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Les rachats d'actions en Suisse. Objectifs, conséquences et pratiques

Author

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  • Isakov, Dusan
  • Dumont, Pierre-André

Abstract

Les rachats d'actions sont autorisés depuis plus de quinze ans en Suisse. Cet article propose une analyse des rachats dans le contexte institutionnel, fiscal et juridique helvétique. Après avoir décrit les principales techniques de rachat à disposition des entreprises et les objectifs visés par une telle opération, ce travail analyse l'effet des rachats sur les ratios financiers et la valeur de l'entreprise dans un cadre théorique classique. Il montre notamment que, contrairement à ce que pensent certains professionnels, un rachat n'augmente pas mécaniquement les ratios financiers mais a plutôt tendance à les faire baisser. Un rachat a généralement aussi un impact négatif sur la valeur de l'entreprise. La dernière partie de cet article se penche sur les pratiques des entreprises suisses en matière de rachats, montrant à cette occasion que le contexte institutionnel et fiscal joue un rôle prépondérant.

Suggested Citation

  • Isakov, Dusan & Dumont, Pierre-André, 2009. "Les rachats d'actions en Suisse. Objectifs, conséquences et pratiques," FSES Working Papers 408, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  • Handle: RePEc:fri:fribow:fribow00408
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    References listed on IDEAS

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    1. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, August.
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    4. Peyer, Urs C. & Vermaelen, Theo, 2005. "The many facets of privately negotiated stock repurchases," Journal of Financial Economics, Elsevier, vol. 75(2), pages 361-395, February.
    5. Vermaelen, Theo, 2005. "Share Repurchases," Foundations and Trends(R) in Finance, now publishers, vol. 1(3), pages 171-268, December.
    6. Hribar, Paul & Jenkins, Nicole Thorne & Johnson, W. Bruce, 2006. "Stock repurchases as an earnings management device," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 3-27, April.
    7. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
    8. Gustavo Grullon & David L. Ikenberry, 2000. "What Do We Know About Stock Repurchases?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 13(1), pages 31-51.
    9. Masulis, Ronald W, 1980. " Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes," Journal of Finance, American Finance Association, vol. 35(2), pages 305-319, May.
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    Cited by:

    1. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.

    More about this item

    Keywords

    rachats d'actions ; dividendes ; ratio ; fiscalité ; valeur de l'entreprise;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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