Structure Du Capital Et Performance Des Entreprises Familiales Fran Aises Introduites En Bourse
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Structure Du Capital Et Performance Des Entreprises Familiales Fran Aises Introduites En Bourse
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Author : Richard Abi Saleh
language : en
Publisher:
Release Date : 2015
Structure Du Capital Et Performance Des Entreprises Familiales Fran Aises Introduites En Bourse written by Richard Abi Saleh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Cette thèse a pour objectif d'analyser la structure du capital et la performance des entreprises familiales Françaises qui s'introduisent en Bourse. A partir d'un échantillon de 90 entreprises familiales appartenant à l'indice CAC All-Tradable de 2010 à 2013, nous constatons que la structure du capital des entreprises familiales est caractérisée par un faible niveau d'endettement avec une préférence pour l'endettement à court terme par rapport au long terme. De plus, la structure de capital des entreprises familiales vérifie les théories classiques du financement, l'hypothèse de 'market timing', la théorie du ratio d'endettement optimal et de la théorie du financement hiérarchique. Ensuite, nous analysons les performances à court terme et à long terme des entreprises familiales françaises qui s'introduisent en Bourse. Les résultats montrent les différentes techniques d'expropriation employées par les propriétaires des entreprises familiales. A la date de l'introduction en bourse, la majorité des propriétaires des entreprises familiales sont à la fois les directeurs généraux et les présidents des conseils d'administration. Après l'introduction en bourse, les propriétaires des entreprises familiales détiennent environ 80% des droits des flux de trésorerie et nous constatons que la différence entre leurs droits aux flux de trésorerie et leurs droits de vote a augmenté. La sous-évaluation au premier jour est voisine de 2%, ce qui révèle que les entreprises familiales sont correctement évaluées lors de l'émission. Les entreprises familiales surperforment l'indice de marché dans les trois premiers mois de l'émission et après la troisième année. Nous trouvons aussi que le changement des droits de propriété et de contrôle avant et après l'introduction en Bourse explique les performances à court et à long terme contrairement aux mécanismes de gouvernance.
Capital Choices
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Author : Michael E. Porter
language : en
Publisher:
Release Date : 1994-12-01
Capital Choices written by Michael E. Porter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-12-01 with categories.
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.
Corporate Governance And The Over Investment Of Surplus Cash
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Author : Scott Anthony Richardson
language : en
Publisher:
Release Date : 2003
Corporate Governance And The Over Investment Of Surplus Cash written by Scott Anthony Richardson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business enterprises categories.
Entreprises Et Entrepreneurs Africains
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Author : Stephen Ellis
language : fr
Publisher: KARTHALA Editions
Release Date : 1995-01-01
Entreprises Et Entrepreneurs Africains written by Stephen Ellis and has been published by KARTHALA Editions this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-01-01 with Africa categories.
In 43 chapters, this book provides an overview of entrepreneurship in Africa. It combines theoretical analysis and empirical descriptions and provides an in-depth analysis of how its economic capabilities can be restored.
The Venture Capital Cycle
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Author : Paul Alan Gompers
language : en
Publisher: MIT Press
Release Date : 2004
The Venture Capital Cycle written by Paul Alan Gompers and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
The Start Up J Curve
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Author : Howard Love
language : en
Publisher: Greenleaf Book Group
Release Date : 2016-08-30
The Start Up J Curve written by Howard Love and has been published by Greenleaf Book Group this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-30 with Business & Economics categories.
A predictable pattern of success Entrepreneurs who have read early drafts of The Start-Up J Curve responded, ''I wish I had this book years ago.'' A start-up unfolds in a predictable pattern; the more aware entrepreneurs are of this pattern, the better able they will be to capitalize on it. Author Howard Love calls this pattern the start-up J Curve: The toughest part of the endeavor is the time between the actual start of a new business and when the product and model are firmly established. The Start-Up J Curve gives entrepreneurs the tools they need to get through the early challenges so they can reach the primary value creation that lies beyond. Love brings thirty-five years of start-up experience to this comprehensive guide to starting a business. He outlines the six predictable stages of start-up growth and details the activities that should be undertaken at each stage to ensure success and to avoid common pitfalls. Instead of feeling lost and confused after a setback, start-up founders and investors can anticipate the challenges, overcome the obstacles, and ride the curve to the top.
Making Finance Work For Africa
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Author : Patrick Honohan
language : en
Publisher: World Bank Publications
Release Date : 2007
Making Finance Work For Africa written by Patrick Honohan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Drawing on its extensive experience in helping restructure and reform financial systems, the World Bank examines the state of African domestic financial systems in a global comparison. It identifies promising trends as well as pinpointing the major shortcomings that are observed across sub-Saharan Africa. Policy recommendations distinguish between those designed to make finance a more effective driver of economic growth and those designed to give low income, small-scale and other excluded groups better access to financial services.
The Modern Corporation And Private Property
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Author : Adolf A. Berle (Jr.)
language : en
Publisher:
Release Date : 1937
The Modern Corporation And Private Property written by Adolf A. Berle (Jr.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1937 with Corporation law categories.
The Theory Of Corporate Finance
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Author : Jean Tirole
language : en
Publisher: Princeton University Press
Release Date : 2010-08-26
The Theory Of Corporate Finance written by Jean Tirole and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-26 with Business & Economics categories.
"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.