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Fraudes à l'information comptable et financière et contrôle de l'AMF. Une étude des réactions du marché financier français

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  • Constant Djama

Abstract

Which role play the French Commission of Values (AMF) in the quality control of the revealed financial informations ? It is the question which we try to answer in this article. Three events are successively taken into account : revealed financial informations considered to be ex post false and misleading announces of Commission values investigation and publication of the sanction for ICF fraud. The study relates to 69 sanctions imposed by the MFA between 1995 and 2008. The results show that the announces of the ICF involves a positive reaction of the investors. At contrary, the announces of AMF investigation is associated with an abnormal fall of the courses whereas the advertisement of the sanction does not involve significant of market?s reaction

Suggested Citation

  • Constant Djama, 2013. "Fraudes à l'information comptable et financière et contrôle de l'AMF. Une étude des réactions du marché financier français," Revue française de gestion, Lavoisier, vol. 0(2), pages 133-157.
    • Handle: RePEc:cai:rfglav:rfg_231_0133
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