Research

Accepted and Published Papers

1. "International Trade and the Propagation of Merger Waves" with Jarrad HARFORD and Eric DE BODT  

   • Review of Financial Studies, 2021,  34 (10), 4876–4925. 

   • Finalist for Best Paper award at the FMA Asia-Pacific meeting 2018. 

2. "Does Democracy Shape International Merger Activity?" with  Thomas LAMBERT, Jose M. Martin-Flores, and Arthur Petit-Romec

   • Journal of International Economics. Accepted. 

3. "Board Reforms and M&A Performance: International Evidence" with Nihat AKTAS, Douglas CUMMING, and Guosong XU

   • Journal of International Business Studies. 2024, 55(3), 616-637. 

4. "The Market Timing of Mergers and Acquisitions – Evidence from Ramadan" with Helen BOLLAERT (Université Côte d'Azur – SKEMA)

   • Revue Finance Accepted.

5. "Beyond climate change risk: Biodiversity and corporate cash holdings" with Ahmet KARPUZ

   • Economic Letters, 2024, 236(111608).

6. "Does Bilateral Trust Matter during Mergers and Acquisitions Negotiations?" with  Nihat AKTAS  and Saqib AZIZ.

   • British Journal of Management, 2023, 34(4), 2212-2233.

7. "Climate Risk and Deployment of Corporate Resources to Working Capital" with Nihat AKTAS and Ettore CROCI

   • Economic Letters, 2023, 224(111002).

8. "Board Reforms and Innovation" with  Saqib AZIZ,   Michael DOWLING, and Oskar KOWALEWSKI.

   • International Review of Financial Analysis, 2023, 88(102707).

9. "Firm-Level Political Risk and Dividend Payout" with  Saqib AZIZ,  Rwan EL-KHATIB, and Oskar KOWALEWSKI.

   • International Review of Financial Analysis, 2023, 86(102546).

10. "Does target country cultural orientation influence M&A?" with Saqib AZIZ and Michael DOWLING. 

    • British Journal of Management, 2022, 33 (2), 906-938. 

    • Nominated for "Best Potential Paper" Award at IFADS 2015"

11. "Mergers and Acquisitions Across Cultures", with Eric DE BODT and Helen BOLLAERT.

    • Revue Finance, 2022 (43), 37-117. 

12. "Collective Bargaining and Corporate Cash Policy", with Oskar KOWALEWSKI.

    • International Review of Law and Economics, 2021, 106007. 

13. "Collective Bargaining and Mergers and Acquisitions Activity Around the World", with  Thomas LAMBERT.

    • Journal of Banking and Finance, 2019, 99, 21-40.

14. "Employment Protection and Payout Policy" with Christof BEUSELINCK and Helen BOLLAERT. 

1. • Revue Finance, 2017, 38, 5-43. 

   • Winner of Best Paper in Finance, Ethics, and Sustainability Award at the French Finance Association (AFFI) Annual Meeting 2017.

Other Publications:

15. "COVID-19 pandemic and the dependence structure of global stock markets" with Saqib AZIZ. 

    • Applied Economics, 2022, 54 (18), 2013-2031. 

16. "What determines Initial Coin Offering Success: A cross-country study" with  Oskar KOWALEWSKI. 

1. • Economics of Innovation and Technology, 2023. 32, 622-645.

B. Working Papers

• "The Innovation Arms Race" with Eric DE BODT (NHH - Caltech) and Jarrad HARFORD (University of Washington) - NEW Version

  • Winner of Best Paper in Corporate Finance Award at the French Finance Association (AFFI) Annual Meeting 2022.

  • European Economic Association (EEA) Annual Meeting (2023), Corporate Finance Day (2023), INSEAD Finance Symposium (2023), WHU Otto Beisheim School of Management (2024, Scheduled), EmLyon Business School (2023), University of Leeds (2023), Linghan University (2023), Swansea University (2023), University of New Mexico (2023), European Finance Association (EFA) Annual Meeting (2022), Sixth Annual M&A Research Centre Conference (2022), Frontiers in Finance Conference (2022), AFFI (2022), Cornelle University (2022), UT Dallas (2022), University of Hong Kong (2022), University of Porto (2022), Swansea University (2022), University of Loughborough (2022), Rennes School of Business (2022), University of Mississippi (2021), CUHK - Shenzen (2021), 3rd Nordic Initiative for Corporate Economics (2021), UCSC-BIU-BGU (2020)

  • Abstract: Regulators worry that acquisitions of innovative targets stifle innovation. We provide a first large-scale empirical investigation of M&A effects on acquirer rivals’ incentives to innovate and the equilibrium outcome resulting from this competitive process. Our results are consistent with an innovation arms race: acquisitions of innovative targets push acquirer rivals to invest more in innovation, both internally through research and development (R&D) and externally through acquisition of innovative targets, and this increase in innovation investment necessary to maintain competitive position leads to a decrease in firm valuation. Investment efficiency does not decline, suggesting a transfer of economic rents to consumers.

• "Do differences in societal trust let cross-border mergers die?"

  • Finalist of Best Paper award at 10th International Research Meeting in Business and Management.

  • FMA Europe (2019), AIB Annual Meeting (2019), EFMA (2019), INFINITI Annual Meeting (2019), EREF (2019), International Research Meeting in Business and Management (2019), 3rd Corporate Governance Workshop at IESEG School of Management (2018), Rennes School of Business (2018)

C. Permanent Working Paper