In the recent years, the US and the EC have witnessed the adoption of new regulations focused on financial analysts. This study investigates whether the European regulations, known as the Market Abuse Directive (MAD) changed the distribution of recommendations and increased their credibility...

Peers' valuation matters for firms' investment: a one standard deviation increase in peers' valuation is associated with a 5.9% increase in corporate investment. This association is stronger when a firm's stock price informativeness is lower or when its managers appear less informed. Also, the...

This paper shows that managers use the information they learn from the stock market when they decide on corporate cash savings. In particular, corporate savings are much more sensitive to stock price when the price contains more information that is new to managers. Moreover, the significant...

This paper shows that large cash reserves lead to systematic future market share gains at the expense of industry rivals. Using shifts in import tariffs to identify exogenous intensification of competition, difference-in-difference estimations support the "causal" impact of cash on product...

In this paper, we investigate the properties of weekly stock market returns indexes. Four series are examined (Germany, France, United Kingdom and Switzerland). Non linear dependances are found for these markets. The QGARCH class of models describes the returns quite well. Residuals are i.i.d....