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Les sociétés cotées en France préparent-elles le marché à l’augmentation de leur capital par les rachats de leurs propres actions?Do french quoted firms repurchase stocks in order to prepare the market for equity issues?

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Author Info
Evelyne Poincelot () (Université de Bourgogne)
Dominique Poincelot () (Université de Franche-Comté)
Abstract

(VF)Constatant que plus de 22% des augmentations de capital lancées sur le marché financier français sont réalisées 6 mois après un rachat programmé d’actions, nous proposons une étude originale de la relation entre ces deux opérations. A partir de 53 opérations pour la période 1999-2006, nous supposons que la réaction boursière à l’annonce de l’augmentation de capital dépend des caractéristiques des programmes de rachats et des motivations des dirigeants.(VA)More than 22% of equity issues on the French market are realized six months after a program of stock repurchases. This paper studies the relation between these two decisions. With 53 equity issues on the period 1999-2006, we suppose that the market reaction depends on the characteristics of the program of stock repurchases and the motivations of the managers.

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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 1071105.

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Length: 34 pages
Date of creation: Nov 2007
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Handle: RePEc:dij:wpfarg:1071105

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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Postal: Gérard Charreaux, Fargo-Latec, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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Related research
Keywords: augmentation de capital; rachat d’actions; réaction boursière equity issues; stock repurchases; market reaction.;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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