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Consequences economiques du transfert de marché de cotation : cas du NYSE-Euronext Paris

Author

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  • A.K Cisse

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

Cette étude empirique a pour objet d'analyser les effets d'un changement de marché de cotation sur la rentabilité, la liquidité et le risque systématique. Elle porte sur des sociétés qui ont transféré le marché de cotation de leurs titres d'un compartiment non (ou peu) réglementé à un compartiment plus réglementé du marché français (Euronext Paris) entre 1995 et 2007. Globalement, les résultats montrent une réaction positive du marché à l'annonce du transfert et une amélioration du niveau de liquidité. Après l'admission du titre sur le nouveau marché, la réaction faiblit jusqu'à devenir négative quelques jours après (excepté pour les titres relativement liquides avant l'opération). Nos résultats mettent également en évidence l'existence d'un lien entre la réaction du marché et le niveau de liquidité d'avant transfert. En effet, la réaction est d'autant plus forte que les titres de la société migrante étaient moins liquides avant l'annonce du transfert. Enfin, notre étude montre que le transfert réduit la volatilité, mais n'a pas d'effet significatif sur le risque systématique

Suggested Citation

  • A.K Cisse, 2010. "Consequences economiques du transfert de marché de cotation : cas du NYSE-Euronext Paris," Post-Print halshs-00534749, HAL.
    • Handle: RePEc:hal:journl:halshs-00534749
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00534749
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