This paper aims to develop a feasible estimator of the Sharpe ratio that the investor would expect from estimated efficient portfolios. Based on the analytical expression of the expected Sharpe ratio, we construct an estimator that captures all the errors involved in the estimated efficient...

Purpose: The purpose of this paper is to examine how information asymmetry driven by earnings quality affects corporate cash holdings. It also investigates the role that financial constraints play in this effect. Design/methodology/approach: The paper examines a large sample of 6,501...

This paper examines the effect of controlling shareholders on stock price synchronicity by focusing on two salient corporate governance features in a concentrated ownership setting, namely, ultimate cash flow rights and the separation of voting and cash flow rights (i.e., excess control). Using...

(VF)Cette étude se propose d’analyser les performances opérationnelles d’un échantillon de 108 augmentations de capital réalisées en France. Les résultats obtenus montrent que les performances opérationnelles connaissent une hausse avant l’émission d’actions suivie d’une baisse...

This paper examines the effect of controlling shareholders on stock price synchronicity by focusing on two salient corporate governance features in a concentrated ownership setting, namely, ultimate cash flow rights and the separation of voting and cash flow rights (i.e., excess control). Using...

(VF)Cette étude analyse l’évolution des performances opérationnelles et boursières d’un échantillon de 379 introductions en bourse réalisées en France entre 1990 et 2003 sur les second et nouveau marchés. Les résultats montrent que les performances opérationnelles des entreprises...