Background: Fama and French propose a five-factor model that contains the market factor and factors related to size, book-to-market equity ratio, profitability, and investment, which outperforms the Fama-French Three-Factor Model in their paper in 2014. This study investigates the performance of...

In this study, we examine whether international portfolio diversification still matters despite an increase in the cross-country correlations of assets returns. More specifically, we explain why an increase in global return correlations does not necessarily imply a reduction in the benefits of...

L'objectif de cet article est d'étudier le processus de construction sociale d'un nouveau marché financier. L'analyse qualitative longitudinale menée sur la période 1996-2005 concerne le développement du marché des dérivés de crédit, marché de gré à gré transnational. Comment ce...

Background: Fama and French propose a five-factor model that contains the market factor and factors related to size, book-to-market equity ratio, profitability, and investment, which outperforms the Fama-French Three-Factor Model in their paper in 2014. This study investigates the performance of...

We empirically investigate whether and how the ex-ante M&A activity of banks relate to their much debated bailouts and credit ratings during the 2008 financial crisis. Our M&A sample comprises of 1603 transactions performed by 41 large sized European banks over the period 1990-2006. We find that...

We analyze whether and how bank deregulation relates to the M&A centric consolidation of U.S. banking industry. Using difference-in-difference approach on M&A activity of banks over a time span of 1990-2009, we find a positive and statistically significant effect of deregulation on bank...

This paper analyzes risk adjustment within the context of French convertible bond (hereafter CB) financing decision. It aims at examining the possibility that the poor long-run stock price performance experienced by French CB issuers after the offering may be caused by an unexpected change in...

The purpose of this paper is to analyze the long-run operating performance of French convertible bonds (CB) issuers.Our results reveal that firms issuing convertible bonds under-perform substantially non-issuing firms from pre to post-issue periods. Our findings are robust with respect to the...