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Réflexions sur l’investissement dans la réputation par les auditeurs et les analystes financiers;Discussions about investment in reputation on stock markets:The case of auditors and financial analysts

Listed author(s):
  • Véronique Bessière


    (Université de Montpellier 2 - IAE)

  • Alain Schatt


    (Université de Bourgogne IAE LEG UMR Cnrs 5118)

(VF)Cet article s’intéresse à l’investissement dans un actif intangible spécifique : la réputation. Son analyse pour les opérateurs sur les marchés financiers est particulièrement intéressante car elle met en exergue les arbitrages possibles entre des profits à court terme issus d’un avantage informationnel et les gains à long terme générés par la construction d’une bonne réputation. Nous focalisons notre attention sur deux acteurs informationnels majeurs du marché des actions : les auditeurs et les analystes financiers. En théorie, ces acteurs sont incités à développer une bonne réputation, parce qu’ils sont en relation continue avec les investisseurs qui demandent des informations fiables sur les entreprises pour gérer leur portefeuille. Les nombreux scandales financiers des dernières années conduisent cependant à examiner en profondeur les incitations à investir dans la réputation et les freins à cet investissement. Nous discutons également de l’impact des nouvelles régulations de l’audit et de l’analyse financière sur les investissements futurs.(VA)This article focuses on investment in reputation. Its analysis on financial markets is particularly relevant because it underlines the trade-off between short-run profits generated by an informational advantage and long-run benefits extracted from a good reputation. We focus on two major informational intermediaries on security markets: auditors and analysts. They both have a strong economic incentive to develop their reputation because they repeatedly interact with investors who demand reliable information on companies for managing their portfolios. However several financial scandals during the last decade address questions on incentive to invest in reputation and on restraints that could curtail this investment. We also discuss the role of new regulations in auditing and in security analysis and their possible impact on future investments in reputation.

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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1100607.

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Length: 24 pages
Date of creation: Jun 2010
Handle: RePEc:dij:wpfarg:1100607
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Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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