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Analyse Empirique Des Ecarts De Previsions De Benefices Dans Les Prospectus D'Introduction : Le Cas Francais

  • Alain Schatt

    (LEG - Laboratoire d'Economie et de Gestion - CNRS : UMR5118 - Université de Bourgogne)

  • Thierry Roy

    (LEG - Laboratoire d'Economie et de Gestion - CNRS : UMR5118 - Université de Bourgogne)

Sur un échantillon de 151 introductions en bourse en France, nous analysons les biais et la rationalité des prévisions de bénéfices contenues dans les prospectus d'introduction. Nous proposons également un modèle explicatif des écarts de prévisions et vérifions si la performance boursière des actions est fonction des écarts de prévision.

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Paper provided by HAL in its series Post-Print with number halshs-00584529.

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Date of creation: May 2002
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Publication status: Published - Presented, Technologie et management de l'information : enjeux et impacts dans la comptabilité, le contrôle et l'audit, 2002, France
Handle: RePEc:hal:journl:halshs-00584529
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00584529/en/
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  1. Chen, Gongmeng & Firth, Michael & Krishnan, Gopal V., 2001. "Earnings forecast errors in IPO prospectuses and their associations with initial stock returns," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 225-240, April.
  2. Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998. "Why Do Companies Go Public? An Empirical Analysis," Journal of Finance, American Finance Association, vol. 53(1), pages 27-64, 02.
  3. Mak, Y. T., 1996. "Forecast disclosure by initial public offering firms in a low-litigation environment," Journal of Accounting and Public Policy, Elsevier, vol. 15(2), pages 111-136.
  4. Michael Firth, 1998. "IPO profit forecasts and their role in signalling firm value and explaining post-listing returns," Applied Financial Economics, Taylor & Francis Journals, vol. 8(1), pages 29-39.
  5. Loughran, Tim & Ritter, Jay R. & Rydqvist, Kristian, 1995. "Initial public offerings: International insights," Pacific-Basin Finance Journal, Elsevier, vol. 3(1), pages 139-140, May.
  6. Ginglinger, Edith & Faugeron-Crouzet, Anne-Marie, 2001. "Introduction en bourse, signal et émissions d'actions nouvelles sur le second marché français," Economics Papers from University Paris Dauphine 123456789/6653, Paris Dauphine University.
  7. De Bondt, Werner F M & Thaler, Richard H, 1990. "Do Security Analysts Overreact?," American Economic Review, American Economic Association, vol. 80(2), pages 52-57, May.
  8. Géraldine Broye & Alain Schatt, 2002. "Comment réduire la sous-évaluation lors de l'introduction en bourse?," Working Papers CREGO 1020801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  9. T.Y. Cheng & Michael Firth, 2000. "An Empirical Analysis of the Bias and Rationality of Profit Forecasts Published in New Issue Prospectuses," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(3-4), pages 423-446.
  10. T.Y. Cheng & Michael Firth, 2000. "An Empirical Analysis of the Bias and Rationality of Profit Forecasts Published in New Issue Prospectuses," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(3&4), pages 423-446.
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