(VF)Dans cet article, nous étudions les facteurs susceptibles d’influencer la structure des syndicats bancaires en France, sur la période 1998-2006, et nous proposons un modèle empirique de cette structure, mesurée par la taille, la concentration et la réputation. Nous montrons que la...

Since the 90's, European banks have sustained numerous structural disturbances. Their degree of integration combined with the universality of our institutions in the banking sector may then be an important factor to take into account in appreciating its resistance to systemic shocks. In this...

ABI, through the European Banking Report, and Ubs have recently conducted a survey on the opportunities, risks and market trends of Italian banks for next three years addressed to top managers of 32 Italian banking groups and 34 international institutional investors.The responses of the 4 major...

Economic Geography maintains that economic activities are not randomly distributed across space. This paper examines the impact of industrial and regional characteristics on venture capital activities in the United States from 1995 until 2009. The unique database allows for stratifications into...

We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...

This paper features an analysis of the relationship between the S&P 500 Index and the VIX using daily data obtained from both the CBOE website and SIRCA (The Securities Industry Research Centre of the Asia Pacic). We explore the relationship between the S&P 500 daily continuously compounded...

This study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have private...

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run deposit-taking franchises. Levered intermediaries’ heightened incentive to absorb risk helps to counteract liquidity-provision frictions that, in an unlevered economy, would lead...

We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out...

Earnings forecasts can be useful for investment decisions. Research on earnings forecasts has focused on forecast performance in relation to firm characteristics, on categorizing the analysts into groups with similar behaviour and on the effect of an earnings announcement by thefirm on future...