The aim of this paper is to empirically investigate the determinants of creditor concentration in the use of bank loans by firms in a European cross-country framework. We analyze the influence of loan and borrower characteristics but also banking market structure and legal enforcement...

This paper conducts an analysis of the relationship between CEO compensation and managerial performance on a large panel of US public firms, by taking into account the different components of CEO compensation. We estimate a stochastic frontier model in which managerial performance is related to...

The aim of this paper is to analyze the effect of corruption in bank lending. Corruption is expected to hamper bank lending, as it is closely related to legal enforcement, which has been shown to promote banks’ willingness to lend. Nevertheless the similarities between the consequences for...

Le succès ou l’échec d’un produit de loterie est essentiellement lié au design qu’il propose, résumé dans la structure des prix attribués aux gagnants, et à l’univers concurrentiel dans lequel il s’insère, à savoir l’univers des jeux de hasard. Dans cet article, nous...

The objective of this paper is to investigate whether the participation of local banks exerts an impact on the spreads of syndicated loans in Russia. Following Berger, Klapper and Udell (2001), we aim to test whether local banks possess a superior ability to solve information asymmetries. In...

The aim of this paper is to investigate whether Islamic banks have greater market power than conventional banks. Indeed Islamic banks may benefit from a captive clientele, owing to religious principles, which would be charged greater prices. To measure market power, we compute Lerner indices on...

We analyze the demand of the Euromillions lottery tickets, a European lotto-like game launched in 2004 and played simultaneously in nine countries with the same rules and the same draws. Using the effective price methodology, we show that price elasticities are very different across countries....

Managerial opportunism is commonly considered as destructive for the parties involved in an agency relationship. Using a close formulation to Jensen and Meckling’s equity model, we consider an agency relationship between a manager and an investor. The latter is assumed to benefit from a market...

La théorie comportementale du portefeuille de Shefrin et Statman (2000) induit des choix d’investissement différents de ceux proposés par les modèles classiques comme la théorie de l’utilité espérée ou le modèle moyenne – variance de Markowitz (1952). Un des points remarquables de...

Le portefeuille optimal issu du modèle de gestion de portefeuille de Shefrin et Statman (2000) diffère de celui proposé par les approches classiques de Markowitz (1952) et de la théorie de l’utilité espérée. Dans cette étude nous développons un modèle d’équilibre du marché sur...