Rachats d'actions et augmentation de capital: une analyse de leur combinaison appliquée au marché français

Evelyne Poincelot () and Dominique Poincelot
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Evelyne Poincelot: IAE Franche Comté - Institut d'Administration des Entreprises de Franche Comté - Besançon - UFR SJEPG - UFR de Sciences juridiques, économiques, politiques et de gestion - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]
Dominique Poincelot: IAE Franche Comté - Institut d'Administration des Entreprises de Franche Comté - Besançon - UFR SJEPG - UFR de Sciences juridiques, économiques, politiques et de gestion - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: Noting that over 22% of capital increases thrown at the French financial market are made when a share repurchase program is in progress, we propose an original study of the combination of the two operations. From 50 operations for the period 1999-2006, we test if the buybacks "prepare" the market before launching the capital increase or means to change the distribution of voting rights. Our results infirm these two hypotheses and confirm rather the proposition of a fortuitous concomitance.

Keywords: ownership structure; stock repurchases; equity issues; augmentation de capital; rachat d'actions; structure de propriété (search for similar items in EconPapers)
Date: 2013-09
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Published in Recherches en sciences de gestion, 2013, 96, pp.23-43

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01346764

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