Despite a large body of literature on the topic, empirical tests of real option models are scarce. The lack of data offers an initial explanation for this. However other intrinsic reasons could well explain why real options are difficult to test on large-scale studies. We show that the use of...

We define a coherent risk measures as set-valued maps satisfying some axioms. We show that this definition is a convenient extension of the real-valued risk measures introduced by Artzner, Delbaen, Eber and Heath (1998). We then discuss the aggregation issue, i.e. the passage from valued random...

This paper contributes to research on organizational slack. The slacks integrated into capital expenditure have been little studied. The economic crisis in 2008-2009 represents a good opportunity to analyze these slacks. A longitudinal case study has been carried out in an industrial company...

This paper contributes to literature by giving more precise measures to technological innovation in order to estimate its economic value and assess its impact on the financial performance of companies in Europe. Focus is given to European patent system which is different from the American one....

In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow...

Information risk – the uncertainty regarding the parameters of the distribution of firms’ future cash flows – generates valuation errors and is costly to investors who require a higher return to compensate for greater information risk. We argue that, on average, through their...

Mutual funds industry has been sought by French politicians as mediation between the popular savings and company’s investments through the financial markets. Questioning the link between finance and industry requires analyzing the effectiveness of this mediation. This article intends firstly...

This paper gives an account of a study of the emergence of SRI in France. This research aims at understanding the process favouring the integration of SRI within financial market. We focus on the role of mutual funds. The interpretation is elaborated with legitimacy theory, more precisely with...