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Stratégie de défense préventive anti-OPA : enracinement versus richesse des actionnaires

Author

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  • Loïc Belze

    (EM - EMLyon Business School)

Abstract

Cet article définit et met en évidence l'existence de stratégies de défense « préventive » anti-OPA. Concernant les défenses réactives, la théorie financière autorise principalement deux explications alternatives quant à leur utilisation, l'enracinement et la maximisation de la richesse des actionnaires. Sur cette base, nous souhaitons opérer une discrimination similaire s'agissant des défenses préventives. L'analyse des rentabilités anormales lors du lancement de l'offre et de la probabilité de départ ex post du dirigeant révèle le rôle stratégique de l'actionnariat salarié mais soutient globalement l'hypothèse de maximisation de la richesse des actionnaires.

Suggested Citation

  • Loïc Belze, 2008. "Stratégie de défense préventive anti-OPA : enracinement versus richesse des actionnaires," Post-Print hal-02311738, HAL.
    • Handle: RePEc:hal:journl:hal-02311738
    as

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