Using the herding measures of Lakonishok, Shleifer and Vishny (1992) (LSV) and Frey, Herbst and Walter (2007) (FHW), we assess herding by French equity mutual funds between 1999 and 2005. We show that LSV herding amounts to 6.5% while FHW herding is about 2.5 times stronger. We observe that...

This study analyses the factors influencing institutional ownership in the largest non-financial companies listed in five major European countries from 2010 to 2015. Consistently with previous empirical literature, both country-level and firm-level variables result to be relevant. As for country...

In this paper, we investigate the performance-growth relation of French mutual funds. Using panel techniques, we find that capital inflows to French past top performing funds are not as strong as expected. This result suggests that there exist barriers to investment, that may come from the fact...

This paper aims at clarifying the relationship between institutional owners and firms' financial performance. We distinguish two categories of institutional investors: French and foreign. We examine also the nature of relations that may develop with firms. Our results for a sample of French...

This paper investigates the investment behaviors of 44,649 employees working in a CAC 40 index listed company. The company savings plan offers its employees a choice among various asset categories generally listed by financial institutions. We first describe employees' saving behaviors for each...

Advanced countries worry about the future of their pay-as-you go pension schemes and try to introduce supplementary sources for revenue following employment termination. It is thus useful to understand how the pension schemes influence households behavior regarding saving and accumulation of...

We study how investors' withdrawals from mutual funds may affect the French corporate bond market. To do so, we use monthly data on flows to the French bond and mixed mutual funds as well as a database on their bond holdings at the bond-level from 2011 to 2017 provided by the Banque of France...

The global financial crisis has brought to center stage the international transmission of financial shocks. Similarly, recent global shocks, such as Covid-19 and the war in Ukraine, have shown the vulnerability of production chains relying on foreign suppliers. There has even been suggestions to...

The collapse of sadly notorious American corporations whose retirement plans were primarily invested in company stocks has aroused a growing interest in understanding employees' investment decisions about company stock. American 401(k) plans and the French Company Savings Plans have in common to...