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Faure-Grimaud, Antoine; Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2001

Persistent link: https://www.econbiz.de/10010708865

Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX)

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/10010706821

Hold-Up, Stakeholders and Takeover Threats

Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 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/10010707320

La répartition des droits de vote, leur exercice et l’efficacité économique

Hamon, Jacques - Université Paris-Dauphine (Paris IX) - 2001

This paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems in Europe. One share-one vote encourages the selection of an efficient management team. Families are the...

Persistent link: https://www.econbiz.de/10010707890

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

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

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

Persistent link: https://www.econbiz.de/10010708206

Ownership, control and market liquidity

Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX) - 2012

We examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different...

Persistent link: https://www.econbiz.de/10010708299

Takeovers and the dynamics of information flows

Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2004

This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business … surplus from the buyer. The possibility of a takeover that leaves the buyer with a higher (lower) rent than the incumbent … on the performance of takeover targets and trade credit. …

Persistent link: https://www.econbiz.de/10010709026

An Analysis of Shareholder Agreements

Ljungqvist, Alexander; Habib, Michel Antoine; Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2007

Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital-backed companies. We provide an economic explanation for key clauses in such agreements—namely, put and call options, tag-along and drag-along rights, demand and...

Persistent link: https://www.econbiz.de/10011072263

Hedging and vertical integration in electricity markets

Chemla, Gilles; Porchet, Arnaud; Aïd, René; Touzi, Nizar - Université Paris-Dauphine (Paris IX) - 2011

This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical...

Persistent link: https://www.econbiz.de/10011072430

Forward Hedging and Vertical Integration in Electricity Markets

Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar; Aïd, René - Université Paris-Dauphine (Paris IX) - 2009

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/10011073085