Les performances économiques et boursières à long terme des sociétés introduites en bourse:le cas du marché français (1990-2003)
(VF)Cette étude analyse l’évolution des performances opérationnelles et boursières d’un échantillon de 379 introductions en bourse réalisées en France entre 1990 et 2003 sur les second et nouveau marchés. Les résultats montrent que les performances opérationnelles des entreprises françaises s’améliorent avant l’introduction en bourse puis se dégradent les cinq années post introduction. Par ailleurs, la diminution des performances opérationnelles dans les 3 ans (respectivement 5 ans) post introduction apparaît déterminer significativement la sous-performance boursière à 36 mois (respectivement à 60 mois). Ce résultat semble corroborer le modèle comportemental du timing.(VA)This study analyzes the long-run operating and stock market performance of a sample of 379 initial public offerings (IPOs) on the French Second Marché and Nouveau Marché between 1990 and 2003. Our results suggest that companies going public experience substantial improvements in operating performance prior to the offering, while the tendency is reversed after the offering has taken place. We also study the link between operating performance and long-run returns. The results suggest that IPOs with poor subsequent operating performance exhibit poor stock performance.
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