The development of market-based finance and amendments to regulation on bank powers have supported a larger involvement of US banks in financial activities over the last decades. Changes in the structure of income question risks though. Especially, with a performance perspective: does...

This paper proposes two comparisons: the ethical level of French CPA and French auditors of airworthiness certification; their respective ethics level and their abilities to reveal errors. With this end in view, we used the Defining Issue Test method and technical scenarios. On the one hand,...

Three processes reflecting persistence of volatility are initially formulated by evaluating three Lévy processes at a time change given by the integral of a mean-reverting square root process. The model for the mean-reverting time change is then generalized to include non-Gaussian models that...

Risk orientated disclosure is a focal issue of corporate communication. Many provisions have been implemented in the USA and in Europe to promote transparency about risks faced by companies, especially by quoted ones. The increase of mandatory risk reporting applying to companies leads to the...

This article investigates firms’ banking and pooling behaviors in the context of the EU Emissions Trading Scheme (EU ETS) during Phase I (2005-2007). It provides an overview of the questions raised at the firm-level by the introduction and implementation of the EU trading system in terms of...

Extreme value theory has been widely applied in insurance and finance to model rare events. Plenty of such events have occurred in financial markets during the last two decades, including stock market crashes, currency crises, or large bankruptcies. This article applies extreme value theory...

Purpose – Strategic alliances are often described as risky, dangerous, and instable. When firms adopt these strategies, they are confronted with a relational risk. Nevertheless, little empirical work has been down on relational risk in alliances. For this reason, this research is founded and...

This paper examines seasoned equity offerings in France. Even though a rights offering is the primary flotation method, French companies are increasingly using the relatively expensive public offering method. We show that the market reaction to the announcement of seasoned equity issues is...