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Performance and behavior of family firms: Evidence from the French stock market

[PDF] from hec.fr
Full text - MIT Libraries
D Sraer… - Journal of the European Economic …, 2007 - Wiley Online Library
Abstract This paper empirically documents the performance and behavior of family firms
listed on the French stock exchange between 1994 and 2000. On the French stock market,
approximately one third of the firms are widely held, whereas the remaining two thirds are ...
Cited by 179 - Related articles - Library Search - BL Direct - All 28 versions

[BOOK] Bottom-up corporate governance

[PDF] from nber.org
A Landier, D Sraer, D Thesmar… - 2006 - nber.org
Abstract In many instances,“independently minded” top ranking executives can impose
strong discipline on their CEO, even though they are formally under his authority. This paper
argues that the use of such a disciplining mechanism is a key feature of good corporate ...
Cited by 37 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - BL Direct - All 49 versions

Individual investors and volatility

[PDF] from hec.fr
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T Foucault, D Sraer… - The Journal of Finance, 2011 - Wiley Online Library
We show that retail trading activity has a positive effect on the volatility of stock returns,
which suggests that retail investors behave as noise traders. To identify this effect, we use a
reform of the French stock market that raises the relative cost of speculative trading for ...
Cited by 37 - Related articles - Library Search - All 32 versions

Optimal dissent in organizations

[TXT] from nyu.edu
Full text - MIT Libraries
A Landier, D Sraer… - Review of Economic Studies, 2009 - Wiley Online Library
We model an organization as a two-agent hierarchy: an informed Decision Maker in charge
of selecting projects and a (possibly) uninformed Implementer in charge of their execution.
Both have intrinsic preferences over projects. This paper models the costs and benefits of ...
Cited by 32 - Related articles - All 43 versions

The collateral channel: How real estate shocks affect corporate investment

[PDF] from hec.fr
T Chaney, D Sraer… - 2010 - nber.org
What is the impact of real estate prices on corporate investment? In the presence of
financing frictions, firms use pledgeable assets as collateral to finance new projects.
Through this collateral channel, shocks to the value of real estate can have a large impact ...
Cited by 29 - Related articles - Library Search - All 9 versions

[PDF] Entrepreneurship and credit constraints: Evidence from a French loan guarantee program

[PDF] from nber.org
C Lelarge, D Sraer… - 2010 - nber.org
Public schemes aiming at facilitating small and medium-sized enterprises (SMEs) and
young firms' access to external finance are pervasive around the world. While these
programs have been implemented for years, their evaluation has long lagged behind. This ...
Cited by 15 - Related articles - View as HTML - All 24 versions

Growth LBOs

[PDF] from hec.fr
Q Boucly, D Sraer… - Journal of Financial Economics, 2011 - Elsevier
Using a data set of 839 French deals, we look at the change in corporate behavior following
a leveraged buyout (LBO) relative to an adequately chosen control group. In the 3 years
following a leveraged buyout, targets become more profitable, grow much faster than their ...
Cited by 9 - Related articles - Get it from MIT Libraries - All 6 versions

Going for broke: New Century Financial Corporation, 2004-2006

[PDF] from univ-tlse1.fr
A Landier, D Sraer… - 2010 - papers.ssrn.com
Abstract: Using loan level data, we investigate the lending behavior of a large subprime
mortgage originator, New Century, prior to its bankruptcy in the beginning of 2007. We
provide evidence of sudden risk-shifting in New Century's lending behavior in 2004. This ...
Cited by 7 - Related articles - All 23 versions

[CITATION] Do leveraged buyouts appropriate worker rents? Evidence from French data

Q Boucly, D Sraer… - 2008 - Working Paper, HEC Paris (Groupe …
Cited by 6 - Related articles

[PDF] The corporate wealth effect: from real estate shocks to corporate investment

[PDF] from berkeley.edu
T Chaney, D Sraer… - The University of Chicago, …, 2007 - emlab.berkeley.edu
Abstract Approximately 50% of US listed firms own some land. When real estate prices go
up, these firms make capital gains. This paper presents evidence that such capital gains are
used by firms to finance new investment. The land is not sold, but used as collateral to ...
Cited by 6 - Related articles - View as HTML - All 16 versions

[CITATION] 2006Performance and Behavior of Family Firms: Evidence from the French Stock Market

Full text - MIT Libraries
D Sraer… - Journal of the European Economic Association
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Financial Risk Management: When Does Independence Fail?

[PDF] from univ-tlse1.fr
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A Landier, D Sraer… - The American Economic Review, 2009 - JSTOR
The recent turmoil in credit markets has drawn attention to the risk management func tion.
On many trading floors around the world, traders have been writing insurance against rare
events: examples include keeping long positions on CDO tranches or selling protection ...
Cited by 3 - Related articles - All 24 versions

Collateral value and corporate investment: Evidence from the french real estate market

T Chaney, D Sraer… - Documents de Travail de la DESE …, 2007 - ideas.repec.org
This paper is an empirical study of the effect of shocks to firms' collateral, with a focus on
land holdings. We find evidence that stand-alone French firms are credit constrained. They
invest up to. 39¬ more per extra euro of collateral, and they finance this additional ...
Cited by 2 - Related articles - Cached - All 3 versions

[CITATION] Performance and Behavior of Family Firms: Evidence From the French Stockmarket, CEPR Discussion Paper No. 4520

D Sraer… - 2004
Cited by 2 - Related articles

Speculative betas

[PDF] from miami.edu
H Hong… - 2011 - papers.ssrn.com
Abstract: We provide a theory and evidence for when the Capital Asset Pricing Model fails.
When investors disagree about the common factor of cash-flows, high beta assets are more
sensitive to this aggregate disagreement than low beta ones and hence experience a ...
Cited by 4 - Related articles - All 10 versions

Monetary policy and risk-shifting: Evidence from the subprime market

A Landier, D Sraer… - 2011 - papers.ssrn.com
Abstract: Using loan level data, we provide evidence of risk-shifting in the lending behavior
of a large subprime mortgage originator–New Century Financial Corporation–starting in
2004. This change follows the monetary policy tightening implemented by the Fed in the ...
Cited by 1 - Related articles - Get it from MIT Libraries

[PDF] Optimal Independence in Organizations

[PDF] from berkeley.edu
A Landier, D Sraer… - 2007 - econ.berkeley.edu
Abstract We model an organization as a two agents hierarchy: an informed decision maker
in charge of selecting projects and an uninformed “implementer” in charge of their execution.
Both have intrinsic preferences over projects. This paper models the costs and benefits of ...
Cited by 1 - Related articles - View as HTML - All 4 versions

[CITATION] Collateral Value and Corporate Investment: Lending Against the Land

T Chaney, D Sraer… - 2006 - Mimeo University of Chicago
Cited by 1 - Related articles

[PDF] How do firms react to balance sheet shocks? Evidence from land holdings

[PDF] from tinbergen.nl
T Chaney, D Sraer… - 2006 - tinbergen.nl
Abstract This paper is an empirical study of the effect of shocks to firmso collateral, with a
focus on land holdings. We find evidence that firms are credit constrained. Firms invest
$0.27 more per extra dollar of collateral, and they finance this additional investment by ...
Cited by 1 - Related articles - View as HTML - Get it from MIT Libraries - All 7 versions

[PDF] A simple model of real estate prices and investment

[PDF] from uchicago.edu
T Chaney, D Sraer… - 2010 - uchicago.edu
We develop a simple dynamic model of investment in the presence of financing frictions. We
derive three main predictions. First, investment is positively affected by the value of a firm's
collateral if and only if the firm is financially constrained. In particular, the mere expectation ...
Related articles - View as HTML - All 3 versions

[PDF] The risk-Shifting Hypothesis

[PDF] from idei.fr
A LANDIER, D THESMAR… - 2011 - idei.fr
Abstract Using loan level data, we provide evidence consistent with risk-shifting in the
lending behavior of a large subprime mortgage originator–New Century Financial
Corporation–starting in 2004. This change follows the monetary policy tightening ...
Related articles - View as HTML

DP5500 Bottom-Up Corporate Governance

A Landier, D Sraer… - 2006 - cepr.org
In many instances,'independently-minded'top-ranking executives can impose strong
discipline on their CEO, even though they are formally under his authority. This paper
argues that the use of such a disciplining mechanism is a key feature of good corporate ...
Cached - All 4 versions

DP6915 Individual Investors and Volatility

T Foucault, D Sraer… - 2008 - cepr.org
We test the hypothesis that individual investors contribute to the idiosyncratic volatility of
stock returns because they act as noise traders. To this end, we consider a reform that
makes short selling or buying on margin more expensive for retail investors relative to ...
Cached - All 4 versions

[PDF] The Risk-Shifting Hypothesis: Evidence from Subprime Originations

[PDF] from wu.ac.at
A Landier, D Sraer… - 2011 - wu.ac.at
Abstract Using loan level data, we provide evidence consistent with risk-shifting in the
lending behavior of a large subprime mortgage originator–New Century Financial
Corporation–starting in 2004. This change follows the monetary policy tightening ...
Cited by 1 - Related articles - View as HTML - All 27 versions

[CITATION] principal: Collateral value and corporate investment: evidence from the French real estate market

[PDF] from insee.fr
T Chaney, D Sraer… - 2007 - epsilon.insee.fr
Résumé Ce texte propose une étude empirique des effets de chocs sur la valeur du
collatéral des entreprises, avec un accent sur la détention de terrains. On met en évidence
une contrainte de crédit sur les entreprises individuelles françaises. Elles accroissent leur ...
Related articles - All 2 versions

[CITATION] principal: Entrepreneurship and credit constraints evidence from a French loan guarantee program

[PDF] from insee.fr
C Lelarge, D Sraer… - 2008 - epsilon.insee.fr
Résumé Cette étude utilise des informations relatives à un programme français de garantie
de crédit pour évaluer l'impact des contraintes de crédit sur l'activité des entreprises en
création. Les programmes de garantie de crédit, tels que mis en place en France, s' ...
Related articles - All 2 versions

[PDF] Collective Delusion in Risk Management

[PDF] from aeaweb.org
A Landier, D Sraer… - 2008 - aeaweb.org
Abstract We model an organization as a two% agent hierarchy: a Decision Maker in charge
of selecting projects and an Implementer in charge of their execution. Both have intrinsic
preferences over projects and have the ability to manipulate their beliefs on the probability ...
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DP4520 Performance and Behaviour of Family Firms: Evidence from the French Stock Market

D Sraer… - 2004 - cepr.org
We look at the corporate performance of family firms listed on the French stock exchange
between 1994 and 2000. On the French stock market, approximately one third of the firms
are widely held, another third are founder controlled and the remaining third are heir- ...
Cached - All 3 versions

[CITATION] CHAINING UP INDIVIDUAL INVESTORS

T Foucault, D Sraer… - 2008
Related articles - All 2 versions

[CITATION] Individual Investors and Volatility (Digest Summary)

T Foucault, D Sraer… - CFA Digest, 2011 - CFA Institute

[HTML] Essais en Finance d'Entreprise

[HTML] from needocs.com
Full text - MIT Libraries
D Sraer, MJ Tirole… - Management, 2007 - needocs.com
Introduction G´ en´ erale v Introduction La r´ evolution de l'“´ economie de l'information”, d` es
la fin des ann´ ees 70, a permis un profond renouveau de la litt´ erature de finance
d'entreprise. La prise en compte des asym´ etries d'information entre investisseurs et ...
Related articles - Cached - All 10 versions

[PDF] DEA Analyse et Politique Economique EHESS

[PDF] from ens.fr
D SRAER - 2003 - piketty.pse.ens.fr
Résumé Ce mémoire se propose d'apporter une réponse empirique à la question de la
performance relative des entreprises familiales. Pour cela, nous construisons une base de
données en effectuant une recherche manuelle sur la nature de l'actionnariat des ...
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