Articles

Strategic Default, Debt Structure, and Stock Returns

P. VALTA

Journal of Financial and Quantitative Analysis

A paraître

Départements : Finance

Mots clés : Debt Structure, Debt Renegotiation, Stock Returns

http://dx.doi.org/10.2139/ssrn.1101534


This paper theoretically and empirically investigates how the debt structure and the strategic interaction between shareholders and debt holders in the event of default affect expected stock returns. The model predicts that expected stock returns are higher for firms that face high debt renegotiation difficulties and that have a large fraction of secured or convertible debt. Using a large sample of publicly traded US firms between 1985 and 2012, the paper presents new evidence on the link between debt structure and stock returns that is supportive of the model's predictions

Strategic Selection of Risk Models and Bank Capital Regulation

J. E. COLLIARD

Management Science

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Départements : Finance, GREGHEC (CNRS)


Supervising Projects You Don’t (Fully) Understand: Lessons for Effective Project Governance by Steering Committees

C. LOCH, M. MÄHRING, S. SOMMER

California Management Review

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Supping with the Devil? Indicators and the rise of managerial rationality in law

D. RESTREPO AMARILES

International Journal of Law in Context

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Départements : Droit et fiscalité


Managerial devices are rapidly developing as a means for driving the legal performance of organisations, including those of states and corporations. This paper explores the managerial rationality underpinning global legal indicators, and the constraints they convey on institutional behaviour. In particular, it argues that indicators are better understood as part of a system of management control and distributed governance, which is steadily eroding state-centred forms of authority, including state law. In this context, legitimacy and reactivity are contingent to their cycle of production and implementation, which is fourfold: data-collecting, benchmarking, auditing and allocating incentives. Each process is meant to generate respectively subjectification, self-knowledge by comparison, accountability and stimulus for action. Indicators with higher degrees of legitimacy become entrenched in institutional practices and legal decision-making processes. The paper concludes that regulatory spaces where indicators unfold need critical and political scrutiny to expose their pernicious effects, undesirable uses and inevitable misuses

The authenticity of the museum experience in the digital age: the case of the Louvre

Y. EVRARD, A. KREBS

Journal of Cultural Economics

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Départements : Marketing

Mots clés : Art museums, Authenticity, Digital policies, Real/virtual relationship, Cultural audiences, Measures in art

https://link.springer.com/article/10.1007/s10824-017-9309-x


The technological shift of museums is extensively documented, even if research on the impact of technologies on cultural practices and social patterns at large is still lacking. As part of a research programme conducted by the Louvre and HEC Paris, the article proposes a conceptual analysis of ‘real’ (visiting the museum) and ‘virtual’ (visiting its website) experiences of museums. It contributes to the understanding of whether the two experiences are substitutes or complements using a newly created measurement scale. In addition, the article also aims at enriching the contemporary discussion on the artworks’ aura and the authenticity of the cultural experience in the digital age

The Dynamics of Financially Constrained Arbitrage

D. GROMB, D. VAYANOS

The Journal of Finance

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Arbitrage, financial constraints, market segmentation, liquidity, contagion


We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of arbitrage capital are self-correcting: following a shock that depletes capital, returns increase, and this allows capital to be gradually replenished. Spreads increase more for trades with volatile fundamentals or more time to convergence. Arbitrageurs cut their positions more in those trades, except when volatility concerns the hedgeable component. Financial constraints yield a positive cross-sectional relationship between spreads/returns and betas with respect to arbitrage capital. Diversification of arbitrageurs across markets induces contagion, but generally lowers arbitrageurs’ risk and price volatility

The effects of investment bank rankings: Evidence from M&A league tables

F. DERRIEN, O. DESSAINT

Review of Finance

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Départements : Finance, GREGHEC (CNRS)


The Impact of the French Doctrine of ‘Significant Imbalance’ on International Business Transactions

D. RESTREPO AMARILES, E. M. BASSILANA, M. M. WINKLER

Journal of Business Law

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Départements : Droit et fiscalité, GREGHEC (CNRS)


The Petrilli cases - A new approach of the EU courts in damages claims ?

A. VAN WAEYENBERGE

European Public Law

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Départements : Droit et fiscalité, GREGHEC (CNRS)


The Price of Admission: Organizational Deference as Strategic Behavior

J. JOURDAN, R. DURAND, P. THORNTON

American Journal of Sociology

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Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : deference, symbolic boundaries, strategic management, organizations


Why would market organizations engage in symbolic and material acts conveying appreciation and respect to other organizations that confirm their inferior position in an established hierarchy? Deference, we argue, is the price outsider organizations pay to pass categorical and symbolic boundaries, and gain acceptance in contexts where insiders regard them as impure. Because not all organizations can or are willing to pay the price, deference varies according to positional, dispositional, and interactional characteristics. We examine and find support for the view of organizational deference as strategic behavior using empirical evidence on market finance organizations investing in film production in France over two decades. Our analysis expands research on non-conflictual interactions and symbolic boundaries in market setting


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