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Écarts d'acquisition, résultats résiduels consécutifs et surprix

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  • Côme Segrétain

    ()
    (LEM - Lille - Economie et Management - CNRS : UMR8179 - Université des Sciences et Technologies de Lille - Lille I - Fédération Universitaire et Polytechnique de Lille)

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    Abstract

    Nous recherchons si les données comptables permettent de valider ou d'invalider les mouvements de croissance externe des entreprises cotées. Pour ce faire, nous avons formalisé à partir de la RIV (Ohlson, 1995) et de la définition des écarts d'acquisition en IFRS, un lien théorique entre les écarts d'acquisition portés au bilan, les résultats résiduels générés par ces acquisitions et le surprix acquitté. Cette formalisation reboucle avec la décomposition des écarts d'acquisition utilisée par la recherche normative comptable (Johnson et Petrone, 1998). Nous avons ensuite testé empiriquement ce modèle sur le SBF 120, pour la période 2005 à 2008 et mis en évidence une corrélation significative entre les écarts d'acquisition et les résultats résiduels consécutifs des acquéreurs. Des recherches ultérieures devront intégrer de meilleurs estimateurs pour le terme surprix et améliorer la robustesse du modèle.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number hal-00650581.

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    Date of creation: 2011
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    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650581

    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650581/en/
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    Keywords: écarts d'acquisition ; résultat résiduel ; résultat global ; modèle d'Ohlson ; fusions et acquisitions;

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    1. Henry Jarva, 2009. "Do Firms Manage Fair Value Estimates? An Examination of SFAS 142 Goodwill Impairments," Journal of Business Finance & Accounting, Wiley Blackwell, Wiley Blackwell, vol. 36(9-10), pages 1059-1086.
    2. Olivier Ramond & Jean-François Casta & Laurent Batsch, 2007. "Résultat et performance financière en normes IFRS : Quel est le contenu informatif du Comprehensive Income ?," Post-Print, HAL halshs-00165038, HAL.
    3. Gaëlle Lenormand & Lionel Touchais, 2008. "La pertinence des actifs incorporels avec les IFRS," Revue Finance Contrôle Stratégie, revues.org, revues.org, vol. 11(2), pages 173-201, June.
    4. Marc Feuilloley & Patrick Sentis, 2007. "Pertinence économique de la comptabilisation des dépréciations de goodwill:le cas français," Revue Finance Contrôle Stratégie, revues.org, revues.org, vol. 10(1), pages 95-124, March.
    5. Eccher, Elizabeth A. & Ramesh, K. & Thiagarajan, S. Ramu, 1996. "Fair value disclosures by bank holding companies," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 22(1-3), pages 79-117, October.
    6. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 59(2), pages 197-216, April.
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