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Valorisation stratégique par contextes de valeur:le cas des introductions sur le Nouveau marché

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  • Salim Chahine

    (Audencia-Nantes)

  • Jean-Pierre Mathieu

    (Audencia-Nantes)

Abstract

(VF)L'étude du chapitre lié à l'activité dans le prospectus préliminaire de 50 sociétés candidates à l'introduction sur le Nouveau marché montre l'existence de cinq politiques de communication. À l'exception du multiple du résultat net, PER, le test empirique confirme l'importance de l'information stratégique dans l'explication de la valeur. Enfin, il s'avère que la rentabilité anormale cumulée à dix et soixante jours suivant l'introduction est positivement corrélée à l'effort de révélation de l'information stratégique, mesuré par le nombre de contextes de valeur.(VA)Study of the chapter related to firms' activity in the preliminary prospectuses for 50 listed companies in the "Nouveau marché" shows the existence of 5 disclosure policies. Except for the P/E ratio, empirical study confirms the strategic information effect on value explanation, measured by the Market-to-Book, Firm Value-to-Sales revenue, Firm Value-to-EBIT. Finally, Cumulative Abnormal Return over ten and sixty-day periods are positively associated with the disclosure policy of strategic information.

Suggested Citation

  • Salim Chahine & Jean-Pierre Mathieu, 2003. "Valorisation stratégique par contextes de valeur:le cas des introductions sur le Nouveau marché," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 91-114, June.
    • Handle: RePEc:dij:revfcs:v:6:y:2003:i:q2:p:91-114
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    References listed on IDEAS

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    Cited by:

    1. Saida Dammak, 2014. "An Analysis of the Relationship between the Voluntary Disclosure of the Intellectual Capital and the Firm Value," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 4(11), pages 546-566.

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    More about this item

    Keywords

    introduction en bourse; valeur; informations stratégiques; comportement informationnel; rentabilité anormale; initial public offerings; valuation; strategic information; disclosure policy; initial underpricing;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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