(VF)Dans ce travail, nous étudions l'incidence des cessions d'actions par les actionnaires d'origine sur l'amplitude de la sous-évaluation à l'introduction. À partir d'un échantillon de 402 introductions en France entre 1986 et 2000, nous mettons en évidence une relation curvilinéaire entre les cessions d'actions et la sous-évaluation. En particulier, il apparaît qu'à partir d'un certain niveau de cession d'actions, les actionnaires d'origine, et notamment les actionnaires de contrôle, sont incités à réduire la sous-évaluation afin de limiter la perte de richesse subie lors de l'introduction.(VA)In this paper we examine how underpricing is affected by pre-IPO shareholders' participation in the offering. Using a sample of 402 IPOs in France from 1986 to 2000, we find evidence of a curvilinear relationship between the fraction of existing shares sold and underpricing. From a certain level of selling, current holders, and particularly blockholders, are incited to minimize the wealth losses from going public.
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Find related papers by JEL classification: G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
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