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Les offres publiques d'achat et d'échange. Une synthèse de la littérature

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  • Patricia Charlety-Lepers

Abstract

[eng] Cash and securittes tender offers : a syntheses of the litterature . . The recent development of cash and securities tender offers in the United States as well as in Europe gave lise to a new stream of research in financial economics.. In particular, the literature focuses on two issues. The first one is the takeover process itself (how should the first offer be set, what are the effects of competition in the bidding market, how is the choice between cash and securities offers made). The second aspect investigated is the causes and consequences of tender offers (what is the objective of the acquisition, what is the impact on shareholders' wealth, ...). The purpose of this article is to give a synthesis of some important theoretical models and compare their results with conclusions of the recent related empirical literature. [fre] Les offres publiques d'achat et d'échange. Une synthèse de la littérature . . La vague récente de fusions et d'acquisitions aux États-Unis comme en Europe a suscité le développement d'une littérature économique et financière abondante.. Les études tant théoriques que statistiques se sont principalement orientées dans deux voies :. - l'analyse du processus de l'offre publique d'une part (niveau optimal de la première offre, choix entre OPA et OPE, effets de la concurrence entre acquéreurs) ;. - l'étude des causes et des conséquences des offres publiques d'autre part (motif de l'acquisition, variation de la richesse des actionnaires des sociétés concernées par l'offre publique, comportement des dirigeants, ...).. L'objectif de cet article est d'intégrer dans un modèle théorique général les résultats d'analyses existantes puis de les comparer aux conclusions des études empiriques récentes.

Suggested Citation

  • Patricia Charlety-Lepers, 1990. "Les offres publiques d'achat et d'échange. Une synthèse de la littérature," Revue Économique, Programme National Persée, vol. 41(5), pages 869-894.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1990_num_41_5_409242
    DOI: 10.3406/reco.1990.409242
    Note: DOI:10.3406/reco.1990.409242
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