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Désengagements et recentrages en France : 1986-1992

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  • Frédéric Perdreau

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    (COACTIS - Université Lumière - Lyon II : EA4161 - Université Jean Monnet - Saint-Etienne)

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    Abstract

    Dans un premier temps, la spécificité des trajectoires de recentrage par désengagements est mise en évidence par une mesure quantitative de la diversité des activités de grandes firmes industrielles françaises. La performance de ces opérations est ensuite étudiée à travers deux perspectives complémentaires : l'amélioration de la profitabilité et l'instauration de nouveaux rapports entre actionnaires et dirigeants.

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    File URL: http://halshs.archives-ouvertes.fr/docs/00/52/05/94/PDF/FCS98_word.pdf
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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00520594.

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    Date of creation: 1998
    Date of revision:
    Publication status: Published, Finance Contrôle Stratégie, 1998, 1, 2, 137-165
    Handle: RePEc:hal:journl:halshs-00520594

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00520594/en/
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    Related research

    Keywords: recentrage ; restructurations ; désengagements ; synergies ; performance;

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    1. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, vol. 37(1), pages 67-87, January.
    2. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 53-81.
    3. Mandelker, Gershon, 1974. "Risk and return: The case of merging firms," Journal of Financial Economics, Elsevier, vol. 1(4), pages 303-335, December.
    4. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    6. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    7. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    8. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    9. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1989. "Do Managerial Objectives Drive Bad Acquisitions?," NBER Working Papers 3000, National Bureau of Economic Research, Inc.
    10. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
    11. Datta, Sudip & Iskandar-Datta, Mai E, 1996. "Who Gains from Corporate Asset Sales?," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 19(1), pages 41-58, Spring.
    12. Alex Jacquemin, 1975. "Une mesure entropique de la diversification des entreprises," Revue Économique, Programme National Persée, vol. 26(5), pages 834-838.
    13. Barber, Brad M. & Lyon, John D., 1996. "Detecting abnormal operating performance: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 41(3), pages 359-399, July.
    14. John, Kose & Ofek, Eli, 1995. "Asset sales and increase in focus," Journal of Financial Economics, Elsevier, vol. 37(1), pages 105-126, January.
    15. Eckbo, B Espen & Maksimovic, Vojislav & Williams, Joseph, 1990. "Consistent Estimation of Cross-Sectional Models in Event Studies," Review of Financial Studies, Society for Financial Studies, vol. 3(3), pages 343-65.
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