We measure the impact of negative environmental, social and governance news on corporate bond prices and credit default swap premiums for the Eurozone market. Each firm is affected at least by one piece of news related to its environmental, social and governance practices. Each news is then...

Cet article est une réflexion à caractère épistémologique et pédagogique sur la connaissance du fait financier dans l'entreprise. Sont d'abord examinées dans cet article les différentes façons de l'identifier : de façon empirique à travers les tâches de la direction financière ou...

La fonction financière tend aujourd'hui à jouer un triple rôle : opérationnel, fonctionnel et politique. Son rôle opérationnel, son essence même, consiste à trouver et à gérer les ressources de l'entreprise; son rôle fonctionnel à gérer le système de planification et de contrôle de...

L'auteur distingue deux catégories de critères d'investissement : les critères "atemporels" qui ne tiennent pas compte du facteur temps (taux moyen de rentabilité, délai de récupération); les critères fondés sur l'actualisation (valeur actuelle nette, taux interne de rentabilité,...

The leveraging of control is the possibility for the controlling shareholder to lower his direct participation in capital through a convergence of financial and economic interest with other shareholders in the firm. In this paper, the setting of a coalition contract is done by awarding stocks to...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside...

This paper analyses the private equity fund compensation. We build a model to estimate the expected revenue of fund managers as a function of their investor contracts. We tried to evaluate the present value of the carried interest, which is one of the most common profit sharing arrangements...

Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of...