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Existe-t-il une gestion managériale du flottant et du prix d’offre lors d’une introduction en Bourse sur Euronext Paris ? - Is there a management of the float and the offer price during an initial public offering on Euronext Paris ?

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(VF) L’objectif de cet article est d’étudier dans quelle mesure les motivations à s’introduire en Bourse ainsi que les conséquences sur la performance peuvent conditionner le choix du taux de flottant et du prix offert à l’introduction impliquant une décote. A partir de 75 sociétés introduites sur la période avril 2005- février 2014 sur Euronext, les régressions logistiques permettent d’infirmer l’hypothèse de désengagement des actionnaires en lien avec le niveau de décote ou le flottant. Dans les régressions multiples, le pourcentage des actions émises lors de l’IPO) apparaît comme une variable très déterminante pour expliquer le taux de flottant.(VA) The purpose of this article is to examine to what extent the motivation to go public and the subsequent impact on performance can affect the choice of the floating rate and the price offered to the initial public offering. From 75 french companies introduced over the period April 2005-February 2014, the logistic regressions disprove the hypothesis of withdrawal of major shareholders in connection with the level of discount or floating. In multiple regression, the percentage of shares issued in the IPO appears as a very important variable to explain the floating rate.

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  • Evelyne Poincelot & Dominique Poincelot, 2015. "Existe-t-il une gestion managériale du flottant et du prix d’offre lors d’une introduction en Bourse sur Euronext Paris ? - Is there a management of the float and the offer price during an initial pub," Working Papers CREGO 1150102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1150102
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    More about this item

    Keywords

    introduction en bourse; flottant; décote; prix offert; initial public offering; float; underpricing; price of offer;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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