jean-françois gajewski Jean-François Gajewski, enseignant-chercheur, finance & gestion
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  • Articles de revues académiques

    • Analyst earnings forecasts, individual investors' expectations and trading volume: An experimental approach

      Dinh T.-H., Gajewski J.-F. and Nguyen D.-K.
      Bankers, Markets and Investors, 2016, 141, 20-34 (Rang 4 CNRS).

    • Do investors trade around CSR rating announcements ?

      Cellier A., Chollet P. and Gajewski J.-F.
      European Financial Management, Forthcoming (Rang 3 CNRS).

    • Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect

      Bouzouita N., Gajewski J.F. and Gresse C.
      Financial Management, 2015, v44(4), 785-810, (Rang 2 CNRS).

    • Trading volume, heterogeneous expectations and earnings announcements

      Dinh T.H., Gajewski J.F.
      Journal of Behavioral Finance, 2015, v16, 327-343.

    • Can Internet-based disclosure reduce information asymmetry ?

      Gajewski J.F. et Li L.
      Advances in Accounting, 2015, v31, 115-124 (Rang 3 CNRS).

    • A comparison of the effects of earnings disclosures on information asymmetry: evidence from France and the US

      Gajewski J.-F. et Quéré B. P.
      International Journal of Accounting, 2013, v48(1), 1-25 (Rang 3 CNRS).

    • Les annonces de notations extra-financières véhiulent-elles une information au marché ?

      Cellier A., Chollet P. et Gajewski J.-F.
      Finance, Contrôle, Stratégie, 2011, v14(3), 5-38 (Rang 3 CNRS).
      Cet article analyse comment les investisseurs réagis-sent aux annonces de notations sociétales. Grâce à un échantillon d’annonces sur le marché français par Vigeo sur la période 2004-2009, nous mettons en évidence un impact globalement positif sur les rentabilités, qui dépend de la valeur du score et du domaine de notation. Sur les échanges, nous observons deux effets qui se compensent : une baisse des volumes de transaction avant, suivie d'une hausse après l'annonce.

    • Are IPOs still a Puzzle? A survey of the Empirical Evidence From Europe

      Boutron E., Gajewski J.-F., Gresse C. et Labégorre F.
      Finance, 2007, v28(2), 5-41 (Rang 2 CNRS).

    • Centralised Order Books versus Hybrid Order Books: A Paired Comparison of Trading Costs on NSC (Euronext Paris) and SETS (London Stock Exchange)

      Gajewski J.-F. et Gresse C.
      Journal of Banking and Finance, 2007, v31, 2906-2924 (Rang 2 CNRS).

    • Why do Companies Include Warrants in Seasoned Equity Offerings?

      Gajewski J.-F., Ginglinger E. et Lasfer M.
      Journal of Corporate Finance, 2007, v13(1), 25-42 (Rang 2 CNRS).
      We analyze the reasons why companies issue units when they raise additional capital. We find that, in contrast to previous evidence, units are not offered to mitigate the agency conflicts or to signal security mispricing as they are predominantly issued during cold periods, in public rather than in rights offerings, and when the issue is underwritten. In addition, the results indicate that companies choose to offer units to increase their offer price flexibility and to underprice their seasoned equity offering so as to minimize the issue cost and the risk of failure of the issue. These results provide support for the net proceeds maximization hypothesis.

    • IPO Procedures: the Development of Practices and Perspectives

      Boutron E., Gajewski J.-F., Gresse C. et Labégorre F.
      Revue d'Economie Financière, 2006, v82, 99-115 (Rang 4 CNRS).

    • Une etude expérimentale des prévisions des analystes et de l’efficience informationnelle des marchés

      Dinh T.-H. et Gajewski J.-F.
      Revue Française de Gestion, 2005, v31(157), 189-202 (Rang 4 CNRS).

    • A comparison of trading costs on NSC (Euronext) and SETS (London Stock Exchange)

      Gajewski J.-F. et Gresse C.
      Revue bancaire et financière, 2004, v68(4), p. 193-199

    • Seasoned Equity Issues in a Closely Held Market : Evidence from France

      Gajewski J.-F. et Ginglinger E.
      Review of Finance, 2002, v6(3), 291-319 (Rang 1 CNRS).
      This paper examines seasoned equity offerings in France. Even though a rights offering is the primary flotation method, French companies are increasingly using the relatively expensive public offering method. We show that the market reaction to the announcement of seasoned equity issues is significantly negative for rights issues and insignificantly negative for public offerings. Our results suggest that the adverse selection effect is greater for rights issues than for public offerings, due to stronger underwriter certification for the public offerings. We find that the share price effect is positively related to blockholders take-up renouncements for firms with prior concentrated ownership. For these firms, the favourable ownership dispersion effect offsets the adverse selection effect.

    • The information content of earnings and turnover annoucements in France

      Gajewski J.-F. et Quéré B.
      The European Accounting Review, 2001, v10(4), 679-704 (Rang 2 CNRS).
      Annual net income is seen by shareholders as the most important figure, since it is, for individual accounts, the basis of appropriation of profit by the shareholders’ general meeting. However, firms publish interim figures at a higher frequency to allow investors to react quickly to frequently updated information that gives them a more accurate view of the evolution of the firm. In the United States, according to regulation S-X, the interim quarterly reports must disclose the net income. In France, firms must publish their quarterly turnovers and their half-year income statements in addition to their annual accounts. Whereas American publications are practically homogeneous in nature in terms of earnings disclosure, the information content of French quarterly reports differs from that of the half-year and annual accounts. Such French irregularities in information content mean that interim and annual announcements do not have the same value for the shareholders. Because of the heterogeneous nature and the time frame of the disclosed information, one may wonder if French market reactions to the announcements of interim publications exhibit significantly different characteristics from those observed for quarterly releases in other countries. This can only be appreciated through a differential analysis of French market response to interim and annual announcements.

    • Earnings announcements, asymmetric information, trades and quotes

      Gajewski J.-F.
      European Financial Management, 1999, v5(3), 411-423 (Rang 3 CNRS).
      This paper empirically analyses trades and quotes around the times of 37 earnings announcements in the Paris Bourse. We find that trading volume is larger on announcement days, spreads are wider after announcements, and the permanent positive (resp. negative) price impact of purchases (sales) is greater around announcements. While the findings pertaining to the spread and the permanent impact of trades are consistent with the view that earnings announcements correspond to an increase in information asymmetries, the result that trading volume is larger suggests that other effects are at work.

    • L’évolution des cours en période ex-dividende à la Bourse de Paris

      Gajewski J.-F.
      Finéco, 1997, v7(2), p. 95-122

    • Asymétrie d’information et choix du mode d’émission d’actions

      Gajewski J.-F. et Ginglinger E.
      Finéco, 1996, v6(1), 31-54

    • Le contenu informatif des prix et des volumes à la Bourse de Paris

      Gajewski J.-F.
      Journal de la Société de Statistique de Paris, 1997, v138(3), p. 19-44
Jean-François Gajewski - Professeur à l'Institut de Management de l'Université de SavoieIMUS