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La réactivité des analystes financiers en temps de crise au sein de la zone euro

  • Michel Levasseur


    (European Center of Corporate Control Studies - LSMRC - PRES Université Lille Nord de France)

  • Frédéric Romon

    (Université Lille Nord de France, SKEMA Business School - SKEMA Business School)

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    This article studies the link between stock price changes and analysts' earnings forecasts in the Eurozone during 2007-2008 financial crisis. The study shows that in 2008, change in analysts' earnings forecasts had a smaller link with the contemporenous stock price changes, compared to 2006, which was the benchmark year, but a stronger link with the last three months stock price changes. These results are strong when the effects of the analysts' number, the volume of transactions and the information asymmetry, are controlled. We are concluding, from these results, that the analysts were not responsible for an information which had increased the stock market crash but they had gradually adapted their production to the market needs.

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    Paper provided by HAL in its series Post-Print with number hal-00650548.

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    Date of creation: 10 May 2011
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    Publication status: Published in Comptabilités, économie et société, May 2011, Montpellier, France., 2011
    Handle: RePEc:hal:journl:hal-00650548
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