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La réactivité des analystes financiers en temps de crise au sein de la zone euro

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Author Info

  • Michel Levasseur

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

  • Frédéric Romon

    (Université de Lille Nord de France - Université de Lille Nord de France, SKEMA - SKEMA Business School)

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    Abstract

    Cet article étudie le lien de causalité entre les variations de cours boursiers et les révisions des prévisions de bénéfice par action formulées par les analystes financiers de la zone Euro lors de la crise financière de 2007-2008. L'étude montre qu'en 2008, les révisions des prévisions avaient un lien moins fort qu'en 2006, année de référence, avec les variations contemporaines de cours et plus fort avec les variations des 3 derniers mois. Ces résultats sont robustes lorsqu'on contrôle les effets du nombre des analystes, du volume des transactions et de l'asymétrie d'information. A partir de ces résultats, nous concluons que les analystes n'ont pas été source d'une information accélérant le krach boursier mais ont ajusté progressivement leur production pour la mettre en accord avec les sentiments du marché.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number hal-00650548.

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    Date of creation: 2011
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    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650548

    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650548/en/
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    Web page: http://hal.archives-ouvertes.fr/

    Related research

    Keywords: Marché boursier ; Prévisions des analystes ; Résultat comptable;

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