Information sur les franchissements de seuils. Des conséquences positives sur la valorisation des entreprises
AbstractIn this article, we analyze the characteristics of legal thresholds crossings in France during the years 2001 through 2003. Our data set created using the publications of the financial authorities and economic and financial data from Bloomberg comprises a total of 2.396 operations and displays a high number of 5% and 10% thresholds crossings initiated by companies from the financial sector and funds. An event study of crossings leading to an increase in the holdings shows that they have positive wealth effects for target companies, in particular in the case of the 10% threshold crossings resulting from an active acquiring policy from a fund. These findings do not confirm the hypothesis of operations conducted by self interested operators to the detriment of minority shareholders. Classification JEL : G32, G34.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 60 (2009)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-economique.htm
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
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