The supposed preference of firms for internal sources of finances to fund their investments can be explained by either the free cash flow or the financial constraints theories, both stem from asymmetric information. Neither theory was found fully valid by recent research. Using a French data...

The objective of this paper is to analyze the voting premium and its interaction with the specific corporate governance structures in France. Besides determining the level of voting premium in France through a stock-market and a public transaction based analysis, the paper also analyzes the...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows to analyze the performance of French firms and to measure an underperformance of “hard...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows analyzing the performance of French firms and to measure an underperformance of “hard...

The implementation of SFAS 141 and IFRS is not only a step towards fair value accounting but also has an impact on the financial statements. The amortization charge of intangible assets has a direct profit and loss statement impact to be considered when performing the market approach. The...

Market multiples are a common tool in the financial community for asset and business valuations. In this article, we aim to analyse the accuracy and the underlying drivers behind valuation multiples as tell as what explains their relative and absolute level. For this we use a European data...

This article aims to analyse the evolution over the recent years of LBO funds, in terms of valuation (asset prices) and the role that leverage and corporate governance played in its evolution.Leverage is one of the positive factors that is supposed to contribute to the success of private equity,...