@article{badreddine2014restructuring,
  title = {Restructuring via Tracking Stocks Issuance: The Hidden Side of Growth: Case of American Listed Companies},
  author = {Msolli Badreddine},
  year = 2014,
  url = {https://ibimapublishing.com/articles/JFSR/2014/234358/},
  journal = {Journal of Financial Studies and Research},
  volume = (2014),
  pages = 17,
  doi = 10.5171/2014.234358,
  abstract = {The advent of new technologies, accompanied by the obsolete situation which the old economy is confronted with, have paved the way for the appearance of numerous legal and financial instruments constituting a particularly challenging stimulus for reflection for specialists in financial and legal fields. A keen interest has also taken root in financial market trends for greater transparency in managing diversified groups whose financial visibility is often reduced. Such a requirement for clarity is at the centre of the definition of tracking stocks. Having emerged across the Atlantic in the early 80’s, they benefited from the advent of the new economy and a renewed interest with a high issuance level on the American financial markets since the 90’s. The issuance of tracking stock, apart from its hybrid nature, constitutes a rather specific restructuring measure which comes to complete the basis of studies already established around the subject of capital restructuring. This research work aims to highlight an instrument that has been discarded by the French financial system at a time when its expansion continued to grow on the British, German and American market. It will allow expanding the choice of restructuring forms on offer to companies seeking new financing sources, new acquisition means and to reach the fundamental objective which is value creation. As a result, tracking stock issuance faces other rival forms of restructuring (spin-offs and equity carve-outs). Consequently, we will identify the factors that companies have had to take into account when choosing tracking stock restructuring. The obtained results confirm the hypotheses pertaining to the improvement of the internal capital market and company performance. Thus, leading us to deduce that through the actual restructuring, the goal of value creation is achieved by reinforcing an internal capital market weakened by a pointless diversification strategy and also by improving company performance.
 
Classification Jel: (G12, G14, G34) },
  keywords = {Tracking stock, spin-off, equity carve-out.},
  note = Article ID: 234358
}