(VF)La valorisation des entreprises introduites en bourse s'opère dans un contexte d'incertitude et d'asymétrie d'information. Il en résulte fréquemment une sous-évaluation à l'introduction:les émetteurs diffusent les actions dans le public à un prix plus faible que le "juste" prix. Cette sous-évaluation peut être réduite par la divulgation d'informations pertinentes dans les prospectus et par la certification de ces informations par des intermédiaires jouissant d'une bonne réputation.(VA) Valorisation of firms going public takes place in a context of uncertainty and information asymmetry. This frequently implies IPO underpricing:the issuers sell shares to the public at a lower price than the "true value". This underpricing can be reduced by the disclosure of relevant information in the prospectus and by certification of these information by prestigious underwriters and auditors.
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Publisher Info
Paper provided by Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number
1020801.
Length: 19 pages Date of creation: Aug 2002 Date of revision: Publication status: Published in Direction et Gestion,2002. Handle: RePEc:dij:wpfarg:1020801
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