Most of the analyses of small firms' decision to seek outside equity financing and the conditions thereof have concerned private firms. Knowledge of the risk and return of entrepreneurial ventures for outside investors is consequently limited. This paper attempts to fill this gap by examining...

La 4ème de couverture indique : "La finance comportementale se différencie de la finance classique en faisant l'hypothèse que les agents financiers ont une rationalité cognitive, plus proche de la réalité des comportements observés, plutôt qu'une rationalité axiomatique. En intégrant...

Investment of French firms remained weak in the first part of the 90's, after allowing for the sluggish economic growth. Macroeconomic models failed to explain this low level. In this work, we examine the link between micro-level data and aggregate fluctuations. We first describe the evolution...

In this paper we study the influence of financial constraints on the investment behavior of French firms by estimating the Euler equation for investment on a large panel of firms over the period 1986-1994. In particular we emphasize the impact of the firm's level of collateral on its external...