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Les performances boursières à long terme des émetteurs d'obligations convertibles. Cas du marché français (1990-2001)

Author

Listed:
  • Khalid Elbadraoui

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

Le but de ce travail est d'évaluer la performance boursière à long terme des émetteurs d'obligations convertibles dans le contexte du marché français. en utilisant des approches et des benchmarks variés, nous soulignons d'un côté, que les entreprises émettrices affichent une sur-performance boursière significative durant l'année précédant l'émission. D'un autre côté, nous montrons que la sous-performance boursière des émetteurs, constatée au moment de l'annonce de l'émission, persiste durant les trois années suivantes. Ce résultat est conforme à l'hypothèse de sous-réaction. En revanche, nos conclusions empiriques ne permettent pas de valider l'hypothèse du timing des émissions d'obligations convertibles sur le marché français.

Suggested Citation

  • Khalid Elbadraoui, 2007. "Les performances boursières à long terme des émetteurs d'obligations convertibles. Cas du marché français (1990-2001)," Post-Print halshs-00175243, HAL.
    • Handle: RePEc:hal:journl:halshs-00175243
    as

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