The advent of new technologies, accompanied by the obsolete situation which the old\r\neconomy is confronted with, have paved the way for the appearance of numerous legal and\r\nfinancial instruments constituting a particularly challenging stimulus for reflection for\r\nspecialists in financial and legal fields. A keen interest has also taken root in financial\r\nmarket trends for greater transparency in managing diversified groups whose financial\r\nvisibility is often reduced. Such a requirement for clarity is at the centre of the definition of\r\ntracking stocks. Having emerged across the Atlantic in the early 80�s, they benefited from\r\nthe advent of the new economy and a renewed interest with a high issuance level on the\r\nAmerican financial markets since the 90�s. The issuance of tracking stock, apart from its\r\nhybrid nature, constitutes a rather specific restructuring measure which comes to complete\r\nthe basis of studies already established around the subject of capital restructuring. This\r\nresearch work aims to highlight an instrument that has been discarded by the French\r\nfinancial system at a time when its expansion continued to grow on the British, German and\r\nAmerican market. It will allow expanding the choice of restructuring forms on offer to\r\ncompanies seeking new financing sources, new acquisition means and to reach the\r\nfundamental objective which is value creation. As a result, tracking stock issuance faces\r\nother rival forms of restructuring (spin-offs and equity carve-outs). Consequently, we will\r\nidentify the factors that companies have had to take into account when choosing tracking\r\nstock restructuring. The obtained results confirm the hypotheses pertaining to the\r\nimprovement of the internal capital market and company performance. Thus, leading us to\r\ndeduce that through the actual restructuring, the goal of value creation is achieved by\r\nreinforcing an internal capital market weakened by a pointless diversification strategy and\r\nalso by improving company performance.
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