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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?

Author

Listed:
  • Evelyne Poincelot

    (Université de Bourgogne)

  • Dominique Poincelot

    (Université de Franche-Comté)

Abstract

(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.

Suggested Citation

  • Evelyne Poincelot & Dominique Poincelot, 2007. "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 marke," Working Papers CREGO 1071108, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1071108
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    More about this item

    Keywords

    augmentation de capital; rachat d’actions; réaction boursière equity issues; stock repurchases; market reaction.;
    All these keywords.

    JEL classification:

    • 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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