Operating performance of french equity issuers

Les performances opérationnelles à long terme des entreprises françaises émettrices d’actions

Hatem Mansali ()
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Hatem Mansali: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12

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Abstract: We examine the long-run operating performance of 108 French companies issuing stock. Our results suggest that issuing firms experience substantial improvements in operating performance prior to the offering, while the tendency is reversed after the offering has taken place. This confirms the results obtained in US, UK and Japanese studies. We find no relation between the pre-issue level of free cash flow and the subsequent decline in profitability. Hence, the results from the French SEO market offer evidence consistent with the ‘window of opportunity' hypothesis for explaining the downward drift following a seasoned offering.

Keywords: seasoned equity offerings; operating performance; long-run performance; free-cash flows. (search for similar items in EconPapers)
Date: 2005
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Published in Finance Contrôle Stratégie, 2005, ⟨10.4000/fcs.1703⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01345589

DOI: 10.4000/fcs.1703

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