Dauphine

In: Business and Management

Submitted By memoiredemerde
Words 827
Pages 4
Sujet de mémoire pour candidature à l’entrée en Master 2 « 104 » Finance Approfondie 2012 – 2013 à Dauphine.

La sur- ou sous-évaluation des actions est-elle un facteur déterminant des politiques d’acquisition ?

Le 01/05/2012
Par Inès Bel Hadj Amor

Table des matières

I. Introduction 2 i. L’acquisition, un outil d’investissement ???? 2 ii. Les différents types d’acquisition 2 II. La vision d’entreprise 2 i. Les différents acteurs d’une politique d’acquisition et les intérêts de chacun 2 a. Corp. Dev 2 b. CFO 2 c. Counselor 2 d. Spécialiste du secteur en question 2 e. CEO 2 III. Le prix d’acquisition 2 i. Les différents modèles d’évaluation de la valeur comptable 2 a. Se basant sur la valeur des actions 2 b. Sans se baser sur la valeur des actions 2 c. Intérêts / inconvénients d’une sur- ou sous- évaluation des actions 2 IV. Le rendement espéré 2 i. Les différents paramètres du BP 2 a. Se basant sur la valeur des actions 2 b. Sans se baser sur la valeur des actions 2 c. Intérêts / inconvénients d’une sur- ou sous- évaluation des actions 2

I. Introduction
Les modes de croissance d’une entreprise se regroupent en deux grandes familles, à savoir les opérations de croissance interne (dite organique) et celles qui relèvent d’un levier de croissance externe. La politique d’acquisition s’inscrit dans ce dernier type de développement.
La multiplicité des types et caractères d’acquisitions intime à ceci cela……….

i. Les différents types d’acquisition
La croissance externe par l’acquisition d’une entité à but économique peut impliquer une intégration verticale, une intégration horizontale ou encore un conglomérat.
L’intégration verticale consiste en le rachat d’une entité qui se trouve en amont (fournisseur) ou en aval (client) de l’activité de l’acquéreur.
L’intégration horizontale quant à…...

Similar Documents

Paris Map

...Queneau Pont de Bondy Petit Noisy Église de Pantin Chelles Gournay Porte de Champerret Pereire–Levallois La Chapelle Riquet Stalingrad Jaurès Ourcq Laumière Porte de Pantin Hoche Noisy-le-Sec Tournan Pré St-Gervais 3 Puteaux Esplanade de La Défense Pont de Neuilly Les Sablons Wagram Malesherbes Pigalle Anvers Gare du Nord Danube Saint-Georges Notre-Dame de-Lorette Cadet Haussmann Saint-Lazare Magenta 3 Mairie des Lilas Louis Blanc Bolivar Botzaris Colonel Fabien Buttes Chaumont Château Landon Poissonnière Château d’Eau Strasbourg Saint-Denis Bonne Nouvelle Réaumur Sébastopol Gare de l’Est Porte des Lilas Belvédère Neuilly–Porte Maillot Ternes Argentine Avenue Foch Porte Dauphine Charles de Gaulle Étoile Saint-Lazare Le Peletier Richelieu Drouot Grands Boulevards Saint-Augustin Havre Caumartin Auber Madeleine 4 Suresnes Longchamp Miromesnil Saint-Philippe du-Roule Chaussée d’Antin La Fayette Opéra Belleville Jacques Bonsergent Goncourt République Oberkampf Pyrénées Jourdain Place Télégraphe des Fêtes Saint-Fargeau Couronnes Ménilmontant Père Lachaise Rue Saint-Maur Saint-Ambroise Philippe Auguste Pelleport Victor Hugo George V Kléber Franklin D. Roosevelt Alma Marceau Champs Élysées Clemenceau Quatre Septembre Sentier Bourse Étienne Marcel Louvre Rivoli Pont Neuf Les Halles Temple Arts et Métiers 4 Porte de Bagnolet Gallieni Gambetta Mairie de......

Words: 999 - Pages: 4

Treasury

...fitchratings.com/FAM and include: Charlotte Quiniou, CFA Director in Fitch Ratings Fund and Asset Manager Rating Group Charlotte Quiniou is a director in Fitch Ratings Fund and Asset Manager Rating Group. She is responsible for rating and reviewing European asset managers and managed funds. Prior to joining Fitch in 2004, she worked for five years at Barclays Private Clients (now Barclays Wealth Management) in London as a performance and risk analyst to develop portfolio analytics tools and internal reportings on investment strategies implemented across the department (equities, bonds, balanced and alternative multimanagement). Charlotte earned a BS-equivalent in Finance and a Master degree in Strategy and Control from the University Paris Dauphine. She is a CFA charterholder and a member of the CFA Institute. 20 TMI | Special report ...

Words: 2130 - Pages: 9

Case Study of Metsuki Pvt Ltd

...excellent knowledge of the Group and expertise in IT systems strategy was valuable in making GSC a major internal partner for the development of the Group. Backed by over 2000 staff, GSC operates both in the development and infrastructure of IT systems and in the execution of business processes for all of the Group’s core activities.Xavier joined Societe Generale’s Corporate and Investment Banking division in 1993. He held various management positions in the domains of IT and project management on SG CIB’s main markets in France, the USA and especially Asia. Between 2007 and 2011, he was SG CIB’s Chief Information Officer for the Asia-Pacific zone, based in Hong Kong.Xavier holds a Master in Information Systems from University Paris IX Dauphine, France. His interests are Squash, Scuba Diving and Travel. |   Paris: Societe Generale chief executive Frederic Oudea's bonus rose 75 per cent last year to 1.2 million euros, even as France's No. 2 bank moved to cut costs and sell assets. Frederic Oudéa (born July 5, 1963, Paris) is Chief Executive Officer to Société Générale.[1] ------------------------------------------------- Career[edit] After his education at École nationale d'administration and Ecole Polytechnique[2] in France, Oudea worked in the economic sector of the French civil service from 1987 until 1995. His work at this time included working as Technical Adviser in the office of Nicolas Sarkozy, then Minister of Budget and Communication in 1993.[3] Oudea joined......

Words: 692 - Pages: 3

France

...organized into three estates: the clergy, the nobility, and the rest of France.[12] On the last occasion that the Estates-General had met, in 1614, each estate held one vote, and any two could override the third. The Parlement of Paris feared the government would attempt to gerrymander an assembly to rig the results. Thus, they required that the Estates be arranged as in 1614.[13] The 1614 rules differed from practices of local assemblies, where each member had one vote and third estate membership was doubled. For example, in the Dauphiné the provincial assembly agreed to double the number of members of the third estate, hold membership elections, and allow one vote per member, rather than one vote per estate.[14] Prior to the assembly taking place, the "Committee of Thirty," a body of liberal Parisians, began to agitate against voting by estate. This group, largely composed of the wealthy, argued for the Estates-General to assume the voting mechanisms of Dauphiné. They argued that ancient precedent was not sufficient, because "the people were sovereign."[15] Necker convened a Second Assembly of Notables, which rejected the notion of double representation by a vote of 111 to 333.[15] The King, however, agreed to the proposition on 27 December; but he left discussion of the weight of each vote to the Estates-General itself.[16] Elections were held in the spring of 1789; suffrage requirements for the Third Estate were for French-born or naturalised males only, at least 25......

Words: 1958 - Pages: 8

King Henry; Superhero or Anti-Hero

...and fair regard.” King Henry can be viewed as a power-hungry man, who will do anything to get to the top, even kill his friends. Alternatively one can see from how he punishes his traitors – Scroop, Grey and Cambridge, as a positive. It demonstrates how far Henry has come from his days spent in unsavoury places; he understands that sometimes, in order for a king to rule wisely, he must do so ruthlessly. Henry was faced with the decision of honouring his friends of the past or his rule of the future. It is easy to regard Henry as a crude tactician, and expedient ruler. A man who has the characteristics of a true Machiavellian leader and does not care about the safety of his citizens, but rather about how he can take the throne from the Dauphine. Then one can say that he is a politician who understands the impact of propaganda and is renowned for his persuasive political speeches, and his excellent understanding of the power of language. He uses his outstanding oratory skills to motivate his “brave fleet.” We are exposed to these characteristics in his speeches to his men at Harfleur and at Agincourt. Through his use of vivid metaphor, crude and appropriate to his pain, Henry still insists that “none of the French [be] up raided or abused” and in the end the King dedicates the English’s triumph to G-d. This great Leader unifies his men into a “band of brothers,” in order to praise and unify them all. His main aim by giving over these inspiring speeches are to praise and......

Words: 560 - Pages: 3

La Politique de Diversité Et La Grh

...be/fr/binaries/broch_po_diversite_bonnes_pratiques_FR_tcm119-113680.pdf, 146 p. ROBERT_DEMONTROND, P. et JOYEAU, A., Vice et vertus de la diversité ethnoculturelle, in Management & Avenir, 2006, vol.4, n°10, 28p. SERVICE PUBLIC FÉDÉRAL, PERSONNEL ET ORGANISATION, Elaborer une politique de diversité, guide méthodologique. Adresse URL : http://www.fedweb.belgium.be/fr/binaries/broch_po_diversite_guide_methodologique_fr_tcm119-107375.pdf , 108 p. Sources monographiques : Peretti., J-M., Tous différents : Gérer la diversité dans l’entreprise. Eyrolles, 2007, 312 pages. Sources internet ALFONSO, A., S., BONNAIRE LAFONT, D., FITTE-DUVAL, A., PARRAD, V., SCHOUMACHER.,La diversité ethnique quels enjeux, quelles réalités?, université PARIS DAUPHINE, 2009, 141 pages, adresse URL : http://www.mbarh.dauphine.fr/fileadmin/mediatheque/site/mba_rh/pdf/Travaux_anciens/La_diversite_enjeux_et_realites_2009.pdf (page consultée le 03/04/13) BARTH., I., La face cachée du management de la diversité effet de mode? Recherche de légitimité? Discours?, 19 pages, adresse URL : http://www.unifr.ch/rho/agrh2007/Articles/pages/papers/Papier12.pdf (page consultée le 12/11/13) BNP Paribas, Des actions concrètes pour promouvoir la diversité, adresse URL : http://www.bnpparibas.com/nous-connaitre/culture-dentreprise/diversite/actions-concretes (page consultée le 08/04/13) IRISNET, « La diversité sur le marché de l’emploi en Région de Bruxelles-Capitale », adresse URL :......

Words: 5178 - Pages: 21

A Conflict as a Poker Game

...events. In addition, the blue color of the baby’s blanket reminds the reader of the color of Blanche’s dress when she left for the mental home. Despite their differences, Stanley and Blanche possess similarities that lead to a competition won by Stanley for the control of the house and Stella. Blanche’s visit changes the whole life of the characters. Blanche is the main character but as in the play, Stanley competes with her for having the status of the dominant force in the play. Works cited Brooks, Daniel. "Williams's A Streetcar Named Desire." Explicator 65.3 (2007): 177-180. Academic Search Complete. Web. 12 Feb. 2012. Coulardeau, Jacques. "A Streetcar Named Desire The Media are Stepping on Our Toes." . Université de Paris IX-Dauphine, 2004. Web. 12 Feb 2012. Griffies, W. Scott. "A Streetcar Named Desire And Tennessee Williams' Object-Relational Conflicts." International Journal Of Applied Psychoanalytic Studies 4.2 (2007): 110-127. Academic Search Complete. Web. 12 Feb. 2012. Leibman, C. Nina. "Sexual Misdemeanor/Psychoanalytic Felony." . Cinema Journal, 1987. Web. 12 Feb 2012. Thornhill, Randy, and Craig Palmer. "Rape and Evolution: A Reply to Our Critics." . 2003. Web. 12 Feb 2012. Williams, Tennessee. A Streetcar Named Desire. The Norton Introduction to Literature. Ed. Booth and Mays. 10th edition. New York: W.W. Norton and Company, 2010. Print. Wei, Fang. "Blanche's Destruction: Feminist Analysis On A Streetcar Named Desire." Canadian Social Science......

Words: 2039 - Pages: 9

The Maps of the World

...Salade Caesar de homard bleu Feuilles croquantes, crème d’ail d’Arleux, poulet de Licques rôti. 20 ¤ 26 ¤ Prix nets - service compris Les Plats Noix de Saint Jacques boulonnaises grillées Butternut, thym citron, fumet de barbe. 28 ¤ 30 ¤ Langoustines Pad thaï Spaghettis de courges, cacahuètes, pamplemousse, coriandre. Le poisson de Christophe En direct des criées de Boulogne et Dunkerque, prix selon cours. Risotto roquette et ricotta Œuf bio, parmesan, Saporosso. 24 ¤ 26 ¤ 28 ¤ 28 ¤ 40 ¤ Blanquette de veau français Jardinière de légumes croquants. Pigeonneau de Steenvoorde Filet grillé, cuisse fondante et épicée, wok végétal. Filet de marcassin rôti *Pièce de bœuf choisie par Joachim Ménart Pommes dauphine, cœur de laitue, béarnaise. * Race Française ou Irlandaise Embeurrée de choux vert, lard de Colonatta, jus caramélisé à la baie de genièvre. Prix nets - service compris Les Fromages et Desserts Assiette de fromages affinés Pommes, poires, endives 12 ¤ 10 ¤ 10 ¤ Crumble de poires et caramel au beurre salé Profiteroles Les desserts à la carte du salon de thé Pour les enfants Plat et dessert Tagliatelles maison au poulet rôti ou poisson du jour et légumes de saison. Dessert au choix à la carte du salon de thé. 22 ¤ Prix nets - service compris Nos horaires Le restaurant est ouvert du mardi au samedi Le midi de 12h à 14h30 et le soir de 19h30 à 22h Le dimanche pour le brunch de 11h à 14h Le salon de......

Words: 410 - Pages: 2

Art and Literature

... “art”  world  are  two  separate  realities.       Creating  a  piece  of  art  that  is  not  bound  to  the  facts  of  reality  and  history  can   be  beneficial  for  multiple  reasons.    When  the  director  has  personal  opinions  about  a   certain  idea  or  event,  then  it  is  best  to  produce  their  opinion  in  their  art.    It  can  be   argued  that  Sofia  Coppola  did  this  in  her  movie  Marie  Antoinette.    This  can  be  seen  in   the  fact  that  in  the  movie,  the  Dauphine  of  France  was  portrayed  as  the  heroine.    The   viewer  sympathized  with  Antoinette’s  situation  from  the  get  go.    For  example,  the   audience  was  put  into  the  shoes  of  the  Austrian  archduchess  as  her  family  gave  her   up  to  France  in  order  to  amend  foreign  relations  between  the  two  countries.    Then   the  audience  suffered  with  her  as  she  took  down  the  emotional  stress  of  her   husband,  Louis  XVI’s  sexual  ineptitudes.    Her  affair  with ......

Words: 1531 - Pages: 7

Pucard

...Pineapple chunks , Cote d' Ivoire 6.25 Apple, plum , fig and raisin 8.00 Exotic fruit smoothie 8.00 Papillote exotic fruit 20.00 Mangoes and peaches gingerbread and honey 8.00 Cocktail of red fruits bio, import 11.77 Bowl of exotic fruits 13.00 Multifruits salad 7.33 Bowl of red fruits 13.00 Vegetables: / kg Spinach axes 2.44 Miniature cultivated mushrooms 4.66 Artichoke hearts, Egypt 5.50 Peas soft extra-fine and young carrots 2.00 Roasted potatoes in slices 2.15 Vegetables for soup 1.95 Leeks in slices 2.30 Gazpacho tomato, cucumber, pepper, onion 3.95 Softened ice(mirror,ice cream) of cucumber has the mint 5.16 8 pucks of vegetables romanesco cabbage, French bean 5.50 Dauphine potatoes 2.80 Soup of the pesto 6.25 Trio of vegetables in onions 2.80 Soup mixes of vegetables with pieces 6.25 2 crumbles of vegetables 16.45 Risotto in the green asparaguses 6.50 Gratin dauphinois, portionnable 4.27 Green asparaguses, Chile, Peru 11.58 Mashed potato in the ham and has the Emmenthal cheese 5.55 Apples alphabet, purée of potato prefrite 2.83 Poêlée has the Southern 2.80 Sweet green peas , extra fine 2.15 4 half lawyers, Peru 12.34 Flqgeolets green for 3.25 Duo bio florets ( broccoli and cauliflower ) 4.91 Julienne vegetables 3.22 Butter beans extra fine 2.50 Mashed potatoes with chicken and carrots 5.55 Vegetables to wok 3.66 Curried......

Words: 1910 - Pages: 8

Desarrois

...Halles Invalides Louis Blanc Gare de l’Est Bonne Nouvelle Étienne Marcel Palais Royal Concorde Musée du Louvre Porte de Pantin Ourcq Stalingrad Strasbourg Saint-Denis Pyramides Champs Élysées Clemenceau Petit Noisy Église de Pantin Jaurès Château d’Eau Quatre Septembre Sentier Bourse Madeleine Pont de Bondy Riquet La Chapelle Poissonnière Richelieu Drouot Opéra Auber Iéna Trocadéro Havre Caumartin Bobigny–Pantin Raymond Queneau Laumière Le Peletier Chaussée d’Antin La Fayette 2 Bobigny Pablo Picasso Auguste Delaune Château Landon Haussmann Saint-Lazare Saint-Augustin Charles de Gaulle Étoile Porte Dauphine Libération Hôtel de Ville de Bobigny Pantin Porte de la Villette Magenta Cadet Saint-Lazare Argentine La Ferme Aubervilliers–Pantin Quatre Chemins Anvers Notre-Dame de-Lorette Gare Saint-Lazare Gaston Roulaud Crimée Saint-Georges Trinité d’Estienne d’Orves Courcelles Porte Maillot Hôpital Avicenne Jean Rostand Barbès Rochechouart Pigalle Liège Monceau Les Sablons Drancy–Avenir Escadrille Normandie–Niémen Gare du Nord Villiers Pont de Neuilly Maurice Lachâtre Fort d’Aubervilliers Château Rouge Funiculaire de Montmartre Malesherbes Puteaux La Courneuve–8 Mai 1945 Corentin Cariou Abbesses Place de......

Words: 999 - Pages: 4

Les Restructurations

...changement. On doit former, accompagner les gens pour qu’ils fassent bien leur boulot de manager. Si on ne dirige que l’activité et pas les hommes, ça ne peut pas bien se passer. Le facteur humain, l’engagement, la motivation sont la clé de la réussite dans une restructuration. La direction doit bien comprendre que sans le facteur humain, elle n’arrivera à rien. Bibliographie BEAUJOLIN-BELLET, R., BOBADILLA, N., MOUREY, D., PERRET, V., PICHAULT, F., SCHMIDT, XHAUFLAIR, V., « Quand l’art parle des restructurations : au-delà du dévoilement, une forme d’expérimentation », Chaire MAI, Paris, 2012. BUYANKINA, A., CHARLES, J., MALATRAY, I., ROUCHON, C., « Restructurations d’entreprise : quels rôles et contribution de la fonction RH ? », Dauphine Université Paris, Equis, 2012. FUSULIER, B., « La négociation sociale ne peut bien fonctionner que s’il y a une confiance dans l’autre et une reconnaissance de ce qu’il représente », Négociations N°6, De Boeck, 2006. KARLEY, M., Dialogue social, Guide de l’Europe sociale, Vol 2, Commission européenne, 2012. MARTINEZ, E., Structure de l’entreprise, relations du travail et théorie de la négociation, PUB, Bruxelles, 2014-2015. MARTINEZ, E., Sociologie du travail, PUB, Bruxelles, 2014-2015. NAEDNOEN, F., LISEIN, O., PICHAULT, F., « Anticiper et gérer la restructuration, Rapport national belge version provisoire », ITC, CIF, 2010. MBANANGOYE, H., « Dialogue social et restructurations : quelles logiques de négociation ?......

Words: 5684 - Pages: 23

Barclays Report

...services such as one advisor is fully invested on 2 or 3 customers’ files: they can offer tailored investment for each client with high level of advices and folder followed. It also provides free credit cards and offer presents such as concert or theatre places to create loyalty. Ms Carricano had been working in two other bank for 8 and 4 years before working as a beaming General Manager at Barclays bank for 25 years. Changing from one bank to another allowed her to get more responsibility and evolve with companies. It seems interested to her to work in a Premium bank where she can meet different and interesting person. She works in collaboration with trade experts and assets advisors and students recently graduated from the school of Dauphine and Clermont with a Master level. Each client demand represents a collaboration between the Barclays commercials (them), see as general advisors and a specialist (trade experts and assets advisors). The minimum level of study required by the Barclays bank to enter as a junior advisor is a bachelor or the equivalent of French BTS or IUT (2 years of specialized studies after being graduated from the baccalaureate). For higher responsibilities such as management position (assets management advisor for example), a Master degree is required. Also, it is extremely important to speak English today and even more in a premium bank who receives international clients everyday. When Ms Carricano began to work as a bank manager, English fluency......

Words: 1893 - Pages: 8

Nothings Gonna Change

...Brunoise - one to three mm diced vegetables * Chiffonade - finely shredded lettuce or sorrel stewed in butter * Croutes - small pieces of halved French bread buttered and oven dried * Coulis - (a thicker soup) drizzled decoratively * Croutons - small pieces of bread (typically cubes) fried in butter or other oil * Julienne - thinly sliced vegetables * Pasta (tapioa, sago, salep) etc. * Pluches -a whole leaf spray of herbs, without the central stalk (traditionally chervil) * Profiterolles - puff pastry stuffed with purée * Royale - a small decoratively shaped piece of egg custard (in German this is called an Eierstich) * Threaded eggs and for relevés and entrées: * Croquettes * Potatoes (pommes dauphine, Duchess potatoes or Marquis) * Duxelles - fried onion, mushrooms and herbs * Matignon - minced carrots, onions, and celeries with ham stewed in butter and Madeira * Mirepoix - similar to Matignon but diced (cf. minced) with or without ham (or with bacon substituted for the ham) * Salpicon - a variety of other diced meats or vegetables * Fritters Different Types of Knife Cuts there are many different types of cuts and while you may not use all of them, it's important that you know and understand them. Having the knife skills and know-how to cut a brunoise, matchstick, or batonnet will not only help you improve your knife skills, but also improve the visual appeal and professionalism of the......

Words: 3136 - Pages: 13

La Presse Quotidienne Régionale

...2008 dénote une progression globale de 2,1% du nombre de lecteur de la presse quotidienne Régionale avec une stabilisation à 18 millions. Il est a noté qu’avec le Web et le support magazine, l’audience croit de 10,7% 3) Diffusion a. Chiffre Généraux La PQR représente 1702 millions soit 36% de la presse payante soit 74% des quotidiens payants diffusés en France Une baisse de la diffusion de 1.3% a été enregistrée durant la période 2007/2008. b. Classement et répartition de la Diffusion D’autre part si on effectue le classement des 5 premiers quotidiens régionaux en terme de diffusions 2008, on obtient le résultat suivant : Ouest France (14%), Le parisien/ Aujourd’hui en France (9,3%), Sud Ouest (5,6%), La voix du nord (5,11%), Le Dauphiné Libéré (4,36%). On constate alors que seulement deux titres se la PQR réalisent ¼ de la diffusion nationale, la majorité étant réalisée par les ventes au numéro et le portage, le reste regroupant les abonnements et la diffusion non payée. Il est à noter un paradoxe assez flagrant en regardant les chiffres qui nous sont livrés ici. Alors que l’audience de la PQR se trouve être en parfaite santé et même en affichant une croissance insolente par rapport aux autres, sa diffusion est en déclin. C’est un premier aspect qui souligne que ce support n’échappe pas à la crise de la presse constatée ces dernières années. 4/11 D’AFFAIRE LE CHIFFRE D’AFFAIRE Le chiffre d’affaires de la presse quotidienne régionale est réalisé à 60% par les......

Words: 2820 - Pages: 12

Parker Jotter SS Steel GT Gold Trim Ball Point Pen, Fine Nib, 0.8mm Blue Ink New | Rare Old Antique Collectible Boxwood Handwork Leopard Japanese Netsuke Statue | Watch Now