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Theses

Modification de la valeur nominale des actions et gestion de l'actionnariat : le cas français de 2003 à 2007

Abstract : Many studies, essentially Western, have tested hypotheses for split/reverse splits announcements over the past few decades. Two major hypotheses emerge from these studies. The "signaling hypothesis" assumes that the split announcement (ad) allows listed firms managers to convey to the market private information concerning future cash flows. The "price adjustment" hypothesis aims a more operational objective. According to this hypothesis, the operation is a means for adjusting the stock price in a way to impact liquidity and risk or to satisfy the various investor classes. More recent works observe, in addition to the price impact and volatility or liquidity effects, a modification in the ownership structure of the firms, resulting from these operations. Realized empirical studies and mobilized event study techniques in our works show that these two classical hypotheses are difficult to apply to the French market. Observations on this market lead to expand the research problem to the possible link between securities price level and shareholding composition. An original hypothesis is then proposed, modeled and tested. This hypothesis of "shareholding adjustment by the stock price" explains why reactions are such different on this market, as well as the managers' incentives. The choice of the "optimal" share price can be seen in this context as a trade-off between the increased performance from institutional investor monitoring and the benefits in terms of required rate of return to have a broad individual shareholder base.
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Bruno Pecchioli. Modification de la valeur nominale des actions et gestion de l'actionnariat : le cas français de 2003 à 2007. Gestion et management. Université Nancy 2, 2010. Français. ⟨NNT : 2010NAN22003⟩. ⟨tel-01752927⟩

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