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La sous-évaluation initiale et la liquidité des titres nouvellement introduits sur la BVMT

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par Chaouch Syrine
FSEGT - Maitrise en Finance 2007
  

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Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy

Bibliographie

Ouvrages :

-Bertrand Jacquillat : « L'introduction en bourse » Edition QUE SAIS-JE (1989).

-B. Solnik et B. Jacquillat : « Marché financier : Gestion des portefeuilles et des risques » Edition Dunod (1997).

-Bruno Biais, Thierry Faucault : « Microstructure des marchés financiers » Edition Paris PUF (1997).

-Hachette I « Opérations financières et transfert de richesse » Edition Paris PUFI (1994).

-Hamon Jacques : « Marchés d'actions, Architecture et microstructure » Edition ECONOMICA (1995).

Articles et papiers de recherche :

- Aggarwal Reena, 2003, Allocation of initial public offering and flipping activity, Journal of Financial Economics 68,111-135.

- Asquith. P et Mullins. D, 1986, Equity isses and offering dilution, Journal of Financial Economics 15, 61-89.

- Baron David P, 1982, A model of the demand for investment banking advising and distribution services for new issues, Journal of Finance 37, 955-976.

- Beatty, Ranolph P., et Jay R. Ritter, 1986, Investment banking, reputation, and the underpricing of initial public offering, Journal of Financial Economics 15, 213-232.

- Dupont, 2000, Market making, price, trade size, and quantity limits, Working paper, Boad of governors of the federal reserve system.

- Easley, D et O'Hara. M, 1987, Price, trade size, and information in securities markets. Journal of Financial Economics 19, 69-90.

- Easley. D et O'Hara. M, 1992, Adverse selection and large trade volume the implications for market efficiency, Journal of Financial and Quantitative Analysis 27, 185-208.

- Faugeron-Crouzet, Anne-Marie et Edith Ginglinger, 2001, introduction en bourse, signal et émissions d'actions nouvelles sur le second marché français, Finance 22, 51-74

- Fisher C, 2000, Why do companies go publics ? Empirical evidence from Germany's Neuro market, Working paper.

- Grinblatt M, et C. Y. Hwang, 1989, Signalling and the pricing of new issues, Journal of Finance 44, 393-419.

- Habib, Michel et Aleander Ljungqvist, 2001, Underpricing and entrepreneurial xealth losses in IPO's: Theory and evidence, Review of Financial Studies 14,433-458.

- Husson B. Jacquillat B., 1990, Sous-évaluation des titres et méthodes d'introduction au second marché (1983-1986), Finance 11,123-134.

- Ibboston, Roger G., 1975, Price performance of common stock new issues, Journal of Financial Economics 2,235-272.

- Ibboston R. G., Sindelar J., et Ritter J., 1994, The market's problems with the pricing of initial public offering, Journal of applied corporate Finance 7, 66-74.

- Lougharan T. et Ritter J., 1995, The new issues puzzle, Journal of Finance 50, 23-51.

- Loughran Tim et Jay Ritter, 2000, Uniformly least powerful tests of market efficiency, Journal of Financial Economics 55, 361-389.

- Loughran Tim et Jay Ritter, 2001, Why has IPO underpricing increased over time? Working Paper, University of Florida.

- Loughran Tim, Jay Ritter et Kristain Rydqvist, 1994, Initial public offering: International insights, Pacific-Basin Finance Journal.

- Masulis R. et Korwar A., 1986, An empirical investigation. Journal of Financial Economics 15, 91-118.

- Pagano M., 1989, Trading volume and asset liquidity, Quarterly Journal of Economics 104, 255-274.

- Pagano M., 1993, The flotation of companies on the stock market: A Coordination failure model, European economic review 37, 1101-1125.

- Pagano M., Zingales L. et Panetta F., 1998, Why do companies go public? An empirical analysis, Journal of finance 53, 27-64.

- Pagano M. et Roel A., 1998: The choice of stock ownership structure: agency costs, monitoring and the decision to go public, The quarterly journal of economics, 187-225.

- Reese W., 1998, IPO underpricing, trading volume and investor interest, Working paper.

- Ritter Jay R., 1984, The hot issue Market of 1980, Journal of Business 57, 215-239.

- Ritter Jay R., 1987, The costs of going public, Journal of Financial Economics 19,269-281.

- Ritter Jay R. et Ivo Welch, 2002, A review of IPO activity, pricing and allocation, Journal of Finance 57, 1795-1828.

- Sherman Ann et Sheridan Titman, 2002, Building the IPO order book: Underpricing and participation limits with costly information, Journal of Financial Economics 65, 3-29.

- Tinic Seha M., 1988, Anatomy of initial public offering of common stock, Journal of Finance 42,789-822.

- Welch Ivo, 1989, Seasoned offering, imitation costs, and the underpricing of initial public offering, Journal of Finance 44, 421-450.

- Welch Ivo, 1992,Sequential sales, learning and cascades, Journal of Finance 47, 695-732.

- Yosha O., 1995, Information disclosure costs and the choice of financing source, Journal of financial intermediation 4, 3-20.

- Zheng Steven, Joseph Ogden et Frank Jen (2002): Pursuing Value Through Liquidity: Share Retention, Lockup and Underpricing in IPOs Working Paper.

- Zingales Luigi 1995, Insiders ownership and the decision to go public, Review Economic Studies 62,425-448.

Sites Internet:

Ø www.ssrn.com

Ø www.NBER.org

Ø www.BVMT.com.tn

Ø www.CMF.com.tn

Ø www.comprendrelabourse.com

Ø www.proquest.umi.com

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