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Rôle et caractérisation de l’analyse financière

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  • Gaétan Breton
  • Alain Schatt

Abstract

[eng] The importance and characteristics of financial analysts. Financial analysts play a crucial role in a dynamic version of market efficiency. They process huge quantities of information including accounting numbers which importance is not yet clear due to the heterogeneity of analysts decision process. The value of their recommendation and forecasts is also no evidence. In summary, the work of financial analysts have some value which however is often obliterate by transaction costs. . JEL Classification : G29 [fre] Les analystes financiers sont les piliers d'une conception dynamique de l'efficience des marchés. Ils utilisent un ensemble étendu d'informations comprenant les données comptables dont le rôle précis demeure passablement obscur à cause, notamment, de l'hétérogénéité de leur processus décisionnel. La valeur de leurs recommandations et de leurs prévisions n'est pas, non plus, évidente. Au total, le travail des analystes aurait une certaine valeur bien qu'elle soit souvent oblitérée par les coûts de transaction. . Classification JEL : G29

Suggested Citation

  • Gaétan Breton & Alain Schatt, 2000. "Rôle et caractérisation de l’analyse financière," Revue d'Économie Financière, Programme National Persée, vol. 59(4), pages 147-161.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_59_4_3696
    Note: DOI:10.3406/ecofi.2000.3696
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    References listed on IDEAS

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    1. Lucia S Chang & Kenneth S Most & Carlos W Brain, 1983. "The Utility of Annual Reports: An International Study," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 14(1), pages 63-84, March.
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    4. Brown, Lawrence D. & Hagerman, Robert L. & Griffin, Paul A. & Zmijewski, Mark E., 1987. "Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings," Journal of Accounting and Economics, Elsevier, vol. 9(1), pages 61-87, April.
    5. Bouwman, Marinus J. & Frishkoff, Patricia A. & Frishkoff, Paul, 1987. "How do financial analysts make decisions? A process model of the investment screening decision," Accounting, Organizations and Society, Elsevier, vol. 12(1), pages 1-29, January.
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    8. Fried, Dov & Givoly, Dan, 1982. "Financial analysts' forecasts of earnings : A better surrogate for market expectations," Journal of Accounting and Economics, Elsevier, vol. 4(2), pages 85-107, October.
    9. Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-1836, December.
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    Cited by:

    1. Réal Labelle & Alain Schatt, 2005. "Structure de propriété et communication financière des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 8(3), pages 77-104, September.
    2. Réal Labelle & Alain Schatt, 2005. "Structure de propriété et communication financière des entreprises françaises;Ownership Structure and Corporate Disclosures:The French Case," Working Papers CREGO 1050701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.

    More about this item

    JEL classification:

    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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