Université de Neuchâtel

Three essays on portfolio management

Guidotti, Ivan ; Dubois, Michel (Dir.)

Thèse de doctorat : Université de Neuchâtel, 2015 ; 2506.

This dissertation is constituted of three distinct chapters. The first two study the information role of sell-side analysts from two specific angles of attack. The first chapter focuses on the investment value of target prices. Based on a sample of more than 590’000 expected return revisions over the 1999-2011 period, I construct tercile portfolios that buy (sell) stocks with the highest...

Université de Neuchâtel

Differences of opinion and stock returns

Janunts, Mesrop ; Dubois, Michel (Dir.)

Thèse de doctorat : Université de Neuchâtel, 2010 ; 2202.

This dissertation comprises of four chapters. The first chapter reviews the literature on the relationship between differences of opinion and stock returns, with special attention to the use dispersion of analysts’ earnings per share forecasts in asset pricing. As reviewed, the literature is split on the relationship between forecast dispersion and stock returns both in terms of the direction...

Université de Neuchâtel

Seasoned equity offerings and their impact on the firm value

Jeanneret, Pierre ; Dubois, Michel (Dir.)

Thèse de doctorat : Université de Neuchâtel, 2003 ; 1714.

The literature about capital structure is very dense but this density does not lead to establish a clear relation between capital structure and firm value. The seminal work of Modigliani and Miller (1958) states that under perfect market conditions, the capital structure choices are irrelevant to the firm value. This proposition cannot hold when market frictions are introduced in the analysis....