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

  • Franck Bancel
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    [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 [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

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

    Volume (Year): 89 (2007)
    Issue (Month): 3 ()
    Pages: 143-162

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_89_3_4294
    Note: DOI:10.3406/ecofi.2007.4294
    Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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