Organisation de Marchés Émergents
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L'ouvrage expose la problématique du marché boursier émergent qui, selon l'auteur ne saurait ètre un moyen efficient pour les entreprises des pays émergents de façon générale et plus particulièrement des entreprises africaines de collecter les capitaux compte tenu de la panoplie d'obstacles auquel il est confronté. Croire aujourd'hui que le financement par les titres peut se substituer à la finance indirecte en raison de son système bancaire devenu imparfait est illusoire. Il faudrait plutôt chercher à le réhabiliter. Les marchés émergents d'Afrique se trouvent dans un contexte qui d'emblée ne leur permet pas d'avoir les mèmes performances que leurs homologues des pays occidentaux. Administration, fléaux sociaux et certaines caractéristiques leur sont propres: volatilité des cours, illiquidité, faible capitalisation boursière constituent les principaux obstacles à leur efficience; mais malgré tout, ces marchés enregistrent quelques bons résultats. Les opérations d'initiés doivent ètre réglementées dans les marchés boursiers émergents d'Afrique dans le but d'éviter les asymétries d'information déjà nombreuses et les risques de sélection adverse.
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