The difficulty to measure the long-term benefits of R&D expenditures and the distortions induced by R&D accounting suggest that R&D-intensive firms could be undervalued. Using several methods commonly-applied to detect the abnormal returns associated with mispricing, we find no evidence that the...

Nous examinons dans cet article l'effet de la globalisation financière sur l'investissement des firmes, et de façon attenante son effet sur la valeur actionnariale et le coût du capital. La synthèse de la littérature théorique et empirique fait apparaître que si la globalisation...

The price-earnings ratio (PER) effect is a well-documented phenomenon in the most developed financial markets. This effect shows that the firms with a low price to earning per share ratio exhibit higher returns than those with a high ratio. The existence of such an effect weakens the market...

We propose an evaluation of well-being in the French regions. In order to measure well-being, we use a composite index rather then to GDP per inhabitant. The Index of well-being in the French Regions, in a sustainable development approach, entails 3 dimensions, economic, social and...

Nous examinons dans cet article l'effet de la globalisation financière sur l'investissement des firmes, et de façon attenante son effet sur la valeur actionnariale et le coût du capital. La synthèse de la littérature théorique et empirique fait apparaître que si la globalisation...

Evidence based on US firms suggests that large boards restrain risk taking. We investigate whether a similar effect exists in Japan. Our results confirm that firms with larger boards exhibit lower performance variability relative to firms with smaller boards. However, this effect is less...

Consistent with a bank-centered governance system, Japanese firms exhibit an exceptionally low level of performance variability. The increased involvement of foreign investors motivated by shareholder value is thus likely to have triggered a major shift in their risk-taking behavior. My results...

We investigate whether multiple large shareholders (MLS) affect corporate risk-taking. Using hand-collected data on French publicly-listed companies over the period 2003-2007, we show that the presence, number and voting power of MLS, other than the largest controlling shareholder (LCS), are...

Evidence based on US firms suggests that large boards restrain risk taking. We investigate whether a similar effect exists in Japan. Our results confirm that firms with larger boards exhibit lower performance variability relative to firms with smaller boards. However, this effect is less...

We investigate whether multiple large shareholders (MLS) affect corporate risk-taking. Using hand-collected data on French publicly-listed companies over the period 2003-2007, we show that the presence, number and voting power of MLS, other than the largest controlling shareholder (LCS), are...