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Les rachats d'actions en Suisse. Objectifs, conséquences et pratiques

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  • Isakov, Dusan
  • Dumont, Pierre-André

Abstract

Les rachats d'actions sont autorisés depuis plus de quinze ans en Suisse. Cet article propose une analyse des rachats dans le contexte institutionnel, fiscal et juridique helvétique. Après avoir décrit les principales techniques de rachat à disposition des entreprises et les objectifs visés par une telle opération, ce travail analyse l'effet des rachats sur les ratios financiers et la valeur de l'entreprise dans un cadre théorique classique. Il montre notamment que, contrairement à ce que pensent certains professionnels, un rachat n'augmente pas mécaniquement les ratios financiers mais a plutôt tendance à les faire baisser. Un rachat a généralement aussi un impact négatif sur la valeur de l'entreprise. La dernière partie de cet article se penche sur les pratiques des entreprises suisses en matière de rachats, montrant à cette occasion que le contexte institutionnel et fiscal joue un rôle prépondérant.

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Bibliographic Info

Paper provided by Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland in its series FSES Working Papers with number 408.

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Length: 50 pages
Date of creation: 01 Jul 2009
Date of revision:
Handle: RePEc:fri:fribow:fribow00408

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Keywords: rachats d'actions ; dividendes ; ratio ; fiscalité ; valeur de l'entreprise;

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References

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  1. Dennis Y. Chung & Dušan Isakov & Christophe Pérignon, 2005. "Repurchasing Shares on a Second Trading Line," FSES Working Papers, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland 391, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  2. Masulis, Ronald W, 1980. " Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes," Journal of Finance, American Finance Association, American Finance Association, vol. 35(2), pages 305-19, May.
  3. Gustavo Grullon & David L. Ikenberry, 2000. "What Do We Know About Stock Repurchases?," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 13(1), pages 31-51.
  4. Kale, Jayant R. & Noe, Thomas H. & Gay, Gerald D., 1989. "Share repurchase through transferable put rights : Theory and case study," Journal of Financial Economics, Elsevier, Elsevier, vol. 25(1), pages 141-160, November.
  5. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 34, pages 411.
  6. Hribar, Paul & Jenkins, Nicole Thorne & Johnson, W. Bruce, 2006. "Stock repurchases as an earnings management device," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 41(1-2), pages 3-27, April.
  7. Peyer, Urs C. & Vermaelen, Theo, 2005. "The many facets of privately negotiated stock repurchases," Journal of Financial Economics, Elsevier, Elsevier, vol. 75(2), pages 361-395, February.
  8. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, American Finance Association, vol. 57(4), pages 1649-1684, 08.
  9. Vermaelen, Theo, 2005. "Share Repurchases," Foundations and Trends(R) in Finance, now publishers, vol. 1(3), pages 171-268, December.
  10. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, Elsevier, vol. 9(2), pages 139-183, June.
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Cited by:
  1. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.

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