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Les déterminants de la précision des prévisions de résultat publiées dans les prospectus d'introduction au Second Marché (1994-2000)

Author

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  • Sabri Boubaker
  • Florence Labégorre

Abstract

Companies that are about to go public on the ?Second Marché? in France often choose to include a forecast of the next year?s profits in their initial public offering (IPO) prospectus. Despite the importance of this forecast for both new shareholders and creditors, legal audits are insufficient to ensure its good quality. Our sample consists of 115 IPO companies that were floated between January 1994 and June 2000. A cross-sectional model is derived to explain variations in management forecast accuracies. The results indicate that forecast accuracy is positively related to the firm size, to the financial leverage, and to the international exposure. Yet, it is negatively associated with the number of business segments and with the retained ownership by the managers.

Suggested Citation

  • Sabri Boubaker & Florence Labégorre, 2006. "Les déterminants de la précision des prévisions de résultat publiées dans les prospectus d'introduction au Second Marché (1994-2000)," ACCRA, Association francophone de comptabilité, vol. 12(2), pages 143-165.
    • Handle: RePEc:cai:accafc:cca_122_0143
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    Cited by:

    1. Manel Allaya & Narjess Toumi, 2020. "The effect of lockup on management earnings forecasts disclosure in French IPOs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(2), pages 507-529, June.

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