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

SCHOLARLY PAPERS

42

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37,866

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Top 1,726

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871

CROSSREF CITATIONS

126

Scholarly Papers (42)

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 3,814 (5,512)
Citation 28

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Takeovers, Option Games, Real Options, Learning

2.
Downloads 3,467 ( 6,475)
Citation 49

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 Schuerhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 2,854 (8,626)
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 Schuerhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 613 (82,415)
Citation 49

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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 - Questrom School of Business
Downloads 2,635 (9,987)
Citation 23

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

4.

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 European Central Bank
Downloads 2,274 (12,617)
Citation 14

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product market competition, cash holdings, financing decisions

5.

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 - Questrom School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 2,124 (14,089)
Citation 91

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Dynamic Capital Structure, Credit Spreads, Macroeconomic Conditions

6.

On the Debt Capacity of Growth Options

Number of pages: 31 Posted: 06 Sep 2001
University of Rochester - Simon School (Deceased), Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 1,693 (20,081)
Citation 54

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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
École Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 1,465 (25,023)
Citation 8

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Risk aversion, Real options, Investment timing

Corporate Investment and Financing Under Asymmetric Information

Number of pages: 61 Posted: 08 Jan 2009 Last Revised: 02 Apr 2010
Erwan Morellec and Norman Schuerhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 903 (49,385)
Citation 3

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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 Schuerhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 477 (112,360)
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 1,309 (29,568)
Citation 19

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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
École Polytechnique Fédérale de Lausanne, Ecole Polytechnique Federale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 1,191 (33,911)
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 1,128 (36,588)
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 1,002 (43,487)
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 970 (45,415)
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 954 (46,456)
Citation 4

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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
École Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 871 (52,679)
Citation 14

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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 863 (53,353)
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 854 (54,238)
Citation 34

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18.

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
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Università della Svizzera italiana (USI Lugano), Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School and University of Bern
Downloads 751 (64,378)
Citation 8

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cash flow risk, permanent and transitory shocks, liquidity management

19.
Downloads 744 (65,296)
Citation 11

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 Schuerhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 744 (64,334)

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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 Schuerhoff
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.

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 687 (72,206)
Citation 18

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takeovers, option games, real options, capital structure

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
Board of Governors of the Federal Reserve System, Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School and University of Bern
Downloads 608 (84,157)
Citation 11

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

22.

Noisy Information and Investment Decisions: A Note

Number of pages: 9 Posted: 08 Aug 1998
Laurent Gauthier and Erwan Morellec
University of Lorraine - CEREFIGE Research Center and Ecole Polytechnique Fédérale de Lausanne
Downloads 602 (85,232)

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23.

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
Pennsylvania State University - Smeal College of Business, HEC Montreal - Department of Finance and Ecole Polytechnique Fédérale de Lausanne
Downloads 562 (92,960)
Citation 8

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debt, innovation, industry dynamics, growth

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), Carnegie Mellon University and Ecole Polytechnique Fédérale de Lausanne
Downloads 557 (92,876)
Citation 13

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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), Carnegie Mellon University and Ecole Polytechnique Fédérale de Lausanne
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25.

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 European Central Bank
Downloads 545 (96,628)
Citation 20

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

26.

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 491 (109,750)
Citation 2

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Takeovers, Real Options, Competition, Learning

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), Carnegie Mellon University and Ecole Polytechnique Fédérale de Lausanne
Downloads 479 (113,054)
Citation 40

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

28.

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 469 (115,949)
Citation 6

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

29.

Asset Life, Leverage, and Debt Maturity Matching

Journal of Financial Economics (JFE), Forthcoming, Swiss Finance Institute Research Paper No. 24-06
Number of pages: 80 Posted: 09 Feb 2022 Last Revised: 12 Feb 2024
Thomas Geelen, Jakub Hajda, Erwan Morellec and Adam Winegar
Pennsylvania State University - Smeal College of Business, HEC Montreal - Department of Finance, Ecole Polytechnique Fédérale de Lausanne and BI Norwegian Business School
Downloads 405 (137,555)

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capital age, asset life, maturity matching, debt cycles, maturity cycles

30.
Downloads 390 (143,597)
Citation 45

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
École Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 388 (143,174)
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
École Polytechnique Fédérale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 2 (1,182,971)
Citation 11
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banks, capital structure, insolvency risk, liquidity buffers, regulation

31.

Personal Taxes, Leverage, and Real Investment

Number of pages: 40 Posted: 02 Jul 2004
Erwan Morellec and Norman Schuerhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 378 (148,641)

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real options, capital gains taxation, capital structure

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 348 (162,829)
Citation 9

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Product market competition, Investment, Leverage effect, Option skew

33.

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 338 (167,986)
Citation 21

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Investment, Capacity Choice, Regime Shifts, Real Options

34.

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
École Polytechnique Fédérale de Lausanne, Ecole Polytechnique Federale de Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 262 (218,856)
Citation 9

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

35.

The Dynamics of Loan Sales and Lender Incentives

Swiss Finance Institute Research Paper No. 21-82
Number of pages: 112 Posted: 11 Oct 2021 Last Revised: 04 Feb 2024
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Carnegie Mellon University and Ecole Polytechnique Fédérale de Lausanne
Downloads 259 (221,369)
Citation 2

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dynamic agency, screening, monitoring, loan sales, syndicated loans

36.

Relationship Capital and Financing Decisions

Swiss Finance Institute Research Paper No. 21-46
Number of pages: 56 Posted: 19 Jul 2021 Last Revised: 06 May 2024
Pennsylvania State University - Smeal College of Business, Ecole Polytechnique Fédérale de Lausanne and Swiss Finance InstituteEcole Polytechnique Fédérale de Lausanne
Downloads 229 (249,663)

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relationship lending, capital structure, debt maturity, default

37.

Corporate Policies with Permanent and Transitory Shocks

Swiss Finance Institute Research Paper No. 16-18
Number of pages: 60 Posted: 02 Mar 2016
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 199 (284,426)
Citation 19

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

38.

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 European Central Bank
Downloads 175 (318,923)
Citation 1

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Short-term debt financing; rollover risk; financial amplification

39.

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 145 (373,511)
Citation 1

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Takeovers, stock returns, equity risk

Dynamic Investment and Financing under Personal Taxation

Number of pages: 57 Posted: 02 Sep 2008
Erwan Morellec and Norman Schuerhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne
Downloads 132 (403,180)
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 Schuerhoff
Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute - HEC Lausanne

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G31, G32, H24, H32

41.

Investor Activism and Green Transition

Number of pages: 81 Posted: 29 Nov 2023 Last Revised: 24 Jan 2024
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Carnegie Mellon University and Ecole Polytechnique Fédérale de Lausanne
Downloads 117 (440,538)

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Investor Activism, Optimal Contracting, Sustainable Finance, ESG, Environmental Regulation

42.

Corporate Policies with Permanent and Temporary Shocks

CEPR Discussion Paper No. DP10420
Number of pages: 63 Posted: 17 Feb 2015
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