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Quel est l'impact de la croissance anormale des résultats sur l'évaluation boursière des entreprises ? Une comparaison internationale

Author

Listed:
  • Imtiaz Ahmad

    (European Center of Corporate Control Studies - LSMRC - PRES Université Lille Nord de France)

  • Pascal Alphonse

    (European Center of Corporate Control Studies - LSMRC - PRES Université Lille Nord de France)

  • Michel Levasseur

    (European Center of Corporate Control Studies - LSMRC - PRES Université Lille Nord de France)

Abstract

The paper analyses the stock market valuation of growth and growth persistence as reflected in earnings forecasts and earnings growth forecasts. The dynamics of the abnormal earning growth is modeled and embeded in the pricing framework of Ohlson and Juttner-Nauroth (2005). The empirical predictions of the model are tested on a sample of firms from developped and emerging markets. The results indicate that stock prices are associated with earnings growth but that the perceived persistence of the growth is low. Supplemental accounting information help to capture the strenght of the growth and improve the fitting of the model. Finally, the model produces estimates of the implied cost of capital consistent with traditionnal risk factors.

Suggested Citation

  • Imtiaz Ahmad & Pascal Alphonse & Michel Levasseur, 2011. "Quel est l'impact de la croissance anormale des résultats sur l'évaluation boursière des entreprises ? Une comparaison internationale," Post-Print hal-00645363, HAL.
    • Handle: RePEc:hal:journl:hal-00645363
    Note: View the original document on HAL open archive server: https://hal.science/hal-00645363
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    References listed on IDEAS

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