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Ce papier étudie les aspects de la structure de propriété qui influent la qualité de la communication financière sur un marché où l'actionnariat est concentré. La théorie d'agence propose un cadre de recherche intéressant liant la décision de publication à la structure de...
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The objective of this paper is to understand how and why companies implement corporate social responsability policies when they build a new plant. The paper is based on three case studies.
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Les entreprises européennes et américaines détiennent une part de plus en plus importante de leurs actifs sous forme de trésorerie, alors que la sophistication financière croissante devrait les aider à réduire la trésorerie. Après un état des lieux sur les niveaux de trésorerie en...
Persistent link: https://www.econbiz.de/10011072058
Ce papier a comme premier objectif, l'analyse des déterminants de l'octroi des stock-options aux dirigeants des entreprises. Le deuxième objectif visé est la vérification de l'impact des nouvelles attributions des stock-options sur la performance subséquente de la firme. Sur la base des...
Persistent link: https://www.econbiz.de/10011072255
Are mergers and acquisitions significant events that develop informativeness? Is the informativeness process the same … contradictory. To answer to these questions we use the concept of informativeness to assess whether acquisitions improve the private … information content of stock prices. We consider a sample of mergers and acquisitions in the US and Europe over the 2000 …
Persistent link: https://www.econbiz.de/10011269167
Using a sample of acquisitions of unlisted firms completed by public companies from 17 Western European countries over … announcement period abnormal returns to acquirers. 12.5% of the unlisted targets are PE-backed. Acquisitions of PE-backed firms are …
Persistent link: https://www.econbiz.de/10010708923
This paper studies corporate risk management in a context of financial constraints and imperfect competition in the product market. The paper shows that interactions between firms affect their hedging strategies. As a general rule, firms' hedging demands decrease with the correlation between...
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