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La cotation des titres des entreprises européennes aux États-Unis : une approche critique

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  • Franck Bancel

Abstract

[eng] The listing of European companies in the US : a critical approach . The financial literature identifies several reasons that can explain why companies list on a foreign stock exchange : access to new financial resources, better visibility and notoriety, etc. This article presents the motivations and characteristics of European companies that have chosen to list in the USA. It draws the conclusion that the massive wave of US listings during the nineties is probably finished. The institutional context of a US listing has largely changed (adoption of the Sarbanes-Oxley law, etc.) and has significantly increased listing costs. . Classification JEL : F30, G30, G32 [fre] La littérature financière identifie un certain nombre de raisons expliquant pourquoi les entreprises font coter leurs titres sur une place boursière étrangère : accès à de nouvelles sources de financement, plus grande visibilité et notoriété, etc. Cet article présente les motivations et les caractéristiques des entreprises européennes qui ont choisi de faire coter leurs titres aux États-Unis. Il conclut sur le fait que la vague massive de cotations aux États-Unis constatée dans les années quatre-vingt-dix est probablement révolue. Le contexte institutionnel dans lequel s’inscrit une cotation aux États-Unis a considérablement évolué (promulgation de la loi Sarbanes-Oxley, etc.) et a renchéri de manière significative les coûts de cotation. . Classification JEL : F30, G30, G32

Suggested Citation

  • Franck Bancel, 2007. "La cotation des titres des entreprises européennes aux États-Unis : une approche critique," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 143-162.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_89_3_4294
    Note: DOI:10.3406/ecofi.2007.4294
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    References listed on IDEAS

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    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F30 - International Economics - - International Finance - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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