IDEAS home Printed from
   My bibliography  Save this paper

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)


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.

Suggested Citation

  • Michel Levasseur & Frédéric Romon, 2011. "La réactivité des analystes financiers en temps de crise au sein de la zone euro," Post-Print hal-00650548, HAL.
  • Handle: RePEc:hal:journl:hal-00650548 Note: View the original document on HAL open archive server:

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Yannick Lemarchand, 2010. "Accounting, the State and democracy: a long term perspective on the French experiment, 1716-1967," Working Papers hal-00547752, HAL.
    2. Pierre Labardin & Marc Nikitin, 2009. "Accounting and the words to tell it: an historical perspective," Accounting History Review, Taylor & Francis Journals, vol. 19(2), pages 149-166.
    3. R. H. Parker & Y. Lemarchand & T. Boyns, 1997. "Introduction," Accounting History Review, Taylor & Francis Journals, vol. 7(3), pages 251-257.
    4. repec:dau:papers:123456789/5345 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item


    stock market; analyst forecasts; financial analysts; earnings; Marché boursier; Prévisions des analystes; Résultat comptable;

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00650548. 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: (CCSD). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.