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Downstream Competition, Foreclosure, and Vertical Integration
Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2003
This paper analyses the impact of competition among downstream firms on an upstream firm's payoff and on its incentive to vertically integrate when firms on both segments negotiate optimal contracts. We argue that tougher competition decreases the downstream industry profit, but improves the...
Persistent link: https://www.econbiz.de/10010707301
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L'impact de la crise de 2008 sur le rationnement du crédit des PME françaises
Alexandre, Hervé; Buisson, Hélène - Université Paris-Dauphine (Paris IX) - 2014
Credit rationing is a classical phenomenon studied for a long period but the last financial crisis put it in the news … situation. This paper tries to estimate the scale of credit rationing for French SMEs over the period 2000-2008. French SMEs …
Persistent link: https://www.econbiz.de/10010960576
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Environmental Disclosure and the Cost of Equity: The French Case
Déjean, Frédérique; Martinez, Isabelle - Université Paris-Dauphine (Paris IX) - 2009
What is the impact of voluntary corporate environmental disclosures on the cost of equity? The present study will … information necessarily lower the cost of equity. …
Persistent link: https://www.econbiz.de/10010733995
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The pricing of French unit seasoned equity offerings
Ginglinger, Edith; Chollet, Pierre - Université Paris-Dauphine (Paris IX) - 2001
accompanied by significant abnormal returns of on average 9-12%, depending on the computing methods. Underpricing increases with … the risk of the issuer and the relative size of the future seasoned equity issue linked to warrant exercises. Our results …
Persistent link: https://www.econbiz.de/10010707146
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Investment in Microfinance Equity : Risk, Return, and Diversification Benefits
Szafarz, Ariane; Brière, Marie - Université Paris-Dauphine (Paris IX) - 2011
picture of worldwide microfinance equity from the viewpoint of a profit-oriented investor. We construct microfinance country … equity indices and an international global microfinance index. We analyse the changes in these indices, which we assess in … improves the investor's risk-return performance. While the inclusion of microfinance equity has indeed been a major source of …
Persistent link: https://www.econbiz.de/10010707177
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Le contrôle bancaire des crédits aux entreprises : un cas français
Rougès, Véronique - Université Paris-Dauphine (Paris IX) - 2004
Persistent link: https://www.econbiz.de/10010707075
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Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?
Refait-Alexandre, Catherine; Bouaiss, Karima; … - Université Paris-Dauphine (Paris IX) - 2011
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
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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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Banking relationship and syndicated loans during the last financial crisis
Bouaiss, Karima; Refait-Alexandre, Catherine; … - Université Paris-Dauphine (Paris IX) - 2011
crisis has clearly shown credit rationing, and credit conditions tightening, even in syndicated loans market. We investigate …
Persistent link: https://www.econbiz.de/10010708556
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A mathematical treatment of bank monitoring incentives
Possamaï, Dylan; Pagès, Henri - Université Paris-Dauphine (Paris IX) - 2014
In this paper, we take up the analysis of a principal/agent model with moral hazard introduced by Pagès (J. Financ. Intermed. doi:10.1016/j.jfi.2012.06.001, 2012), with optimal contracting between competitive investors and an impatient bank monitoring a pool of long-term loans subject to...
Persistent link: https://www.econbiz.de/10011073244