This paper looks at divestitures by 144 UK firms listed on the London Stock Exchange from 1985 to 1991 and investigates whether and how accurately investors price the firm’s option to abandon assets in exchange for their exit value. Theory prices this real option as an American style put and...

This paper investigates how capital budgeting techniques that include the option to abandon can be exploited as management tools to aid not only in the invest/abandon decision but also in ongoing project management, financial forecasting and the timing of strategic moves. Three parameters are...

Employee ownership is often used not only as a reward management tool but also as an entrenchment mechanism. The literature suggests that good managers use employee ownership as a reward management tool, whereas bad managers implement it for entrenchment, thus suggesting the existence of an...

The employees' decision to become shareholder of the company they work for can be a consequence of employers' matching contribution in company stock. From a behavioral perspective, employees would regard these contributions as an implicit investment advice made by their employer. This paper...

Cet article étudie le lien de causalité entre les variations de cours boursiers et les révisions des prévisions de bénéfice par action formulées par les analystes financiers de la zone Euro lors de la crise financière de 2007-2008. L'étude montre qu'en 2008, les révisions des...

Nous nous intéressons à l'influence de la spécification de la croissance attendue des bénéfices sur l'évaluation des actions. Nous présentons un modèle d'évaluation permettant d'apprécier les relations entre le cours boursier, le résultat net par action prévu par les analystes, la...

[eng] Theory of capital structure. and the evolution of the french tax system. Michel Levasseur, Jean-Louis Olivaux. The interest of this paper is to examine the influence of fiscality in the choices in financing that a firm has to make. The authors propose a theoretical study of the problem. It...

CET ARTICLE TRAITE DES PUBLICATIONS DES RESULTATS COMPTABLES ANNUELS ET DE L'HETEROGENEITE DE ANTICIPATIONS DES INVESTISSEURS BOURSIERS

CET ARTICLE TRAITE DES EVALUATION des OBLIGATIONS CONVERTIBLES ET DE LEUR IMPLICATION en MATIERE de MESURE des COUTS et de COMPTABILISATION

The aim of this paper is to test whether the European Commission activities generate a heterogeneity effect on the merging parties. A sample of 74 firms involved in 45 contested merger and acquisition operations during the years 1990 to 1999 is used. The methodology is based on the GARCH...