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La formation du jugement de l'analyste financier sell-side: La difficile réconciliation de la valeur fondamentale des titres avec leur valeur de marché

Author

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  • Isabelle Chambost

    (GREG - CRC - Groupe de recherche en économie et en gestion - Centre de recherche en comptabilité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université)

Abstract

La formation du jugement de l'analyste financier a été initialement appréhendée comme un processus intrapsychique de traitement de l'information. Progressivement les interactions de l'analyste avec les autres acteurs ont intégrées, essentiellement considérées, cependant, comme des sources d'interférence. Or tenants institutionnels de la recherche de la valeur fondamentale des titres, les analystes financiers se doivent d'effectuer la réconciliation de cette dernière avec le cours boursier, résultante de l'opinion des autres acteurs du marché. Cette communication a vocation à analyser l'impact cognitif de cette difficile réconciliation. Le rapport au marché, et donc aux autres acteurs, interpénètre l'analyse des informations issues de l'économie réelle, notamment des informations comptables ou de nature environnementale, sociale et de gouvernance. Cette interpénétration se traduit au travers des cadres d'interprétation mobilisés et par l'analyse en dynamique de l'évolution des cours boursiers, que l'analyste se doit de réaliser.

Suggested Citation

  • Isabelle Chambost, 2008. "La formation du jugement de l'analyste financier sell-side: La difficile réconciliation de la valeur fondamentale des titres avec leur valeur de marché," Post-Print halshs-00522456, HAL.
    • Handle: RePEc:hal:journl:halshs-00522456
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00522456
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    References listed on IDEAS

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    1. Sushil Bikhchandani & Sunil Sharma, 2001. "Herd Behavior in Financial Markets," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 1-1.
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    3. Fogarty, Timothy J. & Rogers, Rodney K., 2005. "Financial analysts' reports: an extended institutional theory evaluation," Accounting, Organizations and Society, Elsevier, vol. 30(4), pages 331-356, May.
    4. Jean-Pascal Gond, 2006. "Construire la relation (positive) entre performance sociétale et financière sur le marché de l'ISR : de la performation à l’autoréalisation ?," Revue d'Économie Financière, Programme National Persée, vol. 85(4), pages 63-79.
    5. Daniel Beunza Ibáñez & Raghu Garud, 2004. "Security analysts as frame-makers," Economics Working Papers 733, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2005.
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