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L'impact des offres publiques sur la richesse des actionnaires : une étude des anticipations des agents selon le motif de l'acquisition

Listed author(s):
  • Constance Phélizon
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    [eng] The importance of the bidder motive in the wealth effect of take-overs We estimate the abnormal returns associated with take-overs on the French financial market over the period 1991-1997. We find the classical result that targets clearly gain, while bidders do not lose. We investigate this result further and put ahead the importance of the bidder motive in the valuation of the take-over by the market. The operations that are not industrially justified by the development of the bidder activity, either by the expansion of its productive capacity or by vertical integration, are found to generate non-significant abnormal returns for the targets. However, the abnormal returns associated with industrially justified operations are still found to be non-significant for the bidders. JEL classifications : G34 [fre] Cette étude évalue l’impact des OPA et des OPE sur la valeur boursière des entreprises françaises. Elle aboutit au résultat classique d’une répartition asymétrique des gains entre l’entreprise initiatrice et l’entreprise cible, cette dernière étant l’unique bénéficiaire d’un effet d’annonce positif sur le cours de ses actions, tandis que l’entreprise initiatrice n’en retire aucun bénéfice. L’importance du motif de l’acquisition est mis en évidence dans la valorisation de l’opération par le marché. En effet, seules les opérations ayant pour objet le développement de l’activité de l’entreprise soit par l’augmentation de ses capacités productives, soit par son intégration en amont ou en aval du processus de production, se traduisent par un gain boursier pour la cible. En revanche, la prise en compte du motif du rachat ne permet pas d’aboutir à un gain significatif au niveau de l’acquéreur. Classification JEL : G34

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 61 (2001)
    Issue (Month): 1 ()
    Pages: 139-152

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_61_1_3886
    Note: DOI:10.3406/ecofi.2001.3886
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    1. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
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    4. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
    5. Ellert, James C, 1976. "Mergers, Antitrust Law Enforcement and Stockholder Returns," Journal of Finance, American Finance Association, vol. 31(2), pages 715-732, May.
    6. Mandelker, Gershon, 1974. "Risk and return: The case of merging firms," Journal of Financial Economics, Elsevier, vol. 1(4), pages 303-335, December.
    7. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    8. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April.
    9. Dodd, Peter & Ruback, Richard, 1977. "Tender offers and stockholder returns : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 5(3), pages 351-373, December.
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