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Gestion Des Resultats Et Performance Comptable Et Boursiere Des Entreprises Émettrices De Nouvelles Actions

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Author Info

  • Mohamed Faker Klibi

    (LIGUE - Laboratoire Interdisciplinaire en Gestion : Université-Entreprise - Ministère de l'Enseignement Supérieur et de la Recherche Scientifique)

  • Hamadi Matoussi

    (ISCAE - ISCAE)

Abstract

L'objectif de ce papier est d'analyser la gestion des résultats comptables autour des opérations d'augmentation de capital françaises et son impact sur l'évaluation boursière des entreprises émettrices de nouvelles actions. Sur la base d'un échantillon de 132 augmentations de capital en numéraires, nos résultats montrent que les entreprises qui gèrent agressivement à la hausse leurs résultats comptables, avant l'augmentation de capital, connaissent une détérioration significative de leur performance comptable dans la période qui suit l'augmentation. La détérioration de la performance postérieure à l'émission est d'autant plus forte lorsqu'il s'agit d'une augmentation assortie de droits préférentiels de souscription. Cette détérioration est anticipée par les investisseurs financiers qui sanctionnent les entreprises manipulatrices au moment où elles annoncent leur augmentation de capital.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00534752.

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Date of creation: May 2007
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Publication status: Published - Presented, «COMPTABILITE ET ENVIRONNEMENT », 2007, France
Handle: RePEc:hal:journl:halshs-00534752

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00534752/en/
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Keywords: Augmentation de capital; accruals discrétionnaires; DPS; effet réversif de la gestion des résultats comptables; efficience des marchés financiers;

References

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  12. Kalay, Avner & Shimrat, Adam, 1987. "Firm value and seasoned equity issues : Price pressure, wealth redistribution, or negative information," Journal of Financial Economics, Elsevier, Elsevier, vol. 19(1), pages 109-126, September.
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