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Corporate Finance in Europe: A Survey

Author

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  • Francois Degeorge

    (University of Lugano and Swiss Finance Institute)

  • Ernst Maug

    (School of Business Administration, University of Mannheim)

Abstract

We survey research on corporate finance in Europe. The ambition is to provide the reader with an overview of what we learned, particularly since the beginning of the 1990s. We focus on two themes: (1) the practice and institutions in Europe are heterogeneous and different from those in the United States, and we identify areas where the gap seems to be narrowing; (2) we wish to draw some more general conclusions with respect to the law and finance paradigm that has dominated recent research on comparative institutional analysis, and the diversity of European institutions seems to present an ideal testing ground for this approach. We find that the ability of the law and finance approach to capture the relevant differences within Europe is often limited. We focus in particular on equity primary markets;privatizations; cross-listings; capital structure and payout policy; mergers and acquisitions; business groups, pyramids and dual class shares; and valuation and the cost of capital.

Suggested Citation

  • Francois Degeorge & Ernst Maug, 2006. "Corporate Finance in Europe: A Survey," Swiss Finance Institute Research Paper Series 06-17, Swiss Finance Institute.
  • Handle: RePEc:chf:rpseri:rp0617
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    Cited by:

    1. Maghyereh, Aktham I. & Awartani, Basel, 2018. "The factors influencing the decision to list on Abu Dhabi securities exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 89-103.
    2. Kuntara Pukthuanthong & Nikhil P. Varaiya & Thomas J. Walker, 2007. "Bookbuilding versus auction selling methods: A study of US IPOs," Venture Capital, Taylor & Francis Journals, vol. 9(4), pages 311-345, May.
    3. Harry DeAngelo & Linda DeAngelo, 2007. "Payout Policy Pedagogy: What Matters and Why," European Financial Management, European Financial Management Association, vol. 13(1), pages 11-27, January.

    More about this item

    Keywords

    Corporate finance; Europe;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance

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