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OPA: illustration du role disciplinaire du marche par une modelisation explicite des profits verses

Author

Listed:
  • Chauveau, T.
  • Phelizon, C.

Abstract

Depuis les travaux precurseurs de Grossman et Hart, la plupart des modeles theoriques relatifs aux OPA interpretent ces operations comme une consequence du pouvoir desciplinaire du marche, hypothese selon laquelle la creation de valeur associee aux offres publiques s'explique par la resolution des problemes d'agence entre actionnaires et dirigeants. Neanmoins, les modeles existants considerent que la valeur de la cible est independante du montant de profits prives preleves, ce qui revient a supposer quela probabilite d'une offre publique n'augmente pas avec la sous-evaluation de l'entreprise. Nous tentons de combler cette lacune, en presentant un modele d'offres publiques dans lequel les valeurs ex ante et ex post de la cible sont exprimees en fonction des profits prives extraits par les dirigeant, ce qui nous permet de mettre en valeur le role de cet agent dans le processus d'equilibre.

Suggested Citation

  • Chauveau, T. & Phelizon, C., 2000. "OPA: illustration du role disciplinaire du marche par une modelisation explicite des profits verses," Papers 2000-18/fi, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:2000-18/fi
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    Cited by:

    1. Constance Phélizon, 2001. "L'impact des offres publiques sur la richesse des actionnaires : une étude des anticipations des agents selon le motif de l'acquisition," Revue d'Économie Financière, Programme National Persée, vol. 61(1), pages 139-152.

    More about this item

    Keywords

    OPA ; MARCHE ; PROFIT ; ENTREPRISES;
    All these keywords.

    JEL classification:

    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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