Cet article étudie les perceptions de l’économie de marché par les enseignants-chercheurs et les chercheurs français. Par rapport à la littérature sur les opinions des académiques, nous proposons une nouvelle explication selon laquelle les connaissances théorique et pratique du...

Using a large sample of bank loan renegotiations by European firms, I show that renegotiation of financial contracts matters for shareholders and can increase their wealth. I find that amendments to financial covenants and to loan amounts increase borrower’s cumulative abnormal return by 10%...

Il existe différents types d’entrepreneuriats contribuant de façon plus ou moins importante au développement économique et à la création d’emplois. L’entrepreneuriat ambitieux, qui résulte en des entreprises à forte croissance, est rare mais possède un impact économique largement...

This article evaluates the voting conditions in bankruptcy using a sample of 92 countries. In general, the bankruptcy laws of German and French legal origin have the less stringent voting rules. The Nordic group of countries is in the middle. The most severe rules are encountered in the common...

Cet article étudie l'impact de bénéfices privés sur la stratégie d'investissement et de financement d'une entreprise en situation de monopole. A l'origine actionnaire à 100%, son dirigeant doit décider la part du capital qu'il cède à un investisseur extérieur et/ou l'emprunt qu'il...

We construct a gravity model of worldwide foreign direct investment stock (FDI) in order to study the effect of religion on FDI allocation. We establish empirically that both bilateral religious similarity and bilateral religious diversity foster FDI at the country pair level. These apparently...

The paper deals with the links between goods and services exports. First it explains the reasons why services exports are presumably connected with manufacturing exports and altogether to goods exports. The paper scruti-nises the various headings of the services account of the BOP. It points out...

We investigate bank loans’ specialness with a particular focus on the recent boom and bust cycle. We perform an empirical analysis using event study methodology on a sample of 253 large loan announcements for French borrowers between January 2000 and December 2009. We find a significant and...

In this article, we stress the impact of sophistication on stocks repurchase behavior by individual investors. By analyzing a large database of 8’072’016 trades by 84’500 individual French investors from 1999 to 2006, we evidence at aggregated and individual level that investors prefer to...

In this paper, we first prove analytically that the skewness of returns of portfolios built with Arrow-Debreu securities decreases with diversification. Through simulations, we also show that this result remains true in a financial market with a finite number of states of nature. We then analyze...