Retour à l’Université de Strasbourg

Cette semaine j’ai récupéré mon arrêté de mutation et j’ai signé mon PV d’installation à l’Université de Strasbourg, Faculté de Droit, à compter du 1er septembre 2017.

Après 6 belles années à l’Université de Haute-Alsace sur le campus Fonderie de Mulhouse, je reviens donc à Strasbourg.

Je remercie l’UHA, les collègues (en particulier de la Fonderie), le personnel administratif et les étudiants, dont je garderai de très bons souvenirs.

Je me réjouis de ma mutation à la Faculté de Droit, dans la filière AES, de l’Université de Strasbourg à la rentrée, de rencontrer mes futurs collègues et étudiants, et de participer aux projets de la Faculté et plus largement de l’Université.

Et comme Strasbourg n’est pas bien loin de Mulhouse, cela permettra sans doute aussi de poursuivre des collaborations fructueuses sur le site Alsacien !

En attendant, les vacances estivales sont les bienvenues 🙂

Tomorrow: heading to #LijepaHrvatska as usual, this time #Crikvenica

crikvenica-77

 

French Finance Association (AFFI) Conference 2017

As usual, my summer conferences season kicks off tomorrow, with the French Finance Association (AFFI) Conference 2017, organized this year by University of Grenoble Alpes.

Here is the detailed (very nice) program: link

I will present my paper on “Initial conditions and the private debt renegotiation process“.

Presentation slides are available on figshare / slideshare

Looking forward to see all my collegues in the field of finance from France and from abroad.

And the social program looks very exciting 🙂

Finance Bulletin inaugural issue is out !

As one of the associate editors (check the full editorial board here) of the journal, it’s a great pleasure to announce that the first inaugural issue of the Finance Bulletin is out !

You can find it here !

Finance Bulletin is a journal promoted by the French Finance Association (AFFI) and publishing short papers in all areas of Finance (corporate finance, investments & market finance, banking and related fields). Articles are published as soon as they are accepted on an electronic platform. They are all immediately and freely available to the readers.

You can learn more about the the journal here, as well as about the aims & scope here

New paper on @SSRN: Initial Conditions and the Private Debt Renegotiation Process

Abstract:

I investigate whether and how initial conditions around loan origination influence private debt renegotiation process. I model the renegotiation likelihood, and the conditional probability of multiple renegotiation rounds or multiple amended terms using a sequential logit model. I use a large sample of 15,000 loans on the European credit market. I find that contractual (covenants and collateral) and organizational (lenders pool size, reputation and relationship) mechanisms mitigating adverse selection and moral hazard risks have the largest and positive economic impacts. Lenders financial conditions (capitalization and credit portfolio exposure) and institutional arrangement aiming at creditors protection significantly impact the renegotiation process.

 

SSRN link to full paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2910032

More of my papers on SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=347791

Our article “Do the Type of Sukuk and Choice of Shari’a Scholar Matter?” published in JEBO

Highlights

• We examine sukuk, the shari’a-compliant alternative mode of financing to conventional bonds.
• We analyze the stock market reaction to two key features of this instrument: sukuk type and characteristics of the shari’a scholar certifying the issue.
• We find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm.
• We observe a similar positive impact from shari’a scholar reputation and proximity to issuer.

Abstract

Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have considerably expanded over the last decade. We analyze the stock market reaction to two key features of this instrument: sukuk type and characteristics of the shari’a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006–2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari’a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company.

Personal article link which will provide free access to the article and is valid for 50 days until March 05, 2017: https://authors.elsevier.com/a/1UO0Cc24afuFc