L’impact de l’admission à la cote sur les performances économiques des entreprises : Le cas du Nouveau Marché français

Stephanie, Serve (2004): L’impact de l’admission à la cote sur les performances économiques des entreprises : Le cas du Nouveau Marché français.

Abstract

This article investigates the change in operating performance of 115 firms that go public on the French New Market over the period 1996-2000. A significant decline in operating performance subsequent to the Initial Public Offering (IPO) is found. Companies appears to sustain sales growth but not capital expenditure after the IPO. Additionally, there is a significant negative relation between post-IPO change in operating performance and equity retention by the original ownership.

• Item Type: MPRA Paper
• Institution: THEMA Université de Cergy-Pontoise
• English Title: The operating performance of French IPO firms
• Language: French
• Keywords: French; initial public offerings; IPO; operating performance; ownership structure
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets

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