Le prix d\'offre publique a fait l\'objet d\'importants travaux théoriques modélisant le processus d\'offre sous forme de jeu, mais leurs implications empiriques ont été plus rarement testées. Nous en proposons ici une analyse sur le marché français de 1991 à 1995. Les résultats obtenus...

Cet article présente une méthodologie d’évaluation des licences UMTS en utilisant un modèle d’options réelles. L’acquisition d’une licence est perçue comme donnant droit à entreprendre les investissements d’infrastructure du réseau, que la firme peut différer dans le temps. La...

The bid premium acquiring companies offer for target company shares has been modelled as a game by several theoritical studies, but the empirical implications of these models have not been as well explored. Our purpose is to test them on the French market for 1991-1995. The mean takeover premium...

[eng] Takeover bids : hostile or friendly offer, dissuasive or minimum price. . Takeovers are studied as a kind of auction process, where bidder and target can negotiate aside. The model provides a general analysis of takeover price. It explores (1) the hostile strategy as a decision between a...

(VF)Cet article propose une synthèse des études consacrées à l’excès de confiance des entrepreneurs et son impact sur la décision de création d’entreprise, en mobilisant plusieurs champs disciplinaires (entrepreneuriat, finance comportementale et entrepreneuriale, psychologie de la...

Over the period from October 2006 to May 2008, Atos Origin, a French information technology company, was the target of two activist hedge funds, Centaurus and Pardus. This article investigates in detail how the activists initiated their actions, how the management organized its defence and how...

Empirical research documents that overconfidence has a strong impact on investment decision. In this experimental study using a within-subject design and an asset allocation problem, we detail this relationship by introducing a stage of judgment (initial knowledge about the assets to invest in)...

This article examines the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel et al. (1998), we posit that overconfidence leads to an overreaction to private information followed by an...