This paper evaluates the extent that French LBO targets' investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be...

Purpose – This study seeks to contribute to the international literature by researching the factors influencing audit fees in France, where law requires a joint auditing process involving two separate auditors for firms that publish consolidated financial statements....

The object of this paper is to study the impact of successive changes in ratings of a leading firm on competitors of the same sector. Two courses of research are being mobilized regarding, on the one hand, the incidence of downgrading of ratings on the value of the firms and on the other hand,...

We examine how the presence of women involved in the financial reporting process of public companies, and especially the interactions between them (i.e. the simultaneous presence of a woman CFO, women sitting on the audit committee, and women auditors), impacts financial reporting quality. For...

In France, mutual banks played a key role during the recent period of consolidation of the banking industry because they acquired many privately listed banks. Our analysis of the acquisition of the private bank Crédit Lyonnais by the mutual bank Crédit Agricole illustrates three findings....

The Green Paper entitled “Audit policy: Lessons from the crisis” (European Commission, 2010) recommends the introduction of joint audit for European listed companies, based on the French experience, to limit the market dominance of the Big 4 and to promote audit quality. However, the...

In 2011, the largest banks were designated as Global Systemically Important Banks (GSIBs) by the Financial Stability Board. While these banks face closer supervision and additional constraints, they also benefit from an implicit guarantee from their governments. The changed environment for these...