Search results for "G3"
showing 10 items of 153 documents
The Impacts of LBOs on the Performance of Acquired Firms: The French Case
2002
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy-out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.
T1HG Bladder Tumours: So Many Papers, Do We Need Them? Yes, We Do!
2009
“How many roads a man must walk on….” and how many papers we must read and write… to put down the final word on the appropriate management of high risk NMI-BC. Although it is more than 20 years that we take notice of promises on biological markers predictive of the behaviour of NMI-BC, till today we can only base our decisions on clinical and pathological data. Consequently, we need exchange of experiences and reports on the outcome of these patients. The aim of the treatment of T1 bladder tumours is to minimize mortality while assuring reduced morbidity and good quality of life. A conservative approach is, obviously, not applicable to all T1HG tumours. We need to identify unequivocal selec…
Computertomographie nach extrakorporaler Stoßwellenlithotripsie (ESWL) der Nieren
1993
In 105 patients CT studies were done prospectively after renal ESWL with a second generation lithotripter. 33 (31%) of the patients had renal oedema (n = 8), renal (n = 20) or extrarenal (n = 31) bleeding. Three of the 23 patients who had a three year follow-up had chronic renal changes, 10 had renal stones. As blunt renal trauma can be the cause of renal hypertension a longterm follow-up is necessary in ESWL patients, particularly if there was renal bleeding after treatment. Further studies are needed to determine the exact risk of renal hypertension after ESWL.
Les plans d'option sur actions:théorie et pratique
2000
Cet article présente une synthèse des travaux théoriques et empiriques consacrés aux stock-options. Il est consacré dans un premier temps aux avantages et inconvénients présumés de ces formules de rémunérations, au sujet des liens entre les plans d'options sur actions et la performance à long terme des firmes, les comportements des salariés (des cadres en particulier), la maîtrise possible de la masse salariale et les risques de dilution du capital. Dans un second temps, en sont précisées les modalités d'application selon les législations en vigueur tant en France qu'en Amérique du Nord, ainsi que stratégies pouvant être adoptées par les détenteurs des options. L'article dresse ensuite un b…
Structure de propriété et communication financière des entreprises françaises
2005
The objective of this empirical study is to test the hypothesized relation between ownership structure and the quality of financial reporting of French firms. The results confirm that the relation between shareholding dilution and the quality of investors' relations is not linear but curvilinear.
ANALYSIS OF THE IMPACT OF EXOGENOUS FACTORS ON THE FINANCIAL PERFORMANCE OF ROMANIAN COMMERCIAL BANKS LISTED ON BUCHAREST STOCK EXCHANGE
2015
The interest of both creditors and debtors of a credit institution on the performance registered by commercial banks imposed shaping high prudential standards designed to not upset the credit institution and to contribute decisively to increase their health profitability. On bank performance it shows a significant influence on many factors. The study focuses its attention on the impact of research that external factors are likely to print to financial rate of credit institutions (one of the classic indicators used to measure bank performance). The variables studied were represented by: - external factors: GDP, inflation and exchange rate leu-euro - considered to be independent variables and…
THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS LISTED AND TRADED ON BUCHAREST STOCK EXCHANGE
2015
Even though banks are playing the role of financial intermediaries, their main objective is to obtain profit. The most commonly used indicator of the profitability assessment, according to the shareholder vision is represented by the return on equity. This study has focused on achieving a factor analysis on financial profitability obtained by the top three commercial banks by using the Du Pont. The purpose of this analysis was to identify the causes rate developments. The analysis was done over a period of eight years, respectively from 2007 since 2014. Data were taken from the financial statements published by the three credit institutions. The results have demonstrated that banks in order…
Le rôle du marché des dirigeants dans le système de gouvernance des entreprises : une revue de la littérature
2005
National audience; L'objectif de cet article est, en s'appuyant sur la littérature existante, d'appréhender et de comprendre le rôle d'un mécanisme particulier:le marché des dirigeants, à l'intérieur du système de gouvernance des entreprises. La grille de lecture utilisée est synthétique, permettant d'étudier les voies d'intervention potentielles du marché managérial aussi bien sous la dimension disciplinaire que cognitive. L'apport principal de cet article est d'aboutir à une vision globale et complète du rôle de ce mécanisme, venant remettre en cause la perception généralement négative du marché des dirigeants, considéré inefficient, de type clanique, notamment en France. Cette revue cons…
Les normes comptables actuelles permettent-elles une comptabilisation des stock-options à leur juste valeur?
2006
In many countries, executive stock options (ESOs) have been subject to financial scandals during these last years, that encountered for a deep need of transparency, particularly about this compensation device for managers. The aim of this paper is to present, in a first part, the ways of expensing ESOs in through the European IRFS 2 and the American FAS 123 standards. The second part analyses ESOs accounting and its consequences, namely regarding the requirements about measuring this incentive mechanism at its fair value.
Motifs et conséquences de l'adoption des stock-options
1999
Cet article présente les justifications théoriques de l'utilisation des stock-options par les firmes et du comportement de leurs bénéficiaires, ainsi que les résultats d'études empiriques venant les étayer ou les réfuter. Il met en évidence les caractéristiques spécifiques (niveaux du prix d'exercice, de la diffusion des options...) des plans adoptés en France dans chaque contexte de référence (mise en place d'un contrat incitatif destiné aux managers, attribution d'une rémunération financièrement et fiscalement avantageuse). De nombreux travaux empiriques montrent que les stock-options peuvent contribuer à orienter le comportement des managers de manière à créer davantage de richesse actio…