Les performances opérationnelles à long terme des entreprises françaises émettrices d’actions

Abstract : We examine the long-run operating performance of 108 French companies issuing stock. Our results suggest that issuing firms experience substantial improvements in operating performance prior to the offering, while the tendency is reversed after the offering has taken place. This confirms the results obtained in US, UK and Japanese studies. We find no relation between the pre-issue level of free cash flow and the subsequent decline in profitability. Hence, the results from the French SEO market offer evidence consistent with the ‘window of opportunity’ hypothesis for explaining the downward drift following a seasoned offering.
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Journal articles
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https://hal-upec-upem.archives-ouvertes.fr/hal-01345589
Contributor : Hatem Mansali <>
Submitted on : Thursday, July 14, 2016 - 1:04:06 PM
Last modification on : Friday, October 4, 2019 - 1:23:54 AM

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Hatem Mansali. Les performances opérationnelles à long terme des entreprises françaises émettrices d’actions. Finance Contrôle Stratégie, Association FCS, 2005, ⟨10.4000/fcs.1703⟩. ⟨hal-01345589⟩

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