Between 1999 and 2007, WR Hambrecht completed 19 initial public offerings (IPOs) in the US using an auction mechanism. We analyze investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices suggests that some...

Cet article se propose d'analyser les objectifs sous-jacents à la gestion des résultats sans restreindre cette dernière à la gestion comptable des résultats : minimisation, maximisation ou lissage des résultats. La gestion des résultats est particulièrement observée lors des opérations...

In the spirit of Merton (1987) we find that targeted communication by firms raises investor attention. Continental European firms using English-language commercial press wires to disseminate corporate press releases exhibit less drift and more trading volume after their earnings announcements...

[fre] Nous analysons les activités des analystes financiers et leur valeur ajoutée, les pressions pesant sur l’indépendance des analystes, et l’accord global de 2002 aux États-Unis et son impact sur le développement d’une analyse financière indépendante. Les analystes financiers...

The book-building procedure for selling initial public offerings to investors has captured significant market share from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing when using the auction mechanism. This paper shows that in...

In 1997, France Telecom, the state-owned French telephone company, went through a partial privatization. We adapt a standard neoclassical model to predict how employees might respond to the firm's offer to sell them various classes of shares. Using a database that tracks over 200,000 eligible...