0000000000193349
AUTHOR
Michel Dubois
Conception multimédia des supports et structuration textuelle : application à différents corpus textuels
Rapport de contrat CNET Étude socio-cognitive des usages du multimédia; La conjecture est faite que la structuration d'un texte technique fondée sur les valeurs illocutoires des unités textuelles pourrait favoriser son traitement. Cette recherche analyse la distinction du second plan par rapport au premier plan (valeur de «moindre importance»). Dans le cadre de cette distinction, une typologie des unités textuels de textes techniques est proposée et sa réalité psychologique évaluée expérimentalement. On montre que le repérage des valeurs illocutoires des unités textuelles sur la seule base du langage est difficile. Deux expériences étudient alors, sur papier et sur écran, l'effet du marquag…
The cost of equity and exchange listing evidence from the French stock market
We reconsider the behaviour of prices around the period close to the listing on the Marché à Règlement Mensuel (RM). First, an event study based on a sample of 60 firms has been set up to test the existence of the exchange listing effect on the French market. Then we discuss and test the financial reasons which can justify abnormal returns around the announcement day and the day of the listing. We explore four reasons to explain the impact of the stock exchange listings: one is the informative content of the operation which induces an upward revision of the future earnings. Three other hypotheses rely on a decrease in the discount rate originated by less risky cash flows, an increase in tra…
Valuation Effects of Listing on a More Prominent Segment of the Stock Market: Evidence from France
We examine the behaviour of stock prices during the period around the transfer to the Marchea Reglement Mensuel. First, we discuss the financial reasons, which can justify abnormal returns around the transfer. Second, an event study based on a sample of 71 firms is set up to test the existence of the exchange listing effect on the French market. Third, we explore three hypotheses in order to explain the impact on stock returns: the informative content of the transfer, the increase in the relative size of the firm’s investor base, and the reduction of trading costs (immediacy and adverse selection). Cross–sectional regressions show that the increase in the relative size of the firm’s investo…