IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this book

Contribution à l’étude de l’utilité des normes comptables pour les investisseurs : application à l’identification des actifs incorporels dans le cas des regroupements d’entreprises

Listed editor(s):
  • Ramond, Olivier
Registered editor(s):
Listed author(s):
  • Astolfi, Pierre
Registered author(s):

    Accounting standards, and financial statements disclosed in accordance with these standards, aim to reduce information asymmetry between insiders and outsiders. So, in a context of external growth, Purchase Price Allocations’ works (PPA) may contribute to improve usefulness of financial statements for the benefit of investors favoring separate recognition of intangible assets from goodwill. Yet, some doubts are likely to impede these standards reducing information asymmetry. First, relying on a linguistic model inspired by Gray (1988), we underline that environmental factors, as well as factors related to standards themselves, may limit usefulness of financial statements for investors. Besides, literature casts doubts on the capacity of standards dedicated to PPAs to reduce information asymmetry. In order to appreciate whether these doubts are justified, or not, we developed an empirical model relying on an event study, carried on over the 2002-2008 period in the United-States in a context of external growth and measuring usefulness of financial statements through quality of their enforcement. This event study is centered on the disclosure of the PPA in 10-Q/K. Our model first consists in computing a proxy for the PPA’s quality. Second, we test how this proxy impacts consensus of analysts as well as the market as a whole. According to our works, accounting information is not properly taken into account by financial analysts to issue their consensus, neither by market as a whole, even if it enables to predict stock price over a 50 days period.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    in new window

    This book is provided by Paris Dauphine University in its series Economics Thesis from University Paris Dauphine with number 123456789/10458 and published in 2012.
    Handle: RePEc:dau:thesis:123456789/10458
    Note: dissertation
    Contact details of provider: Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:dau:thesis:123456789/10458. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alexandre Faure)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.