Marché interne de la transmission d'entreprise et environnement économique

Sylvie Cieply (), Françoise Bastié () and Pascal Cussy ()
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Sylvie Cieply: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Françoise Bastié: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Pascal Cussy: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: Buy-out are difficult deals which are embedded by informational imperfections. Buyers suffered from informational asymmetries on the quality of firms and on the behaviour of sellers during the transition of management. Buyers can suffer too from the reactions of stakeholders that anticipate buyout. In this paper, we show the advantages the internal market of buy out can produce in order to reduce informational information and uncertainty whom commercial and financial partners suffer from. More precisely, we study the signal a management buy out should produce in comparison with the case of a management buy in where buyers and managers do not come directly from the target. Hypothesis are confirmed by econometrical tests on data coming from the SINE database.

Keywords: Buy out; M.B.I.; M.B.O.; Cession; Reprise; Transmission; Cession interne; Cession externe (search for similar items in EconPapers)
Date: 2006-09
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Published in 55ième Congrès annuel de l'AFSE, Sep 2006, Paris, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00150297

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