IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2005_num_79_2_3983.html
   My bibliography  Save this article

Vers une analyse financière indépendante ?

Author

Listed:
  • François Degeorge

Abstract

[eng] Toward an independent research industry ? . We analyze financial analysts’ activities and their added value, the pressures on analyst independence, and the 2002 Global Agreement in the US and its impact on independent financial analysis. Financial analysts are potentially confronted with many pressures on their independence. These pressures are inherent to the multiplicity of their activities, and are not necessarily due to conflicts of interest. The 2002 Global Agreement, at best, can only solve part of the problems it was supposed to address. At worst, it may have unintended negative consequences, including for investors. . JEL classification : G18, G21, G24 [fre] Nous analysons les activités des analystes financiers et leur valeur ajoutée, les pressions pesant sur l’indépendance des analystes, et l’accord global de 2002 aux États-Unis et son impact sur le développement d’une analyse financière indépendante. Les analystes financiers sont potentiellement confrontés à de nombreuses pressions sur leur indépendance. Ces pressions sont inhérentes à la multiplicité de leurs activités, et ne sont pas toutes à mettre au compte de conflits d’intérêts. L’accord global de 2002 ne pourra résoudre au mieux qu’une partie des problèmes auxquels il était censé répondre. Au pire, il pourra en résulter des effets pervers, y compris pour les investisseurs. . Classification JEL : G18, G21, G24

Suggested Citation

  • François Degeorge, 2005. "Vers une analyse financière indépendante ?," Revue d'Économie Financière, Programme National Persée, vol. 79(2), pages 221-227.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_79_2_3983
    DOI: 10.3406/ecofi.2005.3983
    Note: DOI:10.3406/ecofi.2005.3983
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2005.3983
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2005_num_79_2_3983
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecofi.2005.3983?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. Degeorge, Francois & Patel, Jayendu & Zeckhauser, Richard, 1999. "Earnings Management to Exceed Thresholds," The Journal of Business, University of Chicago Press, vol. 72(1), pages 1-33, January.
    3. Leslie Boni & Kent L. Womack, 2002. "Wall Street’s Credibility Problem: Misaligned Incentives and Dubious Fixes?," Center for Financial Institutions Working Papers 02-04, Wharton School Center for Financial Institutions, University of Pennsylvania.
    4. Harrison Hong & Jeffrey D. Kubik & Amit Solomon, 2000. "Security Analysts' Career Concerns and Herding of Earnings Forecasts," RAND Journal of Economics, The RAND Corporation, vol. 31(1), pages 121-144, Spring.
    5. Brad Barber & Reuven Lehavy & Maureen McNichols & Brett Trueman, 2001. "Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns," Journal of Finance, American Finance Association, vol. 56(2), pages 531-563, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ioannis Ioannou & George Serafeim, 2015. "The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics," Strategic Management Journal, Wiley Blackwell, vol. 36(7), pages 1053-1081, July.
    2. Flugum, Ryan & Howe, John S., 2020. "Hedge fund activism and analyst uncertainty," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 206-227.
    3. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
    4. Cheng‐tsu Huang & Chu‐hsuan Chang & Hsiou‐wei Lin, 2021. "Do current‐year forecasts deserve investors' exclusive attention among analyst estimates?," International Review of Finance, International Review of Finance Ltd., vol. 21(2), pages 714-723, June.
    5. Ciccone, Stephen J., 2005. "Trends in analyst earnings forecast properties," International Review of Financial Analysis, Elsevier, vol. 14(1), pages 1-22.
    6. Altınkılıç, Oya & Balashov, Vadim S. & Hansen, Robert S., 2019. "Investment bank monitoring and bonding of security analysts’ research," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 98-119.
    7. Angelo Fanelli & Vilmos F. Misangyi & Henry L. Tosi, 2009. "In Charisma We Trust: The Effects of CEO Charismatic Visions on Securities Analysts," Organization Science, INFORMS, vol. 20(6), pages 1011-1033, December.
    8. DEGEORGE, François & DING, Yuan & JEANJEAN, Thomas & STOLOWY, Hervé, 2005. "Does Analyst Following Curb Earnings Management?," HEC Research Papers Series 810, HEC Paris.
    9. AltInkIlIç, Oya & Hansen, Robert S., 2009. "On the information role of stock recommendation revisions," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 17-36, October.
    10. Mary J. Benner, 2010. "Securities Analysts and Incumbent Response to Radical Technological Change: Evidence from Digital Photography and Internet Telephony," Organization Science, INFORMS, vol. 21(1), pages 42-62, February.
    11. Alexander Reisz, 1999. "Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-044, New York University, Leonard N. Stern School of Business-.
    12. Vesa Pursiainen, 2022. "Cultural Biases in Equity Analysis," Journal of Finance, American Finance Association, vol. 77(1), pages 163-211, February.
    13. Rong-Ruey Duh & Audrey Hsu & Sidney Leung, 2015. "Earnings management and government restrictions on outward foreign direct investment: evidence from Taiwanese firms," Review of Quantitative Finance and Accounting, Springer, vol. 44(1), pages 41-67, January.
    14. William Baker & Gregory Dumont, 2014. "Equity Analyst Recommendations: A Case for Affirmative Disclosure?," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(1), pages 96-123, March.
    15. Hu, Jun & Long, Wenbin & Luo, Le & Peng, Yuanhuai, 2021. "Share pledging and optimism in analyst earnings forecasts: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 132(C).
    16. Galanti, Sébastien & Leroy, Aurélien & Vaubourg, Anne-Gaël, 2022. "Investment and access to external finance in Europe: Does analyst coverage matter?," International Review of Financial Analysis, Elsevier, vol. 81(C).
    17. Miglo, Anton, 2007. "Debt-equity choice as a signal of earnings profile over time," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 69-93, March.
    18. BEUSELINCK, Christof & DELOOF, Marc & MANIGART, Sophie, 2004. "Venture capital, private equity and earnings quality," Working Papers 2004002, University of Antwerp, Faculty of Business and Economics.
    19. Spagnolo, Giancarlo, 2005. "Managerial incentives and collusive behavior," European Economic Review, Elsevier, vol. 49(6), pages 1501-1523, August.
    20. Guillaume Dumas, 2012. "Le Comportement Myopique D’Investissement En R&D : Une Realite En France ?," Post-Print hal-03948465, HAL.

    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_79_2_3983. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.