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La Performance Opérationnelle à Long Terme des Émetteurs d'ObligationsConvertibles en France : Évaluation et Facteurs Explicatifs

Author

Listed:
  • Khalid Elbadraoui

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Jean-Jacques Lilti

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Bouchra M'Zali

Abstract

The purpose of this paper is to analyze thelong-run operating performance of Frenchconvertible bonds (CB) issuers.Our results reveal that firms issuingconvertible bonds under-perform substantiallynon-issuing firms from pre to post-issueperiods. Our findings are robust with respect tothe various benchmarks and operatingperformance measures used. This post-offeringearning downturn confirms findings ofprevious studies undertaken in the USA marketand is consistent with the poor long-term postissuestock price performance recentlyhighlighted on the French CB market.Nevertheless, the study of operatingperformance determinants using PLSregression shows that this under-performancemust be put into perspective by some issuerand issue features.

Suggested Citation

  • Khalid Elbadraoui & Jean-Jacques Lilti & Bouchra M'Zali, 2008. "La Performance Opérationnelle à Long Terme des Émetteurs d'ObligationsConvertibles en France : Évaluation et Facteurs Explicatifs," Post-Print halshs-00341540, HAL.
    • Handle: RePEc:hal:journl:halshs-00341540
    as

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