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Les Incidences Des Modifications De La Structure De Lactionnariat Sur La Richesse Des Actionnaires
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Book Synopsis LES INCIDENCES DES MODIFICATIONS DE LA STRUCTURE DE L'ACTIONNARIAT SUR LA RICHESSE DES ACTIONNAIRES ETUDES EMPIRIQUES SUR LE MARCHE FRANCAIS by : SAHIA RADHIA.. TNANI
Download or read book LES INCIDENCES DES MODIFICATIONS DE LA STRUCTURE DE L'ACTIONNARIAT SUR LA RICHESSE DES ACTIONNAIRES ETUDES EMPIRIQUES SUR LE MARCHE FRANCAIS written by SAHIA RADHIA.. TNANI and published by . This book was released on 1997 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: LE PROBLEME D'AGENCE SOULIGNE PAR JENSEN ET MECKLING (1976) ET JENSEN ET FAMA (1983) REPOSE SUR L'INDEPENDANCE ENTRE LE POUVOIR ET LA PROPRIETE QUI CARACTERISE LA FIRME MODERNE. EN EFFET, LES ACTIONNAIRES SONT DEVENUS TROP NOMBREUX, CHACUN D'EUX DETIENT UNE PART FAIBLE DANS LE CAPITAL SOCIAL ET SUBISSENT PAR CONSEQUENT LES CHOIX DES DIRIGEANTS, SANS POUVOIR LES CONTROLER. LES DIRIGEANTS, QUANT A EUX, PROFITENT DE BENEFICES PERSONNELS AU DETRIMENT DE L'INTERET DES ACTIONNAIRES. CE PROBLEME D'AGENCE PEUT ETRE RESOLU PAR LA LEGISLATION EN VIGUEUR, DANS LA MESURE OU CELLE-CI OEUVRE A DEFENDRE LES INTERETS DES ACTIONNAIRES MINORITAIRES. POUR CETTE RAISON, CERTAINES REGLES MISES EN PLACE EN FRANCE, RELATIVES A LA CONFIGURATION DES CAPITAUX PROPRES, SONT ETUDIEES. ILS S'AGIT ESSENTIELLEMENT DES REGLES ET LOIS QUI CONCERNENT LE GOUVERNEMENT D'ENTREPRISES ET QUI REGISSENT LA STRUCTURE DE L'ACTIONNARIAT. CELLE-CI ETANT DEFINIE COMME ETANT LA REPARTITION DU POUVOIR ENTRE ACTIONNAIRES, LES PRINCIPAUX TITRES PERMETTENT DE LA MODIFIER ONT ETE PASSES EN REVUE. L'ANALYSE DES CHOIX DU LEGISLATEUR EN MATIERE DE STRUCTURE DE L'ACTIONNARIAT A ETE ABORDE A TRAVERS LA LITTERATURE RELATIVE A CE SUJET. CETTE ANALYSE A PERMIS DE MONTRER QUE LES CHOIX DU LEGISLATEUR NE CONCOURENT PAS TOUJOURS A LA DEFENSE DE L'INTERET DES PETITS PORTEURS. EN EFFET, LA DISTORSION ENTRE LE POUVOIR ET LA PROPRIETE, DUE A L'EMISSION DE CERTAINS TITRES TELS QUE LES CERTIFICATS D'INVESTISSEMENT ET CERTIFICATS DE DROITS DE VOTE OU A LA CONVERSION D'ACTIONS EN ACTIONS A DROIT DE VOTE DOUBLE, DONNE LIEU DES SUPERS POUVOIRS A CERTAINS ACTIONNAIRES. PAR AILLEURS, LA POSSIBILITE DE LA MISE EN PLACE DE STRATEGIES ANTI-OPA, DONT LES ENTREPRISES FRANCAISES SE SONT DOTEES, EST SOUVENT AVANCEE PAR LA LITTERATURE COMME UNE PERTE DE RICHESSE POUR LES ACTIONNAIRES. LES CHOIX DU LEGISLATEUR PEUVENT ETRE NEANMOINS JUSTIFIES PAR LE DESIR DE DEFENDRE L'INTERET SOCIAL, LA SOUVERAINETE DE L'ENTREPRISE FRANCAISE OU L'INTERET DES TRAVAILLEURS. LES LOIS EN VIGUEUR NE PERMETTANT PAS DE RESOUDRE DE MANIERE EFFICACE LES CONFLITS D'INTERETS ENTRE LES DIRIGEANTS ET LES ACTIONNAIRES, NOUS NOUS SOMMES INTERESSE DANS LA DEUXIEME PARTIE A L'ETUDE DE L'IMPACT DE LA PREDOMINANCE DE CERTAINS ACTIONNAIRES SUR LA VALEUR DE LA FIRME. EN EFFET, SI UN ACTIONNAIRE DEVIENT SUFFISAMMENT IMPORTANT, IL PEUT ALORS JOUER UN ROLE DE SURVEILLANCE ET DE C
Book Synopsis L'impact d'une modification de la structure financière sur la valeur de la firme et la richesse des actionnaires by : Carlos Santos
Download or read book L'impact d'une modification de la structure financière sur la valeur de la firme et la richesse des actionnaires written by Carlos Santos and published by . This book was released on 1998 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis L'impact d'une modification de la structure financiere sur la valeur de la firme et la richesse des actionnaires by : Isabelle Hachette
Download or read book L'impact d'une modification de la structure financiere sur la valeur de la firme et la richesse des actionnaires written by Isabelle Hachette and published by . This book was released on 1991 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Opérations financières, valeur de la firme et richesse des actionnaires by : Isabelle Hachette
Download or read book Opérations financières, valeur de la firme et richesse des actionnaires written by Isabelle Hachette and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: CE TRAVAIL A POUR OBJET D'ETUDIER L'IMPACT D'UNE MODIFICATION DE LA STRUCTURE FINANCIERE SUR LA VALEUR DE L'ENTREPRISE ET LA RICHESSE DES ACTIONNAIRES. UNE ANALYSE INSTITUTIONNELLE DU MARCHE DES CAPITAUX FRANCAIS SUR LA PERIODE 1980-1990 PERMET DE SELECTIONNER LES OPERATIONS FINANCIERES CONDUISANT A UNE IMPORTANTE MODIFICATION DE LA STRUCTURE DU CAPITAL DES ENTREPRISES. LA METHODOLOGIE EMPLOYEE EST CELLE DES ETUDES D'EVENEMENT. A L'ANNONCE D'UNE EMISSION D'ACTIONS EN NUMERAIRE ET D'OBLIGATIONS CLASSIQUES, AUCUN IMPACT N'EST DECELE. UNE EMISSION D'OBLIGATIONS CONVERTIBLES CONDUIT A UNE BAISSE DES COURS DE -0,56%. LES EMISSIONS D'OBSA ENTRAINENT UNE REACTION SPECULATIVE AUTOUR DE LA DATE D'ANNONCE.
Book Synopsis Modification de la valeur nominale des actions et gestion de l'actionnariat by : Bruno Pecchioli
Download or read book Modification de la valeur nominale des actions et gestion de l'actionnariat written by Bruno Pecchioli and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Les opérations de division/multiplication de nominal ont fait l'objet de nombreuses recherches depuis quelques décennies, principalement anglo-saxonnes. Deux hypothèses principales en ressortent. L'hypothèse de signalement suppose que l'annonce de l'opération permet au dirigeant d'une entreprise cotée de transmettre au marché son information privée concernant ses performances futures. L'hypothèse d'ajustement des prix vise quant-à-elle un objectif plus opérationnel : l'opération permettrait d'ajuster le niveau de prix en sorte d'impacter la liquidité et le risque des titres ou de satisfaire les différentes classes d'investisseurs. Les travaux plus récents observent en plus de l'impact sur les rentabilités, la liquidité ou le risque, un changement dans la structure de l'actionnariat consécutif à ces opérations. Les études empiriques réalisées et les méthodologies d'étude d'évènement mobilisées dans nos travaux montrent que ces deux hypothèses classiques sont difficilement applicables au marché français. Les observations sur ce marché conduisent à élargir la problématique au lien possible entre prix unitaire des titres et composition de l'actionnariat. Une hypothèse originale est alors proposée, modélisée et testée. Cette hypothèse d' « ajustement de l'actionnariat par les prix » explique notamment que les réactions soient différentes sur ce marché, comme la motivation du recours à de telles opérations. Le choix du niveau de prix « optimal » des actions correspond dans cette optique à un arbitrage entre la performance accrue due au contrôle d'investisseurs institutionnels et le bénéfice en termes de rentabilité exigée de disposer d'une base large d'actionnariat individuel.
Book Synopsis The New Spirit of Capitalism by : Luc Boltanski
Download or read book The New Spirit of Capitalism written by Luc Boltanski and published by Verso. This book was released on 2005 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: A century after the publication of Max Weber's The Protestant Ethic and the "Spirit" of Capitalism , a major new work examines network-based organization, employee autonomy and post-Fordist horizontal work structures.
Book Synopsis Inefficient Markets by : Andrei Shleifer
Download or read book Inefficient Markets written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Book Synopsis From Manual Workers to Wage Laborers by : Robert Castel
Download or read book From Manual Workers to Wage Laborers written by Robert Castel and published by Routledge. This book was released on 2017-07-05 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this monumental book, sociologist Robert Castel reconstructs the history of what he calls "the social question," or the ways in which both labor and social welfare have been organized from the Middle Ages onward to contemporary industrial society. Throughout, the author identifies two constants bearing directly on the question of who is entitled to relief and who can be excluded: the degree of embeddedness in any given community and the ability to work. Along this dual axis the author locates virtually the entire history of social welfare in early-modern and contemporary Europe.This work is a systematic defense of the meaningfulness of the category of "the social," written in the tradition of Foucault, Durkheim, and Marx. Castel imaginatively builds on Durkheim's insight into the essentially social basis of work and welfare. Castel populates his sociological framework with vivid characterizations of the transient lives of the "disaffiliated": those colorful itinerants whose very existence proved such a threat to the social fabric of early-modern Europe. Not surprisingly, he discovers that the cruel and punitive measures often directed against these marginal figures are deeply implicated in the techniques and institutions of power and social control.The author also treats the flipside of the problem of social assistance: namely, matters of work and wage-labor. Castel brilliantly reveals how the seemingly objective line of demarcation between able-bodied beggars those who are capable of work but who chose not to do so and those who are truly disabled becomes stretched in modernity to make room for the category of the "working poor." It is the novel crisis posed by those masses of population who are unable to maintain themselves by their labor alone that most deeply challenges modern societies and forges recognizably modern policies of social assistance.The author's gloss on the social question also offers us valuable perspectives on contempo
Book Synopsis The Modern Corporation and Private Property by : Adolf Augustus Berle
Download or read book The Modern Corporation and Private Property written by Adolf Augustus Berle and published by . This book was released on 1937 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Generation to Generation by : Kelin E. Gersick
Download or read book Generation to Generation written by Kelin E. Gersick and published by Harvard Business Press. This book was released on 1997 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generation to Generation will help managers understand the special dynamics & challenges that family businesses face as they move through their life cycles. It explains how to handle succession, & the role of non-family professionals.
Book Synopsis Economics, Organization, and Management by : Paul Robert Milgrom
Download or read book Economics, Organization, and Management written by Paul Robert Milgrom and published by Prentice Hall. This book was released on 1992 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic treatment of the economics of the modern firm, this text draws on the insights of various areas in modern economics and other disciplines and presents the central problems in organizations of motivating people and co-ordinating their activities.
Book Synopsis Strategies for Longevity in Family Firms by : G. Corbetta
Download or read book Strategies for Longevity in Family Firms written by G. Corbetta and published by Springer. This book was released on 2012-09-28 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strategic concepts and tools illustrated in this book provide a framework for devising and implementing strategies favouring longevity of family-controlled business entities. The authors illustrate their arguments with examples drawn from their direct knowledge of representative Italian and European family firms.
Book Synopsis Workers' Participation in Post-liberation France by : Adam Steinhouse
Download or read book Workers' Participation in Post-liberation France written by Adam Steinhouse and published by Lexington Books. This book was released on 2001 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Workers' Participation in Post-Liberation France is a vivid portrait of French labor's failure to achieve greater industrial democracy. Drawing on original archival research, Adam Steinhouse recasts the traditional view of this critical period of French history, demonstrating the fundamental importance of the immediate post-liberation period in determining the future course of industrial relations in France. He brings to life the labor disputes of the 1940s, charting the interplay between industry and politicians that dealt a crushing blow to organized labor's demands for political change. Steinhouse captures the rise of state intervention in the economy and plots the growth of French employers' organized intransigence in the face of workers' collective action; which culminated in a series of actions effectively marginalizing labor's voice in the economic boom of the early 1950s. Steinhouse's impressive scholarship provides an excellent case study of the French state and its efforts to balance growing worker demands for representation with the imperatives of social peace and prosperity. This book makes a significant contribution to modern French political history and the development of modern industrial relations.
Book Synopsis The Logic of Bureaucratic Conduct by : Albert Breton
Download or read book The Logic of Bureaucratic Conduct written by Albert Breton and published by Cambridge University Press. This book was released on 1982-10-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public and private policies; A theory of selective behavior; The accumulation of trust; The size distribution of bureaus; Some applicatiions.
Book Synopsis Path Dependence and Creation by : Raghu Garud
Download or read book Path Dependence and Creation written by Raghu Garud and published by Psychology Press. This book was released on 2013-05-13 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: The editors, aware of the recent work in evolutionary theory and the science of chaos and complexity, challenge the sometimes deterministic flavor of this subject. They are interested in uncovering the place of agency in these theories that take history so seriously. In the end, they are as interested in path creation and destruction as they are in path dependence. This book is compiled of both theoretical and empirical writings. It shows relatively well-known industries, such as the automobile, biotechnology, and semi-conductor industries in a new light. It also invites the reader to learn more about medical practices, wind power, lasers, and synthesizers. Primarily written for academicians, researchers, and Ph.D. students in fields related to technology management, this book is research-oriented and will appeal to all managers.
Book Synopsis Innovation and Growth by : F. M. Scherer
Download or read book Innovation and Growth written by F. M. Scherer and published by MIT Press (MA). This book was released on 1986 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Outlines, in text and illustrations, the development of computers, how they work, and their many uses.
Book Synopsis Concentrated Corporate Ownership by : Randall K. Morck
Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
