Abstract

This paper presents an econometric analysis of the profitability generated at the initiation of the corporates acquisition programs by French investors. These programs generally launched by the firms directors, need to have a high frequency of acquisition attempts, in order to cover fixed costs of the program and generate profits, which they increase the value of the firm and enrich the shareholders. The French #x201C;SME#x201D; succeed better than large companies in the launch of acquisition programs. The hypothesis of the announcement effect was been verified, and the two others, were rejected by the t-student test. In a subsampletwo #x201C;SME#x201D;, Guerbet and Sartorius from Healthcare sector have a positive value. These results show clearly that the corporate acquisition programs are projects of value-creating investment for French #x201C;SME#x201D;.