Research

The Chair conducts research on corporate finance and corporate governance with a special focus on the Swiss market. Recent publications deal with financial decisions of family firms, ownership structure and payout policy (dividends and repurchases). Some publications also address issues in the area of investment strategies, portfolio management and international finance.

Recent publications

Ducret R. et D. Isakov, 2023, Business group heterogeneity and firm outcomes: Evidence from Korean chaebols, Working Paper SES no 531, (April).

Eugster N., Isakov D., Ducret R. et J.-P. Weisskopf, 2022, Chasing dividends during the COVID-19 pandemic, International Review of Finance, Vol. 22, Issue 2, (June), pp. 335-345.

Isakov D., Pérignon C. et J.-P. Weisskopf, 2021, What if dividends were tax-exempt? Evidence from a natural experiment, Review of Financial Studies, Vol. 34, Issue 12, (December), pp. 5756–5795.

Ducret R., 2021, Investors' perception of business group membership during an economic crisis: Evidence from the COVID-19 pandemic, Working Paper SES no 524, (October).

Ducret R. et D. Isakov, 2020, The Korea discount and chaebols, Pacific-Basin Finance Journal, vol. 63, (October), 101396.

Eugster N. et D. Isakov, 2019, Founding Family Ownership, Stock Market Returns, and Agency Problems, Journal of Banking and Finance, vol. 107, (October),105600 (Lead article).

Eugster N., 2019, Family Firms and Financial Analysts Activity, Pacific-Basin Finance Journal, vol. 57, (October), 101005.

• Corporate Governance / Corporate Finance

  Eugster N., Isakov D., Ducret R. et J.-P. Weisskopf, 2022, Chasing dividends during the COVID-19 pandemic, International Review of Finance, Vol. 22, Issue 2, (June), pp. 335-345.

  Isakov D., Pérignon C. et J.-P. Weisskopf, 2021, What if dividends were tax-exempt? Evidence from a natural experiment, Review of Financial Studies, Vol. 34, Issue 12, (December), pp. 5756–5795.

  Ducret R., 2021, Investors' perception of business group membership during an economic crisis: Evidence from the COVID-19 pandemic, Working Paper SES no 524, (October).

  Ducret R. et D. Isakov, 2020, The Korea discount and chaebols, Pacific-Basin Finance Journal, vol. 63, (October), 101396.

  Eugster N. et D. Isakov, 2019, Founding Family Ownership, Stock Market Returns, and Agency Problems, Journal of Banking and Finance, vol. 107, (October),105600 (Lead article).

  Eugster N., 2019, Family Firms and Financial Analysts Activity, Pacific-Basin Finance Journal, vol. 57, (October), 101005.

  Isakov D. et D. Schwab, 2018, “Are share repurchases creating value for investors? An empirical analysis of stock buybacks on the Swiss market”, Working paper.

  Ducret R., 2017, “Does Affiliation to a Korean Chaebol Group Impact Firm Performance?”, International Business Perspective- EIBAZINE, Issue 21, November 2017. 

  Isakov D. et J.-P. Weisskopf, 2017, “Les dividendes exonérés d’impôts en Suisse », Expert Focus, septembre no 9/2017.

  Isakov D. et J.-P. Weisskopf, 2015, "Pay-out policies in founding family firms", Journal of Corporate Finance, vol. 33, (August), pp. 330-344. 

  Isakov D. et J.-P. Weisskopf, 2014, "Are founding families special blockholders? An investigation of controlling shareholder influence on firm performance", Journal of Banking and Finance, vol 41, (April), pp. 1-16  (Lead article). 

  Isakov D. et S. Parietti, 2014, "Analyse des rémunérations des dirigeants de sociétés suisses cotées en bourse entre 2007 et 2012", Working Paper SES no 449. 

  Isakov D. et J.-P. Weisskopf, 2014, "La politique de dividende des entreprises familiales", L'expert-comptable suisse, septembre no 9/14, pp. 778-782. 

  Isakov D. et J.-P. Weisskopf, 2013, "Les familles fondatrices sont-elles des actionnaires spéciaux?", L'expert-comptable suisse, mars no 3/13.

  Isakov D., T. Madiès et S. Schnyder, 2012, Fiscalité des entreprises: Quelles réformes pour quelle efficacité économique? , paru dans "Steuerpolitische Baustellen: Fiskalische Irrwege und Herausforderungen“ edité par G. Schwarz et M. Salvi, Avenir Suisse-Verlag Neue Zürcher Zeitung, Essay no 5, pp. 149-181.

  Weisskopf J.-P., 2011, "Executive compensation in family firms: Fat cats or benefactors", Working Paper. 

  Isakov D. et J.-P. Weisskopf, 2009, "Family ownership, multiple blockholders and firm performance", Working Paper. 

  Dumont P.-A. et D. Isakov, 2009, "Les rachats d'actions en Suisse: Objectifs, conséquences et pratiques", Working Paper SES no 408. 

  Ledentu F., 2009, Système de gouvernance d'entreprise et présence d'actionnaires de contrôle - Le cas suisse. Arttesia Éditions, Lausanne. 

  Chung D., Isakov D. et C. Pérignon, 2007, "Repurchasing shares on a second trading line", Review of Finance, vol 11, no 2, pp. 253-285. 

  Dumont P.-A. et D. Isakov, 2006, "Les rachats d'actions propres par les sociétés cotées en bourse: L'expérience suisse", Revue Bancaire et Financière 2006/2, pp 67-71. 

  Friboulet J.-J., Isakov D., Barbuscia D. et F. Giorgetti, 2005, Le gouvernement d'entreprise en Suisse - Dynamiques externes et stratégies internes.  Schulthess, Zürich. 

  Isakov D., 2005, "Panorama de la littérature sur la gouvernance d’entreprise", paru dans Le gouvernement d'entreprise en Suisse - Dynamiques externes et stratégies internes, Friboulet et al., editeurs, Schulthess, Zürich, pp. 23-35. 

  Ledentu F., 2005, "Efficacité du système de gouvernance en présence d’actionnaires de contrôle : le cas suisse", paru dans Le gouvernement d'entreprise en Suisse - Dynamiques externes et stratégies internes, Friboulet et al., editeurs. Schulthess, Zürich, pp. 115-139. 

  Pasquier-Dorthe J., Ledentu F., Maillard O., Ryser P., Masset P. et J. Yerly, 2005, "La concentration de l’actionnariat des entreprises suisses", paru dans Le gouvernement d'entreprise en Suisse - Dynamiques externes et stratégies internes, Friboulet et al., éditeurs. Schulthess, Zürich, pp. 101-111. 

  Ledentu F., Boemle M. et J. Pasquier-Dorthe, 2005, "Exercice du pouvoir aux assemblées générales des sociétés cotées à la bourse suisse", Revue Economique et Sociale: Bulletin de la Société d'étude économiques et sociales, Lausanne, No. 3, sept. 2005, pp. 129 – 150. 

  Poncini A., Pasquier-Dorthe J. et F. Ledentu, 2005, "Le degré d'indépendance des administrateurs des sociétés cotées en bourse", Revue Economique et Sociale: Bulletin de la Société d'étude économiques et sociales, Lausanne, No. 3, sept. 2005, pp. 77 – 88. 

  Cornu P. et Isakov D., 2000, "The deterring role of the medium of payment in takeover contests: Theory and evidence from the U. K.",  European Financial Management, Vol 6, no 4, (December), pp. 423-440. 

  Cornu P. et D. Isakov, 2000, "The optimal strategy of the initial bidder in takeover contests: Theory and empirical evidence", Working Paper no 2000.04, HEC Université de Genève.

• Financial Markets / Asset Management

  Eugster N., Isakov D., Ducret R. et J.-P. Weisskopf, 2022, Chasing dividends during the COVID-19 pandemic, International Review of Finance, Vol. 22, Issue 2, (June), pp. 335-345.

  Ducret R., 2021, Investors' perception of business group membership during an economic crisis: Evidence from the COVID-19 pandemic, Working Paper SES no 524, (October).

  Ducret R. et D. Isakov, 2020, The Korea discount and chaebols, Pacific-Basin Finance Journal, vol. 63, (October), 101396.

  Eugster N. et D. Isakov, 2019, Founding Family Ownership, Stock Market Returns, and Agency Problems, Journal of Banking and Finance, vol. 107, (October),105600 (Lead article).

  Eugster N., 2019, Family Firms and Financial Analysts Activity, Pacific-Basin Finance Journal, vol. 57, (October), 101005.

  Isakov D. et D. Schwab, 2018, “Are share repurchases creating value for investors? An empirical analysis of stock buybacks on the Swiss market”, Working paper.

  Isakov D. et J.-P. Weisskopf, 2015, "Pay-out policies in founding family firms", Journal of Corporate Finance , vol. 33, (August), pp. 330-344.

  De Boccard V., Masset P. et J.-P. Weisskopf, 2012, "A study of the evolution of high-end wines in Switzerland", Working Paper.

  Isakov D. et D. Marti, 2011, "Technical analysis with a long-term perspective: Trading strategies and market timing ability", Working Paper SES no 421. 

  Masset P. et J.-P. Weisskopf, 2011, "Raise your glass: Wine investment and the financial crisis", Working Paper. 

  Adjaouté K., Danthine J.-P. et D. Isakov, 2005, "Portfolio diversification in Europe", in "The Internationalisation of Asset Ownership in Europe", ed. by H. Huizinga and L. Jonung, Cambridge University Press, chap. 5, pp 140-172. 

  Isakov D. et F. Sonney, 2004, "Are practitioners right? On the relative importance of industrial factors in international stock returns", Swiss Journal of Economics and Statistics, Vol 140, no 3, pp. 355-379. 

  Cauchie S., Hoesli M. et D. Isakov, 2004, "The determinants of stock returns in a small open economy", International Review of Economics and Finance, vol 13 (2), pp. 167-185. 

  Barras L. et D. Isakov, 2003, "How to diversify internationally? A comparison of unconditional and conditional asset allocation methods", Financial Markets and Portfolio Management, vol 17 (2), pp. 194-212. 

  Isakov D. et C. Pérignon, 2001, "Evolution of market uncertainty around earnings announcements", Journal of Banking and Finance, Vol 25, no 9, (September), pp. 1769-1788. 

  Isakov D. et B. Morard, 2001, "Improving portfolio performance with option strategies: Evidence from Switzerland", European Financial Management, Vol 7, no 1, (March), pp. 73-91. 

  Bacmann J.-F., Dubois M. et D. Isakov, 2001, "Industries, business cycle and profitability of momentum strategies: An international perspective", Working Paper.

  Isakov D. et C. Pérignon, 2000, "On the dynamic interdependence of international stock markets : A Swiss perspective", Swiss Journal of Economics and Statistics. Vol 136, no 2, pp. 123-146. 

  Isakov D., 1999, "Etude empirique de la relation rentabilité-risque sur le marché des actions suisses", Banque & Marchés, no 42 (Septembre-Octobre), pp. 27-32. 

  Isakov D., 1999, "Is beta still alive ? Conclusive evidence from the Swiss stock market", The European Journal of Finance, Vol. 5, no 3. (September) pp. 202-212. 

  Hollistein M. et D. Isakov, 1999 "Application of simple technical trading rules to Swiss stock prices: Is it profitable ?", Financial Markets and Portfolio Management, Vol. 13 (1), pp. 9-26.

  Isakov D., avril 1997, "Tests du CAPM pour le marché des actions suisses", Working Paper no 97.4, HEC Université de Genève.