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Asymétrie d’information et valorisation de l’entreprise en difficulté : un cas clinique

Author

Listed:
  • Amadieu, Paul
  • Bessière, Véronique

Abstract

A travers l’étude d’Intercall, nous mettons en évidence les problèmes de valorisation et d’asymétrie d’information, qui se manifestent lorsque la société entreprend le lancement d’une activité de téléphonie mobile. Les investisseurs modifient leurs anticipations des opportunités de croissance de l’entreprise lorsque celle-ci annonce une importante augmentation de capital. Le titre chute fortement, l’émission d’actions est reportée, et des difficultés financières commencent à apparaître. Cette étude de cas illustre les difficultés à évaluer les projets d’investissement dans de nouvelles activités, particulièrement dans les industries à forte évolution technologique et de nature immatérielle. Nous appréhendons les facteurs sous-tendant les révisions des anticipations par les investisseurs, et analysons la valorisation des opportunités de croissance et des coûts de faillite dans ce contexte.

Suggested Citation

  • Amadieu, Paul & Bessière, Véronique, 2004. "Asymétrie d’information et valorisation de l’entreprise en difficulté : un cas clinique," Accepted Papers Series 2004-1, Montpellier University, Center for Research in Finance.
  • Handle: RePEc:grf:mtpaps:ab002
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