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Efficiency of financial markets is one of the most studied subjects in theoretical finance. Formalization of this idea is realised by the random walk model. Numerous tests have been developed to validate the hypothesis of identically and independently distributed innovations. But the results of...
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We investigate the link between employee ownership and price levels of stocks. Using a comprehensive sample of firms in the Société des Bourses Françaises (SBF) 120 Index from 2000 to 2007, we document a negative correlation between share price levels and employee ownership. This suggests...
Persistent link: https://www.econbiz.de/10010861558
In the theoretical framework of corporate governance this article studies the efficiency of the control exerted by the ownership structure and the board of directors on managers. The confrontation of entrenchment theory and agency theory allows to determine the necessary conditions of the...
Persistent link: https://www.econbiz.de/10010861596
Controlled firms are in a framework where private benefits create a buffer between public earnings and economic profitability. We focus on debt leverage in the type II agency conflict between the controlling shareholder and outside investors. We use a simple discrete model comparing the capital...
Persistent link: https://www.econbiz.de/10010707651
The study reported here focused on determining what methods financial analysts use for the valuation of Initial Public Offerings. The conclusion is that practices have moved with the times and that “real” considerations are more and more often used to obtain the market value of the firm. The...
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This article analyses an individual microcredit program developed in Rio’s shantytowns. We study its selection criteria and the determinants of borrowers’ repayment performance. More specifically, this work aims to study the link between informality and credit discipline. First, we question...
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The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North...
Persistent link: https://www.econbiz.de/10010707257