Dr Cédric Poretti

Article

La gestion des résultats par les nouveaux dirigeants : quels enjeux pour les conseils d’administration ?

En se fondant sur les résultats de la recherche académique en comptabilité-finance, cet article insiste sur le risque de gestion des résultats par de nouveaux dirigeants. Il rappelle que les membres du conseil d’administration doivent notamment être...

Article

Audit committees’ independence and the information content of earnings announcements in Western Europe

We examine whether the percentage of independent members sitting on the audit committee, in different institutional settings, impacts the market reaction (measured by the abnormal stock returns variance and the abnormal trading volume) to earnings...

Article

The asset-light strategies and the dividend puzzle; international evidence from the hospitality industry

This study investigates the impact of the asset-light strategy on dividend policy using a sample of large international publicly-listed companies (399 firm-year observations) operating in the hotel and restaurant industry over the 2006–2018 period....

Article

What explains differing holding periods across hotel investments? : a hazard rate framework

We explain the variation in hotel holding periods (HP) based on liquidity needs, owner type, acquisition conditions and timing of hotel renovation. Contrary to popular belief, properties owned by listed companies tend to have longer HPs due to lower...

Article

Impact of leverage on financial information quality : international evidence from the hospitality industry

Earnings are a key firm-performance yardstick for investors. The quality of earnings has fascinated researchers and investors alike, as it may be manipulated by a firm's management. This paper studies the relationship between earnings quality and...

Article

Three anchoring managerial mechanisms to embed sustainability in service organizations

The aim of this discussion paper is to address three major concerns in establishing sustainability in service organizations regarding the intersections among external reporting, internal governance, and business management and innovation. External...

Article

COVID-19 and firm value drivers in the tourism industry

Using an international sample of 1315 observations for 194 listed tourism firms from 2012 to 2019, we investigate the impact on firm value of DuPont components, namely asset turnover and profit margin. Next, using an event study methodology, we...

Article

Asset-light strategies and stock market reactions to COVID-19’s pandemic announcement : the case of hospitality firms

This research note investigates the stock market reactions of international hospitality firms to COVID-19’s pandemic announcement by the World Health Organization. In line with the behavioral finance literature, the findings indicate that, in the...

Article

An empirical examination of relative valuation of publicly listed firms using French GAAP after IFRS adoption

We investigate whether the mandatory adoption of IFRS by the European Union, in 2005, affects the implementation of the comparable company method when valuing firms that still apply local GAAP. The advent of IFRS severely reduces the pool of peers...

Article

Family Identification and Earnings Management in Listed Firms

In this paper, we investigate the earnings management behavior of listed family firms holding the name of the family (eponymous FF). Specifically, we use a Swiss sample of 1,544 firm-year observations from 2006 to 2018 to examine the association of...

Article

In family we trust—In good and bad times

This short report investigates the stock market behavior of Swiss companies during the COVID-19 pandemic. Results suggest that family firms performed better during the outbreak and post-lockdown periods than widely-held firms. Family firms also...