Università della Svizzera italiana

Strategic M&A announcement timing, information asymmetry and behavioral biases

Filipovic, Zoran ; Degeorge, François (Dir.)

Thèse de doctorat : Università della Svizzera italiana, 2018 ; 2018ECO012.

Mergers and acquisitions (M&As) are among the largest and most important corporate events. Companies acquire other companies for a variety of reasons. The most quoted one is without any doubt the potential additional value from combining two firms, better known as synergy, while the most obscure and the most controversial one is probably the elimination of future competition. No matter what...

Università della Svizzera italiana

Corporate governance issues and performance of initial public offerings

Seistrajkova, Biljana ; Nowak, Eric (Dir.) ; Degeorge, François (Codir.) ; Habib, Michel (Codir.)

Thèse de doctorat : Università della Svizzera italiana, 2018 ; 2018ECO005.

In my PhD thesis I analyze corporate governance issues of initial public offerings and their subsequent performance. In the first chapter I find that the first-day return of newly issued subsidiary stocks (equity carve-outs) is explained by the reporting distortions in the pre-IPO period, conditioned on whether the executives and directors of the subsidiary received stock options with an...

Università della Svizzera italiana

Conflicts of interest in initial public offerings

Pratobevera, Giuseppe ; Degeorge, François (Dir.)

Thèse de doctorat : Università della Svizzera italiana, 2018 ; 2018ECO003.

In my thesis I investigate the conflicts of interests between underwriters, issuers, and investors in initial public offerings (IPOs). I provide empirical evidence that conflicts of interest exist, affect the IPO process, and have real monetary costs for IPO issuers. The novel data, methodologies, and identification strategies used in this thesis allow answering questions so far unexplored by...

Università della Svizzera italiana

Three essays on financial intermediation

Vu, Hien Quoc ; Degeorge, François (Dir.)

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...

Università della Svizzera italiana

An empirical study of information flows and conflicts of interests in brokerage business and mutual fund industry

Nefedova, Tamara ; Degeorge, François (Dir.)

Thèse de doctorat : Università della Svizzera italiana, 2014 ; 2014ECO002.

In my PhD thesis I unveil somewhat controversial trading practices and conflicts of interests in mutual fund industry and brokerage business. I aim to provide empirical evidence of premature information diffusion in capital markets. The novel data and identification approach of the study allows answering the questions so far not answered in the literature. In Chapter I of my thesis, I study a...

Università della Svizzera italiana

Financial analysts, information and market efficiency

Barmpoutis, Vasileios ; Degeorge, François (Dir.)

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...

Università della Svizzera italiana

Financial analysts and information flows in the markets

Druz, Marina ; Degeorge, François (Dir.)

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...

Università della Svizzera italiana

Managerial behavior, asymmetric information and the flow of information around equity offerings

Martin, Jens ; Degeorge, François (Dir.)

Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009ECO001.

The aim of this thesis project is to investigate the managerial behavior, the conflict of interest as well as the flow of information in the financial markets, in particular in the setting around equity offerings. An Initial Public Offering (IPO)s represents a fertile testing ground for these topics as this event constitutes a major structural change in the life of a company. At the time of...

Università della Svizzera italiana

On liquidity around large-block trades : Upstairs trading mechanisms, price impacts and common factors

Chen, Chwen Chwen ; Barone Adesi, Giovanni (Dir.) ; Degeorge, François (Codir.)

Thèse de doctorat : Università della Svizzera italiana, 2004 ; 2004ECO008.

Large-block trades have been typically handled over the counter in the upstairs market. Institutional trading raises several issues of concern, such as the fragmentation of order flow, potential liquidity shortage in the downstairs market, and implications for market efficiency. Large investors’ trades may infact produce a price impact that can adversely influence their investment decisions....

Università della Svizzera italiana

The ecology of risk taking

Degeorge, François ; Moselle, Boaz ; Zeckhauser, Richard

In: Journal of Risk and Uncertainty, 2004, vol. 28, p. 195-228

We analyze the risk level chosen by agents who have private information regarding their quality. We show that even risk-neutral agents will choose risk strategically to enhance their reputation in the market, and that such choices will be influenced by the mix of other agents’ types. Assuming that the market has no strong prior about whether the agents are good or bad, good agents will choose...