Ulrich Hege

Toulouse School of Economics

Director and Professor

Place Anatole-France

Toulouse Cedex, F-31042

France

http://https://www.tse-fr.eu/people/ulrich-hege

European Corporate Governance Institute (ECGI)

Research Associate

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

http:/www.ecgi.org

  • Toulouse School of Economics

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    • Tel: +33 5 61 12 86 01
SCHOLARLY PAPERS

29

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84

CROSSREF CITATIONS

220

Scholarly Papers (29)

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1.

Venture Capital Performance: the Disparity Between Europe and the United States

Number of pages: 41 Posted: 11 Feb 2004 Last Revised: 15 Mar 2013
Ulrich Hege, Frédéric Palomino and Armin Schwienbacher
Toulouse School of Economics, EDHEC Business School - Department of Economics & Finance and SKEMA Business School
Downloads 2,096 (10,651)
Citation 26

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venture capital performance, financial development, stage financing, exit, monitoring

2.

Ownership and Control in Joint Ventures: Theory and Evidence

Downloads 1,053 ( 30,414)
Citation 20

Ownership and Control in Joint Ventures: Theory and Evidence

AFA 2004 San Diego Meetings
Number of pages: 46 Posted: 23 Nov 2003 Last Revised: 20 Feb 2015
Robert B. H. Hauswald and Ulrich Hege
American University - Department of Finance and Real Estate and Toulouse School of Economics
Downloads 1,024 (31,191)
Citation 29

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Joint ventures, ownership and control, double-sided moral hazard

Ownership and Control in Joint Ventures: Theory and Evidence

Number of pages: 45 Posted: 07 Nov 2003
Robert B. H. Hauswald and Ulrich Hege
American University - Department of Finance and Real Estate and Toulouse School of Economics
Downloads 29 (664,067)
Citation 1
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3.

The Value of Benchmarking

Number of pages: 33 Posted: 16 Sep 2002
Dirk Bergemann and Ulrich Hege
Yale University - Cowles Foundation - Department of Economics and Toulouse School of Economics
Downloads 692 (54,011)

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Venture Financing, Optimal Stopping, Benchmarking, Stage Financing, Abandonment Option

4.

Venture Capital and Sequential Investments

Downloads 617 ( 62,567)
Citation 19

Venture Capital and Sequential Investments

EFA 2009 Bergen Meetings Paper, Cowles Foundation Discussion Paper No. 1682R
Number of pages: 57 Posted: 04 Nov 2008 Last Revised: 10 Dec 2019
Dirk Bergemann, Ulrich Hege and Liang Peng
Yale University - Cowles Foundation - Department of Economics, Toulouse School of Economics and Smeal College of Business, The Pennsylvania State University
Downloads 316 (136,241)
Citation 11

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Venture Capital, Sequential investment, Stage financing, Intertemporal returns

Venture Capital and Sequential Investments

Cowles Foundation Discussion Paper No. 1682RR
Number of pages: 65 Posted: 20 Oct 2009
Dirk Bergemann, Ulrich Hege and Liang Peng
Yale University - Cowles Foundation - Department of Economics, Toulouse School of Economics and Smeal College of Business, The Pennsylvania State University
Downloads 177 (238,983)
Citation 15

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venture capital, sequential investment, stage financing, intertemporal returns

Venture Capital and Sequential Investments

Cowles Foundation Discussion Paper No. 1682R
Number of pages: 62 Posted: 25 Mar 2009 Last Revised: 15 Mar 2013
Dirk Bergemann, Ulrich Hege and Liang Peng
Yale University - Cowles Foundation - Department of Economics, Toulouse School of Economics and Smeal College of Business, The Pennsylvania State University
Downloads 124 (318,575)

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Venture capital, Sequential investment, Stage financing, Intertemporal returns

5.

The Financing of Innovation: Learning and Stopping

Downloads 579 ( 67,832)
Citation 16

The Financing of Innovation: Learning and Stopping

Number of pages: 51 Posted: 28 Dec 2003
Dirk Bergemann and Ulrich Hege
Yale University - Cowles Foundation - Department of Economics and Toulouse School of Economics
Downloads 579 (67,063)
Citation 16

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Innovation, venture capital, relationship financing, arm's length financing, learning, time-consistency, stopping, renegotiation-proofness

The Financing of Innovation: Learning and Stopping

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 10 Nov 2009
Dirk Bergemann and Ulrich Hege
Yale University - Cowles Foundation - Department of Economics and Toulouse School of Economics

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R&D, Information asymmetry, Uncertainty, Commitment, Interpersonal relations, Angel investors, Conflict management, Financing, Rates of return

6.

Divisional Buyouts by Private Equity and the Market for Divested Assets

Number of pages: 45 Posted: 22 Mar 2011 Last Revised: 27 Sep 2018
Ulrich Hege, Stefano Lovo, Myron B. Slovin and Marie E. Sushka
Toulouse School of Economics, HEC Paris - Finance Department, HEC Paris and Arizona State University
Downloads 560 (70,747)
Citation 7

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Divisional buyouts, asset sales, private equity, restructuring, corporate auctions

7.

Fund Managers Under Pressure: Rationale and Determinants of Secondary Buyouts

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 397/2014
Number of pages: 63 Posted: 06 Oct 2013 Last Revised: 08 Oct 2014
Sridhar Arcot, Zsuzsanna Fluck, Jose-Miguel Gaspar and Ulrich Hege
ESSEC Business School - Finance Department, Michigan State University - Department of Finance, ESSEC Business School and Toulouse School of Economics
Downloads 506 (80,217)
Citation 16

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leveraged buyouts, secondary buyouts, private equity, limited investment horizon, agency conflicts in fund management

8.

Extending Industry Specialization through Cross-Border Acquisitions

Downloads 488 ( 83,815)
Citation 8

Extending Industry Specialization through Cross-Border Acquisitions

Number of pages: 57 Posted: 02 Aug 2014 Last Revised: 04 Nov 2016
Laurent Frésard, Ulrich Hege and Gordon M. Phillips
Universita della Svizzera italiana (USI Lugano), Toulouse School of Economics and Dartmouth College - Tuck School of Business
Downloads 466 (87,792)

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Extending Industry Specialization Through Cross-Border Acquisitions

NBER Working Paper No. w22848
Number of pages: 58 Posted: 21 Nov 2016 Last Revised: 06 Jun 2022
Laurent Frésard, Ulrich Hege and Gordon M. Phillips
Universita della Svizzera italiana (USI Lugano), Toulouse School of Economics and Dartmouth College - Tuck School of Business
Downloads 22 (719,991)
Citation 2

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9.

Blockholder Leverage and Payout Policy: Evidence from French Holding Companies

ECGI - Finance Working Paper No. 261/2009
Number of pages: 51 Posted: 26 Aug 2009 Last Revised: 10 Dec 2019
Sereeparp Anantavrasilp, Abe de Jong, Douglas V. DeJong and Ulrich Hege
Rotterdam School of Management (RSM), Monash University, University of Iowa - Tippie College of Business and Toulouse School of Economics
Downloads 470 (87,665)
Citation 3

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payout policy, blockholders, concentrated ownership, leverage, blockholder private leverage, margin loans, insider pledging, pyramids, financial crisis

10.

Multiple Shareholders and Control Contests

Number of pages: 34 Posted: 03 Jun 2013
Francis Bloch, Francis Bloch and Ulrich Hege
University of Angers - Research Group in Quantitative Saving (GREQAM)National Center for Scientific Research (CNRS) and Toulouse School of Economics
Downloads 407 (103,637)
Citation 32

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multiple shareholders, corporate control, contestability, block trading

11.

The Basel Accord and the Value of Bank Differentiation

CFS Working Paper No. 2004/25, AFA 2008 New Orleans Meetings Paper
Number of pages: 68 Posted: 31 Dec 2004 Last Revised: 02 Jun 2013
Eberhard Feess and Ulrich Hege
Frankfurt School of Finance & Management and Toulouse School of Economics
Downloads 397 (106,691)
Citation 4

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bank capital regulation, bank failure, risk-taking, Basel Accord, internal ratings.

12.

Internal Capital Markets: The Insurance-Contagion Trade-Off

Number of pages: 26 Posted: 22 Mar 2002
Lorand Ambrus-Lakatos and Ulrich Hege
Central European University and Toulouse School of Economics
Downloads 304 (142,725)
Citation 5

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Internal capital markets, diversification discount, debt overhang, contagion, emerging markets

13.

Acquisition Values and Optimal Financial (In)Flexibility

EFA 2008 Athens Meetings Paper
Number of pages: 62 Posted: 03 Mar 2008 Last Revised: 20 Feb 2015
Ulrich Hege and Chris Hennessy
Toulouse School of Economics and London Business School
Downloads 288 (150,961)
Citation 4

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Acquisitions, Mergers, Entry, Financial Contracting, Capital Structure, Event-Risk Covenants

14.

Repeated Dilution of Diffusely Held Debt

Downloads 283 (153,664)
Citation 12

Repeated Dilution of Diffusely Held Debt

Number of pages: 50 Posted: 13 Mar 2002
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 283 (152,924)
Citation 12

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Debt Reorganization, Multiple Creditors, Priority of Claims, Debt Pricing

Repeated Dilution of Diffusely Held Debt

Journal of Business, Vol. 78, No. 3, 2005
Posted: 07 Mar 2007
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School

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Debt Reorganization, Multiple Creditors, Priority of Claims, Debt Pricing

15.

Reorganization Law and Dilution Threats in Different Financial Systems

Number of pages: 28 Posted: 01 Jun 2000
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 273 (159,441)

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Workouts, reorganization law, Chapter 11, financial systems, dilution threats, exit consents, hold-in effect

16.

Activism Pressure and the Market for Corporate Assets

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 596/2019
Number of pages: 67 Posted: 13 Jan 2019 Last Revised: 19 Sep 2019
Ulrich Hege and Yifei Zhang
Toulouse School of Economics and Peking University, HSBC Business School
Downloads 231 (187,650)
Citation 2

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hedge fund activism, activism threat, divestitures, mergers, acquisitions, small acquirers, real asset liquidity, price pressure, acquisition efficiency

17.

Blockholder Leverage and Payout Policy: Evidence from French Holding Companies

Downloads 224 (193,214)

Blockholder Leverage and Payout Policy: Evidence from French Holding Companies

Number of pages: 51 Posted: 09 Oct 2009 Last Revised: 10 Dec 2019
Sereeparp Anantavrasilp, Abe de Jong, Douglas V. DeJong and Ulrich Hege
Rotterdam School of Management (RSM), Monash University, University of Iowa - Tippie College of Business and Toulouse School of Economics
Downloads 221 (195,484)

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payout policy, blockholders, concentrated ownership, leverage, blockholder private leverage, margin loans, insider pledging, pyramids, financial crisis

Blockholder Leverage and Payout Policy: Evidence from French Holding Companies

Journal of Business Finance & Accounting, Vol. 47, Issue 1-2, pp. 253-292, 2020
Number of pages: 40 Posted: 27 May 2020
Sereeparp Anantavrasilp, Abe de Jong, Douglas V. DeJong and Ulrich Hege
Rotterdam School of Management (RSM), Monash University, University of Iowa - Tippie College of Business and Toulouse School of Economics
Downloads 3 (919,989)

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blockholder private leverage, blockholders, concentrated ownership, financial crisis, insider pledging, leverage, margin loans, payout policy, pyramids

18.

Are Novice Private Equity Funds Risk-Takers? Evidence from a Comparison with Established Funds

29th International Conference of the French Finance Association (AFFI) 2012, Journal of Corporate Finance, Vol. 27, No. 55-71, 2014
Number of pages: 40 Posted: 05 Nov 2012 Last Revised: 20 Feb 2015
Pierre Giot, Ulrich Hege and Armin Schwienbacher
Facultés Universitaires Notre-Dame de la Paix (FUNDP), Toulouse School of Economics and SKEMA Business School
Downloads 139 (290,991)
Citation 4

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private equity funds, venture capital, buyouts, learning, reputation, risk-taking.

19.

Entrepreneurial Spawning and Firm Characteristics

Forthcoming in Management Science, Swiss Finance Institute Research Paper No. 11-01
Number of pages: 34 Posted: 01 Feb 2011 Last Revised: 03 Jun 2013
Michel A. Habib, Ulrich Hege and Pierre Mella-Barral
University of Zurich, Toulouse School of Economics and Toulouse Business School
Downloads 134 (299,329)

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spawning, spinoffs, spinouts, general and specialized resources, firm organization, organizational fit, firm size, focus, profitability, innovativeness, spawning dynamics

20.

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

Downloads 125 (315,348)
Citation 8

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

Number of pages: 47 Posted: 07 Mar 2007
Ulrich Hege, Stefano Lovo, Myron B. Slovin and Marie E. Sushka
Toulouse School of Economics, HEC Paris - Finance Department, Louisiana State University, Baton Rouge - Department of Finance and Arizona State University
Downloads 125 (316,700)
Citation 8

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Asset sales, means of payment, auctions, two-sided asymmetric information

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

The Review of Financial Studies, Vol. 22, Issue 2, pp. 681-714, 2009
Posted: 25 Jan 2009
Ulrich Hege, Myron B. Slovin, Marie E. Sushka and Stefano Lovo
Toulouse School of Economics, HEC Paris, Arizona State University and HEC Paris - Finance Department

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D44, G34

21.

Utility Tokens Financing, Investment Incentives, and Regulation

Number of pages: 36 Posted: 19 Mar 2021 Last Revised: 06 Aug 2021
Edmond Baranes, Ulrich Hege and Jin-Hyuk Kim
Université Montpellier 1, Toulouse School of Economics and University of Colorado at Boulder
Downloads 119 (326,703)

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utility tokens, initial coin offering, entrepreneurial financing

22.

The Impact of Corporate Climate Action on Financial Markets: Evidence from Climate-Related Patents

Number of pages: 67 Posted: 28 Jul 2022 Last Revised: 06 Sep 2022
Ulrich Hege, Sebastien Pouget and Yifei Zhang
Toulouse School of Economics, Toulouse School of Economics and Peking University, HSBC Business School
Downloads 101 (365,556)

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climate-related patents, green patents, climate change, stock returns, ESG ratings, ESG investors, examiner's leniency, patent applications

23.

Mandatory Governance Reform and Corporate Risk Management

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 552/2018, Journal of Corporate Finance, Forthcoming
Number of pages: 64 Posted: 05 Feb 2018 Last Revised: 07 Apr 2021
Ulrich Hege, Elaine Hutson and Elaine Laing
Toulouse School of Economics, Monash University - Dept of Banking and Finance and Trinity Business School
Downloads 101 (365,556)

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risk management, financial hedging, operational hedging, foreign exchange risk, Sarbanes-Oxley Act, corporate governance reform, board monitoring, risk-taking incentives

24.

Entrepreneurial Spawning and Firm Characteristics

Management Science, December 2013, Vol. 59, No. 12, pp 2790-2804
Number of pages: 34 Posted: 16 Mar 2012 Last Revised: 06 Jul 2017
Pierre Mella-Barral, Michel A. Habib and Ulrich Hege
Toulouse Business School, University of Zurich and Toulouse School of Economics
Downloads 84 (409,710)
Citation 3

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spawning, spinoffs, spinouts, general and specialized resources, firm organization, organizational fit, firm size, focus, profitability, innovativeness, spawning dynamics

25.

Bond Exchange Offers or Collective Action Clauses?

Number of pages: 39 Posted: 17 Jun 2019 Last Revised: 14 Apr 2020
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 36 (603,438)

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Out-of-court restructuring, exchange offer, collective action clause, exit consent, hold-out problem, hold-in problem, Trust Indenture Act

26.

Token Financing, Investment Incentives, and Regulation

Number of pages: 38 Posted: 23 Jul 2022
Ulrich Hege, Edmond Baranes and Jin-Hyuk Kim
Toulouse School of Economics, Université Montpellier 1 and University of Colorado at Boulder
Downloads 31 (633,530)

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utility token, initial coin offering, entrepreneurial financing

27.

The Private Equity Secondaries Market During the Financial Crisis and the 'Valuation Gap'

Journal of Private Equity, Summer 2011, https://doi.org/10.3905/jpe.2011.14.3.042
Posted: 21 May 2019
Ulrich Hege and Alessandro Nuti
Toulouse School of Economics and affiliation not provided to SSRN

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private equity secondaries, private equity, non-tradable assets, illiquidity

28.

The Law and Finance of Venture Capital Financing in Europe: Findings from the RICAFE Research Project

European Business Organization Law Review (EBOR), Vol. 7, 2006
Posted: 19 Feb 2007
Marco Da Rin, Ulrich Hege, Gerard Llobet and Uwe Walz
Tilburg University, Department of Finance, Toulouse School of Economics, Centre for Monetary and Financial Studies (CEMFI) and Goethe University Frankfurt - Institute of Economics

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29.

Contentious Contracts

CEPR Discussion Paper Series Number 1910
Posted: 08 Oct 1998
Ulrich Hege and Pascale Viala
Toulouse School of Economics and Universite de Montreal

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