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

Author

Listed:
  • Géraldine Broye

    () (Université de Strasbourg 3)

  • Alain Schatt

    () (Université de Franche-Comté)

Abstract

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.

Suggested Citation

  • Géraldine Broye & Alain Schatt, 2003. "Pourquoi certains actionnaires cèdent-ils plus d'actions que d'autres lors de l'introduction en bourse?," Working Papers CREGO 1030802, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  • Handle: RePEc:dij:wpfarg:1030802
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    Cited by:

    1. Patrick Boisselier & Dominique Dufour, 2007. "Bulle financière et introduction des sociétés Internet au Nouveau marché," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 67-93, March.

    More about this item

    Keywords

    introduction en bourse; cession d'actions; optimisme; opportunités de croissance;

    JEL classification:

    • 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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