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Les sociétés cotées en France préparent-elles le marché à l’augmentation de leur capital par les rachats de leurs propres actions?Do french quoted firms repurchase stocks in order to prepare the market for equity issues?

  • Evelyne Poincelot


    (Université de Bourgogne)

  • Dominique Poincelot


    (Université de Franche-Comté)

(VF)Constatant que plus de 22% des augmentations de capital lancées sur le marché financier français sont réalisées 6 mois après un rachat programmé d’actions, nous proposons une étude originale de la relation entre ces deux opérations. A partir de 53 opérations pour la période 1999-2006, nous supposons que la réaction boursière à l’annonce de l’augmentation de capital dépend des caractéristiques des programmes de rachats et des motivations des dirigeants.(VA)More than 22% of equity issues on the French market are realized six months after a program of stock repurchases. This paper studies the relation between these two decisions. With 53 equity issues on the period 1999-2006, we suppose that the market reaction depends on the characteristics of the program of stock repurchases and the motivations of the managers.

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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 1071105.

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Length: 34 pages
Date of creation: Nov 2007
Date of revision:
Handle: RePEc:dij:wpfarg:1071105
Contact details of provider: Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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  1. Allen Berger & John Leusner & John Mingo, 1994. "The Efficiency of Bank Branches," Center for Financial Institutions Working Papers 94-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
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  8. John D. C. Little, 1970. "Models and Managers: The Concept of a Decision Calculus," Management Science, INFORMS, vol. 16(8), pages B466-B485, April.
  9. Portela, Maria Conceicao A. Silva & Thanassoulis, Emmanuel, 2007. "Comparative efficiency analysis of Portuguese bank branches," European Journal of Operational Research, Elsevier, vol. 177(2), pages 1275-1288, March.
  10. Hartman, Thomas E. & Storbeck, James E. & Byrnes, Patricia, 2001. "Allocative efficiency in branch banking," European Journal of Operational Research, Elsevier, vol. 134(2), pages 232-242, October.
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