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Désengagements et recentrages en France : 1986-1992

  • Frédéric Perdreau

    ()

    (COACTIS - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne)

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    We first show the feature of French industrial focus through divestments by computing indexes of business diversity. Then we study the performance of these divestments in two linked ways : the profitability for the shareholders and the new relationships they contribute to establish between shareholders and CEOs.

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    File URL: https://halshs.archives-ouvertes.fr/halshs-00520594/document
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    Paper provided by HAL in its series Post-Print with number halshs-00520594.

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    Date of creation: 1998
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    Publication status: Published in Finance Contrôle Stratégie, Association FCS, 1998, 1 (2), pp.137-165
    Handle: RePEc:hal:journl:halshs-00520594
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00520594
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    1. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1990. " Do Managerial Objectives Drive Bad Acquisitions?," Journal of Finance, American Finance Association, vol. 45(1), pages 31-48, March.
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    7. Alex Jacquemin, 1975. "Une mesure entropique de la diversification des entreprises," Revue Économique, Programme National Persée, vol. 26(5), pages 834-838.
    8. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 53-81.
    9. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    10. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, vol. 37(1), pages 67-87, January.
    11. Datta, Sudip & Iskandar-Datta, Mai E, 1996. "Who Gains from Corporate Asset Sales?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(1), pages 41-58, Spring.
    12. 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.
    13. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
    14. Mandelker, Gershon, 1974. "Risk and return: The case of merging firms," Journal of Financial Economics, Elsevier, vol. 1(4), pages 303-335, December.
    15. Barber, Brad M. & Lyon, John D., 1996. "Detecting abnormal operating performance: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 41(3), pages 359-399, July.
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