Download or read book Croissance externe de l entreprise et performance boursi re written by Louis Ndikumana and published by Presses univ. de Louvain. This book was released on 2005 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Le développement de toute entreprise passe par sa croissance. Les dirigeants d'entreprises, dans l’exercice de leurs fonctions, par lesquelles ils doivent réussir à atteindre les objectifs de l’entreprise se retrouvent dans l’obligation d’opérer des choix. Parmi ces choix figurent celui de développer l’organisation dont ils ont la charge par croissance externe ou par croissance interne. La pertinence de ce choix intéresse les investisseurs qui leur ont fait confiance en les sollicitant pour la gestion de leurs « avoirs » tout en se réservant un droit de contrôle. Ce travail de recherche a pour objectif l’étude de la relation entre la croissance externe et la performance boursière. Il se propose d’apporter une réponse à la question de savoir si la croissance externe a une influence sur la richesse des actionnaires. Pour essayer de répondre à cette question, nous avons analysé l’impact sur la performance boursière du choix opéré par les entreprises de se développer par la croissance externe en comparant les entreprises selon l’intensité de leurs acquisitions. Cette analyse nous a permis de porter une appréciation sur le caractère judicieux de ces choix faits par les entreprises. A travers une étude empirique, nous avons porté un regard sur la performance boursière à long terme mesurée par le ratio de Sharpe sur deux horizons de temps, respectivement de trois et cinq ans. L’approche méthodologique empruntée est basée sur la régression sur données de panel dont l’échantillon est constitué des entreprises constituant l’indice européen « Dow Jones euro stoxx ». Les résultats obtenus révèlent que les opérations de fusion et acquisition ont, en général, un impact négatif sur la rentabilité à long terme des actifs financiers. Si les conclusions de cette étude offrent une vue globale d’une plus faible rentabilité des entreprises qui choisissent de se développer par la croissance externe, elles ne constituent pas une remise en cause du potentiel de création de valeur des opérations de croissance par fusion ou acquisition. Elles attirent néanmoins l’attention des dirigeants sur la prudence, la nécessité d’une bonne préparation et de la maîtrise du processus d’intégration dans la conduite des opérations de fusion et acquisition afin d’exploiter pleinement les synergies attendues susceptibles de créer de la valeur.

Download or read book ANALYSE DE LA CROISSANCE EXTERNE DES ENTREPRISES written by ABDELHAMID.. BENBBA and published by . This book was released on 1986 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: CETTE RECHERCHE CONCERNE LES FUSIONS- ABSORPTIONS. ELLE SE DIVISE EN DEUX PARTIES. DANS LA PREMIERE PARTIE, NOUS AVONS ESSAYE D'ANA- LYSER LA CROISSANCE EXTERNE EN UTILISANT UNE APPROCHE FINANCIERE. EN EFFET DANS UN PREMIER TEMPS, NOUS AVONS ETUDIE LES FONDEMENTS FINANCIERS DE LA CROISSANCE EXTERNE EN FAISANT APPEL A PLUSIEURS APPROCHES, NOTAMMENT, CELLES DE MARRIS R., DE MEAD W.S. ET DE LINTNER J. ENSUITE, NOUS AVONS ESSAYE DE REFORMULER LES AVANTAGES FINANCIERS DE LA CROISSANCE EXTERNE EN MONTRANT L'EFFET DE CETTE DERNIERE SUR LE TAUX DE CROISSANCE DES BENEFICES PAR ACTION ET L'EF- FET DE CELUI-CI SUR LES COURS BOURSIERS. DANS LE SECOND CHAPITRE, NOUS AVONS MIS L'ACCENT, SURTOUT, SUR LES AVANTAGES FINANCIERS DE LA CROISSANCE EXTERNE LIES A L'IMPERFECTION DES MARCHES FINANCIERS (LES DIVERGENCES D'EVALUATION, L'EXISTENCE D'EFFET DE SYNERGIE ET D'EF- FET DE DIVERSIFICATION). DANS LE 3E CHAPITRE, NOUS AVONS ETUDIE L'ALTERNATIVE CROISSANCE EXTERNE-CROISSANCE INTERNE.EXISTE-T-IL RE- ELLEMENT UN CHOIX ENTRE LES DEUX MODES DE CROISSANCE. DANS LA SECONDE PARTIE, NOUS AVONS ANALYSE EMPIRIQUEMENT DEUX ASPECTS DE LA CROIS- SANCE EXTERNE, A SAVOIR, LA DETERMINATION DE LA PARITE D'ECHANGE (CHAPITRE 4) ET LES CONSEQUENCES DES FUSIONS-ABSORPTIONS SUR LE NI- VEAU DE LA RICHESSE DES ACTIONNAIRES. LA PREMIERE ETUDE A MONTRE TRES NETTEMENT LA DOMINATION DE LA VARIABLE COURS BOURSIERS. EN EFFET, NOUS AVONS CONSTATE QUE LES NEGOCIATEURS LORS DE LA DETERMINATION DE LA PARITE D'ECHANGE ACCORDENT BEAUCOUP D'IMPORTANCE A LA VALEUR RE- PRESENTEE PAR LES COURS BOURSIERS, LA SECONDE ETUDE EMPIRIQUE A MON- TRE QUE LES SOCIETES QUI PRATIQUENT POUR LA PREMIERE FOIS UNE FUSION- ABSORPTION ONT BENEFICIE D'UN ACCUEIL FAVORABLE AUPRES DES INVESTIS- SEURS. EN OUTRE, LES ACTIONNAIRES DES SOCIETES ABSORBEES ONT BENE- FICIE D'UN GAIN FINANCIER DE L'ORDRE DE 8%.

Download or read book The New Industrial State written by John Kenneth Galbraith and published by Princeton University Press. This book was released on 2015-04-29 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: With searing wit and incisive commentary, John Kenneth Galbraith redefined America's perception of itself in The New Industrial State, one of his landmark works. The United States is no longer a free-enterprise society, Galbraith argues, but a structured state controlled by the largest companies. Advertising is the means by which these companies manage demand and create consumer "need" where none previously existed. Multinational corporations are the continuation of this power system on an international level. The goal of these companies is not the betterment of society, but immortality through an uninterrupted stream of earnings. First published in 1967, The New Industrial State continues to resonate today.

Download or read book Corporate Takeovers written by Alan J. Auerbach and published by University of Chicago Press. This book was released on 2013-12-30 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

Download or read book Bilingual Dictionary of Terms written by François Elandi and published by Xlibris Corporation. This book was released on 2019-02-14 with total page 701 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bilingual Dictionary of Terms Banks. Finances. Money. Financial Markets / Banques. Finances. Monnaie. Marchés Financiers METODES Editions Collection Culture & Savoir (C&S) François Elandi This bilingual work, fruit of a team of specialists and professionals, deals with banking, finance, and stock market practices with —— more than 25,000 words and terms used in French and in British and North American English of today; —— convenient examples to better assimilate the terms used, contributing to make the work the most precise reference in its specialty; and —— a cross-reference system to more precise definitions and complementary expressions to other words and terms inside the development of a word or an expression. It is intended for ——high school pupils and students of higher education, ——professional users, and ——the general public. In order for them to ——acquire and develop their professional lexicological heritage; ——master the exact terminology in the practice linked to their activity or profession; ——perfect their knowledge in banking, finance, and stock exchange practice; and ——better communicate efficiently. Cet ouvrage bilingue, fruit d’une équipe de spécialistes et de professionnels, traite des pratiques bancaires, financières et boursières, avec : ——Plus de 25000 mots et termes utilisés en français et en anglais britannique et nordaméricain ; ——Des exemples pratiques pour mieux assimiler l’emploi de ces termes, contribuant à faire de l’ouvrage la référence la plus précise dans sa spécialité ; ——Un système de renvois à des définitions et explications complémentaires et plus précises à d’autres mots et termes au sein du développement d’un mot ou d’une expression. Il est destiné : ——A l’élève des lycées et collèges ou à l’étudiant de l’enseignement supérieur ; ——A l’utilisateur professionnel ; ——Au grand public. Pour : ——Acquérir et développer son patrimoine lexicologique professionnel ; ——Maîtriser la terminologie exacte dans la pratique liée à son activité ou à sa profession ; ——Perfectionner ses connaissances dans la pratique bancaire, financière et boursière ; ——Mieux communiquer efficacement.

Download or read book Innovate Bristol written by Sven Boermeester and published by . This book was released on 2019-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovate Bristol highlights and celebrates those companies and individuals that are actively working at building a better tomorrow for all. Innovation Ecosystems thrive through the involvement and support of companies and individuals from all industries, which is why the Innovate series not only focuses on the innovators but also those people whom the Innovation Ecosystem, would not be able to thrive without.

Download or read book Mondialisation exclusion et d veloppement africain Investissement priv r le des PME et action de l tat written by Bruno Bekolo-Ebe and published by . This book was released on 2006 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Le CEREG a proposé, au mois de février 2003, un premier recueil de textes du Colloque Georges Ngango sous la forme de Mélanges publiés aux Editions Montchrestien (Paris), intitulés Dynamiques de développement : débats théoriques et enjeux politiques à l'aube du 21ème siècle, sous la direction de Bruno Bekolo-Ebe, Touna Mama et Séraphin Magloire Fouda. Les contributions retenues dans cet ouvrage examinaient alors l'apport du Professeur Georges Walter Ngango à l'économie du développement, revisitaient un certain nombre de thèmes qui lui étaient chers et / ou resituaient son action d'homme politique et d'économiste catholique, humaniste engagé, dans la problématique générale du développement. La richesse et la diversité des contributions et des échanges lors du colloque de février 2001 ont été telles que justice n'aurait pas été faite aux participants, en laissant de côté des communications intéressantes et pertinentes qui ont contribué à animer les débats pendant les trois jours qu'a duré le Colloque. Le CEREG est ainsi heureux de poursuivre l'aventure à travers la publication d'un deuxième ouvrage collectif en deux tomes qui, bien que n'étant pas des Mélanges au sens strict du terme, n'en comporte pas moins les caractéristiques qui sont ici la pluridisciplinarité, la variété géographique des contributeurs, l'hommage des disciples au maître. Les contributions retenues sont ici proposées sous le titre Mondialisation, exclusion et développement africain : stratégies des acteurs publics et privés. Ce titre prend en compte les principales préoccupations du Professeur Georges Walter Ngango au cours des années qui ont précédé sa disparition i.e., la place et le rôle de l'Afrique dans la mondialisation, les voies pour le continent d'en tirer quelque bénéfice pour un développement durable, et, enfin, les menaces d'exclusion susceptibles d'entraîner la marginalisation non seulement des individus, mais aussi des Etats. En filigrane de ces préoccupations, se retrouvent une analyse des conséquences des réformes économiques et l'examen des sources de la croissance, en général, et de l'investissement, en particulier, qu'il soit le fait des acteurs publics ou des acteurs privés.

Download or read book Investor Capitalism written by Michael Useem and published by Basic Books. This book was released on 1999-02-05 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: A behind-the-scenes look at today's kingmakers: institutional investors. Out of the public eye, a small group of professionals--investment experts who handle other people's monies--are exerting ever-greater control over corporate managers, firing CEOs and pushing through 'restructurings' that cost thousands of jobs. Michael Useem's "Investor Capitalism" portrays the quiet, veiled nature of this dance of elephants, and portrays the enormous implications of its results. --John Rekenthaler, Publisher, Morningstar, Inc.

Download or read book Mergers and Acquisitions written by David R. King and published by Routledge. This book was released on 2018-10-30 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of identifying and evaluating a target firm, completing a deal after its negotiation and announcement, and then integrating a target firm after legal combination is a multi-year process with uncertain returns to acquiring firms. Research on mergers and acquisitions (M&As) is progressing rapidly yet it remains fragmented across multiple research perspectives that largely examine different acquisition phases separately and coincide with a focus on different research variables. As a result, research fragmentation means that a researcher in one area may be unaware of research from related areas that is likely relevant. This contributes to research silos with M&A research displaying different traditions, starting points, and assumptions. Mergers and Acquisitions: A Research Overview summarizes the frontier in M&A research and provides insights into where it can be expanded. It undertakes the needed integration and reconciliation of research in order to derive practical knowledge for managing acquisitions from beginning to end, providing a summary of what is known and its implications for future research. This concise overview reconciles and integrates the state of the art in our understanding of mergers and acquisitions, providing an essential first stopping point in the research journey of students and scholars working in this area.

Download or read book Free and Fair Elections written by Guy S. Goodwin-Gill and published by Inter-Parliamentary Union. This book was released on 2006 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Does Corporate Performance Improve After Mergers written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Download or read book The Economics and Econometrics of Innovation written by David Encaoua and published by Taylor & Francis US. This book was released on 2000-04-30 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This overview of work in the field of innovation and technical change collects 22 contributions that reflect worldwide research efforts and the role of economic incentives in shaping and directing innovative activities. The papers are from the 10th International ADRES conference.

Download or read book The Family Business written by Fred Neubauer and published by Springer. This book was released on 2016-07-27 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: The family business has a far reaching influence on economies throughout the world. No other type of business has driven economic development in the same way and today, in almost all countries, family businesses including such giants as Ford, Levi Strauss, L'Oréal and Ferrero are the source of more than half of the Gross National Product (GNP) and employment. As a result of their prominence the question of how they are governed, controlled and accounted for is crucial not only for the owning families, but also for the societies in which these companies operate. The Family Business considers: · How to define a family-controlled business and the significance of this form of privately-held enterprise. · Governance systems in the context of the family business. · How a board of outsiders can add value to the typical family business. · How to handle the classical tensions between family and board and between family and management on the other. · How to gain effective and efficient control at the highest level. The answer to these questions and others is given by providing a large number of examples of internationally active family businesses and from the authors teaching and research into this area. Sustainability is the key concern to the family business and this book breaks new ground in showing how they can successfully live on to the next generation.

Download or read book Corporate Governance After the Financial Crisis written by Stephen M. Bainbridge and published by Oxford University Press, USA. This book was released on 2012-02-16 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: The years from 2000 to 2010 were bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes-Oxley Act, which was directed at core aspects of corporate governance. At the end of the decade came the bursting of the housing bubble, followed by a severe credit crunch, and the worst economic downturn in decades. In response, Congress passed the Dodd-Frank Act, which changed vast swathes of financial regulation. Among these changes were a number of significant corporate governance reforms. Corporate Governance after the Financial Crisis asks two questions about these changes. First, are they a good idea that will improve corporate governance? Second, what do they tell us about the relative merits of the federal government and the states as sources of corporate governance regulation? Traditionally, corporate law was the province of the states. Today, however, the federal government is increasingly engaged in corporate governance regulation. The changes examined in this work provide a series of case studies in which to explore the question of whether federalization will lead to better outcomes. The author analyzes these changes in the context of corporate governance, executive compensation, corporate fraud and disclosure, shareholder activism, corporate democracy, and declining US capital market competitiveness.

Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Download or read book Diversification Refocusing and Economic Performance written by Constantinos Markides and published by MIT Press. This book was released on 1995 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the causes and consequences of the "refocusing" phenomenon, where companies have stopped diversifying and begun focusing once more on their core product lines. Coverage includes a discussion of the effects of refocusing on market value, profitability and organizational structure.

Download or read book The Control of Corporate Europe written by Fabrizio Barca and published by OUP Oxford. This book was released on 2001-11-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.