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Rachats d’actions annoncés versus rachats réalisés:une analyse du découplage sur le marché français - Announced share repurchase versus repurchase shares achieved: an analysis of decoupling

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  • Evelyne Poincelot

    (Université de Bourgogne, LEG (FARGO)-UMR 5118)

  • Dominique Poincelot

    (Université de Franche-Comté, LEG (FARGO)-UMR 5118)

Abstract

(VF)Notre analyse originale porte sur la pertinence des explications des rachats d’actions en confrontant les motivations des rachats annoncés au faible taux de rachats effectifs mesuré sur le marché français. Nous mobilisons les principales explications théoriques des rachats d’actions et nous proposons une étude empirique de plusieurs centaines de programmes de rachats afin de justifier l’intention volontaire des dirigeants de ne pas engager des rachats importants en dépit de ceux annoncés provoquant ainsi un découplage. Nous montrons que certaines entreprises ont une probabilité plus élevée de provoquer ce découplage en rachetant plus faiblement leurs propres actions. Ce sont les entreprises dont le bénéfice par action est inférieur aux attentes des analystes financiers, celles qui bénéficient d’une réaction boursière positive en annonçant le programme ou caractérisées par une structure d’actionnariat plus concentrée. Par ailleurs, les entreprises dont les dirigeants engagent des rachats relativement plus importants le mois suivant l’annonce bénéficient d’un effet richesse positif renforçant ainsi l’idée d’un découplage intentionnel.(VA)Our analysis focuses on the relevance of the explanations of the repurchase of shares relatively to the low rate of actual redemption on the French market. We mobilize the major theoretical explanations and the study of buyback programs and test the assumptions justifying that there would be no intention to achieve significant redemptions after the announcement. Firms whose earnings per share is lower than that estimated by financial analysts, with a positive market reaction to the announcement or a more concentrated ownership structure have a higher probability of less repurchase. Finally, firms that repurchase more within thirty days after the announcement had a greater probability of having a higher relative wealth over the same period.

Suggested Citation

  • Evelyne Poincelot & Dominique Poincelot, 2011. "Rachats d’actions annoncés versus rachats réalisés:une analyse du découplage sur le marché français - Announced share repurchase versus repurchase shares achieved: an analysis of decoupling," Working Papers CREGO 1110401, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1110401
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    rachats d’actions; taux de rachat; découplage; equity issues; stock repurchases; ownership structure.;
    All these keywords.

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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