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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...

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

La globalisation financière en crise.

Mathieu, Catherine; Sterdyniak, Henri - Université Paris-Dauphine - 2009

Le capitalisme financier est entré dans une crise profonde en 2007. Cette crise, d'abord bancaire et localisée dans le marché du crédit immobilier américain, est rapidement devenu mondiale,financière et réelle. Elle a remis en cause la forte croissance dont bénéficiait l'économie...

Persistent link: https://www.econbiz.de/10008642400

La crise du capitalisme financier : présentation.

Sterdyniak, Henri - Université Paris-Dauphine - 2009

L e capitalisme financier est entré dans une crise profonde en 2007. Cette crise, d’abord bancaire et localisée dans le marché du crédit immobilier américain, est rapidement devenue mondiale, financière et réelle. Elle a remis en cause la forte croissance dont bénéficiait...

Persistent link: https://www.econbiz.de/10008642403

Insider trading in an equilibrium model with default: a passage from reduced-form to structural modelling.

Campi, Luciano; Cetin, Umut - Université Paris-Dauphine - 2007

We study, in the framework of Back [Rev. Financial Stud. 5(3), 387–409 (1992)], an equilibrium model for the pricing of a defaultable zero coupon bond issued by a firm. The market consists of a risk-neutral informed agent, noise traders, and a market maker who sets the price using the total...

Persistent link: https://www.econbiz.de/10009002738

Share repurchase regulations: do firms play by the rules?.

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

Open market share repurchases are strictly regulated to prevent companies from profiting from insider information. We examine compliance with these rules in France, where the mandatory disclosure of share repurchases provides detailed information on repurchases actually undertaken. Using a...

Persistent link: https://www.econbiz.de/10008572199

Portfolio Insurance Strategies by a Large Player.

Kalife, Aymeric - Université Paris-Dauphine

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

Hold-Up, Stakeholders and Takeover Threats.

Chemla, Gilles - Université Paris-Dauphine - 2005

We analyze the impact of takeover threats on long term relationships between the target owners and other stakeholders …’ incentive to invest. The threat of a takeover that would transfer value from the stakeholders reduces their ex ante investment …. However, the stakeholders may appropriate ex post some value created by a takeover. This can prevent some value …

Persistent link: https://www.econbiz.de/10009643896

Privatization and governance regulation in frontier emerging markets: The case of Romania.

Pop, Diana; Pop, Adrian; Chemla, Gilles - Université Paris-Dauphine - 2010

takeover bids; and (iii) the stock liquidity is low. …

Persistent link: https://www.econbiz.de/10009370228

Forward Hedging and Vertical Integration in Electricity Markets.

Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar; Aïd, René - Université Paris-Dauphine

This paper analyzes the interactions between vertical integration and (wholesale) spot, forward and retail markets in risk management. We develop an equilibrium model that fits electricity markets well. We point out that vertical integration and forward hedging are two separate levers for demand...

Persistent link: https://www.econbiz.de/10009370236

Synergy Modelling and Financial Valuation : the contribution of Fuzzy Integrals.

Bry, Xavier; Casta, Jean-François - Université Paris-Dauphine - 2003

Les méthodes d’évaluation financière utilisent des opérateurs d’agrégation reposant sur les propriétés d’additivité (sommations, intégrales de Lebesgue). De ce fait, elles occultent les phénomènes de renforcement et de synergie (ou de redondance) qui peuvent exister entre les...

Persistent link: https://www.econbiz.de/10008520046