Essec\Faculty\Model\Profile {#2190
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"slug" => "gaspar-jose-miguel"
"fullName" => "José-Miguel GASPAR"
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"email" => "gaspar@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
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"phone" => "+33 (0)1 34 43 33 74"
"sites" => []
"facNumber" => "2041"
"externalCvUrl" => "https://sites.google.com/a/essec.edu/josemiguelgaspar/home/CV_JMG_Oct2020.pdf?attredirects=0"
"googleScholarUrl" => "https://scholar.google.com/citations?user=EejvuVwAAAAJ"
"facOrcId" => "https://orcid.org/0000-0002-4758-837X"
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0 => Essec\Faculty\Model\CareerItem {#2209
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}
1 => Essec\Faculty\Model\CareerItem {#2210
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}
2 => Essec\Faculty\Model\CareerItem {#2211
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3 => Essec\Faculty\Model\CareerItem {#2212
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4 => Essec\Faculty\Model\CareerItem {#2213
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5 => Essec\Faculty\Model\CareerItem {#2214
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6 => Essec\Faculty\Model\CareerItem {#2215
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7 => Essec\Faculty\Model\CareerItem {#2216
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}
8 => Essec\Faculty\Model\CareerItem {#2217
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9 => Essec\Faculty\Model\CareerItem {#2218
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0 => Essec\Faculty\Model\Diplome {#2192
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1 => Essec\Faculty\Model\Diplome {#2194
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2 => Essec\Faculty\Model\Diplome {#2191
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3 => Essec\Faculty\Model\Diplome {#2195
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"bio" => array:2 [
"fr" => "<p>José Miguel Gaspar is an active researcher in the field of empirical corporate finance. He teaches Corporate Financial Management, Mergers and Acquisitions, and Private Equity in several masters and graduate programs. He has been nominated one of the “Top Ten Professors” in the ESSEC Foundation 2015 and 2016 Teaching awards. His research interests focus on the link between ownership structures, incentives, and firm performance. His work has been published in the <i>Journal of Financial Economics</i>, the <i>Journal of Finance</i>, the <i>Journal of Financial and Quantitative Analysis</i>, the <i>Review of Finance</i>, and the <i>Journal of Business</i>. His paper on Secondary Buyouts has received the 2015 Syntec Conseil en Management award for Best Academic Paper in the Finance/Strategy category. José Miguel has also received research grants from institutions such as Inquire Europe and Europlace. José-Miguel holds a Ph.D in Finance from INSEAD.</p>"
"en" => "<p>José Miguel Gaspar is an active researcher in the field of empirical corporate finance. He teaches Corporate Financial Management, Mergers and Acquisitions, and Private Equity in several masters and graduate programs. He has been nominated one of the “Top Ten Professors” in the ESSEC Foundation 2015 and 2016 Teaching awards. His research interests focus on the link between ownership structures, incentives, and firm performance. His work has been published in the <i>Journal of Financial Economics</i>, the <i>Journal of Finance</i>, the <i>Journal of Financial and Quantitative Analysis</i>, the <i>Review of Finance</i>, and the <i>Journal of Business</i>. His paper on Secondary Buyouts has received the 2015 Syntec Conseil en Management award for Best Academic Paper in the Finance/Strategy category. José Miguel has also received research grants from institutions such as Inquire Europe and Europlace. José-Miguel holds a Ph.D in Finance from INSEAD.</p>"
]
"department" => array:2 [
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]
"site" => array:2 [
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0 => Essec\Faculty\Model\Distinction {#2219
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1 => Essec\Faculty\Model\Distinction {#2220
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2 => Essec\Faculty\Model\Distinction {#2221
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3 => Essec\Faculty\Model\Distinction {#2222
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4 => Essec\Faculty\Model\Distinction {#2223
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0 => Essec\Faculty\Model\TeachingItem {#2201
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1 => Essec\Faculty\Model\TeachingItem {#2202
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2 => Essec\Faculty\Model\TeachingItem {#2203
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3 => Essec\Faculty\Model\TeachingItem {#2204
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4 => Essec\Faculty\Model\TeachingItem {#2205
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5 => Essec\Faculty\Model\TeachingItem {#2206
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6 => Essec\Faculty\Model\TeachingItem {#2207
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7 => Essec\Faculty\Model\TeachingItem {#2208
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0 => Essec\Faculty\Model\ExtraActivity {#2189
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1 => Essec\Faculty\Model\ExtraActivity {#2193
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"label" => array:2 [
"fr" => "1ère Conférence ESSEC sur le Capital Investissement (36 propositions, 9 articles)"
"en" => "1st\tESSEC\tPrivate Equity Conference (36 submissions, 9 papers)"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
2 => Essec\Faculty\Model\ExtraActivity {#2196
#_index: null
#_id: null
#_source: array:9 [
"startDate" => null
"endDate" => null
"year" => null
"uuid" => "104"
"type" => array:2 [
"fr" => "Activités de recherche"
"en" => "Activités de recherche"
]
"subType" => array:2 [
"fr" => "Reviewer pour un journal"
"en" => "Reviewer for a journal"
]
"label" => array:2 [
"fr" => "Relecteur pour Journal of Corporate Finance; Journal of Empirical Finance; Journal of Finance; Journal of Financial Economics; Management Science; Review of Corporate Finance Studies; Review of Financial Studies"
"en" => "Reviewer for Journal of Corporate Finance; Journal of Empirical Finance; Journal of Finance; Journal of Financial Economics; Management Science; Review of Corporate Finance Studies; Review of Financial Studies"
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
3 => Essec\Faculty\Model\ExtraActivity {#2197
#_index: null
#_id: null
#_source: array:9 [
"startDate" => "2008-01-01"
"endDate" => "2020-01-01"
"year" => null
"uuid" => "R1_101"
"type" => array:2 [
"fr" => "Activités de recherche"
"en" => "Activités de recherche"
]
"subType" => array:2 [
"fr" => "Participation au comité scientifique d'une conférence ou reviewer pour une conférence"
"en" => "Participation in scientific commissions or reviewer for a conference"
]
"label" => array:2 [
"fr" => "Arbitrage occasionnel lors de rencontres EFA"
"en" => "Occasional Refereeing for EFA meetings"
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
4 => Essec\Faculty\Model\ExtraActivity {#2198
#_index: null
#_id: null
#_source: array:9 [
"startDate" => "2011-01-01"
"endDate" => "2020-12-31"
"year" => null
"uuid" => "501"
"type" => array:2 [
"fr" => "Activités professionnelles"
"en" => "Activités professionnelles"
]
"subType" => array:2 [
"fr" => "Membre d'une association professionnelle, d'un groupe d'experts ou d'un conseil d'administration"
"en" => "Member of a professional association, of an expert group or of a board of directors"
]
"label" => array:2 [
"fr" => "Expert évaluateur expert pour A3ES (Agence Portuguaise Pour l'Evaluation et l'Accreditation de l'Education Supérieure)"
"en" => "External Expert Reviewer for A3ES\t(Portuguese Agency for Assessment and Accreditation of Higher Education)"
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
5 => Essec\Faculty\Model\ExtraActivity {#2199
#_index: null
#_id: null
#_source: array:9 [
"startDate" => "1996-01-01"
"endDate" => "1998-12-31"
"year" => null
"uuid" => "502"
"type" => array:2 [
"fr" => "Activités professionnelles"
"en" => "Activités professionnelles"
]
"subType" => array:2 [
"fr" => "Consulting"
"en" => "Consulting"
]
"label" => array:2 [
"fr" => "Analyste Consultant sur des projets d'évaluation financière et d'analyses d'investissement pour des projets en collaboration avec l'Universidade Nova et des entreprises privées. Parmi les clients figuraient un émetteur de carte de crédit majeur et sa société holding, un opérateur historique dans le domaine de l'énergie (pétrole et gaz) au Portugal."
"en" => "Consulting analyst on project valuation and investment analysis, for projects involving Universidade Nova and private corporations. Clients included the major credit card issuer and the incumbent energy (oil and gas) holding company in Portugal."
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
6 => Essec\Faculty\Model\ExtraActivity {#2200
#_index: null
#_id: null
#_source: array:9 [
"startDate" => "1994-01-01"
"endDate" => "1995-12-31"
"year" => null
"uuid" => "502"
"type" => array:2 [
"fr" => "Activités professionnelles"
"en" => "Activités professionnelles"
]
"subType" => array:2 [
"fr" => "Consulting"
"en" => "Consulting"
]
"label" => array:2 [
"fr" => "Analyste / Ecrivain, dans une société étudiante de recherches et d'études sur les marchés et la demande pour des entreprises et institutions publiques et privées."
"en" => "Analyst / writer, on a student-owned company producing research on demand for private and public institutions and corporations."
]
"institution" => array:2 [
"fr" => null
"en" => null
]
"country" => array:2 [
"fr" => null
"en" => null
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
]
"theses" => array:9 [
0 => Essec\Faculty\Model\These {#2224
#_index: null
#_id: null
#_source: array:9 [
"year" => "2016"
"startDate" => null
"endDate" => "2016"
"student" => "Despinoy Gérard"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "Université Paris-Dauphine, PSL"
"en" => "Université Paris-Dauphine, PSL"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
1 => Essec\Faculty\Model\These {#2225
#_index: null
#_id: null
#_source: array:9 [
"year" => "2013"
"startDate" => null
"endDate" => "2013"
"student" => "Hong Jieying"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "Toulouse School of Economics"
"en" => "Toulouse School of Economics"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
2 => Essec\Faculty\Model\These {#2226
#_index: null
#_id: null
#_source: array:9 [
"year" => "2019"
"startDate" => "2014"
"endDate" => "2019"
"student" => "JIA Xiao"
"firstJob" => "Assistant Professor in Finance - School of Economics, Huazhong University of Science and Technology ("HUST")"
"label" => array:2 [
"fr" => "Three essays on empirical corporate finance"
"en" => "Three essays on empirical corporate finance"
]
"role" => array:2 [
"fr" => "Co-directeur de thèse"
"en" => "Thesis co-director"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
3 => Essec\Faculty\Model\These {#2227
#_index: null
#_id: null
#_source: array:9 [
"year" => "2016"
"startDate" => null
"endDate" => "2016"
"student" => "Karakaya Neslihan"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "HEC Paris"
"en" => "HEC Paris"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
4 => Essec\Faculty\Model\These {#2228
#_index: null
#_id: null
#_source: array:9 [
"year" => "2015"
"startDate" => null
"endDate" => "2015"
"student" => "Pires Pedro"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "Nova School of Business and Economics"
"en" => "Nova School of Business and Economics"
]
"country" => array:2 [
"fr" => "Portugal"
"en" => "Portugal"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
5 => Essec\Faculty\Model\These {#2229
#_index: null
#_id: null
#_source: array:9 [
"year" => "2016"
"startDate" => null
"endDate" => "2016"
"student" => "Rosu Alina"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "HEC Paris"
"en" => "HEC Paris"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
6 => Essec\Faculty\Model\These {#2230
#_index: null
#_id: null
#_source: array:9 [
"year" => "2016"
"startDate" => null
"endDate" => "2016"
"student" => "Stolin David"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "Toulouse Business School (TBS)"
"en" => "Toulouse Business School (TBS)"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
7 => Essec\Faculty\Model\These {#2231
#_index: null
#_id: null
#_source: array:9 [
"year" => "2005"
"startDate" => null
"endDate" => "2005"
"student" => "Vieira Elisabete"
"firstJob" => ""
"label" => array:2 [
"fr" => "/"
"en" => "/"
]
"role" => array:2 [
"fr" => "Membre de jury"
"en" => "Thesis jury member"
]
"institution" => array:2 [
"fr" => "ISCTE Business School"
"en" => "ISCTE Business School"
]
"country" => array:2 [
"fr" => "Portugal"
"en" => "Portugal"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
8 => Essec\Faculty\Model\These {#2232
#_index: null
#_id: null
#_source: array:9 [
"year" => "2018"
"startDate" => "2012"
"endDate" => "2018"
"student" => "WANG Sumingyue"
"firstJob" => "Assistant Professor - Shangai University of Finance and Economics (SHUFE)"
"label" => array:2 [
"fr" => "Three essays on empirical corporate finance"
"en" => "Three essays on empirical corporate finance"
]
"role" => array:2 [
"fr" => "Directeur de thèse"
"en" => "Thesis director"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2190}
}
]
"indexedAt" => "2023-12-07T18:21:22.000Z"
"contributions" => array:17 [
0 => Essec\Faculty\Model\Contribution {#2233
#_index: "academ_contributions"
#_id: "1205"
#_source: array:18 [
"id" => "1205"
"slug" => "favoritism-in-mutual-fund-families-evidence-on-strategic-cross-fund-subsidization"
"yearMonth" => "2006-02"
"year" => "2006"
"title" => "Favoritism in Mutual Fund Families? Evidence on Strategic Cross-fund Subsidization"
"description" => "GASPAR, J.M. et MATOS, P. (2006). Favoritism in Mutual Fund Families? Evidence on Strategic Cross-fund Subsidization. <i>Journal of Finance</i>, 61(1), pp. 73-104."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MATOS P."
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "Familles de fonds d'investissement"
1 => "Gestion d'actifs"
2 => "Subvention croisée"
]
"updatedAt" => "2020-12-17 17:55:06"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "73-104"
"volume" => "61"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article étudie si les compagnies ("familles") de fonds d'investissement transfèrent de la performance entre fonds, de façon à favoriser les fonds qui contributent le plus pour leurs bénéfices. Nous constatons que les fonds que les familles valorisent le plus (i.e. fonds avec commissions élevées ou fonds avec forte performance dans le passé) sur-performent au détriment des fonds que les familles valorisent moins. La différence de performance constatée est supérieure à celle qu'on observe dans les fonds qui n'appartiennnent pas à la même famille. Les résultats démontrent les distorsions occasionnées par le type de structure organisationelle de l'industrie de gestion de fonds."
"en" => "This article investigates whether mutual fund families strategically transfer performance across member funds to favor those more likely to increase overall family profits. We find that "High family value" funds (i.e. high fees or high past performers) over-perform at the expense of "Low value" funds. Such performance gap is above the one existing between similar funds not affiliated to the same family. Better allocations of underpriced IPO deals and opposite trades accross member funds explain parlty why "High value" funds over-perform. Our findings highlight how the family organization prevalent in the mutual fund industry generates distortions in delegated asset management."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
1 => Essec\Faculty\Model\Contribution {#2235
#_index: "academ_contributions"
#_id: "1256"
#_source: array:18 [
"id" => "1256"
"slug" => "fund-managers-under-pressure-rationale-and-determinants-of-secondary-buyouts"
"yearMonth" => "2015-01"
"year" => "2015"
"title" => "Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts"
"description" => "ARCOT, S., FLUCK, Z., HEGE, U. et GASPAR, J.M. (2015). Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts. <i>Journal of Financial Economics</i>, 115(1), pp. 102-135."
"authors" => array:4 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "ARCOT Sridhar"
]
2 => array:1 [
"name" => "FLUCK Z."
]
3 => array:1 [
"name" => "HEGE U."
]
]
"ouvrage" => ""
"keywords" => array:5 [
0 => "Leveraged buyouts"
1 => "Secondary buyouts"
2 => "Private equity"
3 => "Limited investment horizon"
4 => "Agency conflicts in fund management"
]
"updatedAt" => "2021-02-02 16:16:18"
"publicationUrl" => "https://www.sciencedirect.com/science/article/abs/pii/S0304405X14001640"
"publicationInfo" => array:3 [
"pages" => "102-135"
"volume" => "115"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "The fastest growing segment of private equity (PE) deals is secondary buyouts (SBOs) — sales from one PE fund to another. Using a comprehensive sample of leveraged buyouts, we investigate whether SBOs are value-maximizing, or reflect opportunistic behavior. To proxy for adverse incentives, we develop buy and sell pressure indexes based on how close PE funds are to the end of their investment period or lifetime, their unused capital, reputation, deal activity, and fundraising frequency. We report that funds under pressure engage more in SBOs. Pressured buyers pay higher multiples, use less leverage, and syndicate less suggesting that their motive is to spend equity. Pressured sellers exit at lower multiples and have shorter holding periods. When pressured counterparties meet, deal multiples depend on differential bargaining power. Moreover, funds that invested under pressure underperform."
"en" => "The fastest growing segment of private equity (PE) deals is secondary buyouts (SBOs) — sales from one PE fund to another. Using a comprehensive sample of leveraged buyouts, we investigate whether SBOs are value-maximizing, or reflect opportunistic behavior. To proxy for adverse incentives, we develop buy and sell pressure indexes based on how close PE funds are to the end of their investment period or lifetime, their unused capital, reputation, deal activity, and fundraising frequency. We report that funds under pressure engage more in SBOs. Pressured buyers pay higher multiples, use less leverage, and syndicate less suggesting that their motive is to spend equity. Pressured sellers exit at lower multiples and have shorter holding periods. When pressured counterparties meet, deal multiples depend on differential bargaining power. Moreover, funds that invested under pressure underperform."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
2 => Essec\Faculty\Model\Contribution {#2237
#_index: "academ_contributions"
#_id: "1314"
#_source: array:18 [
"id" => "1314"
"slug" => "horizons-dinvestissement-des-actionnaires-causes-consequences-et-implications-pour-la-pratique-manageriale"
"yearMonth" => "2009-11"
"year" => "2009"
"title" => "Horizons d'investissement des actionnaires. Causes, conséquences et implications pour la pratique managériale"
"description" => "GASPAR, J.M. (2009). Horizons d'investissement des actionnaires. Causes, conséquences et implications pour la pratique managériale. <i>Revue Française de Gestion</i>, 198(8-9), pp. 77-93."
"authors" => array:1 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2020-12-17 17:55:06"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "77-93"
"volume" => "198"
"number" => "8-9"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article propose une revue de littérature compréhensive des horizons d'investissement des actionnaires, durée pendant laquelle un investisseur conserve sa participation dans une entreprise. A partir des résultats obtenus par la littérature académique, l'article discute des raisons de l'hétérogénéité des horizons d'investissement, analyse leurs conséquences théoriques sur la performance des entreprises, et expose les résultats empiriques récents les concernant. L'article conclut sur l'analyse de leurs impacts en termes de pratique managériale, notamment sur la difficulté de gérer la structure de l'actionnariat d'une entreprise."
"en" => "Cet article propose une revue de littérature compréhensive des horizons d'investissement des actionnaires, durée pendant laquelle un investisseur conserve sa participation dans une entreprise. A partir des résultats obtenus par la littérature académique, l'article discute des raisons de l'hétérogénéité des horizons d'investissement, analyse leurs conséquences théoriques sur la performance des entreprises, et expose les résultats empiriques récents les concernant. L'article conclut sur l'analyse de leurs impacts en termes de pratique managériale, notamment sur la difficulté de gérer la structure de l'actionnariat d'une entreprise."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
3 => Essec\Faculty\Model\Contribution {#2234
#_index: "academ_contributions"
#_id: "1337"
#_source: array:18 [
"id" => "1337"
"slug" => "idyosincratic-volatility-and-product-market-competition"
"yearMonth" => "2006-01"
"year" => "2006"
"title" => "Idyosincratic Volatility and Product Market Competition"
"description" => "GASPAR, J.M. et MASSA, M. (2006). Idyosincratic Volatility and Product Market Competition. <i>Journal of Business</i>, 79(6), pp. 3125-3152."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MASSA M."
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2020-12-17 17:55:06"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "3125-3152"
"volume" => "79"
"number" => "6"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article étudie le lien entre la condition de concurrence d'une entreprise et la volatilité idiosyncrasique de sa rentabilité boursière. Nous constatons que les sociétés qui affichent des pouvoirs de monopole, ou qui sont établies dans des industries concentrées, exhibent une volatilité idiosyncrasique inférieure. Nous partons de l'hypothèse que la concurrence affecte la volatilité dans deux manières distinctes mais corrélées. Le pouvoir de monopole fonctionne comme une instrument de hedging qui lisse les fluctuations idiosyncrasiques. En même temps, un degré élevé de pouvoir de marché implique une incertitude inférieure concernant l'information pour les investisseurs et donc une volatilité de rentabilité inférieure. Nous trouvons le soutien fort des deux effets. Nos résultats contribuent à la compréhension des tendances récentes de volatilité idiosyncrasique, et confirment le lien important entre la performance du marché boursier et les conditions de concurrence des sociétés."
"en" => "This paper investigates the link between a firm¿s competitive environment and the idiosyncratic volatility of its stock returns. We find that firms enjoying high market power, or established in concentrated industries, have lower idiosyncratic volatility. We posit that competition affects volatility in two distinct and inter-related ways. Market power works as a hedging instrument that smoothes out idiosyncratic fluctuations. At the same time, a high degree of market power implies lower information uncertainty for investors and therefore lower return volatility. We find strong support for both effects. Our results contribute to the understanding of recent trends of idiosyncratic volatility, and confirm the important link between stock market performance and the competitive environment of firms."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
4 => Essec\Faculty\Model\Contribution {#2238
#_index: "academ_contributions"
#_id: "2203"
#_source: array:18 [
"id" => "2203"
"slug" => "payout-policy-choices-and-shareholder-investment-horizons"
"yearMonth" => "2013-01"
"year" => "2013"
"title" => "Payout Policy Choices and Shareholder Investment Horizons"
"description" => "GASPAR, J.M., MASSA, M., MATOS, P., PATGIRI, R. et REHMAN, Z. (2013). Payout Policy Choices and Shareholder Investment Horizons. <i>Review of Finance (ex European Finance Review)</i>, 17(1), pp. 261-320."
"authors" => array:5 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MASSA M."
]
2 => array:1 [
"name" => "MATOS P."
]
3 => array:1 [
"name" => "PATGIRI R."
]
4 => array:1 [
"name" => "REHMAN Z."
]
]
"ouvrage" => ""
"keywords" => array:5 [
0 => "Hétérogénéité des actionnaires"
1 => "Horizon d'investissement"
2 => "Investisseurs institutionnels"
3 => "Politique de paiement"
4 => "Rachats d'actions"
]
"updatedAt" => "2021-02-02 16:16:18"
"publicationUrl" => "https://www.researchgate.net/publication/265118908_Payout_Policy_Choices_and_Shareholder_Investment_Horizons"
"publicationInfo" => array:3 [
"pages" => "261-320"
"volume" => "17"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article étudie comment les horizons d'investissement des actionnaires influent sur les choix de politiques de distribution des entreprises. Nous trouvons que la fréquence et le montant des rachats d'actions augmentent avec la propriété des investisseurs à court terme, au détriment des dividendes. Nous concluons également que le marché réagit moins positivement à des rachats de sociétés détenues par les institutions à court terme. Ces résultats sont compatibles avec un modèle dans lequel les entreprises signalent être sous-évaluées par le biais de rachats d'actions, mais les entreprises détenues par des investisseurs à court terme rachètent plus souvent car ces investisseurs se soucient surtout de la réaction des prix à court terme. Nos résultats suggèrent que le court terme de l'actionnaire pourrait être un facteur contribuant à la popularité croissante des rachats d'actions."
"en" => "This paper examines how shareholder horizons influence payout policy choices. We infer institutional shareholders’ investment horizons using the frequency with which they turnover their overall stock portfolios prior to the payout decision. We find that the frequency and amount of repurchases increases with ownership by short-term investors, to the detriment of dividends. We also find that the market reacts less positively to repurchases made by firms held by short-term institutions. These findings are consistent with a model in which undervalued firms signal through repurchases, but firms held by short-term investors make repurchases more often because those investors care mostly about the short-term price reaction. Hence the market rationally discounts the signal provided by such repurchases. Our findings suggest that shorter shareholder horizons might be one contributing factor to the increasing popularity of buybacks."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
5 => Essec\Faculty\Model\Contribution {#1845
#_index: "academ_contributions"
#_id: "2485"
#_source: array:18 [
"id" => "2485"
"slug" => "shareholder-investment-horizons-and-the-market-for-corporate-control"
"yearMonth" => "2005-03"
"year" => "2005"
"title" => "Shareholder Investment Horizons and the Market for Corporate Control"
"description" => "GASPAR, J.M., MASSA, M. et MATOS, P. (2005). Shareholder Investment Horizons and the Market for Corporate Control. <i>Journal of Financial Economics</i>, 76(1), pp. 135-165."
"authors" => array:3 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MASSA M."
]
2 => array:1 [
"name" => "MATOS P."
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2020-12-17 17:55:06"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => "135-165"
"volume" => "76"
"number" => "1"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article étudie comment l'horizon d'investissement des actionnaires institutionnels impacte le marché de contrôle de l'entreprise. Nous constatons que les sociétés-cibles, avec des actionnaires à court terme, reçoivent des offres d'achat plus fréquents mais obtiennent des primes inférieures. En outre, nous constatons que les acheteurs avec des actionnaires à court terme souffrent des retours anormaux négatifs autour de l'annonce de fusion, aussi bien qu'une performance négative dans le long terme. Ces résultats suggèrent que les sociétés tenues par les investisseurs à court terme aient une position de négociation plus faible dans les acquisitions. La surveillance plus faible des actionnaires à court terme permet aux directeurs de faire des mauvaises acquisitions au détriment de la rentabilité des actions."
"en" => "This paper investigates how the investment horizon of a firm's institutional shareholders impacts the market for corporate control. We find that target firms with short-term shareholders are more likely to receive an acquisition bid but get lower premiums. In addition, we find that bidder firms with short-term shareholders experience significantly worse abnormal returns around the merger announcement, as well as higher long-run underperformance. These findings suggest that firms held by short-term investors have a weaker bargaining position in acquisitions. Weaker monitoring from short-term shareholders could allow managers to proceed with value-reducing acquisitions at the expense of shareholder returns."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
6 => Essec\Faculty\Model\Contribution {#2236
#_index: "academ_contributions"
#_id: "2697"
#_source: array:18 [
"id" => "2697"
"slug" => "the-performance-of-french-lbo-firms-new-data-and-new-results"
"yearMonth" => "2012-12"
"year" => "2012"
"title" => "The Performance of French LBO Firms: New Data and New Results"
"description" => "GASPAR, J.M. (2012). The Performance of French LBO Firms: New Data and New Results. <i>Finance</i>, 33(2), pp. 7-60."
"authors" => array:1 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "France"
1 => "LBO"
2 => "Performance des entreprises"
3 => "Private equity"
]
"updatedAt" => "2021-02-02 16:16:18"
"publicationUrl" => "https://doi.org/10.3917/fina.332.0007"
"publicationInfo" => array:3 [
"pages" => "7-60"
"volume" => "33"
"number" => "2"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article examine la performance opérationnelle des transactions de Leveraged Buy-Out (LBO) en France au cours de la période 1995-2005. L’étude utilise la méthode d’appariement sur les scores de propension pour établir l’échantillon des entreprises comparables. L’étude constate que, après l’opération, les entreprises sous LBO présentent un bénéfice opérationnel accru de 4% à 5% par rapport à des entreprises comparables. Ce résultat semble lié à l’augmentation des marges brutes, des gains de productivité, et a une diminution des besoins en fonds de roulement. Ces résultats ne sont pas spécifiques à un certain type de cibles et sont inchangés si j’utilise la performance de l’industrie de l’entreprise sous LBO comme benchmark."
"en" => "This paper investigates the operating performance of French targets of Leveraged Buy-Out (LBO) transactions during the 1995-2005 period. To benchmark LBO performance, a propensity score methodology is used to find a suitable non-LBO matching pair. The study finds that after the deal, the representative LBO firm exhibits higher operating returns of 4% to 5% relative to its matching control. This finding seems mostly due to increased gross margins, productivity gains, and working capital efficiency gains. These findings are not particular to a certain type of target and are unchanged if the industry of the LBO firm is used as a benchmark."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
7 => Essec\Faculty\Model\Contribution {#2239
#_index: "academ_contributions"
#_id: "2711"
#_source: array:18 [
"id" => "2711"
"slug" => "the-role-of-commonality-between-ceo-and-divisional-managers-in-internal-capital-markets"
"yearMonth" => "2011-06"
"year" => "2011"
"title" => "The Role of Commonality Between CEO and Divisional Managers in Internal Capital Markets"
"description" => "GASPAR, J.M. et MASSA, M. (2011). The Role of Commonality Between CEO and Divisional Managers in Internal Capital Markets. <i>Journal of Financial and Quantitative Analysis</i>, 46(3), pp. 841-869."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MASSA M."
]
]
"ouvrage" => ""
"keywords" => array:1 [
0 => "Conglomérats"
]
"updatedAt" => "2021-02-02 16:16:18"
"publicationUrl" => "https://www.researchgate.net/publication/227406477_The_Role_of_Commonality_between_CEO_and_Divisional_Managers_in_Internal_Capital_Markets"
"publicationInfo" => array:3 [
"pages" => "841-869"
"volume" => "46"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Nous étudions le rôle joué par les liens informels entre le CEO (Président) et les directeurs divisionnaires des organisations conglomérés. L'article montre que les segments dirigés par les directeurs reliés au CEO reçoivent plus d'investissement. Au niveau d'entreprise, avoir plus des directeurs reliés présidant les segments au haut Tobin Q améliore l'allocation des ressources et augmente la valeur de la firme."
"en" => "We study the role played by the informal links, or “connections,” between the chief executive officer (CEO) and the divisional managers of conglomerate organizations. We show that segments run by connected managers receive more investment and exhibit lower sensitivity to cash flow shortfalls (and exhibit higher sensitivity to other segments’ cash flow). At the firm level, having more connected managers presiding over segments with high Tobin’s Q improves resource allocation and increases firm value."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
8 => Essec\Faculty\Model\Contribution {#2240
#_index: "academ_contributions"
#_id: "6027"
#_source: array:18 [
"id" => "6027"
"slug" => "fund-managers-under-pressure-rationale-and-determinants-of-secondary-buyouts"
"yearMonth" => "2013-06"
"year" => "2013"
"title" => "Fund Managers Under Pressure: Rationale and Determinants of Secondary Buyouts"
"description" => "ARCOT, S., FLUCK, Z., HEGE, U., U., Z. et GASPAR, J.M. (2013). Fund Managers Under Pressure: Rationale and Determinants of Secondary Buyouts. Dans: 6th Private Equity Findings Symposium: The Private Equity Model: Still Fit for Purpose?"
"authors" => array:5 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "ARCOT Sridhar"
]
2 => array:1 [
"name" => "FLUCK Z."
]
3 => array:1 [
"name" => "HEGE U."
]
4 => array:1 [
"name" => "U. Z."
]
]
"ouvrage" => "6th Private Equity Findings Symposium: The Private Equity Model: Still Fit for Purpose?"
"keywords" => []
"updatedAt" => "2021-04-19 17:57:25"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
9 => Essec\Faculty\Model\Contribution {#2241
#_index: "academ_contributions"
#_id: "6028"
#_source: array:18 [
"id" => "6028"
"slug" => "fund-managers-under-pressure-rationale-and-determinants-of-secondary-buyouts"
"yearMonth" => "2013-12"
"year" => "2013"
"title" => "Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts"
"description" => "ARCOT, S., FLUCK, Z., HEGE, U., U., Z. et GASPAR, J.M. (2013). Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts. Dans: Entrepreneurship Working Group Meeting."
"authors" => array:5 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "ARCOT Sridhar"
]
2 => array:1 [
"name" => "FLUCK Z."
]
3 => array:1 [
"name" => "HEGE U."
]
4 => array:1 [
"name" => "U. Z."
]
]
"ouvrage" => "Entrepreneurship Working Group Meeting"
"keywords" => []
"updatedAt" => "2021-04-19 17:57:25"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
10 => Essec\Faculty\Model\Contribution {#2242
#_index: "academ_contributions"
#_id: "6029"
#_source: array:18 [
"id" => "6029"
"slug" => "fund-managers-under-pressure-rationale-and-determinants-of-secondary-buyouts"
"yearMonth" => "2014-08"
"year" => "2014"
"title" => "Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts"
"description" => "ARCOT, S., FLUCK, Z., HEGE, U. et GASPAR, J.M. (2014). Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts. Dans: 41st Annual Meeting of the European Finance Association (EFA)."
"authors" => array:4 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "ARCOT Sridhar"
]
2 => array:1 [
"name" => "FLUCK Z."
]
3 => array:1 [
"name" => "HEGE U."
]
]
"ouvrage" => "41st Annual Meeting of the European Finance Association (EFA)"
"keywords" => []
"updatedAt" => "2021-04-19 17:57:25"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
11 => Essec\Faculty\Model\Contribution {#2243
#_index: "academ_contributions"
#_id: "8665"
#_source: array:18 [
"id" => "8665"
"slug" => "je-suis-un-chercheur-je-ne-suis-pas-capable-de-parler-de-tout-et-nimporte-quoi"
"yearMonth" => "2016-05"
"year" => "2016"
"title" => "« Je suis un chercheur ; je ne suis pas capable de parler de tout et n’importe quoi. »"
"description" => "ESPOSITO VINZI, V. et GASPAR, J.M. (2016). « Je suis un chercheur ; je ne suis pas capable de parler de tout et n’importe quoi. ». <i>Monde des Grandes Écoles Universités Le Magazine</i>."
"authors" => array:2 [
0 => array:3 [
"name" => "ESPOSITO VINZI Vincenzo"
"bid" => "B00067049"
"slug" => "esposito-vinzi-vincenzo"
]
1 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2020-12-17 18:37:46"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => "71"
"number" => null
]
"type" => array:2 [
"fr" => "Articles ou vidéos de vulgarisation"
"en" => "Press article, video or other popular media"
]
"support_type" => array:2 [
"fr" => "Presse"
"en" => "Press"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
12 => Essec\Faculty\Model\Contribution {#2244
#_index: "academ_contributions"
#_id: "7133"
#_source: array:18 [
"id" => "7133"
"slug" => "short-sales-manipulation-and-product-market-relationships"
"yearMonth" => "2016-03"
"year" => "2016"
"title" => "Short Sales Manipulation and Product Market Relationships"
"description" => "GASPAR, J.M. et WANG, S. (2016). Short Sales Manipulation and Product Market Relationships. Dans: 10th X Luso-Brazilian Finance Meeting."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "WANG S."
]
]
"ouvrage" => "10th X Luso-Brazilian Finance Meeting"
"keywords" => []
"updatedAt" => "2021-04-19 17:57:25"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
13 => Essec\Faculty\Model\Contribution {#2245
#_index: "academ_contributions"
#_id: "7134"
#_source: array:18 [
"id" => "7134"
"slug" => "short-sales-manipulation-and-product-market-relationships"
"yearMonth" => "2016-10"
"year" => "2016"
"title" => "Short Sales Manipulation and Product Market Relationships"
"description" => "GASPAR, J.M. et WANG, S. (2016). Short Sales Manipulation and Product Market Relationships. Dans: 4th Annual HEC Paris Workshop on "Banking, Finance, Macroeconomics and the Real Economy."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "WANG S."
]
]
"ouvrage" => "4th Annual HEC Paris Workshop on "Banking, Finance, Macroeconomics and the Real Economy"
"keywords" => []
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => null
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Communications dans une conférence"
"en" => "Presentations at an Academic or Professional conference"
]
"support_type" => array:2 [
"fr" => null
"en" => null
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => null
"en" => null
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
14 => Essec\Faculty\Model\Contribution {#2246
#_index: "academ_contributions"
#_id: "9481"
#_source: array:18 [
"id" => "9481"
"slug" => "legrand-a-chance-lbo"
"yearMonth" => "2010"
"year" => "2010"
"title" => "Legrand: a chance LBO"
"description" => "GASPAR, J.M. et CARRICK, A.M. (2010). Legrand: a chance LBO. ESSEC Business School."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "CARRICK A.M."
]
]
"ouvrage" => ""
"keywords" => array:15 [
0 => "Leveraged buyout (LBO)"
1 => "Electrical industry"
2 => "Deal structuring"
3 => "Europe"
4 => "Wendel"
5 => "KKR"
6 => "Mergers and acquisitions (M&A)"
7 => "debt capacity"
8 => "private equity"
9 => "antitrust"
10 => "Schneider Electric"
11 => "club deals"
12 => "capital structure"
13 => "leveraged loans"
14 => "Finance"
]
"updatedAt" => "2021-07-13 14:31:15"
"publicationUrl" => "http://dspace.essec.fr/handle/essec/4064"
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Etudes de cas déposées"
"en" => "Published cases"
]
"support_type" => array:2 [
"fr" => "Editeur"
"en" => "Publisher"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "In December 2002 French investment office Wendel and Private Equity firm KKR acquired Legrand, a global leader in low-voltage electric products, in a €4.8 billion leveraged buyout. The deal, the largest-ever LBO in Europe at the time, was the result of a forced divestiture by competitor Schneider Electric, whose attempt to merge with Legrand was blocked on antitrust grounds. The case describes in great detail the financing structure put in place by the buyers, which was considerably complex and involved different types of equity and debt securities issued by several corporate entities. The case has two primary pedagogical objectives for students: first, the analysis and modelling of debt capacity, second, gain exposure to key aspects of deal structuring and how the latter can maximize transaction value for investors. Both of these objectives are meant to familiarize students with the mechanics and the challenges involved in financing a deal of this size."
"en" => "In December 2002 French investment office Wendel and Private Equity firm KKR acquired Legrand, a global leader in low-voltage electric products, in a €4.8 billion leveraged buyout. The deal, the largest-ever LBO in Europe at the time, was the result of a forced divestiture by competitor Schneider Electric, whose attempt to merge with Legrand was blocked on antitrust grounds. The case describes in great detail the financing structure put in place by the buyers, which was considerably complex and involved different types of equity and debt securities issued by several corporate entities. The case has two primary pedagogical objectives for students: first, the analysis and modelling of debt capacity, second, gain exposure to key aspects of deal structuring and how the latter can maximize transaction value for investors. Both of these objectives are meant to familiarize students with the mechanics and the challenges involved in financing a deal of this size."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
15 => Essec\Faculty\Model\Contribution {#2247
#_index: "academ_contributions"
#_id: "9506"
#_source: array:18 [
"id" => "9506"
"slug" => "plenium-service-informatique"
"yearMonth" => "2008"
"year" => "2008"
"title" => "Plenium Service Informatique"
"description" => "GASPAR, J.M. et BURLACU, M. (2008). Plenium Service Informatique. ESSEC Business School."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "BURLACU M."
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "Corporate finance"
1 => "Valuation"
2 => "Leveraged buyout (LBO)"
3 => "Finance"
]
"updatedAt" => "2021-07-13 14:31:16"
"publicationUrl" => "http://dspace.essec.fr/handle/essec/4031"
"publicationInfo" => array:3 [
"pages" => null
"volume" => null
"number" => null
]
"type" => array:2 [
"fr" => "Etudes de cas déposées"
"en" => "Published cases"
]
"support_type" => array:2 [
"fr" => "Editeur"
"en" => "Publisher"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "In early 2006, the CEO of a French IT services start-up faces the challenge of buying out the firm's founder and majority partner. The case describes the company and its business model, the structuring of the buyout, and the terms of the deal. The transaction featured a substantial amount of leverage (about 50% of the price), and a holding company structure eligible for tax integration. Students are asked to evaluate the price, check the debt capacity of the target, and value the tax benefits of debt utilisation. The case also exposes students to the difficulties and risks involved in this kind of deal."
"en" => "In early 2006, the CEO of a French IT services start-up faces the challenge of buying out the firm's founder and majority partner. The case describes the company and its business model, the structuring of the buyout, and the terms of the deal. The transaction featured a substantial amount of leverage (about 50% of the price), and a holding company structure eligible for tax integration. Students are asked to evaluate the price, check the debt capacity of the target, and value the tax benefits of debt utilisation. The case also exposes students to the difficulties and risks involved in this kind of deal."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
16 => Essec\Faculty\Model\Contribution {#2248
#_index: "academ_contributions"
#_id: "13350"
#_source: array:18 [
"id" => "13350"
"slug" => "local-ownership-as-private-information-evidence-on-the-monitoring-liquidity-trade-off"
"yearMonth" => "2007-03"
"year" => "2007"
"title" => "Local ownership as private information: Evidence on the monitoring-liquidity trade-off"
"description" => "GASPAR, J.M. et MASSA, M. (2007). Local ownership as private information: Evidence on the monitoring-liquidity trade-off. <i>Journal of Financial Economics</i>, 83(3), pp. 751-792."
"authors" => array:2 [
0 => array:3 [
"name" => "GASPAR José-Miguel"
"bid" => "B00015852"
"slug" => "gaspar-jose-miguel"
]
1 => array:1 [
"name" => "MASSA M."
]
]
"ouvrage" => ""
"keywords" => array:6 [
0 => "Local ownership"
1 => "Corporate governance"
2 => "Liquidity"
3 => "Monitoring"
4 => "Mutual funds"
5 => "Private information"
]
"updatedAt" => "2022-11-07 15:13:28"
"publicationUrl" => "https://doi.org/10.1016/j.jfineco.2005.10.010"
"publicationInfo" => array:3 [
"pages" => "751-792"
"volume" => "83"
"number" => "3"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We investigate how ownership patterns affect the way the firm is monitored, the liquidity of its shares, and its stock price. We show that informed ownership improves governance and induces value-enhancing decisions (less over-investment and fewer but better acquisitions). At the same time, it increases the adverse selection discount required by less informed investors to trade, reducing the firm’s liquidity. Both effects are impounded in the stock price. This explains why ownership seems to be unrelated to performance. Informed investors affect prices in opposite directions: monitoring would raise prices, but the lower liquidity induced by their presence would reduce them."
"en" => "We investigate how ownership patterns affect the way the firm is monitored, the liquidity of its shares, and its stock price. We show that informed ownership improves governance and induces value-enhancing decisions (less over-investment and fewer but better acquisitions). At the same time, it increases the adverse selection discount required by less informed investors to trade, reducing the firm’s liquidity. Both effects are impounded in the stock price. This explains why ownership seems to be unrelated to performance. Informed investors affect prices in opposite directions: monitoring would raise prices, but the lower liquidity induced by their presence would reduce them."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2023-12-07T18:22:06.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 6.898656
+"parent": null
}
]
"avatar" => "https://faculty.essec.edu/wp-content/uploads/avatars/B00015852.jpg"
"contributionCounts" => 17
"personalLinks" => array:2 [
0 => "<a href="https://orcid.org/0000-0002-4758-837X" target="_blank">ORCID</a>"
1 => "<a href="https://scholar.google.com/citations?user=EejvuVwAAAAJ" target="_blank">Google scholar</a>"
]
"docTitle" => "José-Miguel GASPAR"
"docSubtitle" => "Professor"
"docDescription" => "Department: Finance<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00015852.jpg"><span><span>José-Miguel GASPAR</span><span>B00015852</span></span>"
]
#_index: "academ_cv"
+lang: "en"
+"_type": "_doc"
+"_score": 4.862393
+"parent": null
}
