Philippe Gregoire

Philippe Gregoire
Université Laval | ULAVAL · Department of Finance and Insurance

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26
Publications
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361
Citations
Introduction
Skills and Expertise

Publications

Publications (26)
Article
Purpose Online investment platforms offer an environment that may lead some traders into excessive behaviors akin to gambling. Over the last decade, gambling behaviors associated with the stock market have attracted the attention of many researchers but the literature on the subject remains scarce. This study aims to present the results of live int...
Article
Full-text available
We compare three wage–effort psychological games. In the first game, the agent’s motivation hinges on a degree of altruism influenced by the surprise generated by the principal’s wage offer. The agent works harder when the wage is greater than expected and vice versa when the wage is smaller than expected. Consistent equilibrium beliefs oblige the...
Article
Excessive online stock trading appears to share similarities with gambling disorder. However, using gambling disorder criteria to assess excessive trading may not allow a full understanding of this phenomenon as specific aspects of the trading context that differ from gambling may be overlooked. This study explores the manifestations and consequenc...
Article
Excessive online stock trading appears to share similarities with gambling disorder. However, using gambling disorder criteria to assess excessive trading may not allow a full understanding of this phenomenon as specific aspects of the trading context that differ from gambling may be overlooked. This study explores the manifestations and consequenc...
Article
The authors examine the use of market and limit orders by informed and uninformed traders in an experimental market with 2 correlated assets. Some traders receive private information about one asset, referred to as the main asset, which also conveys information about the value of another asset, referred to as the substitute. A continuous flow of in...
Article
This paper presents the results of an experimental market with two correlated assets. When informed traders are present, they receive information about one asset, asset 1, which also conveys information, albeit less precise, about the value of asset 2. The experimental setup is such that the asset values are gradually revealed to all market partici...
Article
The value of an asset has two components, referred to as obvious and obscure. Unskilled traders are only aware of the obvious component and thus overestimate the precision of the information they may acquire. Unskilled traders are overconfident when informed and the intensity at which they trade makes researching the obscure component profitable to...
Article
Office leases are generally agreed upon for extended terms, with possible options to leave or to renew in favor of the tenant. Tenants who have no options during the life of their lease expect to pay a lower rent than those who do. In this letter, we built up a conceptual framework based on binomial tree for the pricing of options embedded in a lea...
Article
Purpose – The purpose of this paper is to propose a risk-based framework to estimate the option value of infrastructure investment, accounting for the stochastic behavior of both financial and physical (engineering) variables. Design/methodology/approach – This study uses a real-options approach and computes the optimal investment dates and option...
Article
We present a trading game with one insider, many outsiders, liquidity traders and a competitive market maker trading an asset with two value components, a private and a shared one, in a market operating as in Kyle (1985). The insider knows both value components and outsiders only know the shared component. The market maker receives a private signal...
Article
Current accounting rules relating to the issuance of employee stock options (ESOs) treat ESOs as a corporate expense. Prior to 2005, accounting rules required corporations that issued ESOs to treat at-the-money options differently from in-the-money options for financial reporting purposes. A corporation that granted in-the-money options was require...
Article
We consider a wage-effort game where the agent's reciprocal behavior depends on the surprise generated by the wage paid by the principal. The agent works more when the wage is greater than expected and works less when the wage is smaller than expected. This is done by incorporating the agent's beliefs into his utility function, implying that player...
Article
This paper develops a model where a firm (firm 1), managed by an insider, has to issue either debt or equity to finance a new project. When equity is issued, the investor purchasing it demands a premium over the risk-free rate to compensate for the risk of trading with informed traders in the future. The investor can freely allocate his liquidity t...
Article
We set up a model to study the voluntary disclosure of information by insiders of publicly traded companies. We consider a trading framework as in [14] with many assets and one insider per asset. There is one discretionary liquidity trader who can allocate his trades across the different assets and many noise traders who trade with equal intensity...
Article
Full-text available
This paper considers the maturity effect in the nearby natural gas futures contract while controlling for the impact of the weekly change in gas inventories as released by the USA Energy Information Administration (EIA). Using data from January 2005 until July 2007, we investigate whether the surprise created by the EIA announcement, i.e. the diffe...
Article
Full-text available
Exports continue to be one of the fastest-growing economic activities in our world today. However, the rate at which countries develop substantial levels of export activity appears to vary. Firm-level decisions regarding export initiation are motivated in part by the perceptions of management, leading to the principal question of this study. Do man...
Article
Full-text available
We present the results of an experiment testing a model proposed by Grégoire (Fac-ulty of Business, Lakehead University working paper, 2004) that incorporates surprise in the gift-exchange game. In this model, the agent works harder when paid more than expected, i.e. when surprised with a high wage, and, similarly, works less when the wage offered...
Article
Full-text available
This paper develops a model with two publicly traded firms, one of which (firm 1) is considering whether to issue debt or equity to finance its activities. Each firm is run by an insider who will be informed of her firm's cash flow before all other market participants and who can trade upon this private information. The potential buyer of firm 1's...
Article
This paper develops the link between poverty and inequality by focussing on a class of poverty indices (some of them well–known) which aggregate normative concerns for absolute and relative deprivation. The indices are distinguished by a parameter value that captures the ethical sensitivity of poverty measurement to “exclusion” or “relative–depriva...
Article
Full-text available
A prior signalling stage is added to the Prisoner's Dilemma and the overall population involved is divided into a number of subpopulations. Evolution involves both local and global imitation — so that the process is formally one of "group selection". A subpopulation that is not signalling and defecting against one and all can be invaded by two "sec...
Article
This paper develops the link between poverty and inequality by focussing on a class of poverty indices (some of them well-known) which aggregate normative concerns for absolute and relative deprivation. The indices are distinguished by a parameter value that captures the ethical sensitivity of poverty measurement to "exclusion" or "relative-depriva...
Article
Full-text available
Abstract We present the results of an experiment testing a model proposed by Gr´egoire (Fac- ulty of Business, Lakehead University working paper, 2004) that incorporates surprise in the gift-exchange game. In this model, the agent works harder when paid more than expected, i.e. when surprised with a high wage, and, similarly, works less when the wa...

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