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Thesis

French

ID: <

10670/1.33x4hw

>

Where these data come from
Valuation process, disclosure, and market timing : the case of IPO and minority freezeout

Abstract

This thesis reports three aspects related to IPOs and delisting. The first is related to the process of pricing the two bid priees. Indeed, given the differences between the two public offerings, underwriters use the same valuation methods without justifying their choices. Through an audit of the IPO and delisting prospectus, the valuation process is based on the characteristics of firms and market conditions. ln addition, there is a significant relationship between the offer priee and the different estimates. Moreover, given that IPOs may coincide with an exceptional increase in the market index and are accompanied by an initial underpricing. The choice of optimal timing of this offer is modeled as regards the priees of listed companies and values of IPO and withdrawing options. Finally, at a delisting, the principle of fairness must be respected. However, the procedure for setting the bid priee varies with regulation and the lack of measures to protect the interests of minority shareholders may encourage the disclosure of private information in order to minimize the offer priee. The proposed model was used to develop two classifications showing that the only way to reconcile shareholders is the full disclosure of private information.

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