The paper analyses the value creation benefits of the holding form of organization in France. For a sample of 122 non-controlling stake purchases in French listed companies, stakes purchased by holding companies generate non- significantly price reactions in target firms, compared to a...

This paper explores how asymmetric information about borrower quality among syndicated lenders alters the incentive to refinance illiquid borrowers. The authors use a model in which lenders enter the market sequentially in two rounds of lending. Between the two rounds, a shock separates...