[eng] Champagne is a product whose quality is difficult to evaluate, even a posteriori, by the consumer. Firms exploit this particularity and invest in reputation either by producing a wine of high quality or by means of public recognition through advertising. Thus, it is optimal for a producer...

[fre] L'organisme de capital-risque qui a investi dans une jeune entreprise innovante a deux modes de sortie : l'introduction en bourse (marché IPO) et le rachat par une grande firme (M&A). Le marché financier concentre l'attention des professionnels qui ont vu en lui un Eldorado. Sa...