Au travers d'une étude empirique concernant 172 firmes industrielles de haute technologie domiciliées aux Etats Unis et imbriquées dans des réseaux de financement de l'innovation par capital risque nous montrons que le volume des dépenses de capital risque consenti par ces firmes impacte positivement et fortement leur Q de Tobin. De plus, notre étude éclaire la stratégie des firmes industrielles imbriquées dans les réseaux de financement de l'innovation. Il apparait que l'accès de celles-ci aux informations concernant les innovations commercialisables est fortement contraint par les rapports que ces firmes entretiennent avec les sociétés financières de capital risque. Ainsi, les firmes industrielles nouant des relations avec les sociétés financières occupant une place centrale dans le réseau tirent le meilleur profit de leur imbrication dans ce dernier. Ces firmes augmentent le volume de leur investissement de capital risque en direction des mêmes partenaires financiers et ceci impacte positivement leur Q de Tobin. Par conséquent, notre étude révèle ce qu'est un capital relationnel efficient dans les réseaux de financement de l'innovation / Through an empirical study involving 172 high-tech industrial firms domiciled in the U.S. and embedded in networks of innovation financing by venture capital we show that the amount of expenditures in venture capital made by these firms impacts strongly and positively their Tobin's Q. In addition, our study illuminates the strategy of industrial firms embedded in networks of innovation financing. It appears that access to information concerning marketable innovations is highly constrained by relationships these firms have with financial venture capital companies. Thus, industrial firms building relationships with financial firms occupying a central place in the network get the most out of their nesting in it. These firms increase the amount of venture capital investments towards the same financial partners and this positively impacts their Tobin's Q. Therefore, our study reveals what an efficient relational capital is in financing networks of innovation

Submitted by MFEE Mestrado Profissional em Finanças e Economia Empresarial da EPGE (mfee@fgv.br) on 2015-02-23T22:41:25Z No. of bitstreams: 1 Thomaz Freire - Versão Final.pdf: 1993009 bytes, checksum: f6dcfe8872f8ff8f6d9f063b1ebcb1fe (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-03-04T12:47:22Z (GMT) No. of bitstreams: 1 Thomaz Freire - Versão Final.pdf: 1993009 bytes, checksum: f6dcfe8872f8ff8f6d9f063b1ebcb1fe (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-03-04T12:47:40Z (GMT) No. of bitstreams: 1 Thomaz Freire - Versão Final.pdf: 1993009 bytes, checksum: f6dcfe8872f8ff8f6d9f063b1ebcb1fe (MD5) / Made available in DSpace on 2015-03-04T12:47:54Z (GMT). No. of bitstreams: 1 Thomaz Freire - Versão Final.pdf: 1993009 bytes, checksum: f6dcfe8872f8ff8f6d9f063b1ebcb1fe (MD5) Previous issue date: 2009-06-01 / This thesis provides evidence on how negative correlated is diversification and enterprise value. This relation is observed for different measures o f diversification and holds even if we control the effect of other variables known to be value drivers. We couldn't finda very robust prove that the negative effect of diversification falls when it appears in more related segments. Despi te that, our results indicate that this hypothesis should be true. Another interesting result is that like the focused companies, the highly diversified ones have also a greater value then the others. We find evidence on a curvilinear relation between diversification and value. The minimum value is found with an intermediary levei of diversification. Finally, we show that the effect of diversification on the enterprise value begins to be positive ifwe consider only the years of2007 and 2008 in our sample. It suggests that the perception of value for diversitied companies grows in a significant way within periods o f tinancial crisis. / Nesta dissertação, mostramos evidências de que a diversificação e o valor das empresas aparentam ser negativamente correlacionados. Esta relação é observada para diferentes métricas de diversificação e se mantém mesmo quando controlamos o efeito de outras variáveis conhecidas por influenciar o valor das empresas. Nossa análise não conseguiu comprovar de forma robusta se o efeito negativo causado pela diversificação diminui na medida em que esta se dá em segmentos mais relacionados. No entanto há indícios de que esta hipótese seja de fato verdadeira Um resultado interessante observado foi que assim como empresas especializadas, as empresas altamente diversificadas também possuem uma alta percepção de valor. Mostramos que a relação entre valor e diversificação possui o perfil de uma curva côncava com um ponto de mínimo justamente no nível de diversificação intermediário. Por fim, observamos que o efeito da diversificação no valor das empresas nos anos de 2008 e 2007 passou a ser positivo. O que nos sugere que em tempos de crise econômica, a percepção do valor de empresas mais diversificadas aumenta de forma significativa.

Submitted by Rodrigo dos Santos Barbosa (rdsbar@gmail.com) on 2016-06-13T19:54:58Z No. of bitstreams: 1 Tese.pdf: 895418 bytes, checksum: 64d50c7a9b78e9d3f89b6737e052eb58 (MD5) / Approved for entry into archive by Letícia Monteiro de Souza (leticia.dsouza@fgv.br) on 2016-06-13T21:06:35Z (GMT) No. of bitstreams: 1 Tese.pdf: 895418 bytes, checksum: 64d50c7a9b78e9d3f89b6737e052eb58 (MD5) / Made available in DSpace on 2016-06-13T22:04:05Z (GMT). No. of bitstreams: 1 Tese.pdf: 895418 bytes, checksum: 64d50c7a9b78e9d3f89b6737e052eb58 (MD5) Previous issue date: 2016-05-17 / My dissertation focuses on dynamic aspects of coordination processes such as reversibility of early actions, option to delay decisions, and learning of the environment from the observation of other people’s actions. This study proposes the use of tractable dynamic global games where players privately and passively learn about their actions’ true payoffs and are able to adjust early investment decisions to the arrival of new information to investigate the consequences of the presence of liquidity shocks to the performance of a Tobin tax as a policy intended to foster coordination success (chapter 1), and the adequacy of the use of a Tobin tax in order to reduce an economy’s vulnerability to sudden stops (chapter 2). Then, it analyzes players’ incentive to acquire costly information in a sequential decision setting (chapter 3). In chapter 1, a continuum of foreign agents decide whether to enter or not in an investment project. A fraction λ of them are hit by liquidity restrictions in a second period and are forced to withdraw early investment or precluded from investing in the interim period, depending on the actions they chose in the first period. Players not affected by the liquidity shock are able to revise early decisions. Coordination success is increasing in the aggregate investment and decreasing in the aggregate volume of capital exit. Without liquidity shocks, aggregate investment is (in a pivotal contingency) invariant to frictions like a tax on short term capitals. In this case, a Tobin tax always increases success incidence. In the presence of liquidity shocks, this invariance result no longer holds in equilibrium. A Tobin tax becomes harmful to aggregate investment, which may reduces success incidence if the economy does not benefit enough from avoiding capital reversals. It is shown that the Tobin tax that maximizes the ex-ante probability of successfully coordinated investment is decreasing in the liquidity shock. Chapter 2 studies the effects of a Tobin tax in the same setting of the global game model proposed in chapter 1, with the exception that the liquidity shock is considered stochastic, i.e, there is also aggregate uncertainty about the extension of the liquidity restrictions. It identifies conditions under which, in the unique equilibrium of the model with low probability of liquidity shocks but large dry-ups, a Tobin tax is welfare improving, helping agents to coordinate on the good outcome. The model provides a rationale for a Tobin tax on economies that are prone to sudden stops. The optimal Tobin tax tends to be larger when capital reversals are more harmful and when the fraction of agents hit by liquidity shocks is smaller. Chapter 3 focuses on information acquisition in a sequential decision game with payoff complementar- ity and information externality. When information is cheap relatively to players’ incentive to coordinate actions, only the first player chooses to process information; the second player learns about the true payoff distribution from the observation of the first player’s decision and follows her action. Miscoordination requires that both players privately precess information, which tends to happen when it is expensive and the prior knowledge about the distribution of the payoffs has a large variance. / A presente tese concentra-se em aspectos dinâmicos de processos que envolvem coordenação entre agentes em ambientes com interação estratégica. Propomos utilizar os chamados global games para estudar a capacidade de uma Tobin tax elevar a probabilidade de sucesso em um ambiente em que investidores internacionais sujeitos a choques de liquidez precisam coordenar suas decisões de investimento (capítulo 1), e reduzir a vulnerabilidade de uma economia aberta a fluxos internacionais de capitais a sudden stops (capítulo 2). Também, investigamos o problema da aquisição de informação em jogos sequenciais com informação incompleta e complementaridade em ações (capítulo 3). No capítulo 1, agentes estrangeiros decidem se entram ou não em um projeto, cujo sucesso depende em parte da capacidade dos mesmos em coordenarem suas escolhas. Uma fração λ desses investidores é afetada por restrições de liquidez no segundo período do modelo e é forçada a se retirar do projeto ou impedida de entrar, dependendo de suas respectivas escolhas no primeiro período. Agentes não afetados pelo choque de liquidez possuem a opção de reavaliar decisões tomadas no primeiro estágio do jogo. É assumido que a probabilidade de sucesso do projeto de investimento é crescente no volume total de capital que a economia recebe, mas decrescente no volume de capitais que deixa a economia no segundo período. Na ausência de choques de liquidez (λ = 0), o volume de capital que é recebido em um estado pivotal para o sucesso do projeto de investimento independe da existência de um imposto sobre capitais de curto prazo. Como tal imposto sempre desestimula saídas de capitais, uma Tobin tax sempre favorece as chances de sucesso em uma economia em que λ = 0. Contudo, na presença de choques de liquidez, o volume total de investimento que a economia recebe torna-se decrescente em um imposto incidente sobre capitais de curto prazo. Neste caso, uma Tobin tax pode prejudicar as chances do processo de coordenação ser bem sucedido, caso o benefício de reduzir o volume de saída de capitais não seja suficientemente grande. O capítulo 2 estuda os efeitos de uma Tobin tax no mesmo cenário do capítulo 1, porém considera que a extensão da restrição de liquidez a que os agentes podem estar sujeitos é aleatória. Neste modelo, identificamos condições sob as quais uma Tobin tax reduz a probabilidade de se observar um sudden stop e eleva o bem estar no único equilíbrio de uma economia onde a probabilidade de ocorrência de um choque de liquidez é pequena, mas a magnitude de tal choque pode ser significativa. O capítulo final investiga o problema de aquisição de informação em um jogo sequencial com 2 agentes, externalidade informacional e complementaridade em ações. Demonstramos que, quando o custo de aquisição de informação é pequeno relativamente ao incentivo que os agentes possuem para coordenarem suas ações, apenas o primeiro jogador escolhe adquirir novas informações a respeito da distribuição dos payoffs, e o jogador 2 sempre segue a ação escolhida pelo jogador 1. Probabilidade positiva de se observar divergência em ações requer que ambos os jogadores processem informação privadamente, o que tende a ocorrer quando o custo de aquisição de informação é baixo e a distribuição a priori dos payoffs possui variância elevada.

Submitted by Fabio Gomes (fanapchan@gmail.com) on 2018-02-19T15:06:38Z No. of bitstreams: 1 Dissertação Final Pós-Banca - Fabio NG.pdf: 377844 bytes, checksum: 2b6b7940c027ce97c4e2faeeed4407d7 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-20T18:57:14Z (GMT) No. of bitstreams: 1 Dissertação Final Pós-Banca - Fabio NG.pdf: 377844 bytes, checksum: 2b6b7940c027ce97c4e2faeeed4407d7 (MD5) / Made available in DSpace on 2018-02-21T12:13:05Z (GMT). No. of bitstreams: 1 Dissertação Final Pós-Banca - Fabio NG.pdf: 377844 bytes, checksum: 2b6b7940c027ce97c4e2faeeed4407d7 (MD5) / O principal objetivo deste trabalho é avaliar o efeito da troca de comando nas empresas, especificamente a mudança de CEOs, no desempenho das mesmas, medido pelo retorno total, pelo Q de Tobin e pelo múltiplo Preço/Lucro (P/L). Com essa finalidade, foi utilizada uma amostra de 195 empresas e, por meio dos métodos Pooled GLS e Efeitos Fixos e Aleatórios, foram avaliadas as associações entre o retorno total em empresas que observaram trocas de executivos e variáveis relacionadas ao mercado acionário e cenário macroeconômico de maneira geral. A conclusão apresentada foi de há uma relação inversa estatisticamente significante entre troca de CEOs e a performance pós-mudança. Variáveis de mercado e macroeconômicas também colaboram para explicar as variáveis dependentes. Este modelo foi aplicado de forma comparativa a empresas que não apresentaram mudanças no comando. / The main objective of this study is to evaluate the effect of top managemet turnover in the companies, specifically the CEO turnovers, in their performance, measured by the total return, Tobin’s Q and the P/E multiple. For this purpose, a sample of 195 companies was used and, through the Pooled GLS and Fixed and Random Effect methods, the associations between the total return in companies that observed executives' changes and variables related to the stock market and general macroeconomic scenario were evaluated . The conclusion presented was that there is a statistically significant inverse relation between CEO turnover and performance after the change. Market and macroeconomic variables also contribute to explain the dependent variable. This model was applied in a comparative way to companies that did not present CEO changes.

Med en växande efterfråga efter hållbarhet är förhållandet mellan environmental, social & governance (ESG) och företagsprestanda ofta föremål för forskning. Forskningen om detta ämne har dock hittills inte varit entydig. Orsakerna till detta är olika metoder som används och snäva områden som endast representerar det specifika sammanhanget. Dessutom har förhållandet mellan ESG och företagens resultat hittills mestadels genomförts med fokus på rent finansiella mått, vilket gör att marknadsvärden i viss mån fortfarande är outforskade. Syftet med denna studie är att undersöka förhållandet mellan ESG och marknadsvärde (mätt med Tobin’s Q) inom kontexten av den skandinaviska industrisektorn. Med olika perspektiv från "shareholder theory”, "stakeholder theory” och från rationella eller etiska investerare, säger studiens hypoteser att det bör finnas ett signifikant positivt samband mellan ett företags ESG betyg och dess marknadsvärde, och att det bör finnas ett signifikant negativt samband mellan ett företags ESG risk och dess marknadsvärde. Genom en kvantitativ metod har tvärsnittsdata samlats in och införlivats i en multipel regressionsmodell med flera variabler. Studiens resultat tyder på att det inte finns något signifikant samband (positivt eller negativt) mellan ESG och marknadsvärde. Studien förkastar därav nollhypoteserna och således förklaringsförmågan hos de ovan nämnda teorierna. Det konkluderas att den skandinaviska marknaden troligen består av både rationella och etiska investerare, vilket neutraliserar den effekt som ett företags ESG värde har på dess marknadsvärde. Resultatet föreslår också att företag inom den skandinaviska industrisektorn kan implementera ESG utan att det missgynnar dess marknadsvärdering. / With a growing demand for sustainability, the relationship between environmental, social & governance (ESG) and corporate performance is frequently occuring in research. However, research on this topic has as of now been inconclusive. The reasons for this are the different methodologies used and the narrow scopes that represent the specific context only. Furthermore, the relationship between ESG and corporate performance has mostly been conducted with a focus on strict financial metrics, leaving the perspective of market value to a certain degree still unexplored. This paper aims to examine the relationship between ESG and market value (measured by Tobin’s Q), in the context of the Scandinavian industrial sector. With different perspectives from Shareholder theory, Stakeholder theory and those from a rational or ethical investor, this study’s hypotheses states that there should exist a significant positive relationship between a company’s ESG score and their market value, and accordingly a significant negative relationship between a company’s ESG risk and their market value. Through a quantitative approach, cross-sectional data have been collected and incorporated in a multiple regression model with several variables. Our results suggest that no significant relationship (positive or negative) exists between ESG and market value. We therefore reject the null hypotheses and consequently the explanatory power of the above-mentioned theories as well. It is concluded that the Scandinavian market probably consists of both rational and ethical investors, neutralizing the effect a company’s ESG value has on its market value. The results further indicate that companies within the Scandinavian industrial sector might be able to incorporate ESG to improve their corporate behavior, with no negative market value effects.

Ein Großteil zeitgenössischer Musik und insbesondere solche, die sich nicht primär auf Tonhöhenrelationen stützt, findet zu wenig Platz im Gehörbildungsunterricht an Musik(hoch)schulen. Das liegt möglicherweise auch daran, dass es kaum methodische Zugänge oder Hilfestellungen dazu gibt. In diesem Artikel wird die Klangfeld-Transkriptionsmethode vorgestellt, mit der Musik zum Unterrichtsthema werden kann, die mit Geräuschen und anderen nicht tonhöhenbasierten Klangtexturen arbeitet. Die Methode geht davon aus, dass die Studierenden das Gehörte als akusmatisch rezipieren, dass sie also die Hervorbringung oder Erstellung der Klänge nicht auf Anhieb nachvollziehen können. Sie verbindet verschiedene Ansätze zum Umgang mit elektroakustischer Musik, musique concrète instrumentale und elektronischer Popmusik im Kontext des Transkribierens. Nach einer kurzen Übersicht über Lehrwerke zur Gehörbildung sowie einem Abriss verschiedener Analyseansätze zu nicht-notierter Musik werden drei Ausschnitte von Werken Amon Tobins und Helmut Lachenmanns mithilfe der Klangfeld-Transkriptionsmethode erläutert und abschließend auf ihr Potenzial hin ausgewertet. / A large part of contemporary music, especially music which is not primarily based on pitch, seems to be missing from current ear training classes in German music academies and music schools. One possible reason for this shortcoming could be the lack of methodological access or support. This article introduces the method of sound-field transcription, which makes music with a high degree of foley, noise, or other non-pitched features accessible for teaching in music classes. The method assumes that students receive aural material primarily acousmatically, not being able to identify the creation or production of the sounds at first hearing. It combines various approaches from different musical genres such as electroacoustic music, musique concrète instrumentale, and popular electronic music on the basis of musical transcriptions. After a short outline of ear training textbooks and various analytical approaches to non-notated music, three excerpts from works by Amon Tobin and Helmut Lachenmann are explicated by the method of sound-field transcription. By conclusion, these analyses are evaluated for their potential.

Never before in history has the amount of international trade been higher or more efficient than it is today. The fastest growing type of trade is the speculative currency trading, searching for instant profit based only on the anticipation of the variations in currency exchange rates. When currency speculation becomes an influential part of the capital flows it becomes harmful and creates instability of currency systems. Exchange rates starts to fluctuate due to the will and anticipation of speculators rather than the economic health of the country associated with the currency. This has led to recurring currency crises all over the world and an increased interest in regulatory mechanisms. One of the most discussed mechanisms proposed to handle this harmful evolution of the foreign exchange markets is the Currency Transaction Tax (CTT). The CTT stipulates a low tax (0.1 per cent) on all currency transaction to curb the incitement of short-term speculation based on a large amount of smaller transactions. The purpose of this thesis is to examine whether an implementation of a CTT is compatible with the EU treaties. This purpose consists of two research questions; whether the CTT is in conformity with the substantive law of the EU, more precisely the free movements of capital, and if the CTT is in conformity with the Economic and Monetary Union (EMU) and the exclusive power of the European System of Central Banks (ESCB) over monetary policy. Since this thesis aims to identify if the CTT is in conformity with existing legislation, the traditional doctrinal method is used for identifying and analysing potential difficulties with the CTT and to interpret these provisions in the light of ECJ case law and literature. The thesis concludes that the CTT is in conformity with the EU treaties. It does however require the full cooperation of the ESCB and ECB to achieve the objectives; to create a more stable currency market. The CTT is ready to implement.

The thesis deals with modern portfolio theory. The theoretical part of the thesis describes the historical development of portfolio optimization and presents the basic theoretical background of the Markowitz model, the Tobin model and the Capital asset pricing model. In the practical part of the thesis, the models are applied to real data from two Czech securities markets, PSE and RM-S. An optimal portfolios composition is proposed by the three models mentioned above and then the outputs of the models are compared to the real datas from the next period. Finally, the benefits and drawbacks of the used models are evaluated.

Klimatkrisen är en av de största utmaningarna som världen står inför. På senare år har en ökad uppmärksamhet för hållbarhet vuxit vilket medfört att företagens ansvarstagande i miljömässiga, sociala och styrningsrelaterande frågor blivit en allt viktigare del. För att kvantifiera hur väl hållbarhetsarbetet utförts i företag har hållbarhetsmåttet ESG utvecklats. Begreppet ESG är en sammanställning av tre olika segment: Environmental, Social och Governance som utifrån ett hållbarhetsperspektiv inriktar sig på att mäta dessa segment. Huruvida högre ESG-poäng leder till förbättrad finansiell prestation är däremot oklart. Många studier har undersökt relationen mellan ESG och finansiell prestation, dock har ingen konsensus kring förhållandet ännu konstaterats. Denna studie har därför undersökt om detta förhållande existerar på den svenska marknaden. I studien undersöktes om förhållandet mellan ESG och finansiell prestation påverkas beroende på företags branschtillhörighet. För att undersöka om branschtillhörighet har en signifikant effekt på förhållandet mellan ESG och finansiell prestation har en uppdelning mellan branscher och sektorer gjorts för företag som är känsliga för ESG-frågor och de som inte är det. De redovisningsbaserade prestationsmåtten som använts är ROA och ROE och det marknadsvärde-baserade måttet i studien var Tobin’s Q. Regressionsanalyser utfördes med ESG och de individuella pelarna E,S och G som oberoende variabler. Resultatet från studien fann överlag ett insignifikant förhållande mellan de redovisningsbaserade måtten ROA och ROE för känsliga företag. En positiv relation kunde däremot konstateras för det marknadsvärde-baserade måttet Tobin’s Q för de känsliga företagen. För de icke-känsliga företagen fanns studien överlag inga signifikanta förhållanden mellan något av de tre finansiella prestationsmått som används i studien. Resultaten ger inget stöd till hypotesen att ESG och de tre individuella pelarna E,S och G har en mer positivt relation till de finansiella prestationsmåtten inom känsliga företag än icke-känsliga företag. Något som kan förklaras av att ESG-poäng inte bedömer prestationen utan enbart rapporteringen. För att bringa klarhet i frågan gällande branschtillhörighetens påverkan på förhållandet mellan ESG och finansiell prestation behövs mer omfattande hänsyn till industriella faktorer tas för att ytterligare förstå sambandet mellan ESG och finansiell prestation. / The climate crisis is one of the biggest challenges the world is facing. In recent years, increased attention to sustainability has led to corporate responsibility in environmental, social and governance-related issues becoming increasingly important. To quantify how well sustainability efforts are being carried out in companies, the sustainability measure ESG has been developed. The term ESG is a compilation of three different segments: Environmental, Social, and Governance, which from a sustainability perspective focus on measuring these segments. However, it is unclear whether higher ESG scores lead to improved financial performance. Many studies have examined the relationship between ESG and financial performance, but no consensus has yet been reached on the relationship. This study has therefore examined whether this relationship exists in the Swedish market. The study investigated whether the relationship between ESG and financial performance is influenced by a company's industry affiliation. To investigate whether industry affiliation has a significant effect on the relationship between ESG and financial performance, a breakdown of industries and sectors was made for companies that are sensitive to ESG issues and those that are not. The accounting-based performance measures used are ROA and ROE, and the market based measure in the study was Tobin's Q. Regression analyses were performed with ESG and the individual pillars E, S, and G as independent variables. The results of the study generally found an insignificant relationship between the accounting-based measures ROA and ROE for sensitive companies. However, a positive relationship was found for the market based measure Tobin's Q for sensitive companies. For non-sensitive companies, the study generally found no significant relationships between any of the three financial performance measures used in the study. The results do not support the hypothesis that ESG and the three individual pillars E, S, and G have a more positive relationship with the financial performance measures within sensitive companies than non-sensitive companies. This could be explained by the fact that ESG scores do not assess performance, only reporting. To bring clarity to the question regarding the impact of industry affiliation on the relationship between ESG and financial performance, it is necessary to take more comprehensive industry factors into account in order to further understand the relationship between ESG and financial performance.

Ce travail vise à déterminer dans le cadre des sociétés s’introduisant en bourse les facteurs explicatifs de la présence d’engagements contractuels par les principaux actionnaires d’une part et leur impact sur la valeur de la firme d’autre part. Le terme « engagement contractuel » fait référence à deux mécanismes mis en place au moment de l’introduction en bourse : les engagements de conservation d’actions par les dirigeants et les pactes d’actionnaires. Notre étude porte sur un échantillon de 292 entreprises introduites en bourse entre 1996 et 2000 sur le nouveau marché et le second marché de la bourse de Paris. Nos résultats montrent que la présence et la durée des engagements de conservation d’actions des dirigeants servent à signaler la valeur de la firme lorsque l’asymétrie d’information est grande mais aussi à compenser certaines inefficiences du système de gouvernance de l’entreprise. Nous observons également un impact négatif sur la valeur de la firme des engagements de conservation des dirigeants alors que ceux concernant les sociétés de capital risque l’influence positivement. Concernant les pactes d’actionnaires, nos travaux montrent que leur mise en place est d’autant plus probable que les dirigeants anticipent une cession future de l’entreprise. Ils ont par ailleurs une influence positive sur la valeur de la firme tant qu’ils ne protègent pas les signataires d’une prise de contrôle hostile ; dans ce dernier cas l’effet sur la valeur de la firme est négatif. Finalement, nous montrons qu’il existe une réaction négative du cours de bourse autour du jour de l’expiration des engagements de conservation. / Using a sample of IPO firms, we try to figure out what are the factors influencing the adoption of lockups and shareholder agreements and we also try to assess the impact on firm value of these two commitments. Our study is based on a sample of 292 IPOs made between 1996 and 2000 on the French nouveau marché and second marché. We found that the adoption of lockups and their length may serve to alleviate information asymmetry at the IPO time. Our results also give pieces of evidence that this mechanism may compensate for some inefficiencies of the corporate governance setting. We found that lockups undertaken by managers have a negative effect on firm value whereas lockups by venture capital firms have a positive one. With regards to shareholder agreements, our tests show that the probability of adopting such a commitment is positively related to managers’ anticipation of a future sale of the firm. We also found that shareholder agreements have a positive effect on firm value as long as they do not insulate the company from the threat of a hostile takeover. In this latter case, the effect on firm value is negative. Finally, we found a negative return around the day where lockups are released.