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Foreign currency derivative use and shareholder value
Belghitar, Yacine; Clark, Ephraim; Mefteh, Salma - Université Paris-Dauphine (Paris IX) - 2013
asymmetric. We find that derivatives are effective in reducing overall FC exposure but there is no evidence of value creation … use has no significant effect on firm value in the overall sample and when the sample is broken down by exposure type and …
Persistent link: https://www.econbiz.de/10010707997
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Hedging and vertical integration in electricity markets
Chemla, Gilles; Porchet, Arnaud; Aïd, René; Touzi, Nizar - Université Paris-Dauphine (Paris IX) - 2011
forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both … producers and retailers exposure to demand risk, whereas linear forward contracts do not. Vertical integration is superior to … forward hedging when retailers are highly risk averse. We illustrate our analysis with data from the French electricity market …
Persistent link: https://www.econbiz.de/10011072430
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Les opérations de metallgesellschaft sur les marchés à terme de produits pétroliers : spéculation ou couverture ?
Lautier, Delphine - Université Paris-Dauphine (Paris IX) - 1998
-94 on American petroleum markets. According to a specific definition of hedging, and on the basis of a detailed survey of …
Persistent link: https://www.econbiz.de/10011072448
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Forward Hedging and Vertical Integration in Electricity Markets
Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar; Aïd, René - Université Paris-Dauphine (Paris IX) - 2009
and forward hedging are two separate levers for demand and spot price risk diversification. We show that they are …
Persistent link: https://www.econbiz.de/10011073085
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The extreme downside risk of the S&P 500 stock index
Aboura, Sofiane - Université Paris-Dauphine (Paris IX) - 2009
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...
Persistent link: https://www.econbiz.de/10010707866
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Seasoned Equity Issues in a Closely Held Market: Evidence from France
Gajewski, Jean-François; Ginglinger, Edith - Université Paris-Dauphine (Paris IX) - 2002
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...
Persistent link: https://www.econbiz.de/10010708804
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When the U.S. Stock Market Becomes Extreme?
Aboura, Sofiane - Université Paris-Dauphine (Paris IX) - 2014
Over the last three decades, the world economy has been facing stock market crashes, currency crisis, the dot-com and real estate bubble burst, credit crunch and banking panics. As a response, extreme value theory (EVT) provides a set of ready-made approaches to risk management analysis....
Persistent link: https://www.econbiz.de/10011074476
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Book review : Financial Analysis and Corporate Strategy. M Grinblatt, S Titman
Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2000
Reviews the book 'Financial Analysis and Corporate Strategy,' by Mark Grinblatt and Sheridan Titman.
Persistent link: https://www.econbiz.de/10011166398
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Disentangling crashes from tail events
Aboura, Sofiane - Université Paris-Dauphine (Paris IX) - 2010
The study of tail events has become a central preoccupation for academics, investors and policy makers, given the recent financial turmoil. However, the question on what differentiates a crash from a tail event remains unsolved. This article elaborates a new definition of stock market crash...
Persistent link: https://www.econbiz.de/10011193769
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Les procédures d'introduction en Bourse en Europe : évolution des pratiques et perspectives
Labégorre, Florence; Gajewski, Jean-François; … - Université Paris-Dauphine (Paris IX) - 2006
Because IPO mechanisms determine both the initial trading price and the allocation of newly-listed firms' shares, they have financial and strategic consequences for shareholders. For that reason, it is of interest to analyse the relative advantages and disadvantages of the different procedures...
Persistent link: https://www.econbiz.de/10010861383