This paper examines the usefulness of crowdsourced relative to professional forecasts for natural gas storage changes. We find that crowdsourced forecasts are less accurate than professional forecasts on average. We investigate possible reasons for this inferior performance and find evidence of...

We examine the capital market consequences of a regulatory intervention aimed at generalizing tenure voting in French public companies. The 2014 Florange Act departs from the ‘one share one vote' principle by automatically granting double voting rights (DVR) to shares held for at least two...

We investigate how linguistic complexity relates to a company's cost of equity capital. When management uses linguistic complexity to obfuscate information, we expect shareholders to require a greater return on equity. Our results show that, within a given firm, a decrease in the readability of...

We examine the impact of cultural diversity in corporate boards on a firm's corporate social performance. Using a novel approach to identify a director's cultural roots based on ancestry, we estimate the degree of cultural diversity at the board level. We find that board cultural diversity is...

In this paper, using an original database of investors operating on the French stock market, we investigate the real effect of ownership structure. We call fundamental investor an investor who, on average, holds on average his shares for at least two years, is in the top quartile of a firm...

This paper develops a firm-level measure of myopic market pricing, which captures the extent to which the market overvalues short-term expected abnormal earnings relative to longer-term ones. The empirical analysis shows that myopically priced firms manage earnings more actively and invest less...