The IPO of group subsidiaries in Europe: motivations and consequences.

Summary In this research, we question the reasons for increasing access to the financial market in a group structure in Europe. Also, we seek to study the interest and the consequences of an IPO of a subsidiary of a European group. We are also interested in describing the issuance of tracking shares by the Alcatel group, since it constitutes a particular placement of an activity on the market. With reference to the contractual theory of organizations and the theory of information economics, we assume that the listing of a subsidiary would be prompted by a desire to signal the undervaluation of the parent company by offering undervalued shares, to reduce the asymmetry of information about the group's activities, to exploit a window of opportunity and/or to evade financial constraints...