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 ECARES ULB CP 114

B-1050 Brussels

Belgium

http:/www.ecgi.org

  • Toulouse School of Economics

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

27

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CITATIONS
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154

Scholarly Papers (27)

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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 2,009 (7,030)
Citation 40

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

2.

Ownership and Control in Joint Ventures: Theory and Evidence

Downloads 919 ( 24,115)
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 890 (24,876)
Citation 30

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

Ownership and Control in Joint Ventures: Theory and Evidence

CEPR Discussion Paper No. 4056
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 (478,753)
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3.

The Value of Benchmarking

Cowles Foundation Discussion Paper No. 1379
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 660 (38,105)
Citation 2

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

4.

Venture Capital and Sequential Investments

Downloads 556 ( 47,803)
Citation 11

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: 20 Feb 2015
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 274 (109,191)
Citation 6

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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 171 (172,889)
Citation 6

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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 111 (244,863)

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Venture capital, Sequential investment, Stage financing, Intertemporal returns

5.

The Financing of Innovation: Learning and Stopping

Downloads 530 ( 50,763)
Citation 81

The Financing of Innovation: Learning and Stopping

Cowles Foundation Discussion Paper No. 1292R
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 530 (50,159)
Citation 81

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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 497 (55,021)
Citation 7

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

7.

Blockholders and Leverage: When Debt Leads to Higher Dividends

ECGI - Finance Working Paper No. 261/2009
Number of pages: 51 Posted: 26 Aug 2009 Last Revised: 20 Feb 2015
Abe de Jong, Douglas V. DeJong, Ulrich Hege and Gerard Mertens
Rotterdam School of Management, Erasmus University, University of Iowa - Tippie College of Business, Toulouse School of Economics and Erasmus University Rotterdam (EUR) - Department of Financial Management
Downloads 449 (62,500)
Citation 3

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payout policy, blockholders, leverage, debt service hypothesis, concentrated ownership, investment policy, pyramids.

8.

Extending Industry Specialization through Cross-Border Acquisitions

Downloads 434 ( 65,095)
Citation 3

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 425 (66,137)

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Extending Industry Specialization Through Cross-Border Acquisitions

NBER Working Paper No. w22848
Number of pages: 58 Posted: 21 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 9 (605,287)
Citation 6

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9.

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 421 (67,527)
Citation 17

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

10.

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 gemeinnützige GmbH and Toulouse School of Economics
Downloads 376 (77,160)
Citation 8

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

11.

Internal Capital Markets: The Insurance-Contagion Trade-Off

EFA 2002 Berlin Meetings Presented Paper
Number of pages: 26 Posted: 22 Mar 2002
Lorand Ambrus-Lakatos and Ulrich Hege
Central European University and Toulouse School of Economics
Downloads 294 (101,742)
Citation 3

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

12.

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 273 (110,171)
Citation 5

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

13.

Repeated Dilution of Diffusely Held Debt

Downloads 271 (110,962)

Repeated Dilution of Diffusely Held Debt

EFA 2002 Berlin Meetings Presented Paper
Number of pages: 50 Posted: 13 Mar 2002
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 271 (110,423)
Citation 25

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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

14.

Reorganization Law and Dilution Threats in Different Financial Systems

EFA 0391
Number of pages: 28 Posted: 01 Jun 2000
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 264 (114,062)

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

15.

Multiple Shareholders and Control Contests

Number of pages: 34 Posted: 03 Jun 2013
Francis Bloch and Ulrich Hege
University of Angers - Research Group in Quantitative Saving (GREQAM) and Toulouse School of Economics
Downloads 250 (120,697)
Citation 34

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multiple shareholders, corporate control, contestability, block trading

16.

Debt and Dividends in Pyramidal Structures: Evidence from France

Paris December 2009 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 46 Posted: 09 Oct 2009
Abe de Jong, Douglas V. DeJong, Ulrich Hege and Gerard Mertens
Rotterdam School of Management, Erasmus University, University of Iowa - Tippie College of Business, Toulouse School of Economics and Erasmus University Rotterdam (EUR) - Department of Financial Management
Downloads 205 (146,475)

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pyramids, payout policy, leverage, ownership structure, control wedge, disproportionality of control and cash flow rights

17.

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 121 (228,819)
Citation 6

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

18.

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

Downloads 115 (237,577)
Citation 11

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 115 (238,754)
Citation 11

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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

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 113 (240,541)

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

20.

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: 13 Feb 2019
Ulrich Hege and Yifei Zhang
Toulouse School of Economics and University of Toulouse 1 - Toulouse School of Economics (TSE)
Downloads 96 (268,927)
Citation 1

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

21.

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 78 (305,861)
Citation 4

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

22.

The Impact of Mandatory Governance Changes on Financial Risk Management

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 552/2018
Number of pages: 54 Posted: 05 Feb 2018
Ulrich Hege, Elaine Hutson and Elaine Laing
Toulouse School of Economics, Monash University - Dept of Banking and Finance and Trinity Business School
Downloads 44 (404,206)

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hedging, foreign exchange exposure, Sarbanes-Oxley Act, corporate governance, board monitoring, staggered introduction

23.

Bond Exchange Offers or Collective Action Clauses?

Number of pages: 39 Posted: 17 Jun 2019
Ulrich Hege and Pierre Mella-Barral
Toulouse School of Economics and Toulouse Business School
Downloads 7 (593,053)

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Out-of-court Restructuring, Exchange Offer, Collective Action Clause, Exit Consent, Hold-out problem, Hold-in Problem, Trust Indenture Act

24.

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

25.

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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26.

Environmental Harm and Financial Responsibility

Geneva Papers on Risk and Insurance - Issues and Practice, Vol. 25, Issue 2, April 2000
Posted: 31 Aug 2000
Eberhard Feess and Ulrich Hege
Frankfurt School of Finance & Management gemeinnützige GmbH and Toulouse School of Economics

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27.

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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