Erwan Morellec

Ecole Polytechnique Fédérale de Lausanne

College of Management

Extranef Quartier UNIL-Dorigny

1015 Lausanne, CH-1015

Switzerland

http://sfi.epfl.ch/

Swiss Finance Institute

c/o University of Geneva

40, Bd du Pont-d'Arve

CH-1211 Geneva 4

Switzerland

  • Ecole Polytechnique Fédérale de Lausanne

SCHOLARLY PAPERS

41

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127

Scholarly Papers (41)

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1.

The Dynamics of Mergers and Acquisitions

Number of pages: 29 Posted: 30 Aug 2001
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 3,730 (3,994)
Citation 25

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Takeovers, Option Games, Real Options, Learning

2.

Corporate Governance and Capital Structure Dynamics

Downloads 3,356 ( 4,818)
Citation 18

Corporate Governance and Capital Structure Dynamics

AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 27 Mar 2008 Last Revised: 25 Dec 2010
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 2,776 (6,479)
Citation 3

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dynamic capital structure, private benefits of control, structural estimation

Corporate Governance and Capital Structure Dynamics

Swiss Finance Institute Research Paper No. 09-10
Number of pages: 58 Posted: 20 Apr 2009 Last Revised: 25 Dec 2010
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 580 (65,232)
Citation 18

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dynamic capital structure, private benefits of control, structural estimation

3.

Stock Returns in Mergers and Acquisitions

Swiss Finance Institute Research Paper No. 06-1, EFA 2006 Zurich Meetings Paper
Number of pages: 44 Posted: 03 Mar 2006
Erwan Morellec and Dirk Hackbarth
Ecole Polytechnique Fédérale de Lausanne and Boston University - Department of Finance & Economics
Downloads 2,574 (7,444)
Citation 23

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takeovers, real options, stock returns, firm-level betas

4.

Capital Structure, Credit Risk, and Macroeconomic Conditions

Number of pages: 40 Posted: 23 Apr 2003
Jianjun Miao, Dirk Hackbarth and Erwan Morellec
Boston University - Department of Economics, Boston University - Department of Finance & Economics and Ecole Polytechnique Fédérale de Lausanne
Downloads 2,083 (10,437)
Citation 91

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Dynamic Capital Structure, Credit Spreads, Macroeconomic Conditions

5.

Competition, Cash Holdings, and Financing Decisions

Swiss Finance Institute Research Paper No. 13-72
Number of pages: 59 Posted: 20 Mar 2009 Last Revised: 06 Feb 2014
Erwan Morellec, Boris Nikolov and Francesca Zucchi
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Federal Reserve Board
Downloads 2,039 (10,832)
Citation 14

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product market competition, cash holdings, financing decisions

6.

On the Debt Capacity of Growth Options

Number of pages: 31 Posted: 06 Sep 2001
Michael J. Barclay, Erwan Morellec and Clifford W. Smith
University of Rochester - Simon School (Deceased), Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 1,657 (15,061)
Citation 48

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Growth Options, Book Leverage

7.

Real Options and Risk Aversion

Swiss Finance Institute Research Paper
Number of pages: 21 Posted: 17 Jul 2003 Last Revised: 28 Sep 2008
Julien Hugonnier and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 1,382 (19,819)
Citation 8

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Risk aversion, Real options, Investment timing

8.

Corporate Investment and Financing Under Asymmetric Information

Downloads 1,308 ( 21,511)
Citation 26

Corporate Investment and Financing Under Asymmetric Information

Number of pages: 61 Posted: 08 Jan 2009 Last Revised: 02 Apr 2010
Erwan Morellec and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 875 (37,859)
Citation 4

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real options, investment timing, asymmetric information, financing

Corporate Investment and Financing Under Asymmetric Information

Swiss Finance Institute Research Paper No. 09-09
Number of pages: 61 Posted: 02 Apr 2009 Last Revised: 02 Apr 2010
Erwan Morellec and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 433 (93,284)
Citation 18

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asymmetric information, financing decisions, investment timing

9.

Agency Conflicts and Risk Management

Simon School, University of Rochester, Research Paper Series, Forthcoming
Number of pages: 30 Posted: 30 Aug 2001
Erwan Morellec and Clifford W. Smith
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 1,283 (22,145)
Citation 12

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Debt Financing, Hedging, Contingent Claims Analysis

10.

Capital Supply Uncertainty, Cash Holdings, and Investment

Swiss Finance Institute Research Paper No. 11-44
Number of pages: 84 Posted: 15 Aug 2010 Last Revised: 07 May 2014
Julien Hugonnier, Semyon Malamud and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne, Ecole Polytechnique Federale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 1,124 (26,905)
Citation 41

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Capital supply uncertainty, cash management, lumpy investment, inventory models

11.

Financing Investment: The Choice between Bonds and Bank Loans

HEC Paris Research Paper No. FIN-2013-1010, Swiss Finance Institute Research Paper No. 14-04
Number of pages: 48 Posted: 18 Oct 2012 Last Revised: 16 May 2014
Erwan Morellec, Philip Valta and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne, University of Bern and Pennsylvania State University
Downloads 1,021 (30,892)
Citation 12

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debt structure, capital structure, investment, credit supply, competition

12.

Can Managerial Discretion Explain Observed Leverage Ratios?

Number of pages: 33 Posted: 30 Aug 2001
Erwan Morellec
Ecole Polytechnique Fédérale de Lausanne
Downloads 968 (33,313)
Citation 81

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Investment Policy, Financing Policy, Market for Corporate Control

13.

Investment Policy, Financial Policies and the Market for Corporate Control

Number of pages: 37 Posted: 30 Aug 2001
Erwan Morellec and Clifford W. Smith
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 953 (34,060)
Citation 1

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Financial Policies, Investment Policy, Market for Corporate Control

14.

Capital Structure, Investment, and Private Benefits of Control

Number of pages: 31 Posted: 14 Sep 2004
Erwan Morellec and Neng Wang
Ecole Polytechnique Fédérale de Lausanne and Columbia University - Columbia Business School, Finance
Downloads 916 (36,018)
Citation 2

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private benefits of control, investment policy, financing policy

15.

Corporate Control and Real Investment in Incomplete Markets

Simon School of Business Working Paper No. 04-10
Number of pages: 23 Posted: 19 May 2004
Julien Hugonnier and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 848 (40,105)
Citation 13

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Real options, incomplete markets, corporate control, risk aversion

16.

Investment Policy, Financial Policies, and the Control of Agency Conflicts

Number of pages: 38 Posted: 12 Sep 2002
Erwan Morellec and Clifford W. Smith
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 812 (42,567)
Citation 16

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Investment Policy, Financing Policy, Risk Management

17.

Capital Structure and Asset Prices: Some Effects of Bankruptcy Procedures

Number of pages: 32 Posted: 02 Nov 2001
Erwan Morellec and Pascal Francois
Ecole Polytechnique Fédérale de Lausanne and HEC Montreal - Department of Finance
Downloads 799 (43,483)
Citation 27

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18.

Financing and Takeovers

Swiss Finance Institute Research Paper No. 06-22
Number of pages: 47 Posted: 19 Jul 2006
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 661 (55,870)
Citation 11

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takeovers, option games, real options, capital structure

19.

Agency Conflicts Around the World

Downloads 618 ( 60,872)
Citation 3

Agency Conflicts Around the World

Swiss Finance Institute Research Paper No. 15-21
Number of pages: 85 Posted: 14 Jul 2015 Last Revised: 22 Mar 2018
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 618 (60,143)

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Capital Structure, Agency Conflicts, Corporate Governance, Structural Estimation

Agency Conflicts Around the World

CEPR Discussion Paper No. DP11243
Number of pages: 59 Posted: 04 May 2016
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
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Citation 2
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agency conflicts, Capital Structure, corporate governance, structural estimation

20.

Noisy Information and Investment Decisions: A Note

Number of pages: 9 Posted: 08 Aug 1998
Laurent Gauthier and Erwan Morellec
University of Paris 8 Vincennes-Saint Denis and Ecole Polytechnique Fédérale de Lausanne
Downloads 575 (66,687)

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21.

Debt Enforcement, Investment, and Risk Taking Across Countries

Journal of Financial Economics (JFE), Forthcoming, Swiss Finance Institute Research Paper No. 13-64
Number of pages: 49 Posted: 10 Jan 2014 Last Revised: 15 Sep 2016
Giovanni Favara, Erwan Morellec, Enrique J. Schroth and Philip Valta
Board of Governors of the Federal Reserve System, Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School and University of Bern
Downloads 559 (69,110)
Citation 11

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Debt renegotiation, Default; Investment , Asset sales, Risk-taking

22.

Understanding Cash Flow Risk

Swiss Finance Institute Research Paper No. 18-21
Number of pages: 90 Posted: 26 Jun 2017 Last Revised: 15 Jul 2021
Sebastian Gryglewicz, Loriano Mancini, Erwan Morellec, Enrique J. Schroth and Philip Valta
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), USI Lugano - Institute of Finance, Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School and University of Bern
Downloads 483 (82,712)
Citation 2

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cash flow risk, permanent and transitory shocks, liquidity management

23.

A Dynamic Analysis of Takeover Deals with Competition and Imperfect Information

Number of pages: 30 Posted: 21 May 2003
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 467 (86,191)
Citation 2

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Takeovers, Real Options, Competition, Learning

24.

Short-Term Debt and Incentives for Risk-Taking

Swiss Finance Institute Research Paper No. 19-21
Number of pages: 67 Posted: 09 Dec 2016 Last Revised: 26 Jun 2019
Marco Della Seta, Erwan Morellec and Francesca Zucchi
APG - Asset Management, Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Board
Downloads 462 (87,308)
Citation 7

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Short-term debt financing, financing frictions, rollover risk, risk-taking

25.

Credit Supply and Corporate Policies

Number of pages: 39 Posted: 05 Jun 2010 Last Revised: 23 Oct 2010
Erwan Morellec
Ecole Polytechnique Fédérale de Lausanne
Downloads 440 (92,336)
Citation 6

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Corporate investment, capital structure, credit supply, real options, search

26.

Agency Conflicts and Short- vs Long-Termism in Corporate Policies

Downloads 433 ( 94,066)
Citation 7

Agency Conflicts and Short- vs Long-Termism in Corporate Policies

Journal of Financial Economics (JFE), Vol. 163, No. 3, 2020, Swiss Finance Institute Research Paper No. 18-16
Number of pages: 64 Posted: 18 Dec 2017 Last Revised: 05 May 2020
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Chicago - Booth School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 433 (93,284)
Citation 7

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Optimal short- and long-termism, Agency conflicts, Multi-tasking

Agency Conflicts Over the Short and Long Run: Short-Termism, Long-Termism, and Pay-for-Luck

CEPR Discussion Paper No. DP12720
Number of pages: 61 Posted: 20 Feb 2018
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Chicago - Booth School of Business and Ecole Polytechnique Fédérale de Lausanne
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27.

Optimal Financing with Tokens

Swiss Finance Institute Research Paper No. 19-78
Number of pages: 62 Posted: 08 Dec 2019 Last Revised: 26 Jun 2020
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Chicago - Booth School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 359 (116,581)
Citation 6

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Tokens, Platforms, Moral Hazard, Financial Constraints, Dividend Rights

28.

Personal Taxes, Leverage, and Real Investment

Number of pages: 40 Posted: 02 Jul 2004
Erwan Morellec and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 353 (118,768)

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real options, capital gains taxation, capital structure

29.

Can Corporate Debt Foster Innovation and Growth?

Swiss Finance Institute Research Paper No. 19-79
Number of pages: 76 Posted: 13 Jul 2019 Last Revised: 17 Nov 2021
Thomas Geelen, Jakub Hajda and Erwan Morellec
Copenhagen Business School - Department of Finance, HEC Montreal - Department of Finance and Ecole Polytechnique Fédérale de Lausanne
Downloads 350 (119,876)
Citation 3

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debt, innovation, industry dynamics, growth

30.

Bank Capital, Liquid Reserves, and Insolvency Risk

Downloads 332 (126,976)
Citation 32

Bank Capital, Liquid Reserves, and Insolvency Risk

Swiss Finance Institute Research Paper No. 14-70
Number of pages: 45 Posted: 11 Jun 2014 Last Revised: 13 Aug 2016
Julien Hugonnier and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 330 (127,098)
Citation 7

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banks; liquidity buffers; capital structure; insolvency risk; regulation

Bank Capital, Liquid Reserves, and Insolvency Risk

CEPR Discussion Paper No. DP10378
Number of pages: 52 Posted: 02 Feb 2015
Julien Hugonnier and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 2 (899,404)
Citation 11
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banks, capital structure, insolvency risk, liquidity buffers, regulation

31.

Irreversible Investment with Regime Shifts

Number of pages: 32 Posted: 03 Dec 2002
Xin Guo, Jianjun Miao and Erwan Morellec
affiliation not provided to SSRN, Boston University - Department of Economics and Ecole Polytechnique Fédérale de Lausanne
Downloads 310 (136,441)
Citation 21

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Investment, Capacity Choice, Regime Shifts, Real Options

32.

Product Market Competition and Option Prices

Swiss Finance Institute Research Paper No. 17-07
Number of pages: 57 Posted: 17 Feb 2017 Last Revised: 13 Apr 2018
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 286 (148,460)
Citation 2

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Product market competition, Investment, Leverage effect, Option skew

33.

Credit Market Frictions and Capital Structure Dynamics

Swiss Finance Institute Research Paper
Number of pages: 67 Posted: 16 Mar 2012 Last Revised: 28 Jan 2014
Julien Hugonnier, Semyon Malamud and Erwan Morellec
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne, Ecole Polytechnique Federale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 230 (183,923)
Citation 6

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Credit supply uncertainty, dynamic capital structure, default risk, search

34.

Corporate Policies with Permanent and Transitory Shocks

Swiss Finance Institute Research Paper No. 16-18
Number of pages: 60 Posted: 02 Mar 2016
Jean-Paul Decamps, Sebastian Gryglewicz, Erwan Morellec and Stephane Villeneuve
University of Toulouse 1 - Toulouse School of Economics (TSE), Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Ecole Polytechnique Fédérale de Lausanne and University of Toulouse 1 - Toulouse School of Economics (TSE)
Downloads 150 (267,628)
Citation 19

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Financing frictions; cash holdings; risk management; credit lines; permanent and transitory shocks

35.

Rollover Traps

Swiss Finance Institute Research Paper No. 16-19
Number of pages: 55 Posted: 07 Mar 2016 Last Revised: 06 Dec 2016
Marco Della Seta, Erwan Morellec and Francesca Zucchi
APG - Asset Management, Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Board
Downloads 147 (272,063)
Citation 1

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Short-term debt financing; rollover risk; financial amplification

36.

Relationship Capital and Financing Decisions

Swiss Finance Institute Research Paper No. 21-46
Number of pages: 54 Posted: 19 Jul 2021 Last Revised: 17 Dec 2021
Thomas Geelen, Erwan Morellec, Natalia Rostova and Natalia Rostova
Copenhagen Business School - Department of Finance, Ecole Polytechnique Fédérale de Lausanne and Swiss Finance InstituteEcole Polytechnique Fédérale de Lausanne
Downloads 119 (319,174)

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relationship lending, capital structure, debt maturity, default

37.

Dynamic Investment and Financing under Personal Taxation

Downloads 111 (335,058)

Dynamic Investment and Financing under Personal Taxation

Number of pages: 57 Posted: 02 Sep 2008
Erwan Morellec and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 111 (337,051)
Citation 12

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real options; capital gains taxation; capital structure

Dynamic Investment and Financing Under Personal Taxation

The Review of Financial Studies, Vol. 23, Issue 1, pp. 101-146, 2009
Posted: 25 Jan 2010
Erwan Morellec and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne

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G31, G32, H24, H32

38.

Financing Cycles

Number of pages: 84 Posted: 09 Feb 2022 Last Revised: 22 Apr 2022
Thomas Geelen, Jakub Hajda, Erwan Morellec and Adam Winegar
Copenhagen Business School - Department of Finance, HEC Montreal - Department of Finance, Ecole Polytechnique Fédérale de Lausanne and BI Norwegian Business School
Downloads 105 (347,876)

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capital structure, leverage, debt maturity, capital age, financing cycles

39.

Screening and Monitoring Corporate Loans

Swiss Finance Institute Research Paper No. 21-82
Number of pages: 58 Posted: 11 Oct 2021 Last Revised: 07 Dec 2021
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Chicago - Booth School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 97 (366,325)

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Corporate Bonds, Securitization, CLOs, Debt Maturity, Banking, Dynamic Contracting

40.

Takeover Protections and Asset Returns

Swiss Finance Institute Research Paper No. 20-105
Number of pages: 72 Posted: 03 Dec 2020 Last Revised: 16 Jun 2022
Assaf Eisdorfer, Erwan Morellec and Alexei Zhdanov
University of Connecticut - Department of Finance, Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 92 (378,653)
Citation 1

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Takeovers, stock returns, equity risk

41.

Corporate Policies with Permanent and Temporary Shocks

CEPR Discussion Paper No. DP10420
Number of pages: 63 Posted: 17 Feb 2015
J. P. Decamps, Sebastian Gryglewicz, Erwan Morellec and Stephane Villeneuve
University of Toulouse 1 - Groupe de Recherche en Economie Mathématique et Quantitative (GREMAQ), Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Ecole Polytechnique Fédérale de Lausanne and University of Toulouse 1 - Toulouse School of Economics (TSE)
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corporate policies, financing frictions, permanent vs. temporary shocks, risk management