Since Modigliani and Miller (1958,1963), the relationship between debt and value still remains an open question. The numerous contributions of US research seem to show that the relationship between debt, performance and value is complex. The influence of debt on performance is affected by many...

(VF)Cet article analyse la restructuration de l'industrie européenne aérospatiale et de défense via la création d’EADS, société possédant 80 % d'Airbus. Lancé par une impulsion politique des gouvernements européens, ce processus a abouti à la création d’un acteur industriel de...

Why do regulatory authorities scrutinise mergers and acquisitions? The authorities themselves claim to be combating monopoly power and protecting consumers. But the last two decades of empirical research has found little supporting evidence for such motives. An alternative is that M&A regulation...

During 1992–2007, suppliers financed almost 10% of the total assets of US listed firms. This intensive usage of trade credit is puzzling in the light of its high (implicit) costs. By arguing that trade credit use provides valuable information to outside investors, we first derive a theoretical...

Acquisitions, mergers and other business agreements are facing increasing regulatory scrutiny, even when they are among firms domiciled outside the territory of the regulatory authorities. Some noteworthy recent examples involve mergers between American firms that were prohibited by regulators...

This paper provides an analysis of legal insider trading on the Euronext Amsterdamstock exchange by using data published in the register held by the AFM, the dutchfinancial markets authority. The sample includes 822 transactions executed bycorporate insiders between the beginning of January 1999...

Using implied volatility surfaces provided by the Optionmetrics database for the period 2003–2007, this study documents the strong, positive relation between investor perceptions of firm uncertainty and financial analysts' activity. Granger causality tests reveal that an increase in perceived...

Is it in target shareholders' best interest to divulgate their willingness to sell (WTS)? In this article, we tackle this issue by investigating the net WTS wealth effect. We first model the trade-off between the probability of a sale and the price paid in case of a sale, and derive testable...