This paper examines the combination of cash and share payments proposed in the corporate acquisition process. Particularly, it analyzes the conditions of an optimal mixed payment in the context of an asymmetry of information. Using a model, we highlight that setting the conditions of payment is...

The analyses of the tender offer premiums and of the means of payment should not be performed separately. In the empirical literature, these two variables are often considered independently, although they may have an endogenous relationship in a contractual setting. Using a sample of European...

The equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule is analyzed in a setting of information asymmetry and future private benefits between the new controlling shareholders and the outside investors. Both parties need to design a new implicit...

Cet article procède à une synthèse de la littérature sur la question de la valeur psychologique du temps. Il discute des différents déterminants du taux d'actualisation et la possibilité d'avoir une fonction d'escompte de type hyperbolique. L'approche historique permet de retracer les...

Analysis of the tender offer premiums and of the means of payment should not be done separately. In the empirical literature these two variables are often considered independently although they may have endogenous relation in a contractual setting. Using a sample of European M&As over the...

The leveraging of control is the possibility for the controlling shareholder to lower her direct participation in capital through a convergence of financial and economic interest with other shareholders or would-be shareholders in the firm. In this paper, the setting of a coalition contract is...

The purpose of this study is to determine if the process of filtering out financial information voluntary disclosed by firms was modified by the introduction of the IFRS. Voluntary information disclosed by French firms during the 2003-2008 period is compiled. This original dataset includes...

Historically, most convertible bond (CB) issues have been converted to equity sooner or later. The announcement of a CB issue will bring about a future dilution of the firm's capital, and is often followed by a drop in share price. However, a CB issue by itself creates future value for the...

Dans son ouvrage magistral Théorie des Organisations, J. Rojot avance deux noms d'auteurs qui ouvrent chacun une piste d'avancée vers ce qu'il appelle « l'individualisme méthodologique complexe » : J.P. Dupuy et I. Giddens . Est-ce à dire que l'individualisme méthodologique complexe est...