French law mandates that employees of large publicly listed companies be allowed to elect two types of directors to represent employees. First, partially privatized companies must reserve two or three (depending on board size) board seats for directors elected by employees by right of...

L'investissement est la plus importante des décisions financières créatrices de richesse pour l'entreprise. Cette étude invite le lecteur à résoudre des cas concrets : évaluation des flux de trésorerie liés à l'investissement, critères de choix d'investissement, outils d'analyse des...

This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement...

This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement...

We examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms...

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...