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Comment réduire la sous-évaluation lors de l'introduction en bourse?

Listed author(s):
  • Géraldine Broye

    ()

    (Université de Franche-Comté)

  • Alain Schatt

    ()

    (Université de Franche-Comté)

(VF)La valorisation des entreprises introduites en bourse s'opère dans un contexte d'incertitude et d'asymétrie d'information. Il en résulte fréquemment une sous-évaluation à l'introduction:les émetteurs diffusent les actions dans le public à un prix plus faible que le "juste" prix. Cette sous-évaluation peut être réduite par la divulgation d'informations pertinentes dans les prospectus et par la certification de ces informations par des intermédiaires jouissant d'une bonne réputation.(VA) Valorisation of firms going public takes place in a context of uncertainty and information asymmetry. This frequently implies IPO underpricing:the issuers sell shares to the public at a lower price than the "true value". This underpricing can be reduced by the disclosure of relevant information in the prospectus and by certification of these information by prestigious underwriters and auditors.

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File URL: http://crego.u-bourgogne.fr/images/stories/wp/1020801.pdf
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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1020801.

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Length: 19 pages
Date of creation: Aug 2002
Publication status: Published in Direction et Gestion,2002.
Handle: RePEc:dij:wpfarg:1020801
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Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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