Les Introductions En Bourse La Structure De Propri T Et La Cr Ation De Valeur
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Les Introductions En Bourse La Structure De Propri T Et La Cr Ation De Valeur
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Author : Tarek Miloud
language : fr
Publisher: Presses univ. de Louvain
Release Date : 2003
Les Introductions En Bourse La Structure De Propri T Et La Cr Ation De Valeur written by Tarek Miloud and has been published by Presses univ. de Louvain this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
La recherche s’inscrit dans un vaste courant de pensée économique qui porte sur le corporate governance. Elle a pour objectif de présenter les introductions en bourse sur l’Euro.NM et les compare à des opérations similaires réalisées sur le NASDAQ. Elle analyse aussi leurs coûts qui peuvent être divisés en coûts explicites et en coûts implicites. Les coûts explicites concernent la rémunération des intermédiaires financiers, les campagnes de communication, etc. ; ils représentent, en règle générale, moins de 1% de la capitalisation boursière des sociétés étudiées. La recherche s’intéresse particulièrement aux coûts implicites qui sont liés à la sous-évaluation des titres à l’introduction, c’est-à-dire la différence entre le cours d’équilibre et le prix payé par les investisseurs lors de l’introduction. Les modèles théoriques n’expliquent que très partiellement l’existence d’une telle sous-évaluation. La thèse aborde successivement quatre thématiques : (i) la sous-évaluation initiale des introductions en bourse ; (ii) la structure de propriété ; (iii) la liquidité de ces opérations et (iv) la performance boursière à long terme (à trois ans) après l’introduction en bourse. Nos résultats empiriques confirment et prolongent les résultats obtenus sur les marchés anglo-saxons. Ils peuvent se résumer à six points principaux : (1) la sous-évaluation des introductions en bourse sur l’Euro.NM est en moyenne plus forte que celle des opérations équivalentes réalisées sur le NASDAQ ; (2) les actionnaires d’origine des sociétés de l’Euro.NM jouent un rôle plus important dans l’introduction en bourse en proposant plus de titres que ceux du NASDAQ ; (3) les marchés financiers ajustent les erreurs d’évaluation dès le premier jour de cotation ; (4) la sous-évaluation initiale d’une offre d’introduction peut aider à stabiliser la structure de propriété après l’introduction : cela signifie que les gros investisseurs sont discriminés dans le processus d’allocation du capital ; (5) une dégradation est observée dans la performance des entreprises étudiées du NASDAQ tandis que, sur notre échantillon Euro.NM, on note une performance boursière à long terme significativement positive ; finalement, (6) il ressort que les entreprises dont «la part détenue» par les actionnaires d’origine dans le capital est la plus importante semblent ne pas présenter de meilleures performances à long terme par rapport aux autres.
Market Structure And Innovation
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Author : Morton I. Kamien
language : en
Publisher: Cambridge University Press
Release Date : 1982-02-26
Market Structure And Innovation written by Morton I. Kamien and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982-02-26 with Business & Economics categories.
Technical advance requires resources and is motivated by the quest for profits; therefore, the rate and direction of advance is determined by the economic system. Recognition of this fact has focused attention on the performance of the market economy in the allocation of resources to technical advance, and the consequent body of research is surveyed and synthesised in this book. The theories of market structure and innovation proposed by Schumpeter, Galbraith, Arrow, Schmookler, Scherer, Mansfield, Phillips, Barzel, Kamien and Schwartz, Loury, Nelson and Winter, Grabowski, Dasgupta and Stiglitz, and others are presented in an integrated form. These theories deal with the nature of competition, the incentives to innovate and the pace of innovative activity under different market structures, and the existence of a market structure that yields the most rapid rate of innovation. In addition, the findings of seventy empirical studies dealing with various facets of the microeconomics of technical innovation are presented. The book is designed to be accessible to economists working in a variety of situations - in universities, business and government - and who are concerned with questions of technical innovation. It is also suitable for senior-level undergraduates and first year graduate students approaching the subject in a comprehensive way for the first time.
Fictitious Capital
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Author : Cédric Durand
language : en
Publisher: Verso Books
Release Date : 2017-06-06
Fictitious Capital written by Cédric Durand and has been published by Verso Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-06 with Political Science categories.
How finance is a mechanism of social and political domination The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. In this lucid and compelling book, economist Cédric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power. Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.
Investigating Specialized Discourse
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Author : Maurizio Gotti
language : en
Publisher: Peter Lang
Release Date : 2008
Investigating Specialized Discourse written by Maurizio Gotti and has been published by Peter Lang this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Foreign Language Study categories.
Maurizio Gotti analyses the various features of specialized discourse in order to assess its degree of specificity and diversification, as compared to general language. Prior to any analysis of such traits, the notion of specialized discourse and its distinctive properties are clarified.
The Control Of Corporate Europe
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Author : Fabrizio Barca
language : en
Publisher: OUP Oxford
Release Date : 2001-11-15
The Control Of Corporate Europe written by Fabrizio Barca and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-11-15 with Business & Economics categories.
Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.
Les Comptes De Groupe
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Author : Richard Effantin
language : fr
Publisher: Editions L'Harmattan
Release Date : 2010-04-01
Les Comptes De Groupe written by Richard Effantin and has been published by Editions L'Harmattan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
Cet ouvrage a pour ambition de traiter les difficultés liées à la consolidation dans une optique méthodologique. Il aborde les normes, en faisant référence au règlement CRC 99-02, donne des explications et des modèles de résolution pour les travaux à réaliser ; enfin, des applications illustrent les différents chapitres de même que des tableaux construits dans un but pédagogique. Ce manuel suit le programme de l'unité d'enseignement numéro 4 du DSCG et apporte des réponse aux questions techniques et pratiques de la consolidation.
The New Spirit Of Capitalism
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Author : Luc Boltanski
language : en
Publisher: Verso
Release Date : 2005
The New Spirit Of Capitalism written by Luc Boltanski and has been published by Verso this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
A century after the publication of Max Weber's The Protestant Ethic and the "Spirit" of Capitalism , a major new work examines network-based organization, employee autonomy and post-Fordist horizontal work structures.
Les Nouveaux Territoires De La S Curit
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Author :
language : fr
Publisher:
Release Date : 2009
Les Nouveaux Territoires De La S Curit written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Crime prevention categories.
Stock Market Volatility
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Author : Greg N. Gregoriou
language : en
Publisher: CRC Press
Release Date : 2009-04-08
Stock Market Volatility written by Greg N. Gregoriou and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-08 with Business & Economics categories.
Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in devel
Corporate Governance After The Financial Crisis
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Author : Stephen M. Bainbridge
language : en
Publisher: Oxford University Press, USA
Release Date : 2012-02-16
Corporate Governance After The Financial Crisis written by Stephen M. Bainbridge and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-16 with Business & Economics categories.
The years from 2000 to 2010 were bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes-Oxley Act, which was directed at core aspects of corporate governance. At the end of the decade came the bursting of the housing bubble, followed by a severe credit crunch, and the worst economic downturn in decades. In response, Congress passed the Dodd-Frank Act, which changed vast swathes of financial regulation. Among these changes were a number of significant corporate governance reforms. Corporate Governance after the Financial Crisis asks two questions about these changes. First, are they a good idea that will improve corporate governance? Second, what do they tell us about the relative merits of the federal government and the states as sources of corporate governance regulation? Traditionally, corporate law was the province of the states. Today, however, the federal government is increasingly engaged in corporate governance regulation. The changes examined in this work provide a series of case studies in which to explore the question of whether federalization will lead to better outcomes. The author analyzes these changes in the context of corporate governance, executive compensation, corporate fraud and disclosure, shareholder activism, corporate democracy, and declining US capital market competitiveness.