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Desinvestissements Et Creation De Valeur Analyse Des Facteurs Explicatifs
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Book Synopsis Désinvestissements et création de valeur : analyse des facteurs explicatifs by : Alain Niyubahwe
Download or read book Désinvestissements et création de valeur : analyse des facteurs explicatifs written by Alain Niyubahwe and published by Presses univ. de Louvain. This book was released on 2007 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: La littérature scientifique portant sur le lien « désinvestissement et création de la valeur » s’est principalement focalisée sur la création de valeur autour des dates d’annonce laissant ouverte plusieurs questions quant à la capture des gains d’efficience durant la période postrestructuration. Nous tentons de répondre à cette insuffisance en adoptant une approche de long terme mettant à contribution des outils théoriques novateurs dans ce cadre, tels les choix effectifs de réinvestissement des fonds issus du désinvestissement, l’incidence des phénomènes d’asymétrie d’information ainsi que la modification du fonctionnement du marché interne de capitaux. Le cadre empirique retenu est composé des entreprises cotées sur la bourse de Toronto et ayant effectué des désinvestissements entre 1990 et 2000. En vue de rendre notre étude comparable à la littérature existante, nous avons d’abord effectué une étude d’événement à court terme mettant en évidence une réaction positive du marché à l’annonce des désinvestissements par les entreprises canadiennes; nous validons ensuite l’argumentaire du « rôle disciplinaire de la dette privée » ainsi que celui du recentrage dans l’explication de la réaction du marché lors d’annonces des désinvestissements. Dans un second temps, nous calculons les rendements anormaux à LT avec la méthodologie de « Buy and Hold Abnormal Returns » et nous montrons que les choix de réinvestissement des fonds issus de la vente d’actifs affectent la valeur de l’entreprise. Il apparaît que l’engagement volontaire de distribuer les fonds ne peut être totalement incorporé par les investisseurs avant leur déboursement. Les ajustements partiels de prix pourraient donc être liés à l’incertitude qui entoure le caractère effectif et complet du contenu des annonces. L’existence de rendements anormaux à long terme traduit une incorporation dans les prix de l’efficience des choix décisionnels effectifs de déinvestissements. En outre, l’analyse de nos résultats a montré que les changements au niveau de l’efficience allocationnelle des capitaux dans le cadre du marché interne des capitaux ont une influence significative sur la création de valeur à long terme. Ainsi, les choix décisionnels des entreprises désinvestisseuses qui, à la suite de cette restructuration, atténuent les phénomènes de rent-seeking et/ou mettent plus en avant les politiques de « winner picking » ont un impact positif sur la performance à long terme.
Download or read book Mondes en Développement written by and published by . This book was released on 1997 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 The Tocqueville Review by : Tocqueville Society
Download or read book The Tocqueville Review written by Tocqueville Society and published by . This book was released on 1981 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intangible Assets : Values, Measures, and Risks by : John R.M. Hand
Download or read book Intangible Assets : Values, Measures, and Risks written by John R.M. Hand and published by OUP Oxford. This book was released on 2003-02-20 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Valuation Methods and Shareholder Value Creation by : Pablo Fernandez
Download or read book Valuation Methods and Shareholder Value Creation written by Pablo Fernandez and published by Academic Press. This book was released on 2002-08-30 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides a catalogue of valuation tools, together with guidance on analyzing and valuing a business. The author breaks down the topic to provide advice for any business, no matter how complex. He presents eight different methods of firm valuation and discusses the benefits and limitations of each method, supporting this information with examples from international markets.
Book Synopsis Handbook for Integrating Risk Analysis in the Economic Analysis of Projects by : Asian Development Bank
Download or read book Handbook for Integrating Risk Analysis in the Economic Analysis of Projects written by Asian Development Bank and published by . This book was released on 2002 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aiming to support the development of a framework for the analysis of risk in project design and economic analysis, this handbook outlines technical approaches to modeling risk. Also summarized is the nature and practice of sensitivity analysis in dealing with uncertain outcomes as well as the principles to consider in typical risk analysis situations sector by sector. Case studies are included to demonstrate the application of quantitative risk analysis using actual Asian Development Bank projects to help improve project design and quality. Handbook users will learn to identify factors that are the key determinants of project outcomes, determine the likelihood of an individual project's returns being unacceptable, and design measures to mitigate the risks arising from the identified key factors.
Book Synopsis PROMOTION DE LA SANTE ET AUTONOMISATION DANS LE CONTEXTE AFRICAIN by : David HouŽto
Download or read book PROMOTION DE LA SANTE ET AUTONOMISATION DANS LE CONTEXTE AFRICAIN written by David HouŽto and published by Lulu.com. This book was released on 2014-02-26 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Le terme promotion de la santé en Afrique, près de 30 ans après l'adoption de la Charte d'Ottawa, continue d'avoir des connotations complètement hors du sens que lui confère cette charte. Cela n'est pas étonnant quand on sait que la notion de santé dans ce contexte africain équivaut à la lutte contre la maladie à travers les soins de santé dispensés par des professionnels de la santé dans des formations sanitaires et les hôpitaux. L'évolution que connait le continent depuis quelques décennies est de donner un peu plus de place à la communauté à travers les relais communautaires dans une participation communautaire vidée de son contenu, car le pouvoir n'est jamais passé entre les mains des communautés.C'est au vu de tout ceci que le présent ouvrage à sa raison d'être pour expliquer les fondements de l'autonomisation communautaire et de la promotion de la santé avec leur importance pour la région africaine en proie aux mauvais indicateurs de santé comparativement aux autres régions du monde.
Book Synopsis Aanwinsten van de Centrale Bibliotheek (Queteletfonds) by : Bibliothèque centrale (Fonds Quetelet)
Download or read book Aanwinsten van de Centrale Bibliotheek (Queteletfonds) written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 1998 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Debt/equity Choice by : Ronald W. Masulis
Download or read book The Debt/equity Choice written by Ronald W. Masulis and published by . This book was released on 1988 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Splintering Urbanism by : Steve Graham
Download or read book Splintering Urbanism written by Steve Graham and published by Routledge. This book was released on 2002-09-11 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Splintering Urbanism makes an international and interdisciplinary analysis of the complex interactions between infrastructure networks and urban spaces. It delivers a new and powerful way of understanding contemporary urban change, bringing together discussions about: *globalization and the city *technology and society *urban space and urban networks *infrastructure and the built environment *developed, developing and post-communist worlds. With a range of case studies, illustrations and boxed examples, from New York to Jakarta, Johannesberg to Manila and Sao Paolo to Melbourne, Splintering Urbanism demonstrates the latest social, urban and technological theories, which give us an understanding of our contemporary metropolis.
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 Asymmetric Information, Corporate Finance, and Investment by : R. Glenn Hubbard
Download or read book Asymmetric Information, Corporate Finance, and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Book Synopsis Managing Across Borders by : Christopher A. Bartlett
Download or read book Managing Across Borders written by Christopher A. Bartlett and published by Harvard Business Press. This book was released on 2002 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers insights into the management of companies operating in an international environment. This book describes the emergence of a revolutionary corporate form - the transnational - and reveals how the nature of the global competitive game has fundamentally changed.
Book Synopsis Content Analysis of Annual Reports for Corporate Strategy and Risk by : Edward H. Bowman
Download or read book Content Analysis of Annual Reports for Corporate Strategy and Risk written by Edward H. Bowman and published by Franklin Classics Trade Press. This book was released on 2018-11-10 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Book Synopsis Business Environment and Firm Entry by : Leora Klapper
Download or read book Business Environment and Firm Entry written by Leora Klapper and published by World Bank Publications. This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Book Synopsis Faecal Sludge Management by : Linda Strande
Download or read book Faecal Sludge Management written by Linda Strande and published by IWA Publishing. This book was released on 2014-08-15 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is estimated that literally billions of residents in urban and peri-urban areas of Africa, Asia, and Latin America are served by onsite sanitation systems (e.g. various types of latrines and septic tanks). Until recently, the management of faecal sludge from these onsite systems has been grossly neglected, partially as a result of them being considered temporary solutions until sewer-based systems could be implemented. However, the perception of onsite or decentralized sanitation technologies for urban areas is gradually changing, and is increasingly being considered as long-term, sustainable options in urban areas, especially in low- and middle-income countries that lack sewer infrastructures. This is the first book dedicated to faecal sludge management. It compiles the current state of knowledge of the rapidly evolving field of faecal sludge management, and presents an integrated approach that includes technology, management, and planning based on Sandecs 20 years of experience in the field. Faecal Sludge Management: Systems Approach for Implementation and Operation addresses the organization of the entire faecal sludge management service chain, from the collection and transport of sludge, and the current state of knowledge of treatment options, to the final end use or disposal of treated sludge. The book also presents important factors to consider when evaluating and upscaling new treatment technology options. The book is designed for undergraduate and graduate students, and engineers and practitioners in the field who have some basic knowledge of environmental and/or wastewater engineering.
