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Summaries of recent and interesting research papers
        

For more summarised research articles...

Subject Article Authors Publication
Are family companies underperforming? Does a company controled by a minority shareholder lose value? E. Fama, M. Jensen, H. Demsetz Founding-Family Ownership and Firm Performance: Evidence from the S&P 500, The Journal of Finance, 3, June 2003
A study on 12,023 acquisitions by listed US companies from 1980 to 2001, tends to show that larger companies make unprofitable acquisitions. S. Moeller, F. Schlingemann, R. Stulz Do shareholders of acquiring firms gain from acquisitions ? Working paper n° 9523 of NBER
An attempt to rationalize the strange behaviour of investors between 1998 and 2000. E. Ofek, M. Richardson DotCom Mania: The rise and fall of internet stock prices, Journal of Finance, June 2003
Why do stock prices rise on Fridays and sunny days, and decrease on Mondays? H. Chen, V. Singal Role of speculative short term sales in price formation : the case of the week-end effect, Journal of Finance, April 2003
Is there any rationale in the choice of the financial structure by CEOs? Ivo Welch Capital structure and stock returns, Journal of Political Economy, February 2004
Does short-selling precipitate the markets downward during a crash? What is its economic role? A. Bris, W. Goetzmann, N. Zhis Efficiency and the Bear : Short Sales and Markets around the world, December 2002
Companies' behaviours tend to prove that it is... G. Grullon, R. Michaeli Dividends, share purchases and the substitution hypothesis, Journal of Finance, August 2002
Comparison between two major approaches: the pro-debtor system (US, France) and pro-creditor system (UK, Canada). G. Recasens, S. Claessens, L. Klapper Bankruptcy Around the World, Explanations of its Relative Use, The World Bank Development Research Group, July 2002
Why and how companies seek foreign listings? What are he effects of such listings for shareholders? Joanne Hamet La cotation des titres d'une entreprise française sur une marché étranger et ses conséquences pour l'actionnaire, PUF, 2001
1) Corporate diversification : what gets discounted?
2) Do conglomerate firms allocate resources inefficiently across industries?
3) Does corporate diversification destroy value?
4) Global diversification, industrial diversification, and firm value.
1) Mansi, Reeb
2) Maksimovic, Phillips
3) Graham, Lemmon, Wolf
4) Denis, Denis, Yost

1) Journal of Finance, October 2002
2) Journal of Finance, December 2001
3) Journal of Finance, April 2002
4) Journal of Finance, October 2002

Floating of listed groups' subsidiaries: reasons and consequences. Zoubeir Taktak Banques & Marchés, January-February 2002
Market Timing and Capital Structure. Malcolm Becker, Jeffrey Wurgler Journal of Finance, February 2002
Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC). Michael Rashes Journal of Finance, October 2001
In A Rose.com by any other name. Michael Cooper, Orhin Dimitrov, P. Raghavendra Ran Journal of Finance, December 2001
Are companies overvalued when they are floated?... Alain Schatt, Thierry Roy, Edith Ginglinger, Pascal Grandin, François Degeorges, François Derrien, Patrick Sentis Banque et Marchés n°55 November-December 2001
What are the effects of lease financing? What are the advantages and common mistakes? Eric de Bodt, Marie Christine Filareto, Frédéric Lobez Banque et Marchés n°54, September-October 2001
Explaining the rate spread on corporate bonds. Mann, E. Elton, M. Gruber, D. Agrawal Journal of Finance, February 2001
Disappearing dividends: changing firm characteristics or lower propensity to pay? Eugène Fama, Kenneth French Journal of Financial Economics, April 2001
The theory and practice of corporate finance: Evidence from the field. John Graham, Campbell Harvey Journal of Financial Economics,  May 2001 
Have individual stocks become more volatile? J. Campbell, M. Lettau, B. Malkiel, Y. Xu Journal of Finance, February 2001
Extreme correlation of International Equity Markets. F. Longin, B. Solnik Journal of Finance, April 2001


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