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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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  • S. Boubaker
  • F. Labégorre

    (UMR CNRS 8179 - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

Lors de leur admission à la cote du Second Marché français, certaines sociétés choissent de publier des prévisions de résultat dans leur prospectus d'introduction. Ces informations prévisionnelles présentent un grand intérêt, aussi bien pour les investisseurs que pour les créanciers. Mais les contrôles légaux effectués ne peuvent préjuger de leur précision. Aussi proposons-nous dans cette étude une analyse de la précision des estimations du dirigeant. Les 115 prévisions de résultat observées s'avèrent optimistes et relativement imprécises, comparées à celles d'autres pays. Par ailleurs, nous montrons que l'erreur de prévision ex post croît avec la taille, le levier financier et l'internationalisation de l'activité, et diminue avec la diversification industrielle et la rétention de capital par le dirigeant.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • S. Boubaker & F. Labégorre, 2006. "Les déterminants de la précision des prévisions de résultat publiées dans les prospectus d'introduction au second marché 1994-2000," Post-Print hal-00202272, HAL.
    • Handle: RePEc:hal:journl:hal-00202272
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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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