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Le décollage d'EADS:le point de vue des marchés financiers

Author

Listed:
  • Nihat Aktas

    (Université Catholique de Louvain)

  • Eric de Bodt

    (Université de Lille 2)

  • Laurent Liagre

    (Université HEC Montréal)

Abstract

(VF)Cet article analyse la restructuration de l'industrie européenne aérospatiale et de défense via la création d’EADS, société possédant 80 % d'Airbus. Lancé par une impulsion politique des gouvernements européens, ce processus a abouti à la création d’un acteur industriel de niveau mondial. Nous étudions cette restructuration dans le cadre théorique du gouvernement d’entreprise. La question à laquelle nous tentons de répondre est la suivante:les autorités nationales européennes ont-elles réussi à donner naissance à un concurrent privé crédible dans ce secteur oligopolistique? (VA) This paper focuses on the restructuring of the European aero-space and defence industry, resulting in a new company:EADS, the group controlling 80 % of Airbus. This process (initiated by European governments) has succeeded after many developments, involving state-owned firms, public and private companies. Building on the conceptual frame-work of corporate governance, the question we try to answer is the following:did the European national authorities give birth to a credible private competitor in the aerospace sector?

Suggested Citation

  • Nihat Aktas & Eric de Bodt & Laurent Liagre, 2006. "Le décollage d'EADS:le point de vue des marchés financiers," Revue Finance Contrôle Stratégie, revues.org, vol. 9(1), pages 5-34, March.
    • Handle: RePEc:dij:revfcs:v:9:y:2006:i:q1:p:5-34
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    More about this item

    Keywords

    fusions et acquisitions; propriété étatique; études d’événements; mergers and acquisition; state ownership; event studies.;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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