Associate editor of Finance Journal

It is a great honor and pleasure to announce that I joined the editorial board of Finance Journal (link)!

I thank the editors Pascal François and Carole Bernard for trusting me and inviting me to join the Finance adventure!

Finance is the academic journal of the French Finance Association AFFI.

Finance aims at covering all aspects of finance with financial economics, financial management, corporate finance, quantitative finance, financial econometrics, mathematical finance, international finance, banking finance, behavioral finance, entrepreneurial finance (and so) in mind.

The list of interesting subjects is large: Asset Pricing, Corporate Governance, Financial Markets, Financial Institutions and Banking (management, intermediation and regulation), Risk Management, Financial Distress and Bankruptcy, Ethics and Sustainability, Derivatives, Insurance, Macrofinance, Market Microstructure, Portfolio & Asset Management, Private Equity, Real Estate Finance, etc.

Finance editorial team welcomes high quality research across all the fields of finance. The content of the research may be theoretical, empirical or mixed. The journal uses double-blind review meaning that both authors and referees are anonymous. In addition, a desk rejection policy prevents waste of time for all parties. Our acceptance rate is about 15% (incuding the desk rejection policy).

You may consult the last volumes of FINANCE here.

Last but not least, as an associate editor, I invite all finance scholars to submit their manuscripts to the Finance Journal ! Just click here


FINEST 2017 Conference

Tomorrow I am heading to Trani (Italy) for the FINEST 2017 Conference.

A very nice opportunity for a short break from the administrative & teaching duties as the university season already started at the beginning of September.

Here is the detailed program of the conference.

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

Aside from chairing a session, I will have the opportunity to discuss this paper: “Rules and Discretion(s) in Prudential Regulation and Supervision: Evidence from EU banks in the Run-Up to the Crisis“.

How sukuk shapes firm performance?

Our article, co-authored with Laurent Weill and Paul-Olivier Klein, forthcoming in The World Economy, is available online

Link to the article


With the large expansion of Islamic finance in the recent years, sukuk, which are the Sharia-compliant substitute to conventional bonds, are now becoming more prominent. The aim of this study was to examine the impact of sukuk issuance on firm performance. To do so, we analyse how stock market performance and operating performance (OP) are influenced by issuance of sukuk and bonds on a sample of Malaysian listed companies. We consider the short-term and medium-term stock market reaction through the computation of cumulative abnormal returns and buy-and-hold abnormal returns. We investigate the impact on OP by performing regressions and by calculating abnormal operating performance (AOP) so that we can compare how issuance affects similar firms. We find that sukuk issuance generates a negative stock market reaction both in the short term and in the medium term. We also find evidence that issuing sukuk hampers OP. The analysis of AOP shows that sukuk issuers have better performance than their matched bond issuers, but that sukuk contributes to reduce the gap in performance over time. Overall, our results support the view that sukukissuance hampers stock market performance, but that it is not attributable to a signalling effect on the bad financial situation of the issuer. We interpret our findings as evidence of adverse selection taking place on the financed projects and agency problems stemming from the specific sukukstructuring with stock market investors more reluctant to invest in sukuk issuers


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



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 🙂