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Fraude A L'Information Comptable Et Financiere : Le Role Des Autorites De Regulation

  • Constant Djama

    (CRM - Centre de Recherche en Management - Université des Sciences Sociales - Toulouse I - IAE de Toulouse - CNRS : EAC5032)

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    Notre papier s'intéresse au rôle que jouent les autorités de marché et judiciaires dans le contrôle de la qualité de l'information financière publiée. Il se propose d'étudier la réaction des investisseurs à l'annonce des sanctions pour fraude à l'information financière prononcées par l'Autorité des Marchés Financiers (AMF) et les juges. L'article est divisé en deux parties. Dans la première, est traité dans une perspective théorique le contrôle de l'information financière par les autorités de marché et judiciaires dans le cadre du gouvernement d'entreprise. La deuxième partie est consacrée à l'analyse des sanctions en matière de publication d'informations financières inexactes, imprécises et trompeuses. Après avoir analysé le contenu des décisions de sanction, nous avons réalisé des études d'évènement à partir de 85 annonces d'informations financières ayant été sanctionnées par l'AMF. Les résultats montrent que les réactions des investisseurs sont positives à l'annonce des informations frauduleuses. Ceux-ci semblent anticiper les sanctions et réagissent négativement à l'annonce de la décision l'AMF. Notre étude met ainsi en évidence une relative efficience du contrôle de l'information financière exercé par les institutions de marché au sein de la gouvernance élargie.

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    Paper provided by HAL in its series Post-Print with number halshs-00522510.

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    Date of creation: May 2008
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    Publication status: Published - Presented, LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, 2008, France
    Handle: RePEc:hal:journl:halshs-00522510
    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522510/en/
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    1. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
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    7. Warfield, Terry D. & Wild, John J. & Wild, Kenneth L., 1995. "Managerial ownership, accounting choices, and informativeness of earnings," Journal of Accounting and Economics, Elsevier, vol. 20(1), pages 61-91, July.
    8. Healy, Paul M., 1985. "The effect of bonus schemes on accounting decisions," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 85-107, April.
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