This paper proposes a consumption-based model that accounts for term premiums of the nominal term structure of interest rates. The driving force behind the model is the looking at the ex ante term premium. Nominal term premiums depend on the volatility processes of real consumption and...

This paper proposes a consumption-based model that accounts for term premiums of the nominal term structure of interest rates. The model focuses on ex ante term premiums, which depend on the volatility processes of real consumption and inflation. The contribution of the paper is to derive and...

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...

The analyses of the tender offer premiums and of the means of payment should not be performed separately. In the empirical literature, these two variables are often considered independently, although they may have an endogenous relationship in a contractual setting. Using a sample of European...

Share repurchases are transactions which are supposed to cause a market reaction through a signaling approach. However looking only at cumulated abnormal returns (CARs) is insufficient and the results are sometimes contradictory. We introduce the concept of informativeness to assess if...

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...

??Economic analysis of the appropriation of corporate wealth and recent development of French law?? is an attempt to explain the changes, which the ??New Regulation of the Economy (NRE)?? has brought about for corporate law, in terms of the economic theory of the firm, its financing and the...

[fre] Le renforcement de la déontologie financière est une décision de nature collective que la place financière doit souhaiter dans son ensemble. Les mesures à prendre doivent à la fois : respecter le professionnalisme commercial des intervenants les plus dynamiques, facteur de progrès ;...

The idea of this article is to take in account both the existence of a domestic interest rate risk and an exchange rate risk. In an international context, we can show that the exchange rates premium is linked in a triangular relation with the two domestic term premiums. This equilibrium relation...

This article explores one type of financial market segmentation on the basis of the coexistence of two categories of investors, those who have unrestrained access to international markets and those who are limited to their national market alone one account of constraints principally related to...