In 1982, the newly elected French government initiated an unprecedented move by undertaking a massive nationalization plan. This plan involved firms which, at the time, played a crucial role in the French economy. The government's move was short-lived, however, as a program leading to the...

We examine the wealth effects of 101 tender offers, completed by French companies between January 1980 and December 2000 and we distinguish two categories of tender offers: Control-oriented ones, i.e. offers involving a change in control, and parent-subsidiary ones, i.e. offers where the...

Recent years have witnessed the adoption of new laws regulating the financial analyst profession in the US. The EU followed by passing the Market Abuse Directive and two subsequent Directives in 2003. Were these Directives necessary and did they reach their target? We first analyze whether...

This study examines the economic consequences of the Market Abuse Directive which is notably aimed at curbing conflicts of interest in the EU. It focuses on the impact of this new regulation on stock price changes associated with recommendations issued by analysts potentially affected by...

Several studies show that mandatory IFRS adoption resulted in positive capital market impacts for both investors (higher stock liquidity and lower information asymmetry) and firms (lower cost of equity capital). However, the observed impacts are only mean impacts since the characteristics of...