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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

This paper analyzes the interactions between vertical integration and (wholesale) spot, forward and retail markets in risk management. We develop an equilibrium model that fits electricity markets well. We point out that vertical integration and forward hedging are two separate levers for demand...

Persistent link: https://www.econbiz.de/10011073085

Sociétés de gestion de portefeuille : un triple problème de gouvernance

Moussavou, Jean - Université Paris-Dauphine (Paris IX) - 2008

Selon le principe de la muraille de Chine, les activités de gestion doivent pouvoir s’organiser de manière totalement indépendante des activités du dépositaire. En pratique, le principe de cloisonnement entre les activités du dépositaire et celles de la SGP peut apparaître comme une...

Persistent link: https://www.econbiz.de/10011166353

De la "Pension Governance" à la "Corporate Governance": la transmission d'un mode de gouvernement

Montagne, Sabine - Université Paris-Dauphine (Paris IX) - 2001

corporate governance can be viewed as a consequence of the pension industry reorganisation which occured in the 1970s and 1980s in so far as corporate governance borrows the same organisational principles.

Persistent link: https://www.econbiz.de/10011072666

Efficacité des structures de contrôle et enracinement des dirigeants

Alexandre, Hervé; Paquerot, Mathieu - Université Paris-Dauphine (Paris IX) - 2000

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

Corporate governance and profit manipulation : a French field study

Lambert, Caroline; Sponem, Samuel - Université Paris-Dauphine (Paris IX) - 2005

Profit manipulation has been largely studied through Positive Accounting Theory (PAT). However, the weakness of the results obtained would suggest using different theoretical and methodological approaches to examine this subject. In France, management controllers play a central role in profit...

Persistent link: https://www.econbiz.de/10010905207

Corporate Governance: A New Limit to Real Options Valuation?

Philippe, Henri - Université Paris-Dauphine (Paris IX) - 2005

Including real options in firms ’ value raises numerous difficulties. Limitations concerning the relevance of option pricing models outside financial markets are the most salient, but carrying out a valuation implies other assumptions, especially on firms’ governance. In particular,...

Persistent link: https://www.econbiz.de/10010905233

Freedom of Choice between Unitary and Two-Tier Boards: An Empirical Analysis

Belot, François; Ginglinger, Edith; Slovin, Myron B.; … - Université Paris-Dauphine (Paris IX) - 2014

We examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms...

Persistent link: https://www.econbiz.de/10010783759

Debt, Private Benefits, and Corporate Governance: An Analysis in an Option Valuation Framework

de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2014

Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same … time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to …

Persistent link: https://www.econbiz.de/10010790025

Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms

de La Bruslerie, Hubert; Latrous, Imen - Université Paris-Dauphine (Paris IX) - 2012

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify … period 1998-2009 is empirically tested. It supports an inverted U-shape relationship between shareholders' ownership and … leverage. At low levels of ownership, controlling shareholders use more debt in order to inflate their stake in capital and to …

Persistent link: https://www.econbiz.de/10010790035

Estimating fund manager fees using option pricing model

Najar, Dorra - Université Paris-Dauphine (Paris IX) - 2012

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...

Persistent link: https://www.econbiz.de/10010799301

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