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Bulle financière et introduction des sociétés Internet au Nouveau marché

Author Info

  • Patrick Boisselier

    ()

    (Université de Lille 1)

  • Dominique Dufour

    ()

    (Université de Nice)

Registered author(s):

    Abstract

    (VF)Les actions des sociétés de la «nouvelle économie» ont été valorisées, à l’époque de la bulle «Internet», à des niveaux remarquablement élevés. Cette étude tente de cerner le comportement des actionnaires initiaux, notamment ceux des sociétés Internet, au moment de l’introduction en bourse de leur société.(VA)Share value has strongly increased, and then badly decreased within a short period of time, mostly for the firms belonging to the “New Economy”. This paper attempts to complement the behavior of initial shareholders of Internet companies when the latter go public.

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    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 10 (2007)
    Issue (Month): 1 (March)
    Pages: 67-93

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    Handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:67-93
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    Keywords: Internet; Nouveau marché; valeurs technologiques; nouvelle économie; NASDAQ; TMT values; new economy.;

    Find related papers by JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    References listed on IDEAS
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    1. Eli Ofek & Matthew Richardson, 2003. "DotCom Mania: The Rise and Fall of Internet Stock Prices," Journal of Finance, American Finance Association, vol. 58(3), pages 1113-1138, 06.
    2. Mark Grinblatt & Chuan Yang Hwang, . "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 1-89, Wharton School Rodney L. White Center for Financial Research.
    3. Michel Habib & Alexander Ljungqvist, 1999. "Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence," OFRC Working Papers Series 1999fe03, Oxford Financial Research Centre.
    4. Ulrich Hege, 2001. "L'évaluation et le financement des start-up Internet," Revue économique, Presses de Sciences-Po, vol. 52(7), pages 291-312.
    5. Michael J. Cooper, 2001. "A Rose.com by Any Other Name," Journal of Finance, American Finance Association, vol. 56(6), pages 2371-2388, December.
    6. Degeorge, Francois & Zeckhauser, Richard, 1993. " The Reverse LBO Decision and Firm Performance: Theory and Evidence," Journal of Finance, American Finance Association, vol. 48(4), pages 1323-48, September.
    7. Schultz, Paul & Zaman, Mir, 2001. "Do the individuals closest to internet firms believe they are overvalued," Journal of Financial Economics, Elsevier, vol. 59(3), pages 347-381, March.
    8. Laura Casares Field, 2001. "The Expiration of IPO Share Lockups," Journal of Finance, American Finance Association, vol. 56(2), pages 471-500, 04.
    9. Lerner, Joshua, 1994. "Venture capitalists and the decision to go public," Journal of Financial Economics, Elsevier, vol. 35(3), pages 293-316, June.
    10. Marco Pagano & Fabio Panetta & Luigi Zingales, . "Why Do Companies Go Public? An Empirical Analysis," CRSP working papers 330, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    11. Loughran, Tim & Ritter, Jay R, 1995. " The New Issues Puzzle," Journal of Finance, American Finance Association, vol. 50(1), pages 23-51, March.
    12. Hoffmann-Burchardi, Ulrike, 2001. "Clustering of initial public offerings, information revelation and underpricing," European Economic Review, Elsevier, vol. 45(2), pages 353-383, February.
    13. Masako Darrough & Srinivasan Rangan, 2005. "Do Insiders Manipulate Earnings When They Sell Their Shares in an Initial Public Offering?," Journal of Accounting Research, Wiley Blackwell, vol. 43(1), pages 1-33, 03.
    14. Baron, David P, 1982. " A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-76, September.
    15. Géraldine Broye & Alain Schatt, 2003. "Pourquoi certains actionnaires cèdent-ils plus d'actions que d'autres lors de l'introduction en bourse?," Working Papers CREGO 1030802, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    16. Dan Lovallo & Colin Camerer, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March.
    17. Ibbotson, Roger G., 1975. "Price performance of common stock new issues," Journal of Financial Economics, Elsevier, vol. 2(3), pages 235-272, September.
    18. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
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