The analysis of the offer premiums and of the means of payment should not be done separately. In the empirical literature these two variables are analyzed separately although they may have endogenous relation. Using a sample of European M&As over the 2000-2010 decade, we show that these two...

The subjective value given to time is a core concept of microeconomic choices. Using a sample of individuals questioned with regard to their time preference attitudes, we show that the subjective interest rate follows a negatively sloped term structure. It can be parameterized using two...

In this article we develop a parsimonious consumption-based model of the term structure of interest rates and test its implications for US monthly data from 1970:4 to 2013:1. Our main objective is to shed a new light on the term structure of subjective time preference rates. The empirical...

The discounted utility theory is one of the corner stone of financial theory; particularly in inter-temporal asset pricing and portfolio management. The questioning of this theory has opened a whole field of research in psychology, economics and management and has undergone several enhancements...

Share repurchases are transactions which are supposed to cause a market reaction through a signaling approach. However looking only at cumulated abnormal returns (CARs) is insufficient and the results are sometimes contradictory. We introduce the concept of informativeness to assess if...

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 modify the leverage ratio than to modify their share of...

Are mergers and acquisitions significant events which develop informativeness seen as the disclosure of private and specific information after a transaction? Is the informativeness process the same between countries? To answer to these questions we use the concept of informativeness, as first...

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...

The purpose of this study is to determine if the process of filtering out the financial information voluntary disclosed by firms is modified by the introduction of new mandatory information requirement. Voluntary information disclosed by French firms during the 2003-2008 period is compiled. This...