La performance opérationnelle à long terme des entreprises françaises émettrices d’obligations convertibles

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La performance opérationnelle à long terme des entreprises françaises émettrices d’obligations convertibles

Author Info

Khalid Elbadraoui () (Université de Rennes 1)
Jean-Jacques Lilti (Université de Rennes 1)
Bouchra M'Zali (Université du Québec à Montréal (Canada))

Abstract

(VF)Dans le présent article nous analysons la performance opérationnelle à long terme des émetteurs d’obligations convertibles (OC) en France. Nos résultats mettent en évidence une sous-performance opérationnelle significative à long terme après l’émission et ce, indépendamment des étalons, indicateurs de mesure de per-formance ou modèles que nous avons utilisés. Cette conclusion, concordante avec les résultats obtenus sur le marché américain, est une des explications potentielles de la sous-performance boursière récemment mise en relief chez les émetteurs d’OC français. Par ailleurs, l’analyse en coupe transversale de nos résultats montre que cette sous-performance doit être relativisée par certaines caractéristiques propres à l’émetteur et à l’émission.(VA)The purpose of this paper is to analyze the long-run operating performance of French convertible bond (CB) issuers. Our results reveal that firms issuing convertible bonds underperform substantially non-issuing firms after the issue. Our findings are robust with respect to the various benchmarks and operating performance measures used. This post-offering downturn in earnings confirms findings of previous studies undertaken in the US market and is consistent with the poor long-term post-issue stock price performance recently reported on the French CB market. However, a cross sectional analysis of our results suggests that this underperformance is tempered by specific issuer and issue features.

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Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 11 (2008)
Issue (Month): 3 (September)
Pages: 125-154
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Handle: RePEc:dij:revfcs:v:11:y:2008:i:q3:p:125-154.

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Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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