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Franck BANCEL

Doctor in Management Science

HDR (French Qualification for Ph.D. Supervisor)

Professor

Finance

Campus : Paris

Tel : +33 1 49 23 20 76

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Research Interest

Topics

Corporate Finance
Corporate Governance
Finance
Financial Engineering
International Finance
Investment Banking

Geographical area

Europe

Current research

Financial Flexibility and the Impact of Global Financial Crisis: Evidence from France

Professors Bancel and Mittoo survey Chief Financial Officers (CFOs) of French firms in June 2009 about the impact of global financial crisis on the firm’s financing. About two third of CFOs say that the crisis had a strong and very strong impact on their firms (financing, product market). Survey evidence show that the desire for financial flexibility is the primary driver for the firm’s capital structure policy.

You may consult the questionnaire used for this survey here.

Why European firms go public?

Professors Franck Bancel and Usha Mittoo survey CFOs of firms from 12 European countries on costs and benefits of going public and criteria for selecting an exchange for listing. The CFOs rank the enhanced financial flexibility arising primarily from the ability to finance the firm’s growth opportunities as the most important benefit of going public. The CFOs also value the increase in firm value through enhanced investor recognition, and external monitoring of the firm by outsiders as important benefits. The research evidence suggests that going public decision of European firms is a complex decision that is driven by several considerations rather than one primary motivation. It also suggests that European IPO firms seek different benefits of going public than their US peers.

You may consult the questionnaire used for this survey here.

Why European firms list in the USA? A critical approach

The financial literature identifies several reasons that can explain why companies list on a foreign stock exchange: access to new financial resources, better visibility and notoriety, etc. Franck Bancel presents the motivations and characteristics of European companies that have chosen to list in the USA. He shows that the massive wave of US listings during the nineties is probably finished. The institutional context of a US listing has largely changed (adoption of the Sarbanes-Oxley law, etc.) and has significantly increased listing costs.

Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms

The questionnaire used for the survey of the article "Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms", Financial Management, 2004, is here.

Publications

Books

BANCEL F., DUVAL-HAMEL J., (2008), Fusions d'entreprises : Comment les gérer, comment les vivre, Organisation, Paris, 223 p, Web Link.

BANCEL F., RICHARD A., (2002), Les Choix d'investissement : Méthodes traditionnelles, fléxibilité et analyse stratégique, Gestion, Politique générale, finance et marketing, Éditions Économica, Paris, 203 p.

Book chapters

BANCEL F., BHATTACHARYYA N., MITTOO U. R., (2009), "Cross-Country Determinants of Payout Policy : European Firms", in BAKER H. K., , Dividends and Dividend Policy, John Wiley, Kolb Series in Finance, pp 71-93, 23 p.

BANCEL F., (2007), "Internationalisation de l'actionnariat des grandes entreprises", in BOURNOIS F., DUVAL-HAMEL J., ROUSSILLON S., SCARINGELLA J-L. (eds), , Comités exécutifs. Voyage au coeur de la dirigeance, Éditions d'Organisation, pp 746-750, 5 p.

HOSSFELD C., BANCEL F., DELVAILLE P., (2004), "Les pièges de la juste valeur", in VERON N. (ed.), , Les points de vue des utilisateurs des comptes sur l'adoption des normes IFRS, Éditions AFG, FFSA, pp 71-73, 3 p.

BANCEL F., RICHARD A., (1997), "Flexibilité et choix des investissements", in Encyclopédie de Gestion, Éditions Economica, pp 1421-1432, 12 p.

BANCEL F., (1995), "Concurrence et risque de faillite dans le secteur bancaire", in GAVALDA C. (ed.), , Les défaillances bancaires, le point de vue des économistes, Collection Cahiers finance, éthique, confiance, Association d'économie financière.

BANCEL F., (1995), "Le processus de privatisation : la spécificité française", in DION F. (ed.), , Les privatisations en France, en Allemagne, en Grande-Bretagne et en Italie, Les Etudes de la Documentation Française, pp 17-46, 30 p.

Published articles

BANCEL F., MITOO U., (2011), "Financial flexibility and the impact of the global financial crisis: Evidence from France", INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, Vol.7, Issue 2, pp 179-216, 38 p.

BANCEL F., TIERNY J., (2011), "Valuing Companies with Cash Flow@Risk", JOURNAL OF APPLIED CORPORATE FINANCE, Vol.23, Issue 2, pp 23-61, 39 p.

BANCEL F., KALIMIPALLI M., MITTOO U. R., (2009), "Cross-listing and the long-term performance of ADRs: Revisiting European evidence ", Journal of International Financial Markets, Institutions and Money, Décembre, Vol.19, Issue 5, pp 895-923, 29 p.

BANCEL F., (2009), "Efficacité et légitimité du modèle LBO : Le conflit actionnaire-stakeholder revisité", REVUE FRANCAISE DE GESTION, Concilier finance et management, novembre-décembre, n° 198-199, pp 241-257, 17 p.

BANCEL F., (2009), "Les enjeux de la fléxibilité financière", L'EXPANSION MANAGEMENT REVIEW, Crise, krach, récession, big bang ?, juin, n° 133, pp 42-45, 4 p.

BANCEL F., ATIAS M., (2009), "Prime de risque Greenfield : Une pratique justifiée", BANQUE STRATEGIE, juillet-août, n° 272, pp 54-61, 8 p.

BANCEL F., MITOO U., (2009), "Why do European Firms Go Public?", EUROPEAN FINANCIAL MANAGEMENT, September, Vol.15, Issue 4, pp 844-884, 41 p.

BANCEL F., (2008), "La cotation des titres des entreprises aux Etats-Unis", BANQUE ET MARCHES, janvier-février, n° 92, pp 69-73, 5 p.

BANCEL F., REBISCOUL A., (2007), "Création de valeur et immatériels : pour une critique de l'approche financière classique", SOCIETAL, janvier, n° 55, pp 4-8, 5 p.

BANCEL F., (2007), "La cotation des entreprises européennes aux Etats-Unis : une approche critique", REVUE D'ECONOMIE FINANCIÈRE, n°89, pp 143-162, 20 p.

BANCEL F., MITTOO U. R., (2004), "Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms", FINANCIAL MANAGEMENT, Winter, pp 103-132, 30 p.

BANCEL F., (2004), "Les dirigeants et l'internationalisation de l'actionnariat des grandes entreprises.", REVUE FRANCAISE DE GESTION, juillet - août, n° 151 vol. 30, pp 51-68, 18 p.

BANCEL F., MITTOO U. R., (2004), "Why do European Firms Issue Convertible Debt?", EUROPEAN FINANCIAL MANAGEMENT, pp 339-374, 36 p.

BANCEL F., MITTOO U. R., (2001), "European managerial perceptions of the net benefits of foreign stock listing", EUROPEAN FINANCIAL MANAGEMENT, pp 213-236, 24 p.

BANCEL F., (1999), "Direction in French Corporate Governance since 1945", ENTREPRISES ET HISTOIRE, juin, pp 4-28, 25 p.

BANCEL F., CHEVALIER A., (1997), "Les titres hybrides", BANQUE ET MARCHÉS, mars-avril, pp 40-43, 4 p.

BANCEL F., CHEVALIER A., (1996), "Croissance externe et flexibilité financière : Danone face à ses principaux concurrents", BANQUE ET MARCHÉS, novembre-décembre 19, pp 24-30, 7 p.

COUSSERGUES S. de, SCHWERER F., HEBERT J.-L., JIMENEZ C., BANCEL F., (1996), "Dossier : la recomposition du paysage bancaire.", LA REVUE DU FINANCIER, pp 2-31, 30 p.

BANCEL F., (1996), "Les stratégies de banque-industrie", REVUE D'ECONOMIE INDUSTRIELLE, 3e trimestre, n° 77, pp 29-52, 24 p.

BANCEL F., VAI C., (1994), "Impact sur les prix et les volumes des titres introduits ou sortants du panier de l'indice CAC 40", ANALYSE FINANCIERE, décembre, pp 78-90, 13 p.

BANCEL F., (1994), "Les stratégies européennes des banques : un modèle séquentiel d'aide à la décision", ÉCONOMIES ET SOCIÉTÉS, pp 7-29, 23 p.

BANCEL F., RICHARD A., (1993), "Les OPA : un modèle séquentiel", BANQUE ET MARCHÉS, février, pp 19-24, 6 p.

BANCEL F., (1993), "Quel avenir pour la titrisation en France ?", BANQUE, mars - avril, pp 67-69, 3 p.

Conference proceedings

BANCEL F., RICHARD A., (1995), "Flexibilité financière et coût du capital", Actes des 12e Rencontres internationales de Finance, IAE Université de Bordeaux I, 1995, 29-30 juin-1er juillet, 22 p.

BANCEL F., (1991), "Banking strategies facing Europe", Proceedings of the 17th EIBA Annual Congress, Doctoral tutorial, European International Business Association, 1991, December 14-17, Copenhague.

Research reports - Working papers

BANCEL F., KALIMIPALLI M., MITTOO U. R., (2004), "Industry-relative Performance of European Listings in the U.S.", Working Paper Series, Laurier School of Business and Economics, n°2004-01 FIN.

BANCEL F., (2002), "L'Internationalisation de l'actionnariat des grandes entreprises : Conséquences sur la fonction de dirigeant", Les Cahiers de recherche, CCIP , ESCP-EAP, Paris, 28 p.

BANCEL F., MITTOO U. R., (2002), "The Determinants of capital structure choice : A survey of European firms", Les Cahiers de recherche, CCIP , ESCP-EAP, Paris, 70 p.

BANCEL F., MITTOO U. R., (2000), "Managerial perceptions of costs and benefits of foreign listing : European evidence", Les Cahiers de Recherche, Chambre de Commerce et d'Industrie de Paris, Paris, 21 p.

BANCEL F., (1997), "La Gouvernance des entreprises", Gestion poche, Éditions Économica, Paris, 111 p.

BANCEL F., VAI C., (1994), "Impact sur les prix et les volumes des titres introduits ou sortants du panier de l'indice CAC 40", Documents de travail, Groupe ESCP, pp 1-24, 24 p.

BANCEL F., (1994), "Les `Bond Covenants' à la française", Document de travail ESCP, n°94-126, 25 p.

BANCEL F., (1993), "La Stratégie des banques européennes : un modèle séquentiel", Documents de travail, Groupe ESCP, pp 1-18, 18 p.

BANCEL F., (1990), "Banque et droit communautaire", Cahiers, CERAG, juin, n°90-09.

Dissertations

BANCEL F., (1998), "Synthèse de recherche", mémoire d'Habilitation à Diriger des Recherches , Université de Paris 9-Dauphine.