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Le contenu informatif des états financiers annuels définitifs : étude empirique sur les rendements boursiers Volume de transaction et fourchette de prix

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  • Bouaicha Rim

    (Corporate Finance and Financial Theory (COFFIT) - FSEG Sfax - Faculté des Sciences Economiques et de Gestion de Sfax - Université de Sfax - University of Sfax)

Abstract

this study survey the value relevance of financial statement on Tunisian stock exchange. Our research is based on a sample of 113 non financial Tunisian ‘S listed firms over a period from 2000to 2004. The market reaction is detected with survey the comportment of three variables, returns, trading and bid –ask spread. The results prove that, the Tunisian Stock Exchange is not efficient. Also, an abnormal reaction is detected of the tree variables on the announcement of financial statements; demonstrate, in fact, the value relevance of the information content in the financial statement to the Tunisian investor.

Suggested Citation

  • Bouaicha Rim, 2010. "Le contenu informatif des états financiers annuels définitifs : étude empirique sur les rendements boursiers Volume de transaction et fourchette de prix," Post-Print hal-00481098, HAL.
    • Handle: RePEc:hal:journl:hal-00481098
    Note: View the original document on HAL open archive server: https://hal.science/hal-00481098
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    References listed on IDEAS

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    1. Huang, Roger D & Stoll, Hans R, 1997. "The Components of the Bid-Ask Spread: A General Approach," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 995-1034.
    2. Lipson, Marc L., 2003. "Market microstructure and corporate finance," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 377-384, September.
    3. Gongmeng Chen & Louis T. W. Cheng & Ning Gao, 2005. "Information Content and Timing of Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1-2), pages 65-95.
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