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L’impact de l’admission à la cote sur les performances économiques des entreprises : Le cas du Nouveau Marché français
[The operating performance of French IPO firms]

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  • Stephanie, Serve

Abstract

This article investigates the change in operating performance of 115 firms that go public on the French New Market over the period 1996-2000. A significant decline in operating performance subsequent to the Initial Public Offering (IPO) is found. Companies appears to sustain sales growth but not capital expenditure after the IPO. Additionally, there is a significant negative relation between post-IPO change in operating performance and equity retention by the original ownership.

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File URL: http://mpra.ub.uni-muenchen.de/4304/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4304.

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Date of creation: Jun 2004
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Handle: RePEc:pra:mprapa:4304

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Keywords: French; initial public offerings; IPO; operating performance; ownership structure;

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  1. Degeorge, Francois & Zeckhauser, Richard, 1993. " The Reverse LBO Decision and Firm Performance: Theory and Evidence," Journal of Finance, American Finance Association, American Finance Association, vol. 48(4), pages 1323-48, September.
  2. Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998. "Why Do Companies Go Public? An Empirical Analysis," Journal of Finance, American Finance Association, American Finance Association, vol. 53(1), pages 27-64, 02.
  3. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, American Finance Association, vol. 48(3), pages 831-80, July.
  4. Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers, University of California at Berkeley 41, University of California at Berkeley.
  5. Teoh, Siew Hong & Welch, Ivo & Wong, T. J., 1998. "Earnings management and the underperformance of seasoned equity offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 50(1), pages 63-99, October.
  6. Short, Helen & Keasey, Kevin, 1999. "Managerial ownership and the performance of firms: Evidence from the UK," Journal of Corporate Finance, Elsevier, Elsevier, vol. 5(1), pages 79-101, March.
  7. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 293-315, January.
  8. Schultz, Paul & Zaman, Mir, 2001. "Do the individuals closest to internet firms believe they are overvalued," Journal of Financial Economics, Elsevier, Elsevier, vol. 59(3), pages 347-381, March.
  9. Mikkelson, Wayne H. & Partch, M. Megan & Shah, Kshitij, 1997. "Ownership and operating performance of companies that go public," Journal of Financial Economics, Elsevier, Elsevier, vol. 44(3), pages 281-307, June.
  10. Loughran, Tim & Ritter, Jay R, 1995. " The New Issues Puzzle," Journal of Finance, American Finance Association, American Finance Association, vol. 50(1), pages 23-51, March.
  11. Kutsuna, Kenji & Okamura, Hideo & Cowling, Marc, 2002. "Ownership structure pre- and post-IPOs and the operating performance of JASDAQ companies," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 10(2), pages 163-181, April.
  12. Loughran, Tim & Ritter, Jay R, 1997. " The Operating Performance of Firms Conducting Seasoned Equity Offerings," Journal of Finance, American Finance Association, American Finance Association, vol. 52(5), pages 1823-50, December.
  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, Elsevier, vol. 41(3), pages 359-399, July.
  14. Jain, Bharat A & Kini, Omesh, 1994. " The Post-Issue Operating Performance of IPO Firms," Journal of Finance, American Finance Association, American Finance Association, vol. 49(5), pages 1699-1726, December.
  15. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 595-612, October.
  16. Ibbotson, Roger G & Jaffe, Jeffrey F, 1975. ""Hot Issue" Markets," Journal of Finance, American Finance Association, American Finance Association, vol. 30(4), pages 1027-42, September.
  17. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
  18. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 26(2), pages 301-25, June.
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