Erwan Morellec

Ecole Polytechnique Fédérale de Lausanne

College of Management

Extranef Quartier UNIL-Dorigny

1015 Lausanne, CH-1015

Switzerland

http://sfi.epfl.ch/

Ecole Polytechnique Fédérale de Lausanne - Ecole Polytechnique Fédérale de Lausanne

c/o University of Geneve

40, Bd du Pont-d'Arve

1211 Geneva, CH-6900

Switzerland

SCHOLARLY PAPERS

34

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CITATIONS
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Top 1,111

in Total Papers Citations

489

Scholarly Papers (34)

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 3,313 (2,108)
Citation 26

Abstract:

Takeovers, Option Games, Real Options, Learning

2.
Downloads 2,985 ( 2,836)
Citation 16

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 2,455 (3,868)
Citation 16

Abstract:

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 530 (41,796)
Citation 16

Abstract:

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 2,271 (4,181)
Citation 33

Abstract:

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 Questrom School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 1,930 (5,665)
Citation 80

Abstract:

Dynamic Capital Structure, Credit Spreads, Macroeconomic Conditions

5.

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
University of Rochester - Simon School (Deceased), Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 1,459 (8,280)
Citation 68

Abstract:

Growth Options, Book Leverage

6.

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 1,227 (8,712)
Citation 12

Abstract:

product market competition, cash holdings, financing decisions

7.

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 Jr.
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 1,203 (12,458)
Citation 15

Abstract:

Debt Financing, Hedging, Contingent Claims Analysis

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 791 (24,262)
Citation 22

Abstract:

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 382 (62,857)
Citation 22

Abstract:

asymmetric information, financing decisions, investment timing

9.

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 1,109 (13,067)
Citation 4

Abstract:

Risk aversion, Real options, Investment timing

10.

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 Jr.
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 927 (19,159)
Citation 1

Abstract:

Financial Policies, Investment Policy, Market for Corporate Control

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 916 (19,120)
Citation 70

Abstract:

Investment Policy, Financing Policy, Market for Corporate Control

12.

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 877 (17,040)
Citation 14

Abstract:

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

13.

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 826 (22,792)
Citation 12

Abstract:

Real options, incomplete markets, corporate control, risk aversion

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 808 (22,342)

Abstract:

private benefits of control, investment policy, financing policy

15.

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 754 (25,834)
Citation 42

Abstract:

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 Jr.
Ecole Polytechnique Fédérale de Lausanne and Simon Graduate School of Business, University of Rochester
Downloads 722 (26,688)
Citation 14

Abstract:

Investment Policy, Financing Policy, Risk Management

17.

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 590 (34,792)
Citation 13

Abstract:

takeovers, option games, real options, capital structure

18.

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 561 (22,880)
Citation 1

Abstract:

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

19.

Noisy Information and Investment Decisions: A Note

Number of pages: 9 Posted: 08 Aug 1998
Laurent Gauthier and Erwan Morellec
University of Paris, New York and Ecole Polytechnique Fédérale de Lausanne
Downloads 544 (40,110)

Abstract:

20.

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 427 (53,764)
Citation 1

Abstract:

Takeovers, Real Options, Competition, Learning

21.

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 388 (58,118)
Citation 3

Abstract:

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

22.

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 327 (74,790)

Abstract:

real options, capital gains taxation, capital structure

23.

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 282 (88,780)
Citation 36

Abstract:

Investment, Capacity Choice, Regime Shifts, Real Options

24.
Downloads 222 (115,189)
Citation 1

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 220 (115,746)
Citation 1

Abstract:

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 (568,600)
Citation 1
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Abstract:

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

25.
Downloads 211 (121,165)

Agency Conflicts Around the World

Swiss Finance Institute Research Paper No. 15-21
Number of pages: 62 Posted: 14 Jul 2015 Last Revised: 10 May 2017
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and University of Lausanne
Downloads 211 (120,781)

Abstract:

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
Downloads 0
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Abstract:

agency conflicts, Capital Structure, corporate governance, structural estimation

26.

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
Federal Reserve Board, Ecole Polytechnique Fédérale de Lausanne, City University London - Cass Business School and University of Bern
Downloads 191 (52,331)

Abstract:

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

27.

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 191 (125,697)

Abstract:

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

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 95 (234,269)
Citation 6

Abstract:

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

Abstract:

G31, G32, H24, H32

29.

Transitory Versus Permanent Shocks: Explaining Corporate Savings and Investment

Number of pages: 61 Posted: 26 Jun 2017 Last Revised: 14 Jul 2017
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Lugano - Institute of Finance, Ecole Polytechnique Fédérale de Lausanne, City University London - Cass Business School and University of Bern
Downloads 0 (356,092)

Abstract:

Cash holdings, Investment, permanent vs. transitory shocks

30.

Product Market Competition and Option Prices

Swiss Finance Institute Research Paper No. 17-07
Number of pages: 64 Posted: 17 Feb 2017 Last Revised: 29 Jun 2017
Erwan Morellec and Alexei Zhdanov
Ecole Polytechnique Fédérale de Lausanne and Pennsylvania State University
Downloads 0 (195,732)

Abstract:

Product market competition, Investment, Leverage effect, Option skew

31.

Short-Term Debt and Incentives for Risk-Taking

Number of pages: 50 Posted: 09 Dec 2016 Last Revised: 19 Jan 2017
Marco Della Seta, Erwan Morellec and Francesca Zucchi
APG - Asset Management, Ecole Polytechnique Fédérale de Lausanne and Federal Reserve Board
Downloads 0 (226,238)

Abstract:

short-term debt financing, rollover risk, risk-shifting

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 0 (239,214)

Abstract:

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
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 0 (265,270)

Abstract:

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

34.

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)
Downloads 0 (565,991)
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Abstract:

corporate policies, financing frictions, permanent vs. temporary shocks, risk management