Workshop, Finance and Society – with Clifford Holderness (Boston College), Helen Bollaert (Skema), Garel, Moussu, Ohana, Petit-Romec (Labex ReFi)
Mar 31 @ 9 h 00 min – 14 h 00 min






Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).



Clifford Holderness

Boston College

(CV & Bio here)


Equity Issuances and Agency Costs: The Telling Story of Shareholder Approval around the World

Abstract :

Shareholder approval of equity issuances varies considerably. When shareholders must approve issuances, average announcement returns are positive. When managers unilaterally issue stock, returns are 4% lower and negative. The closer the vote is to the issuance or the greater is the required plurality, the higher are the returns for public offers, rights offers, and private placements. Shareholders favor rights offers and seldom approve public offers. Managers favor public offers and seldom choose rights offers. These findings hold across and within 23 countries, including the United States, suggesting that agency problems affect equity issuances and that shareholder approval reduces these costs.

79 avenue de la République 75011 Paris
le vendredi 31 mars  2017
9:00am – 2:00pm, Room 4310
For security reason, please register before the deadline.
Deadline: 30 mars 2017
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at


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