De 1994 a 1999, les entreprises americaines ont massivement rachete leurs actions. Nous montrons que ce comportement est bizarre: les actionnaires anciens ne devraient normalement pas accepter de vendre leurs actions lorsque de la dette est emise pour financer les rachats, et ce refus devrait etre encore plus clair s'ils presentent de l'aversion pour le risque.
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Paper provided by Caisse des Depots et Consignations - Cahiers de recherche in its series Papers with number
2000-19/fi.
Length: 19 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:cadeco:2000-19/fi
Contact details of provider: Postal: Caisse des depots et consignations, Services des etudes economiques et financieres, 195 Boulevard Saint Germain- 75007 Paris, France.
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