We investigate the network structure of syndicated lending markets and evaluate the impact of lenders’ network centrality, considered as measures of their experience and reputation, on borrowing costs. We show that the market for syndicated loans is a “small world” characterized by large...

This paper develops a theoretical model predicting the difference in investment policy between entrepreneurs and family founders based on the firm ownership flexibility. Moreover, this paper provides evidence on the fact that small business with less flexible ownership structure does not exploit...

This empirical paper investigates the determinants of the arbitration taking place after a corporate default. Two ways of resolving financial distress are conceivable: either the creditors privately renegotiate with the debtor, or a formal bankruptcy procedure is triggered off. This arbitration...

We investigate the presence of overconfidence for 43 958 individual investors using a large brokerage account database between 1999 and 2006. We employ three methodologies to gauge overconfidence and our main results show that independently of the methodology considered, individual investors are...

This paper analyses the disposition effect at an individual level by studying the trading records of 20 379 investors over 1999-2006. As in previous studies, we confirm a huge heterogeneity among investors and we propose to explain these differences on the basis of financial sophistication and...

The two new manuals of the National Accounts (SNA 2009) and of the Balance of Payments (IMF 2009) are implementing many new features that protract innovations firstly introduced in 1993. Among those, the paper focuses on the treatment of non financial services. The first section of the paper...

Cet article présente une perspective d’économiste sur les contours de la prestation de services, dans la perspective du commerce de services. Il est l’occasion de faire un tour d’horizon rapide des connaissances disponibles sur le commerce de services dans l’Union Européenne (UE). Il...

This paper deals with corporate governance issues and competition policy. The impact of private benefits extraction on the values of oligopolistic firms is analyzed. Private benefits are assumed to generate costs which create price distortion on the product market. For a wide range of industry...

In this article, a simple paper-and-pencil experiment, based on lottery bonds, shows that financial decisions taken by participants are inconsistent with the traditional view of economic agents as risk averse expected utility maximizers. First, our results cast doubt on the relevance of variance...