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L'impact sur les marchés financiers européens de la diffusion d'alertes sociétales et de leurs évènements déclencheurs

Author

Listed:
  • Pierre Chollet

    (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

  • Blaise W. Sandwidi

    (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

Abstract

Cet article étudie l'apport informationnel des alertes sociétales, compte tenu de l'effet de l'annonce des évènements qui les ont déclenchées. Notre analyse des 480 alertes émises par Vigeo de 2004 à 2011 montre que les marchés sur-réagissent à la baisse lors des évènements déclencheurs avant d'opérer une correction à la hausse quand la première alerte pour une entreprise donnée est diffusée. Nous mettons en évidence que plus l'évènement déclencheur est grave plus l'effet positif des alertes sur les rentabilités est important. Enfin, nous observons que les alertes environnementales constituent un cas particulier, leur impact sur les cours étant négatif.

Suggested Citation

  • Pierre Chollet & Blaise W. Sandwidi, 2016. "L'impact sur les marchés financiers européens de la diffusion d'alertes sociétales et de leurs évènements déclencheurs," Post-Print hal-02010658, HAL.
    • Handle: RePEc:hal:journl:hal-02010658
    DOI: 10.4000/fcs.1799
    as

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