Working papers SES

Working papers SES
La collection des Working Papers SES est une série de cahiers de recherche présentant les différents travaux menés au sein de la Faculté des sciences économiques et sociales de l'Université de Fribourg (Suisse). Cette collection existe depuis 1980 et les thèmes abordés reflètent les différentes orientations scientifiques des membres de la Faculté: économie politique, gestion d'entreprise, informatique de gestion, méthodes quantitatives, sciences sociales et sciences des médias et de la communication. Le contenu de ces travaux n'engage que la responsabilité de leurs auteurs.
Université de Fribourg

Founding family ownership, stock market returns, and agency problems

Eugster, Nicolas ; Isakov, Dušan

(Working Papers SES ; 490, revised)

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different firm characteristics and risk factors. Family firms...

Université de Fribourg

Family firms and financial analyst activity

Eugster, Nicolas

(Working Papers SES ; 491)

This paper examines the relationship between ownership structure, analyst coverage, and forecast error for the entire population of non-financial companies listed on the Swiss Exchange for the period 2003-2013. The results show a negative association between concentrated ownership and analyst coverage for both family firms and firms held by a nonfamily blockholder. Furthermore, forecasts of...

Université de Fribourg

Founding family ownership, stock market returns, and agency problems

Eugster, Nicolas ; Isakov, Dušan

(Working Papers SES ; 490)

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different risk factors and firm characteristics. Family firms...