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

36

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CITATIONS
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559

Scholarly Papers (36)

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1.

The Dynamics of Mergers and Acquisitions

Simon School of Business Working Paper No. FR 01-11
Number of pages: 29 Posted: 30 Aug 2001
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 3,613 (2,599)
Citation 41

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Takeovers, Option Games, Real Options, Learning

2.

Corporate Governance and Capital Structure Dynamics

Downloads 3,176 ( 3,247)
Citation 45

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 University of Lausanne
Downloads 2,614 (4,426)
Citation 9

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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 University of Lausanne
Downloads 562 (46,587)
Citation 48

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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 2,468 (4,972)
Citation 46

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

4.

Capital Structure, Credit Risk, and Macroeconomic Conditions

Simon School of Business Working Paper No. FR 03-10
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 2,032 (6,899)
Citation 143

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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 1,744 (8,941)
Citation 10

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product market competition, cash holdings, financing decisions

6.

On the Debt Capacity of Growth Options

Simon School of Business Working Paper No. FR 01-07
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 1,619 (10,094)
Citation 105

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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 1,274 (14,755)
Citation 4

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Risk aversion, Real options, Investment timing

8.

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 1,264 (14,950)
Citation 9

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Debt Financing, Hedging, Contingent Claims Analysis

9.

Corporate Investment and Financing Under Asymmetric Information

Downloads 1,237 ( 15,492)
Citation 66

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 University of Lausanne
Downloads 829 (27,532)
Citation 5

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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 University of Lausanne
Downloads 408 (69,612)
Citation 63

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asymmetric information, financing decisions, investment timing

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 1,078 (19,089)
Citation 54

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

11.

Can Managerial Discretion Explain Observed Leverage Ratios?

Simon School of Business Working Paper No. FR 01-12
Number of pages: 33 Posted: 30 Aug 2001
Erwan Morellec
Ecole Polytechnique Fédérale de Lausanne
Downloads 956 (22,771)
Citation 41

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Investment Policy, Financing Policy, Market for Corporate Control

12.

Investment Policy, Financial Policies and the Market for Corporate Control

Simon School of Business Working Paper No. FR 01-14
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 944 (23,194)
Citation 2

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Financial Policies, Investment Policy, Market for Corporate Control

13.

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 940 (23,326)
Citation 12

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

14.

Capital Structure, Investment, and Private Benefits of Control

Simon Business School Working Paper No. FR04-17
Number of pages: 31 Posted: 14 Sep 2004
Erwan Morellec and Neng Wang
Ecole Polytechnique Fédérale de Lausanne and Columbia Business School - Finance and Economics
Downloads 871 (26,071)
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 841 (27,408)
Citation 21

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Real options, incomplete markets, corporate control, risk aversion

16.

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

Simon School of Business Working Paper No. FR 02-16
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 776 (30,604)
Citation 14

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Investment Policy, Financing Policy, Risk Management

17.

Capital Structure and Asset Prices: Some Effects of Bankruptcy Procedures

Simon School of Business Working Paper No. FR 01-22
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 774 (30,719)
Citation 55

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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 642 (39,581)
Citation 25

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takeovers, option games, real options, capital structure

19.

Noisy Information and Investment Decisions: A Note

Number of pages: 9 Posted: 08 Aug 1998
Laurent Gauthier and Erwan Morellec
University of Konstanz and Ecole Polytechnique Fédérale de Lausanne
Downloads 557 (47,736)

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20.

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
Federal Reserve Board, Ecole Polytechnique Fédérale de Lausanne, City University London - Cass Business School and University of Bern
Downloads 486 (56,708)
Citation 11

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

21.

A Dynamic Analysis of Takeover Deals with Competition and Imperfect Information

Simon School of Business Working Paper No. FR 03-15
Number of pages: 30 Posted: 21 May 2003
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 452 (62,040)
Citation 2

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Takeovers, Real Options, Competition, Learning

22.

Agency Conflicts Around the World

Downloads 439 ( 64,270)
Citation 1

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 University of Lausanne
Downloads 439 (63,632)

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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 University of Lausanne
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Citation 1
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agency conflicts, Capital Structure, corporate governance, structural estimation

23.

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 416 (68,550)
Citation 5

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

24.

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 University of Lausanne
Downloads 334 (88,519)

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real options, capital gains taxation, capital structure

25.

Bank Capital, Liquid Reserves, and Insolvency Risk

Downloads 296 (101,050)
Citation 11

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 294 (101,279)
Citation 5

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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 (661,513)
Citation 14
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banks, capital structure, insolvency risk, liquidity buffers, regulation

26.

Irreversible Investment with Regime Shifts

Simon School of Business Working Paper No. FR 02-20
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 290 (103,336)
Citation 48

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Investment, Capacity Choice, Regime Shifts, Real Options

27.

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 270 (111,932)

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

28.

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 213 (141,418)
Citation 9

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

29.

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 211 (142,698)
Citation 1

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Product market competition, Investment, Leverage effect, Option skew

30.

Transitory versus Permanent Shocks: Explaining Corporate Savings and Investment

Swiss Finance Institute Research Paper No. 18-21
Number of pages: 63 Posted: 26 Jun 2017 Last Revised: 15 Mar 2018
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, City University London - Cass Business School and University of Bern
Downloads 162 (181,036)
Citation 4

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Cash holdings, Investment, permanent vs. transitory shocks

31.

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

Downloads 154 (189,021)
Citation 3

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

Swiss Finance Institute Research Paper No. 18-16
Number of pages: 60 Posted: 18 Dec 2017 Last Revised: 08 Nov 2018
Sebastian Gryglewicz, Simon Mayer and Erwan Morellec
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and Ecole Polytechnique Fédérale de Lausanne
Downloads 154 (189,367)
Citation 4

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

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), Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and Ecole Polytechnique Fédérale de Lausanne
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32.

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 124 (224,771)

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Short-term debt financing; rollover risk; financial amplification

33.

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 110 (245,332)
Citation 19

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

34.

Dynamic Investment and Financing under Personal Taxation

Downloads 100 (262,027)
Citation 24

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 University of Lausanne
Downloads 100 (263,762)
Citation 24

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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 University of Lausanne

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G31, G32, H24, H32

35.

Debt, Innovation, and Growth

Number of pages: 59 Posted: 13 Jul 2019
Thomas Geelen, Jakub Hajda and Erwan Morellec
Copenhagen Business School - Department of Finance, University of Lausanne and Ecole Polytechnique Fédérale de Lausanne
Downloads 11 (568,659)

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debt, innovation, industry dynamics, growth

36.

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)
Downloads 0 (662,094)
Citation 1
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corporate policies, financing frictions, permanent vs. temporary shocks, risk management