IDEAS home Printed from https://ideas.repec.org/p/dij/wpfarg/1150102.html
   My bibliography  Save this paper

Existe-t-il une gestion managériale du flottant et du prix d’offre lors d’une introduction en Bourse sur Euronext Paris ? - Is there a management of the float and the offer price during an initial public offering on Euronext Paris ?

Author

Listed:

Abstract

(VF) L’objectif de cet article est d’étudier dans quelle mesure les motivations à s’introduire en Bourse ainsi que les conséquences sur la performance peuvent conditionner le choix du taux de flottant et du prix offert à l’introduction impliquant une décote. A partir de 75 sociétés introduites sur la période avril 2005- février 2014 sur Euronext, les régressions logistiques permettent d’infirmer l’hypothèse de désengagement des actionnaires en lien avec le niveau de décote ou le flottant. Dans les régressions multiples, le pourcentage des actions émises lors de l’IPO) apparaît comme une variable très déterminante pour expliquer le taux de flottant.(VA) The purpose of this article is to examine to what extent the motivation to go public and the subsequent impact on performance can affect the choice of the floating rate and the price offered to the initial public offering. From 75 french companies introduced over the period April 2005-February 2014, the logistic regressions disprove the hypothesis of withdrawal of major shareholders in connection with the level of discount or floating. In multiple regression, the percentage of shares issued in the IPO appears as a very important variable to explain the floating rate.

Suggested Citation

  • Evelyne Poincelot & Dominique Poincelot, 2015. "Existe-t-il une gestion managériale du flottant et du prix d’offre lors d’une introduction en Bourse sur Euronext Paris ? - Is there a management of the float and the offer price during an initial pub," Working Papers CREGO 1150102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1150102
    as

    Download full text from publisher

    File URL: https://repec-crego.u-bourgogne.fr/images/stories/wp/1150102.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Chahine, Salim, 2008. "Underpricing versus gross spread: New evidence on the effect of sold shares at the time of IPOs," Journal of Multinational Financial Management, Elsevier, vol. 18(2), pages 180-196, April.
    4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    5. Pham, Peter K. & Kalev, Petko S. & Steen, Adam B., 2003. "Underpricing, stock allocation, ownership structure and post-listing liquidity of newly listed firms," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 919-947, May.
    6. Amihud, Yakov & Mendelson, Haim, 1986. "Asset pricing and the bid-ask spread," Journal of Financial Economics, Elsevier, vol. 17(2), pages 223-249, December.
    7. Schultz, Paul H. & Zaman, Mir A., 1994. "Aftermarket support and underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 35(2), pages 199-219, April.
    8. Gajewski, Jean-Fran�ois & Gresse, Carole, 2006. "A Survey of the European IPO Market," ECMI Papers 1207, Centre for European Policy Studies.
    9. Dominique Dufour & Eric Molay, 2008. "Sous-Evaluation A L'Introduction En Bourse Et Valorisation: L'Exemple D'Alternext," Post-Print halshs-00526016, HAL.
    10. Luigi Zingales, 1995. "Insider Ownership and the Decision to Go Public," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(3), pages 425-448.
    11. Brennan, M. J. & Franks, J., 1997. "Underpricing, ownership and control in initial public offerings of equity securities in the UK," Journal of Financial Economics, Elsevier, vol. 45(3), pages 391-413, September.
    12. Habib, Michel A & Ljungqvist, Alexander P, 2001. "Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 14(2), pages 433-458.
    13. Carole Gresse & Jean-François Gajewski, 2006. "A Survey of the European IPO Market," Post-Print halshs-00153343, HAL.
    14. repec:dau:papers:123456789/8670 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jeon, Jin Q. & Lee, Cheolwoo & Nasser, Tareque & Via, M. Tony, 2015. "Multiple lead underwriter IPOs and firm visibility," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 128-149.
    2. Amal Mohammed Al-Masawa & Rasidah Mohd-Rashid & Hamdan Amer Al-Jaifi, 2020. "A Descriptive Analysis of IPOs Post Listing Liquidity in Malaysia," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(1), pages 171-180, January.
    3. Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2014. "Liquidity Benefits From Underpricing: Evidence from Initial Public Offerings Listed at Karachi Stock Exchange," PIDE-Working Papers 2014:101, Pakistan Institute of Development Economics.
    4. Nesrine Bouzouita & Jean-François Gajewski & Carole Gresse, 2015. "Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect," Financial Management, Financial Management Association International, vol. 44(4), pages 785-810, October.
    5. Franck Bancel & Usha R. Mittoo, 2013. "Survey evidence: what do we know about European and US firms’ motivations for going public?," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 3, pages 57-75, Edward Elgar Publishing.
    6. Alavi, Arash & Pham, Peter Kien & Pham, Toan My, 2008. "Pre-IPO ownership structure and its impact on the IPO process," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2361-2375, November.
    7. Murad Harasheh & Stefano Gatti, 2015. "Going Public and Underpricing as Brand Value Enhancing Tools," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(11), pages 1208-1226, November.
    8. Klova, Valeriia, 2017. "IPO underpricing: What about the shipping sector?," Journal of Multinational Financial Management, Elsevier, vol. 42, pages 95-115.
    9. Hahn, TeWhan & Ligon, James A. & Rhodes, Heather, 2013. "Liquidity and initial public offering underpricing," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4973-4988.
    10. Franck Bancel & Usha R. Mittoo, 2009. "Why Do European Firms Go Public?," European Financial Management, European Financial Management Association, vol. 15(4), pages 844-884, September.
    11. Ilias Anthopoulos & Christos N.Pitelis, "undated". "The Nature, Performance, Economic Impact and Regulation of Investment Banking," Working papers wpaper137, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    12. Andres, Christian & Cumming, Douglas & Karabiber, Timur & Schweizer, Denis, 2014. "Do markets anticipate capital structure decisions? — Feedback effects in equity liquidity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 133-156.
    13. Matthias Kiefer & Edward Jones & Andrew Adams, 2016. "Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?," CFI Discussion Papers 1603, Centre for Finance and Investment, Heriot Watt University.
    14. Mu-Shun Wang & Shaio Yan Huang & An An Chiu, 2011. "Liquidity, Management Effort And Performance," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 5(1), pages 1-14.
    15. Cho, Jaemin & Lee, Jaeho, 2013. "The venture capital certification role in R&D: Evidence from IPO underpricing in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 23(C), pages 83-108.
    16. Kim, Oksana, 2013. "The global recognition strategy of blue chips of the Russian and Commonwealth of Independent States (CIS) markets," Journal of Contemporary Accounting and Economics, Elsevier, vol. 9(2), pages 151-169.
    17. Monaco, Eleonora & Ibikunle, Gbenga & Palumbo, Riccardo & Zhang, Zeyu, 2022. "The liquidity and trading activity effects of acquisition payment methods: Evidence from the announcements of private firms' acquisitions," International Review of Financial Analysis, Elsevier, vol. 82(C).
    18. Kaushik Basu, 2015. "Market Imperfections and Optimal Capital Structure: Evidence from Indian Panel Data," Global Business Review, International Management Institute, vol. 16(1), pages 61-83, February.
    19. Mayur, Manas & Kumar, Manoj, 2006. "An Empirical Investigation of Going Public Decision of Indian Companies," MPRA Paper 1801, University Library of Munich, Germany.
    20. Hans B. Christensen & Luzi Hail & Christian Leuz, 2021. "Mandatory CSR and sustainability reporting: economic analysis and literature review," Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.

    More about this item

    Keywords

    introduction en bourse; flottant; décote; prix offert; initial public offering; float; underpricing; price of offer;
    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
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:wpfarg:1150102. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Angèle RENAUD (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.