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Board Gender Diversity and Corporate Cash Holdings 董事会性别多样性和公司现金持有量
The Finance Pub Date : 2021-05-18 DOI: 10.3917/FINA.421.0007
Aitzaz Ahsan Alias Sarang, Nicolas S. Aubert, Xavier Hollandts
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引用次数: 9
Family Control, Stock Price Levels, and Stock Split Activity 家族控制，股票价格水平和股票分割活动
The Finance Pub Date : 2021-05-18 DOI: 10.3917/FINA.421.0155
François Belot, Timothée Waxin
{"title":"Family Control, Stock Price Levels, and Stock Split Activity","authors":"François Belot, Timothée Waxin","doi":"10.3917/FINA.421.0155","DOIUrl":"https://doi.org/10.3917/FINA.421.0155","url":null,"abstract":"Cet article analyse l’impact de l’actionnariat familial sur (1) le niveau du cours de Bourse et (2) la propension a entreprendre des operations de division du nominal. La litterature financiere demontre que des cours de Bourse faibles sont susceptibles d’attirer des investisseurs de court-terme et que les divisions du nominal peuvent alterer la reputation de l’entreprise. Dans la mesure ou une orientation de long-terme et une grande attention portee a l’image de l’entreprise sont souvent analysees comme des caracteristiques distinctives des firmes familiales, nous faisons l’hypothese que ces dernieres ont une preference pour des cours eleves et sont peu enclines a diviser le nominal de leurs actions. Nous validons cette hypothese sur un echantillon de firmes appartenant a l’indice SBF 120 sur la periode 1998-2016. Il apparait que le controle familial (et plus generalement la structure d’actionnariat) est un determinant important du cours de Bourse.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114497884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Controlling shareholders and CEO pay monitoring: A panel threshold approach on the degree and seniority of control 控股股东和CEO薪酬监控:控制程度和资历的面板阈值方法
The Finance Pub Date : 2021-05-18 DOI: 10.3917/FINA.421.0051
L. Almeida
{"title":"Controlling shareholders and CEO pay monitoring: A panel threshold approach on the degree and seniority of control","authors":"L. Almeida","doi":"10.3917/FINA.421.0051","DOIUrl":"https://doi.org/10.3917/FINA.421.0051","url":null,"abstract":"L’intensite du monitoring peut varier en fonction du degre de controle et de l’anciennete des actionnaires de controle. Un modele a effets de seuil est utilise dans le cadre de la determination des remunerations des P-DG dans un panel d’entreprises cotees en France. Les resultats montrent que les entreprises peuvent etre considerees comme non controlees en-dessous d’un seuil de 10 % du capital. Au-dessus, trois regimes de controle sont identifies : un controle influent (10 % a 33 %), dominant (33 % a 45 %) et majoritaire (au-dela de 45 %). Pour l’anciennete du controle, le modele identifie un seuil d’environ huit annees apres la prise de controle, distinguant un controle recent d’un controle de long-terme. Les entreprises non controlees ou avec un controle recent ont recours a des contrats dits optimaux pour gerer les conflits d’agence et la retention des talents, tandis que les controles influent et majoritaire monitorent directement et apportent une meilleure gouvernance. Situe a un degre intermediaire, le controle dominant montre des signes d’enracinement.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129229827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why is there a Home Bias? An Analysis of US REITs Geographic Concentration 为什么会有家乡偏见?美国房地产投资信托基金地理集中度分析
The Finance Pub Date : 2021-05-18 DOI: 10.3917/FINA.421.0111
A. Coën, Arnaud Simon, Saadallah Zaiter
{"title":"Why is there a Home Bias? An Analysis of US REITs Geographic Concentration","authors":"A. Coën, Arnaud Simon, Saadallah Zaiter","doi":"10.3917/FINA.421.0111","DOIUrl":"https://doi.org/10.3917/FINA.421.0111","url":null,"abstract":"Dans cet article nous revisitons le biais domestique (ou home bias) en recourant aux options de croissance. En utilisant une base de donnees unique en immobilier, nous montrons que les foncieres cotees sur les marches financiers (ou les REITs) qui sont concentrees geographiquement exploitent mieux les options de croissance que celles qui sont non concentrees. Nos resultats empiriques (portant sur le marche americain de 1995 a 2017) montrent que le beta des options de croissance est significativement plus eleve que le beta des actifs en place pour les foncieres qui ont un plus haut degre de concentration geographique. Nous constatons egalement que les options de croissance plutot que les actifs en place representent une composante importante dans la valorisation des foncieres concentrees geographiquement. Globalement, nous montrons que la distance geographique et l›exploitation des options de croissance, pour les REITs americaines, sont liees et constituent des variables importantes dans l’explication du processus de decision d’investissement.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"152 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114791643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
An Analysis of the Development Factors and Prospects of the Middle East Game Market—Take “Revenge of Sultans” as an Example 中东游戏市场发展因素及前景分析——以《苏丹的复仇》为例
The Finance Pub Date : 2020-08-28 DOI: 10.12677/fin.2020.105048
张 嘉霖
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引用次数: 0
Bankruptcy of ECF-funded firms: Evidence from France ecf资助的公司破产:来自法国的证据
The Finance Pub Date : 2020-07-06 DOI: 10.3917/FINA.413.0093
K. Bouaiss, Carine Girard-Guerraud, C. Zopounidis
{"title":"Bankruptcy of ECF-funded firms: Evidence from France","authors":"K. Bouaiss, Carine Girard-Guerraud, C. Zopounidis","doi":"10.3917/FINA.413.0093","DOIUrl":"https://doi.org/10.3917/FINA.413.0093","url":null,"abstract":"Based on signaling theory, we explore the relationship between equity crowdfunding (ECF) financing and firm bankruptcy. We compare data from 317 ECF campaigns carried out by 277 French firms between 2010 and 2018 with 304 investment rounds conducted by 220 French firms financed by venture capitalists (VCs). Compared to firms financed by VCs, there is a positive relationship between ECF-funded firms and their probability of bankruptcy. Nevertheless, the characteristics of ECF campaigns (running several campaigns and the participation of many investors) are negatively correlated with their probability of bankruptcy. Thus, our results show that the characteristics of ECF campaigns are signals that reduce the identified moral hazard problem of ECF-funded firms.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114284390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
On the Perpetual Growth Rate of Dividends for Chinese Blue-Chip Stocks 论中国蓝筹股股息的永续增长率
The Finance Pub Date : 2020-05-29 DOI: 10.12677/fin.2020.104030
张琳
{"title":"On the Perpetual Growth Rate of Dividends for Chinese Blue-Chip Stocks","authors":"张琳","doi":"10.12677/fin.2020.104030","DOIUrl":"https://doi.org/10.12677/fin.2020.104030","url":null,"abstract":"","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116971103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Study on the Relationship among Industrial Policies, Financing Constraints and Market Value Management—Take Listed Companies in Strategic Emerging Industries as an Example 产业政策、融资约束与市场价值管理的关系研究——以战略性新兴产业上市公司为例
The Finance Pub Date : 2020-05-29 DOI: 10.12677/fin.2020.104039
欧阳钰滢, 汤萱
{"title":"A Study on the Relationship among Industrial Policies, Financing Constraints and Market Value Management—Take Listed Companies in Strategic Emerging Industries as an Example","authors":"欧阳钰滢, 汤萱","doi":"10.12677/fin.2020.104039","DOIUrl":"https://doi.org/10.12677/fin.2020.104039","url":null,"abstract":"","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124038968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An Empirical Study on the Impact of Interest Rate Marketization on the Performance of Commercial Banks 利率市场化对商业银行绩效影响的实证研究
The Finance Pub Date : 2020-05-29 DOI: 10.12677/fin.2020.104029
李梅娟, 蓝裕平
{"title":"An Empirical Study on the Impact of Interest Rate Marketization on the Performance of Commercial Banks","authors":"李梅娟, 蓝裕平","doi":"10.12677/fin.2020.104029","DOIUrl":"https://doi.org/10.12677/fin.2020.104029","url":null,"abstract":"","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126867648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
An Empirical Study on Financial Technology’s Profitability of My Country’s Commercial Banks 我国商业银行金融科技盈利能力的实证研究
The Finance Pub Date : 2020-05-29 DOI: 10.12677/fin.2020.104035
鑫 李
{"title":"An Empirical Study on Financial Technology’s Profitability of My Country’s Commercial Banks","authors":"鑫 李","doi":"10.12677/fin.2020.104035","DOIUrl":"https://doi.org/10.12677/fin.2020.104035","url":null,"abstract":"","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124769669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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