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Comment réduire la sous-évaluation lors de l'introduction en bourse?

Author

Listed:
  • Géraldine Broye

    (Université de Franche-Comté)

  • Alain Schatt

    (Université de Franche-Comté)

Abstract

(VF)La valorisation des entreprises introduites en bourse s'opère dans un contexte d'incertitude et d'asymétrie d'information. Il en résulte fréquemment une sous-évaluation à l'introduction:les émetteurs diffusent les actions dans le public à un prix plus faible que le "juste" prix. Cette sous-évaluation peut être réduite par la divulgation d'informations pertinentes dans les prospectus et par la certification de ces informations par des intermédiaires jouissant d'une bonne réputation.(VA) Valorisation of firms going public takes place in a context of uncertainty and information asymmetry. This frequently implies IPO underpricing:the issuers sell shares to the public at a lower price than the "true value". This underpricing can be reduced by the disclosure of relevant information in the prospectus and by certification of these information by prestigious underwriters and auditors.

Suggested Citation

  • Géraldine Broye & Alain Schatt, 2002. "Comment réduire la sous-évaluation lors de l'introduction en bourse?," Working Papers CREGO 1020801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1020801
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    Citations

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    Cited by:

    1. Alain Schatt & Thierry Roy, 2002. "Analyse Empirique Des Ecarts De Previsions De Benefices Dans Les Prospectus D'Introduction : Le Cas Francais," Post-Print halshs-00584529, HAL.

    More about this item

    Keywords

    introduction en bourse; sous-évaluation; divulgations d'informations; initial public offering (IPO); underpricing; disclosure;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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