Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

The M&A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M&A transactions can be successfully implemented by taking to an account the size of investments,...

We investigate how borrowers’ corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with...

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...

This paper sets forth a pair of distinctive contributions to the subject. In the first place, it provides a unified approach to capital investment decisions, by means of a two-tiered framework of analysis. Such approach consists in working out the net present value of the project by discounting...

(VF)La recherche en finance comportementale d’entreprise s’est fortement développée ces dernières années. Cet article propose une synthèse des premières recherches consacrées à l’excès de confiance des dirigeants et son impact sur les décisions financières. La littérature...

(VF)Cet article expose les principaux résultats tirés des travaux empiriques portant sur les causes et les conséquences des décisions financières prises par les dirigeants d’entreprises françaises. Les trois types de décisions étudiées sont les décisions d’investissement, les...

In this paper we show the advantages of staged investments for venture capitalists. We develop an option-pricing model that enables to evaluate the flexibility acquired by a venture capitalist when he stages his investment process. Instead of investing a fixed amount at the beginning of the...

The improvement of the financial structure is achieved based on the constrains determined by a series of internal hexogen factors of the activity of the company, controllable or not in one way or another, that can affect the way in which a company appeals to finances through proper or loaned funds.