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Pourquoi certains actionnaires cèdent-ils plus d'actions que d'autres lors de l'introduction en bourse?

Listed author(s):
  • Géraldine Broye


    (Université de Strasbourg 3)

  • Alain Schatt


    (Université de Franche-Comté)

Dans ce travail, nous étudions les raisons qui poussent les actionnaires d'origine à céder leurs actions lors de l'introduction en bourse. Sur un échantillon de 402 introductions réalisées en France entre 1986 et 2000, nous mettons en évidence des motivations différentes selon que l'entreprise est introduite au Nouveau Marché ou au Second Marché. Dans le premier cas, de plus faibles opportunités de croissance expliquent l'importance des cessions, tandis que sur le Second Marché, les cessions dépendent de "l'optimisme" du marché. Par ailleurs, un souci de conservation du contrôle de l'entreprise semble avoir une incidence sur les cessions d'actions par les actionnaires de contrôle.

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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 1030802.

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Length: 18 pages
Date of creation: Aug 2003
Handle: RePEc:dij:wpfarg:1030802
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Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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