Thèse de doctorat : Università della Svizzera italiana, 2014 ; 2014ECO009.
Financial intermediation plays a central role in connecting capital demanders, i. e. firms, and capital suppliers, i. e. investors. My essays focus on two types of financial intermediaries, namely investment banks, who provide a variety of services for firms and institutional investors, and sell-side security analysts, who analyze and provide information about firms, mainly, to institutional...
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Thèse de doctorat : Università della Svizzera italiana, 2012 ; 2012ECO002.
The first paper (joint with François Degeorge and Roni Michaely) examines the role of brokers in the performance of securities analysts, after taking into account the inherent abilities of the employed analysts. The question we are asking is if working at a large and resourceful Wall Street firm has overall advantages to the analyst, after controlling for an analyst's inherent ability. From the...
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Thèse de doctorat : Università della Svizzera italiana, 2010 ; 2010ECO004.
The aim of this research project is to discuss the information flow between managers, analysts and investors in the financial markets. It examines the official information releases such as quarterly earnings announcements, unofficial flows of information between managers and analysts, and uncertain information as interpretation of managers' actions, so-called "signals", used by analysts and...
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