How the finance invests the future of companies: An analysis of the liquidity devices at work

Comment la finance investit le futur des entreprises: une analyse des dispositifs de liquidité à l'œuvre

Isabelle Chambost ()
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Isabelle Chambost: LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM]

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Abstract: This paper examines the effect of the valuation financial model on the future of enterprises in the context of their potential resale. Based on two field surveys, it demonstrates that the financialized future of a public company derives from an endless negotiation game rooted in the present in order to mitigate the risks resulting from the share price volatility. In the case of private companies, the financial outlook is based on a higher expected return and frames the future of the productive operations within a medium-term perspective, in line with the forecasts of investor-analysts.

Keywords: financial device; Financial analysts; Financialization; private equity funds; analystes financiers; dispositifs de gestion; financiarisation; LBO; evaluation; fonds de capital-investissement (search for similar items in EconPapers)
Date: 2019-07-03
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Published in 9e Colloque International de l’AFEP, Association française d'économie politique, Jul 2019, Lille, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02293377

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