La Performance Opérationnelle à Long Terme des Émetteurs d'ObligationsConvertibles en France: Évaluation et Facteurs Explicatifs

Khalid Elbadraoui, Jean-Jacques Lilti () and Bouchra M'Zali
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Khalid Elbadraoui: 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
Jean-Jacques Lilti: 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: The purpose of this paper is to analyze thelong-run operating performance of Frenchconvertible bonds (CB) issuers.Our results reveal that firms issuingconvertible bonds under-perform substantiallynon-issuing firms from pre to post-issueperiods. Our findings are robust with respect tothe various benchmarks and operatingperformance measures used. This post-offeringearning downturn confirms findings ofprevious studies undertaken in the USA marketand is consistent with the poor long-term postissuestock price performance recentlyhighlighted on the French CB market.Nevertheless, the study of operatingperformance determinants using PLSregression shows that this under-performancemust be put into perspective by some issuerand issue features.

Keywords: Convertible bonds offering; Operating performance; Under-performance: Over-performance; Emission d'obligations convertibles; Performance opérationnelle; Sous-performance; Surperformance (search for similar items in EconPapers)
Date: 2008
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Published in 2e Conférence Euro-Africaine en Finance et Economie, 2008, Carthage, Tunisie. 28 p

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00341540

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