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Fusions-acquisitions, transfert de richesses et enracinement des actionnaires : trois essais

Abstract : Our dissertation focuses on agency conflicts between controlling shareholders and minority shareholders that may arise following a merger-acquisition decision. Through three essays, we aim to identify cases in which the controlling shareholders use mergers and acquisitions as a tool to transfer wealth from minority shareholders to their own accounts. The first essay provides a theoretical analysis of this opportunistic behavior and examines two real cases. Using event study methodology, the second essay shows that the opportunistic behavior may be important in specific cases linked to the level of shareholder's entrenchment. Finally, the third essay shows that the acquisition premium may reflect this behavior even in cases of public transactions
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  • HAL Id : tel-00683614, version 1

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Mohamed Thraya. Fusions-acquisitions, transfert de richesses et enracinement des actionnaires : trois essais. Gestion et management. Université de Grenoble, 2011. Français. ⟨NNT : 2011GRENG008⟩. ⟨tel-00683614⟩

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