0000000000739334
AUTHOR
Dominique Poincelot
The Characteristics of initial public offering for innovative small and medium-sized firms: the case of young french bio/medtech firms
The various government measures in favor of innovative SMEs, the number of biotechnology firms listed on the stock exchange over the last ten years, the characteristics of their pre-introduction financing are different factors that justify a particular interest for these firms and their methods of introduction (discount, float, quotation procedure). Different tests of mean difference have significant results. Comparing with a control sample, we found that SME in this sector are listed on the stock exchange faster, by making greater use of the open-price offer procedure (OPO) and are subject to greater prior financing by financial stockholders. Although the ownership of the capital and the d…
Determining IPO prices for innovative firms: the case of young French bio-medtech firms
International audience; The large number of French biotech firms that have recently gone public prompts us to analyse the role and characteristics of their initial backers and their influence in determining the offer price at the time of the IPO. We assume the offer price is setso as to underprice companies in conjunction with the exit motives of their main shareholders and the nature and characteristics of the venture capital firms backing them. The paper characterizes listed bio-medtech firms, although the resultssometimes fail to reveal underpricing for the 39 bio-medtech firms that went public on Euronext Paris between 2010 and 2016.
Rachats d’actions annoncés versus rachats réalisés:une analyse du découplage sur le marché français - Announced share repurchase versus repurchase shares achieved: an analysis of decoupling
(VF)Notre analyse originale porte sur la pertinence des explications des rachats d’actions en confrontant les motivations des rachats annoncés au faible taux de rachats effectifs mesuré sur le marché français. Nous mobilisons les principales explications théoriques des rachats d’actions et nous proposons une étude empirique de plusieurs centaines de programmes de rachats afin de justifier l’intention volontaire des dirigeants de ne pas engager des rachats importants en dépit de ceux annoncés provoquant ainsi un découplage. Nous montrons que certaines entreprises ont une probabilité plus élevée de provoquer ce découplage en rachetant plus faiblement leurs propres actions. Ce sont les entrepr…
Rachat d’actions en période de crise sanitaire : réactions boursières, valorisation et motivations implicites des dirigeants
International audience
Performances boursières et conflits d'intérêts suite à l'introduction en Bourse : le cas français.
National audience
Rachats d'actions et augmentation de capital : une analyse de leur combinaison appliquée au marché français
Noting that over 22% of capital increases thrown at the French financial market are made when a share repurchase program is in progress, we propose an original study of the combination of the two operations. From 50 operations for the period 1999-2006, we test if the buybacks "prepare" the market before launching the capital increase or means to change the distribution of voting rights. Our results infirm these two hypotheses and confirm rather the proposition of a fortuitous concomitance.