In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow...

Information risk – the uncertainty regarding the parameters of the distribution of firms’ future cash flows – generates valuation errors and is costly to investors who require a higher return to compensate for greater information risk. We argue that, on average, through their...

Mutual funds industry has been sought by French politicians as mediation between the popular savings and company’s investments through the financial markets. Questioning the link between finance and industry requires analyzing the effectiveness of this mediation. This article intends firstly...

Ce papier étudie les aspects de la structure de propriété qui influent la qualité de la communication financière sur un marché où l'actionnariat est concentré. La théorie d'agence propose un cadre de recherche intéressant liant la décision de publication à la structure de...

This article aims at highlighting the issue of recognition and valuation of assets in the relationship between earnings management and financing choices. This issue has been addressed from a historical approach. The use of history is justified by the characteristics of the period: opening...

Ces études de cas traitent du financement et de l'investissement immobilier dans le cadre des montages hypothécaires structurés, sans autres garanties pour le prêteur que celles liées à l'actif financé

Les méthodes d’évaluation financière utilisent des opérateurs d’agrégation reposant sur les propriétés d’additivité (sommations, intégrales de Lebesgue). De ce fait, elles occultent les phénomènes de renforcement et de synergie (ou de redondance) qui peuvent exister entre les...