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Faut-il acheter des actions des entreprises apparaissant sur les listes noires du Conseil des investisseurs institutionnels ?

Author

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  • Fabrice Hervé

Abstract

[fre] Un gestionnaire financier de fonds de retraite est confronté à l’alternative suivante lorsqu’il détient des actions peu performantes : les vendre ou les conserver et chercher à influer sur les managers des entreprises concernées. Plusieurs raisons expliquent pourquoi les fonds de retraite américains ont adopté la seconde attitude. Une telle stratégie a participé au développement d’une pratique appelée activisme des actionnaires. C’est ce phénomène sur lequel se focalise cet article. À cette fin, l’auteur décrit les manifestations des différents types d’activismes existants (proxy targeting et performance targeting). Puis, il traite plus particulièrement des effets de long terme de l’activisme coordonné par le Conseil des investisseurs institutionnels (CII) sur l’évolution des rentabilités des actions des entreprises ciblées. . Classification JEL : G23, G31, G34 [eng] The Long Run Impact of Coordinated Activism Initiated by the Council of the Institutional Investors (CII) on Returns of the Targeted Firms Shares . A pension funds money manager faces the following alternative when it holds under-performing shares : either it sells them, or it keeps them and seeks to influence the managers of the firms involved. Several reasons can explain why American pension funds followed the second way. Such a strategy contribute to the development of a practice called shareholder activism. This article focuses particularly on this phenomenon. For this purpose, author describes the various existing practices of activism (proxy targeting and performance targeting). Then, his attention goes on the second type of activism. He deals principally with the long run impact of coordinated activism initiated by the Council of the Institutional Investors (CII) on the evolution of returns of the targeted firms shares. . JEL classifications : G23, G31, G34 . .

Suggested Citation

  • Fabrice Hervé, 2001. "Faut-il acheter des actions des entreprises apparaissant sur les listes noires du Conseil des investisseurs institutionnels ?," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 125-135.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_63_3_3673
    DOI: 10.3406/ecofi.2001.3673
    Note: DOI:10.3406/ecofi.2001.3673
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    References listed on IDEAS

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    1. Michael E. Porter, 1992. "Capital Choices: Changing The Way America Invests In Industry," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(2), pages 4-16, June.
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    7. Fabrice Hervé, 2001. "L'impact de l'activisme des fonds de pension américains : l'exemple du Conseil des Investisseurs Institutionnels," Working Papers 2001-4, Laboratoire Orléanais de Gestion - université d'Orléans.
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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