The cost of equity capital is traditionally considered as an increasing function of the estimation risk – the risk of error regarding the distribution of a firm’s future cash flows (FCF). Under international GAAPs, IAS 36 “Impairment of assets” -based information disclosure conveys...

This article is concerned with modeling the dynamic and distributional properties of daily spot and forward electricity prices across European wholesale markets. Prices for forward contracts are extracted from a unique database from a major energy trader in Europe. Spot and forward returns are...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

The equal opportunity rule is seen as protecting investors in the event of a transfer of control. In order to better analyze the consequence of such a rule, we need to account for the information asymmetry that exists between new controlling shareholders and outside investors with private...

Financial valuation methods use additive aggregation operators. But a patrimony should be regarded as an organized set, and additivity makes it impossible for these aggregation operators to formalize such phenomena as synergy or mutual inhibition between the patrimony’s components. This paper...

This paper aims at understanding what the consequences are of cultural diversity on co-operative relationships. Co-operation is considered through two different modes: the first one, called community based co-operation, is based on the need for belonging and the second mode, called complementary...

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...