Résumés
Abstract
In this study, we examine the long-run performance of a sample of 32 Tunisian crosslisted firms on the Tunisian stock exchange over the period 1992-2006. We use several approaches and conduct robust tests. We observed a strong underperformance of 32 percent over the 36-month period following the listing, when the buy-and-hold abnormal return measure is used. The underperformance is preceded by a positive and significant return of about 20 percent on the first 5 days of listing, which persists for 6 months. We also assess the role of governance variables. The agency theory explains the behaviour of controlling stockholders when transferring stocks. Considering other control variables shows that the hypothesis of the window opportunity explains the underperformance and that the ex-ante uncertainty, measured by the age of the newly listed firm, participate in the deterioration of the long-term stock performance.
Résumé
Basée sur un échantillon de 32 entreprises sur la période 1992-2006, cette étude examine le phénomène de performance à long terme des nouvelles introductions en bourse tunisiennes. Une sous-performance à long terme significativement différente de zéro de l’ordre de 32 pour cent est repérée sur une fenêtre de 36 mois lorsque la méthode d’achat-conservation est appliquée. Cette sous-performance est précédée par une rentabilité positive et significativement différente de zéro de l’ordre de 20 pour cent sur les 5 premiers jours suivant l’introduction en bourse qui persiste jusqu’à 6 mois après. Les variables décrivant le comportement de cession d’actions par les actionnaires de contrôle expliquent de façon significative la rentabilité à long terme et penchent en faveur de la théorie d’agence. Par ailleurs, les résultats sont conformes à l’hypothèse de la « fenêtre d’opportunité ». L’incertitude ex-ante décrivant l’entreprise candidate participe, pour sa part, à la détérioration de la performance boursière à long terme.
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