The recent period has highlighted a well-known phenomenon, namely the existence of a positive bias in experts’ anticipations. Literature on this subject underlines optimism in the financial analyst community. In this work, our significant contributions are twofold: we provide explanatory bias...

This paper analyses the private equity fund compensation. We build a model to estimate the expected revenue of fund managers as a function of their investor contracts. We tried to evaluate the present value of the carried interest, which is one of the most common profit sharing arrangements...

When historical cost is used, the incomes are smoothed in a way that delays the recognition of the financial institutions lessening solvency, especially in the case of fixed rate loans when market rates are decreasing. We study the case of Credit Lyonnais which had the opportunity to transfer...

Le recours au coût historique et à des techniques d'allègement des bilans comme la titrisation permettent aux banques de disposer d'une marge de manoeuvre en matière comptable. Le développement des marchés financiers et l'orientation actuelle de l'IASC et du FASB en faveur de la juste...

This paper examines the relevance of customer satisfaction for the financial analysts when preparing their earnings forecasts. We draw on theory in marketing to predict how customer satisfaction should be associated with earnings forecasts and forecast errors. We assembled a dataset of companies...

Adding volatility exposure to an equity portfolio offers interesting opportunities for long-term investors. This article discusses the advantages of adding a long volatility strategy for a protection to a global European equity portfolio and to specific equity portfolios based in "core" or...

This paper evaluates the predictability of WTI light sweet crude oil futures by using the variance risk premium, i.e. the difference between model-free measures of implied and realized volatilities. Additional regressors known for their ability to explain crude oil futures prices are also...

In this paper, we are dealing with financial high frequency data; any time an order reaches the market, any time a cancellation or transaction occurs, a new record is made, ending up with a huge amount of data. Hence the time interval between two events is not fixed, forbidding the use of...

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...

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...