Banque d'investissement

Résumé

Une banque d'investissement est une banque, ou une division de la banque, qui rassemble l'ensemble des activités de conseil, d'intermédiation et d'exécution ayant trait aux opérations dites de haut de bilan (introduction en Bourse, émission de dette, fusion/acquisition) de grands clients corporate (entreprises, investisseurs, mais aussi États…). Ces activités sont généralement scindées en entités distinctes, habituellement désignées par des anglicismes : les opérations de Corporate Finance (finance d'entreprise), de Global Capital Markets (marchés financiers) et de Structured Finance (opérations de financement). On différencie parfois la banque d'investissement (investment banking en anglais) de la banque d'affaires (corporate banking) en attribuant à la première les activités de marchés et à la seconde celles de finance d'entreprise. Toutefois, le terme de banque de financement et d'investissement (BFI), ou son équivalent anglais (corporate & investment bank ou CIB), qui inclut les

Source officielle

https://fr.wikipedia.org/wiki/Banque_d'investissement

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Chargement

Essays in Empirical Corporate Finance

Stefano Colonnello

This dissertation consists of three chapters. The first chapter examines whether the availability of credit default swaps (CDS) has consequences for creditor governance. CDSs offer creditors the opportunity to hedge credit risk and may impact their willingness to renegotiate debt agreements after covenant violations and to monitor firms. I show that firms implement more conservative investment and financing policies after covenant violations if CDSs are traded on their debt, consistent with heightened renegotiation frictions. Moreover, firms with traded CDS contracts exhibit significantly worse operating and stock performance after covenant violations. Overall, these findings point to an exacerbation of debt-equity conflicts due to the availability of CDSs. Finally, I analyze the interaction of creditor governance and internal governance, and provide evidence suggesting that the possibility to hedge risk through CDSs also reduces creditors' incentives to monitor firms. The second chapter models the joint effects of debt, macroeconomic conditions, and cash flow cyclicality on risk-shifting behavior and managerial pay-for-performance sensitivity. I show that risk-shifting incentives rise during recessions and that the shareholders can eliminate such adverse incentives by reducing the equity-based compensation in managerial contracts. I also show that this reduction should be larger in highly procyclical firms. Using a sample of U.S. public firms, I provide evidence supportive of the model's prediction. First, I find that equity-based incentives are reduced during recessions. Second, I show that the magnitude of this effect is increasing in a firm's cash flow cyclicality. The third chapter analyzes the impact of the formation of universal banks on corporate investment by looking at the gradual dismantling of the Glass-Steagall Act's separation between commercial and investment banking. Using a matched sample of U.S. firms and their relationship banks, I show that firms curtail investment after positive shocks to the underwriting capacity of their main bank. This result is driven by unrated firms and is strongest in the first two years after a shock. Moreover, I obtain similar results for borrowing firms' net debt issuance activity. As an exogenous shock to the formation of universal banks in the U.S., I also use the 1997 loosening of restrictions on commercial banks' securities activities. My findings suggest that universal banks may pay more attention to large and transparent firms that provide more underwriting opportunities while exacerbating financial constraints of opaque firms.

EPFL2015

Chargement

This thesis empirically explored the impacts of IT investment on three different scenarios under the common denominator / threads of IT investments. It comprises three different essays on the impacts of IT investments. IT investments and its impact on many aspects of the firms are well known - like performance / productivity, output, market value etc. But I looked into areas that were not explored before and examined events that didnât take place after the advent and integration of Information Technology â like the past financial crisis. The main contribution of my dissertation is to examine how IT investments helps in the debt market, how it helps firms fare comparatively better during crisis period and how CEO characteristics influence the well-established existing link between IT investment and Innovation intensity. The first essay examines the effect of IT investment on the cost of bank loan for firms. We argue that IT affects the decision of banks through three mechanisms: wealth effect, risk effect, and information effect. First, IT investment serves as a signal for higher future revenue and lower operational costs, thus greater future cash flows. Second, on one hand, IT may be able to reduce the risk of being locked out to competition or adverse situations; on the other hand, IT investment itself can bring risk to business. Last, the use of IT can lead to better information quality and thus reduce the information asymmetry between firms and banks. Using a sample of 270 firms between the year of 1991 and 2006, we find that IT investment is associated with lower interest rate from banks. More important, we find the strength of this relationship is contingent upon the role of IT in the industry and time period. In my second essay, the goal was to investigate whether IT investment contributed to better or worse performance during the financial crisis of 2007-2009. We took the available data for U.S. public companies (the final sample comprises 570 companies) and traced IT investments made in the years prior to the crisis period, we checked the impact of IT investments on the annual stock returns and relative changes in return (as well as for book values). After controlling for relevant risk and other independent variables during the 2007-2009 periods, we found evidence that indicates that although most of the firms suffered during the crisis period, expenditure in IT was significantly associated with relatively better performance for sample firms during the crisis period. The third essay brings in the role of CEO to examine whether CEOâs characteristics affects the already established link between IT investments and Innovation activities. We constructed data from multiple sources; we also developed empirical model to test our hypothesis and ran a series of regression tests. We find that CEOâs managerial ability and risk-taking incentive (determined by compensation scheme) are complements for IT investment. Thus for CEOs with lower ability and/or lower risk-taking incentive, firms can still achieve higher innovation efficiency by increasing expenditure in IT. On the other hand, CEOâs ownership of the firm substitutes the link. CEO with larger ownership enhances firmâs innovation efficiency by due diligence, but not necessarily through the channel of IT investment. In together, this paper shows that CEO is an important and significant factor in the conversion of IT investment to innovation efficiency.

EPFL2018

Chargement

Essays on the Role of Policy and Venture Financing in Clean Technology Innovation

Matthias David van den Heuvel

This thesis aims to provide novel analyses and data that improve the understanding of the financing of investments in clean technologies. In particular, this thesis explores the role that private and public actors play in supporting young innovative firms. The first chapter of this thesis exploits original data on about 1000 startups that have participated in Venture Kick, the leading Swiss venture competition. We study the circumstances under which venture competitions' certification and cash prize impact startups' future survival and funding prospects. On the one hand, we observe that the certification only has a significant effect on startups whose quality can be more objectively assessed by experts (e.g., hard sciences startups). On the other hand, we find that the competition's cash prize only extends the runway of startups with low running costs (e.g., internet & mobile). These results highlight industry-specific heterogeneity in the effect of early-stage startup support, which bears implications for the design of entrepreneurial programs.The second chapter takes a step back and looks into the role of two prominent actors involved in financing new clean technologies: venture capital (VC) and governments. This essay examines the reasons behind the failure of the VC boom in clean energy startups in the early 2010s. We find that lackluster demand for clean energy products and a lower potential for outsized returns make clean energy firms less attractive to VC than startups in ICT or biotech. Conversely, characteristics such as high-capital intensity or long development timeframe seem to be less important. These findings suggest that the most effective way for governments to improve the attractiveness of early-stage clean energy investments is to implement demand-side policies rather than to provide direct financial support. With demand-side policies in place, governments could then try to plug the remaining funding gaps themselves by targeting startups with limited potential for outsized returns.In the second half of this thesis, the focus shifts onto governments' environmental policies and how they affect private investments in clean technologies. In the third chapter, we develop novel news-based indices of US environmental policy using text-mining techniques. We show that our general environmental policy index and sub-topic indices (e.g., renewables or climate negotiation) meaningfully capture the evolution of environmental policy in the United States. Using these indices, we find that greater salience of environmental policy is associated with increased VC investments in clean technologies and reduced stock returns for high-emissions firms. In the fourth and last chapter, we study the impact of policy uncertainty on private investment decisions. To do so, we construct a novel index of environmental policy uncertainty (EnvPU). This index reveals that uncertainty is pervasive in the history of environmental policy and is often synchronized with election cycles. We find that increases in our EnvPU index are associated with lower VC investments in cleantech startups and higher volatility in green firms' stocks. The findings from Chapters 3 and 4 suggest that, while the increased salience of environmental policy can boost investments, policymakers should ensure that their actions do not exacerbate policy uncertainty and hinder investments towards a low-carbon economy.

EPFL2022

Chargement

Essays in Empirical Corporate Finance

Stefano Colonnello

EPFL2015

Essays on the Role of Policy and Venture Financing in Clean Technology Innovation

Matthias David van den Heuvel

EPFL2022

EPFL2018