Markets

Working Paper

01 June 2013

Do Analysts' Preferences Affect Corporate Policies?

Equity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer analysts' preferences for corporate policies from their coverage decisions. We then use exogenous analyst...

François Degeorge | François Derrien | Ambrus Kecskés | Sébastien Michenaud
22 December 2018

Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets

In this Article, we make several contributions to the literature on appraisal rights and similar cases in which courts assign values to a company’s shares in the litigation context. First, we applaud the recent trend in Delaware cases...

Jonathan Macey | Joshua Mitts
01 August 2009

The Deep-Pocket Effect of Internal Capital Markets

We provide evidence suggesting that incumbents’ access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First,...

Xavier Boutin | Giacinta Cestone | Chiara Fumagalli | Giovanni Pica | Nicolas Serrano-Velarde

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