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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
[CITATION] Do leveraged buyouts appropriate worker rents? Evidence from French data
Q Boucly, D Sraer… - 2008 - Working Paper, HEC Paris (Groupe …
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 ...
[CITATION] 2006Performance and Behavior of Family Firms: Evidence from the French Stock Market
D Sraer… - Journal of the European Economic Association
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 ...
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 ...
[CITATION] Performance and Behavior of Family Firms: Evidence From the French Stockmarket, CEPR Discussion Paper No. 4520
D Sraer… - 2004
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 ...
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 ...
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 ...
[CITATION] Collateral Value and Corporate Investment: Lending Against the Land
T Chaney, D Sraer… - 2006 - Mimeo University of Chicago
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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' ...
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 ...
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- ...
[CITATION] CHAINING UP INDIVIDUAL INVESTORS
T Foucault, D Sraer… - 2008
[CITATION] Individual Investors and Volatility (Digest Summary)
T Foucault, D Sraer… - CFA Digest, 2011 - CFA Institute
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 ...
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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