Person

Erwan Morellec

Related publications (36)

Graph Chatbot

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.

Can managerial discretion explain observed leverage ratios

Erwan Morellec

This article analyzes the impact of managerial discretion and corporate control mechanisms on leverage and firm value within a contingent claims model where the manager derives perquisites from investment. Optimal capital structure reflects both the tax ad ...

Oxford University Press2004

Capital structure and asset prices: Some effects of bankruptcy procedures

Erwan Morellec

We examine the impact of the U.S. bankruptcy procedure on the valuation of corporate securities and capital structure decisions. We provide closed-form solutions for corporate debt and equity values when defaulting firms can either liquidate their assets o ...

2004

A Dynamic Analysis of Takeover Deals with Competition and Imperfect Information

Erwan Morellec

This article develops an equilibrium framework for the joint determination of the timing and the terms of takeovers in the presence of competition and imperfect information. The model analyzes takeovers as exchange options and derives equilibrium restructu ...

2003

Asset liquidity, capital structure, and secured debt

Erwan Morellec

This paper investigates the impact of asset liquidity on the valuation of corporate securities and the firm's financing decisions. I show that asset liquidity increases debt capacity only when bond covenants restrict the disposition of assets. By contrast, ...

2001

Investment under uncertainty with implementation delay

Erwan Morellec, Laurent Gauthier

One of the major characteristics of the capital budgeting process is the delay existing between the investment decision and its implementation. This paper analyses investment decisions under uncertainty with implementation delay in a unified analytical fra ...

2000

Noisy information and investment decisions: A Note

Erwan Morellec, Laurent Gauthier

This paper analyses investment decisions under uncertainty with noisy information. We provide closed-form solutions for the value of the investment policy and the optimal investment threshold. We show that when the information about the decision variable i ...

1999