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Le Crowdfunding
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Crowdfunding, Business Angels, and Venture Capital
The market for entrepreneurial equity finance has significantly evolved over the past decades and has grown ever more complex. Different investor-types, namely the crowd, business angels and venture capitalists contribute to the market, and their characteristics, investment behavior and contribution to venture governance and performance are the object of extensive research. Most of this research to date has a strong mono-investor-type focus. The present paper is a first attempt to gain deeper understanding of the complex funding trajectories made possible by various dynamic combinations of different investor types co-investing in the same venture in different configurations at different stag...
Corporate Governance and Investment Management
Shareholder engagement with publicly listed companies is often seen as a key means to monitor corporate malpractices. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. They argue that institutions’ corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good.
Mergers & Acquisitions And Partnerships In China
Mergers & Acquisitions and Partnerships in China provides a fast and accessible framework to external growth in China, and is an attempt to accurately describe the main operative conditions and in particular the most common pitfalls for foreign businessmen. The business cases in this book illustrate real business situations, including different outcomes and a thorough analysis of the reasons for success or failure of the case. The authors provide all the necessary tools to better master the negotiation and transaction process, and provide in particular, detailed explanation on the due diligence process and the regulatory framework to help readers successfully lead acquisitions in China. Writ...
Corporate Disclosure, Information Uncertainty and Investors' Behavior
This article examines the link between uncertainty and investors' reaction to goodwill write-offs (GWWOs) for a sample of French firms during the period 2001- 2004. Our theoretical setting is derived from Daniel, Hirshleifer and Subrahmanyam (1998, hereafter DHS98) who posit that overconfidence leads to an overreaction to private information, followed by too little adjustments when the information becomes public and then a long adjustment which reduce slowly the mispricing in the long run. We consider three proxies for uncertainty - stock return volatility, analyst coverage and dispersion in analyst forecasts - and sort two samples of GWWOs according to the level of uncertainty. Our results ...
Le crowdfunding
Le crowdfunding est un mode de financement qui connaît un succès de plus en plus conséquent à travers le monde. Il se décline en quatre modèles : le don, le don avec récompenses (rewards), le prêt et l’achat de participations (equity) dans des start-ups. Par l’intermédiaire d’une plateforme internet et via les réseaux sociaux, les membres de la foule (ou crowd) interagissent, votent, accompagnent et participent financièrement à un projet. Le crowdfunding concerne des secteurs d'activité très divers : des projets culturels ou solidaires, des projets de création et de développement d'entreprises, tous portés par un esprit de communauté 2.0. Il est soutenu par de nouvell...
Hedge Fund Activism
Over the period from October 2006 to May 2008, Atos Origin, a French information technology company, was the target of two activist hedge funds, Centaurus and Pardus. This article investigates in detail how the activists initiated their actions, how the management organized its defence and how both were received by the market. We find that, although Atos looked like an attractive opportunity, the funds failed in their primary objective, the sale of the target. In fact, the chairmen of Atos succeeded in discrediting the two hedge funds by taking support on the French context, not particularly prone to and sometimes even hostile towards shareholder's interests. Our findings suggest that this c...
Emotions and Values in Equity Crowdfunding Investment Choices 1
Equity crowdfunding is a new way for seed stage start-ups to generate initial capital and, as such, raises questions around the choices made by investors within this area. Understanding it is important for investor protection, as investors are generally unaware of the factors that can influence their decisions. However, investing in equity crowdfunding places the investor in a unique decision-making framework, in which resources such as images, videos and storytelling are all mobilized by entrepreneurs and platforms as tools of persuasion. This context thus seems to favor more holistic and emotional decision-making, rather than a process that is rational and analytical. This first volume centers on the emotional and axiological determinants of choice. A transdisciplinary theoretical analysis is carried out, combining different fields within the social sciences, primarily finance, marketing and psychology. This state of the art leads to the emergence of an original theoretical framework for understanding investment choices in equity crowdfunding.
Does Uncertainty Boost Overconfidence? The Case of Financial Analysts' Forecasts
This article examines the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel, Hirshleifer and Subrahmanyam (1998), we posit that overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public. Psychological findings suggest that this effect is more prominent in an uncertain environment. Our tests are based on the relationship between forecast revisions and forecast errors. When analysts excessively integrate information in their revisions (i.e. overreact), their forecast revisions are too intense, and the converse occurs...
