We propose in this article an alternative approach to the Discounted Cash-Flow model based on the concept of economic capital developed by Merton and Perold (1993). We define what we call cash-flow@risk that consists in stripping future cash-flows, each cut into two parts, a low risk part...

We survey 356 valuation experts across 10 European countries with CFA or equivalent designation to gain some insights into their valuation practices. We find that while most experts use both Discounted Cash Flow (DCF) and Relative Valuation (RV) models, their assumptions and estimation methods...

This study focuses on characteristics of green bond issuers, and more specifically on ownership as a driver of green bond issuance. We test the impact of firm ownership on green bond issuance from a sample of issuers of green and non-green bonds in 18 countries for the 2013–2017 period. We...

We survey and interview Chief Financial Officers (CFOs) of French firms in 2009 about the impact of the global financial crisis and their firms' financial flexibility levels before and during the crisis. Over two-thirds of CFOs report a strong impact of the crisis and cite liquidity problems,...

We survey managers from 16 European countries to examine cross-country determinants of payout policy. We find that European managers' views on dividend policy are driven largely by factors similar to that of their U.S. peers. They strongly agree with Lintner's findings that dividends are...

We survey managers of firms in seventeen European countries on their capital structure choice and its determinants. Our main objective is to explore the link between theory and practice of capital structure. Preliminary analysis of the survey shows some interesting findings. Financial...

In this paper, we examine several cross-listing theories employing a sample of over 250 European ADRs representing 19 countries during the 1970-2002 period. We find that, firstly, though both Level II and III listings underperform over the three years subsequent to the US listing, the...

We survey 78 Chief Financial Officers (CFOs) from 12 European countries about the determinants of going public and exchange listing decisions. The CFOs identify enhanced visibility and prestige, and financing for growth as the most important benefits of an IPO. Their views on other motivations...

Previous literature on finance has established that ROE leads to excessive risk-taking and does not provide an accurate measurement of a bank's performance. Despite this, for reasons relating to regulation, the nature of the business and the information available, ROE remains the primary measure...

The 2008 financial crisis has highlighted a series of inefficiencies in the financial system and raised the issue of the ethics of finance actors. Ethics has become a major issue for regulators and practitioners alike. This article investigates whether the academic community in finance has shown...