131,265 research outputs found
Market Dynamics Around Public Information Arrivals
Get PDFI analyze the impact of the arrival of public information on the intraday trading of highly liquid stocks quoted on the Paris Bourse. Using the Reuters alert system, I gather a large sample of firm-specific news and analyze market behavior around news releases. I estimate the transaction cost components around public information releases. I find that there is a disclosure impact on both trading and order flow. I also find that trading around news releases is characterized by relatively small adverse selection and order processing costs, and high order persistence.Firm-Specific News; Public Information Arrivals; Market Microstructure; Transaction Cost; Price Formation Model; High Frequency Data; Paris Bourse
A discussion of stock market speculation by Pierre-Joseph Proudhon
Get PDFThe object of this contribution is to present the ideas behind the thinking of the French economist Pierre-Joseph Proudhon (1809-1865) in relation to the causes and effects of Stock market speculation. It is based upon the works of this author but particularly on his “Manuel du spéculateur à la Bourse” (Stock Market Speculator Manual) edited in 1857 in Paris. Compared to the markets of today, however, the stock market described by Proudhon appears embryonic. Nevertheless it represents the location for transactions in financial assets, commodities, precious metals and even some transactions involving options. This contribution is organised in the following manner - the first section is devoted to the development of Proudhon's thought in relation to speculation. It is divided into two parts. The first part is dedicated to Pierre-Joseph Proudhon's definitions of stock market speculation or gambling with shares that for him served no purpose either from a human or economic perspective and was therefore condemnable and to be contrasted with entrepreneurial speculation that, even though it is a highly-risky activity, involves the spirit of enterprise and provides the lifeblood of economic growth. The second part allows us to present Pierre-Joseph Proudhon's propositions in relation to restricting the speculation that he considers obnoxious. The second section has two objectives: one part places in perspective the views of Proudhon and the characteristics of stock market activity under the Second Empire whilst the other part examines current-day aspects of the characteristics evoked by Proudhon. We are interested especially in the question of the regulation and that of the relevance today of certain accounting practices.Proudhon ; speculation ; stock market ; regulation of financial markets
D. Poisson La Bourse de Londres
No full textD. Poisson La Bourse de Londres. In: Revue internationale de droit comparé. Vol. 31 N°1, Janvier-mars 1979. p. 245
D. Poisson La Bourse de Londres
No full textD. Poisson La Bourse de Londres. In: Revue internationale de droit comparé. Vol. 31 N°1, Janvier-mars 1979. p. 245
Intraday Market Dynamics Around Public Information Arrivals
Get PDFI analyze the price discovery, liquidity provision, and transaction-cost components driven by the real-time firm-specific news at the Paris Bourse. I find that the news impact depends on which type of news bulletin is released. Only news items causing extreme price disruptions such as earnings announcements enlarge spreads and information asymmetry risk. In contrast, the greater part of real-time firm-specific news releases is a magnet for liquidity and trading. This research provides insights into the market quality of limit-order book markets in which liquidity provision dynamically adapts to market conditions and information events. Limit order traders sustain liquidity even when facing extreme news impacts.real-time information, firm-specific news, price discovery, liquidity provision, transaction-cost components, information asymmetry, limit-order book market, earnings announcements, price disruption, high-frequency data
BOURSE POSTDOCTORALE CEDEJ/IFAO
No full textDans le cadre d’un renforcement de leur coopération scientifique, le CEDEJ et l’Ifao proposent une bourse postdoctorale en sciences humaines et sociales portant sur les évolutions contemporaines de la société égyptienne aux XIXe et XXe siècles. Cette bourse s’adresse aux docteur-e-s de toute nationalité titulaires d’un doctorat (ou équivalent) soutenu depuis moins de 8 ans, soit après le 31/10/2009. Le montant de la bourse est de 12 mensualités de 1 000 euros nets pour chaque mois (en plus d..
BOURSE POSTDOCTORALE CEDEJ/IFAO
No full textDans le cadre d’un renforcement de leur coopération scientifique, le CEDEJ et l’Ifao proposent une bourse postdoctorale en sciences humaines et sociales portant sur les évolutions contemporaines de la société égyptienne aux XIXe et XXe siècles. Cette bourse s’adresse aux docteur-e-s de toute nationalité titulaires d’un doctorat (ou équivalent) soutenu depuis moins de 8 ans, soit après le 31/10/2009. Le montant de la bourse est de 12 mensualités de 1 000 euros nets pour chaque mois (en plus d..
Bourse de terrain IRASEC
No full textBourses de terrain IRASEC Plus de renseignements ici : http://www.irasec.com/page33 L’Institut de recherche sur l’Asie du Sud-Est contemporaine à Bangkok (Irasec) offre trois bourses (doctorales / post-doctorales) d’aide à la recherche sur le terrain (en Asie du Sud-Est) à compter du 1er janvier 2014. Ces bourses sont attribuées pour une durée de 6 mois non renouvelable. La bourse de l’Irasec comprend une allocation forfaitaire de 6 000 euros. Cette bourse est ouverte à des doctorant(e)s et d..
Bourse Banting, centre de recherche en éthique
No full textLe Centre de recherche en éthique est à la recherche de candidatures exceptionnelles qu'il pourra appuyer pour une bourse de recherche postdoctorale Banting. La bourse Banting est une prestigieuse bourse de 70 000 $ par an, d'une durée de deux ans. Lancée en 2011 par le Conseil de recherche en sciences humaines du Canada (CRSH), elle insiste sur « la synergie entre le mérite individuel d’un candidat et ses chances d’entreprendre une carrière fructueuse axée sur la recherche et l’engagement d..
Non-voting shares in France : an empirical analysis of the voting premium
Get PDFIt is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the stock exchange during the entire period from 1986 to 1996, or for some time during this interval. The average value of the voting premium is 51,35%.
The paper analyzes the reasons for this surprisingly high value by testing different hypotheses based on dividend differences, the revival) of the voting right, capitalization, shareholder structure, and the share of non-voting capital in total equity capital. The regressions show that the shareholder structure strongly influences the value of the voting premium.
A case study of the attempted takeover of Casino by Promodes shows that investors attach a much higher value to the voting right during relevant situations than at other tomes. Both companies involved had, at the time, two types of shares outstanding and listed. Furthermore the paper shows that non-voting shares have never played an important role in equity finance in France since the companies have different alternatives.
In an international cumparison, France is found to have the second highest voting premium, exceeded only by that of Italy. A probable reason is the low quality of the national accounting standards and the low level of minority shareholder protection.Le but de ce cahier de recherche est l'evaluation du droit de vote en France par une comparaison des actiuns avec et sans droit de vote. L 'analyse est basee sur 25 societes ayant introduit ces deux types d'actions en bourse pendant une partie ou fa totalite des annees 1986-1996, Nous determinons pour cette echantillon l'existence d'une prime moyenne de 51,35% sur les actions sails droit de vote. A travers le test de differentes hypotheses (difference de dividende, reprise du droit de vote, capitalisation, actionnarial et pourcentage du capital sans droil de vote), nous essayons ensuite d'expliquer l'importallce de cette prime. Les regressiuns indiquent que la structure de I 'actionnariat influence jortement la prime. Le cas pratique de l'OPA Promodes sur Casino -ces deux societes ayant introduit deux classes d 'actions en bourse- montre investisseurs donnenl une valeur plus importante au droit de vote pendant des situations critiques. L 'histoire du financement des entreprises montre que les actions sans droit de vote n 'ont jamais joue un role important parce qu'il existe d'autres alternatives moins cheres. Au niveau international, la France presente la 2eme prime fa plus elevee apres l'Italie. L'explication du niveau de ces differents primes est a chercher dans les normes comptables et dans la protection des actionnaires minoritaires
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