidity and the rights offer paradox.

Koenig, Laure; Ginglinger, Edith; Riva, Fabrice - Université Paris-Dauphine

document higher direct flotation costs, but also improved stock market liquidity after public offerings and standby rights … relative to uninsured rights. We find that blockholder renouncements to subscribe to new shares and stock market liquidity are … that public offerings are cost effective and more liquidity improving than standby rights whereas an uninsured rights …

Persistent link: https://www.econbiz.de/10009370248

Ownership, control and market liquidity.

Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine

We examine how ownership concentration and the separation of ownership and control affect market liquidity in France …. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of … concentrating control affect liquidity in different ways. Pyramid structures negatively affect liquidity for all pyramiding firms …

Persistent link: https://www.econbiz.de/10008572210

Stock market liquidity and the rights offer paradox.

Koenig, Laure; Riva, Fabrice; Ginglinger, Edith - Université Paris-Dauphine

Persistent link: https://www.econbiz.de/10008572211

The Impact of Crossing on Market Quality : an Empirical Study on the UK Market.

Gresse, Carole - Université Paris-Dauphine

Persistent link: https://www.econbiz.de/10008572187

Portfolio Insurance Strategies by a Large Player.

Kalife, Aymeric - Université Paris-Dauphine

Persistent link: https://www.econbiz.de/10008572212

Do insurance defrauders want to be punished ?.

Alary, David; Besfamille, Martin - Université Paris-Dauphine

We analyze a Principal-Agent model of an insurer who faces an adverse selection problem. He is unable to observe if his client has a high risk or a low risk of having an accident. At the underwriting of the contract, the insurer requests the client to declare his risk. After that, the former can...

Persistent link: https://www.econbiz.de/10009385953

Complementarity and Substituability in Multiple-Risk Insurance Markets.

Koehl, Pierre-François; Villeneuve, Bertrand - Université Paris-Dauphine - 2001

We study imperfect competition between insurers in a multiple-risk environment. In the absence of asymmetric information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are able or unable to capture the surplus. We show in contrast...

Persistent link: https://www.econbiz.de/10008773599

Competition between insurers with superior information.

Villeneuve, Bertrand - Université Paris-Dauphine - 2005

We analyze markets where insurers are better informed about risk than consumers. We show that even competitive markets may result in insufficient information revelation and inefficient insurance coverage. This explains why certain risky consumers remain uninsured and why certain market segments...

Persistent link: https://www.econbiz.de/10008773602

Optimal risk-sharing under adverse selection and imperfect risk perception.

Chassagnon, Arnold; Villeneuve, Bertrand - Université Paris-Dauphine - 2005

Cet article examine en détail les allocations d’assurance de second-rang dans une économie soumise à l’antisélection. Partant d’une extension naturelle du modèle classique, nous supposons une perception imparfaite du risque. Nous caractérisons les contraintes qui s’exercent sur la...

Persistent link: https://www.econbiz.de/10008783687

Insurance contracts with imprecise probabilities and adverse selection.

Jeleva, Meglena; Villeneuve, Bertrand - Université Paris-Dauphine - 2004

This article deals with optimal insurance contracts in the framework of imprecise probabilities and adverse selection. Agents differ not only in the objective risk they face but also in the perception of risk. In monopoly, a range of configurations that VNM preferences preclude appears: a...

Persistent link: https://www.econbiz.de/10008783693